95% of cryptocurrencies are fraudulent

[mindrust]

In a recent speech at the annual PNWER meeting held in Montana, Neil Kashkari, president of the Federal Reserve Bank of Minneapolis, sharply criticized cryptocurrencies, stating that "95 percent of cryptocurrencies are fraud, deceptive advertising and noise," and he also said he had a more positive view of cryptocurrencies in 2015. Kashkari also referred to the large number of altcoins and called them "garbage coins."

Only 95%? Very weird that he didn't say 100%. The FED sounds like a bitcoin fan to me. So he clearly thinks some of those crypto are legit which is very interesting because that is coming from a guy that works for a bank which prints the USD, the main enemy of Bitcoin.

I don't know if I should be happy for what he said.

[Fivestar4everMVP]

To some extent, I would agree with him, most of the altcoins in the market are truly worthless and are total garbage, but not to the ton of 95 percent.
One thing I've learnt in life is that every good or profitable business must have a competitor, and this competitions are what pushes business owners to do whatever it takes to be at the top.
There are several altcoin cryptos today trying to solve or are already solving one problem or the other, and this problems can't be solved with bitcoin alone, so there have to be other alternatives.. Taking Ethereum as an example, we all witnessed how high transaction fees on Ethereum blockchain went when everyone depended on Ethereum for anything patterning to smart contracts, and if not for binance smart chain and other blockchains coming to our rescue, fees on Ethereum blockchain by now would even be way more higher than it was in the worst days.

So what am saying is that no matter how bad alot of crypto altcoins are, there are still some very good ones that the technology they are bringing will contribute immensely in the shaping and growth of crypto currencies now and in the future.

[tanjiran]

If a person cannot be convinced of what Bitcoin can offer despite all the technical developments and the possibility of its global acceptance, it is natural for him to see that the huge number of altcoins is considered garbage and does not deserve a quarter of the current market capacity.
Frankly, everyone who invests in altcoins is trying to buy an illusion that may not come true one day.

even just aiming to make an instant profit, so take advantage of the hype to make a profit and then throw it away. Of the many projects that I participated in, only a few projects continued to survive and develop their projects according to the roadmap, most of them did not even last for a year. after the sale period is over, listings, high price struggles, then gone.

but not crypto if not filled with surprises. Projects that we initially take for granted don't even have any real functionality that can last and get even more attention. For example, Doge, who would have thought it would go crazy some time ago after being tweeted by someone you know for sure who. moreover there is a project upgrade, where Vitalik butterin will be the new advisor in the team, woww... https://news.bitcoin.com/dogecoin-foundation-elon-musks-adviser-ethereums-vitalik-buterin/

[Ryker1]

Well that is true and he was right, --95% is fraudulent while the rest is a true cryptocurrency and it seems that is the top 5 high volume rank in the CMC in including the first number bitcoin. Way back in 2017 since all projects are profitable even in which project you will invest, even airdrop before in most projects are profitable enough, I remember when I was joining project airdrop I receive too much reward that I never thought there is no one will give free money online. But know if you can see, a good project plan and roadmap, but it will always end up a scam.

[livingfree]

In a recent speech at the annual PNWER meeting held in Montana, Neil Kashkari, president of the Federal Reserve Bank of Minneapolis, sharply criticized cryptocurrencies, stating that "95 percent of cryptocurrencies are fraud, deceptive advertising and noise," and he also said he had a more positive view of cryptocurrencies in 2015. Kashkari also referred to the large number of altcoins and called them "garbage coins."

That's truth being told.

Many of the cryptos in the altcoins kingdom are fraudulent and you can determine the very few that are doing good and legitimate with their projects.

From 11,331 so basically that 5% of legitimate projects are about 566.

[wheelz1200]

In a recent speech at the annual PNWER meeting held in Montana, Neil Kashkari, president of the Federal Reserve Bank of Minneapolis, sharply criticized cryptocurrencies, stating that "95 percent of cryptocurrencies are fraud, deceptive advertising and noise," and he also said he had a more positive view of cryptocurrencies in 2015. Kashkari also referred to the large number of altcoins and called them "garbage coins."

Well he isn't too far off.  He wanted to call them shitcoins but he just couldn't.  Yeah most of is trash.  Copy paste coins that offer nothing that coins in existence already provide.  Take dogecoin, it offers nothing new and is pretty much just a copy paste scrypt clone.  And that's a large cap coin.  Go down the list and most are in existence to get the devs more bitcoin that's it.

[harapan]

In a recent speech at the annual PNWER meeting held in Montana, Neil Kashkari, president of the Federal Reserve Bank of Minneapolis, sharply criticized cryptocurrencies, stating that "95 percent of cryptocurrencies are fraud, deceptive advertising and noise," and he also said he had a more positive view of cryptocurrencies in 2015. Kashkari also referred to the large number of altcoins and called them "garbage coins."

Truth be told, he's actually right, the amount of worthless tokens that have been created since the invention of smart contract is way more than the amount of tokens that actually have values, those valueless tokens were all created by scammers anyway, but that shouldn't stop them from adopting cryptocurrencies, but I'm not surprised he's more bothered about shitcoins and forgot to look at the top 100 cryptocurrencies,they always find the bad side of everything and close their eyes to anything positive.

[Slow death]

each person thinks in a different way and I think that as strange and annoying as it is that many altcoins have acceptance from people, we have to respect that... let's look at an example of dogecoin and altcoin that faketoshi and a group of malcontents support, I say from BCH, as strange as it seems these two altcoins have a community and there are places that are accepted, so I may not like them, but there are people who like them so it would not be fair to call these altcoins and so many other altcoins rubbish, because they like and uses are relative things.... for someone who wants something fast and cheap will get annoyed with bitcoin and will use faster and cheaper altcoin, but that doesn't mean bitcoin is useless or useless or garbage, anyway Which is not to say that fast and cheap altcoins are better than bitcoin. I think there is space for each person to use the cryptocurrency they like

[iTradeChips]

Duh.
Well he's right - more than 95% of them are worthless or near worthless crap coins that were created solely to line the pockets of their creators. And yes back in 2015 he would be more positive about it because there was only Bitcoin and a couple other strong coins. Not the over 100 mostly useless ones there are today.

I agree, and I think it is always good to emphasize this for new comers.

When we see shitcoins going from 0,13 to 30 usd we all think about how much money we could be making.

But that is not that easy to find, and most of the projects  lose that value over the years... There is plenty of money to be made in the ecosystem, but it is also very easy to lose money here.

Personally, I think the majority of every cryptocurrency portfolio should be bitcoin, at least 50%. In the long run bitcoin is the safer bet here.

Well, in our local crypto group when we discuss about other cryptos, most of them just became uninterested with the discussion. I think most of the people in that group only roots for bitcoin. They don't care about the other alts that are in the top twenty. But when I heard a story of some dude who got lucky when his 2500 investment became a million, I always think that there must be that golden egg of the crypto that you can start very early and then when you are in the millions you can sell it and get your jackpot.

[DarkIT]

In a recent speech at the annual PNWER meeting held in Montana, Neil Kashkari, president of the Federal Reserve Bank of Minneapolis, sharply criticized cryptocurrencies, stating that "95 percent of cryptocurrencies are fraud, deceptive advertising and noise," and he also said he had a more positive view of cryptocurrencies in 2015. Kashkari also referred to the large number of altcoins and called them "garbage coins."

It's partially right and wrong. Because the traders will inverse and hold two years blindly, the coin will ended on listing and supply. Then it became a garbage coin. Only huge potential coin will long lasting and get bulk profit for the initial investors. Doge coin is good example for that, huge people earned bulk in short period.

[chaser15]

In a recent speech at the annual PNWER meeting held in Montana, Neil Kashkari, president of the Federal Reserve Bank of Minneapolis, sharply criticized cryptocurrencies, stating that "95 percent of cryptocurrencies are fraud, deceptive advertising and noise," and he also said he had a more positive view of cryptocurrencies in 2015. Kashkari also referred to the large number of altcoins and called them "garbage coins."

I have to agree with him. Not actually 95% but most can be considered as lacking good initiative, progress, and development.

Lots of altcoins today, or even before, that can just be driven by the hype even without a good use-case. The ICO hype in the year 2017 is a good example of those altcoins that just suddenly popped out, just a small hype, then it will gain instant popularity. There are also ICOs before that just need a little boost from social media or hiring a good influencer then it will reach their target token sales making it called a success by their investors.

Looking today, can't see much of those 2017 projects that were able to reach their hard cap. Some of them are nowhere to be found now or can be considered as dead project.

[iTradeChips]

In a recent speech at the annual PNWER meeting held in Montana, Neil Kashkari, president of the Federal Reserve Bank of Minneapolis, sharply criticized cryptocurrencies, stating that "95 percent of cryptocurrencies are fraud, deceptive advertising and noise," and he also said he had a more positive view of cryptocurrencies in 2015. Kashkari also referred to the large number of altcoins and called them "garbage coins."

I have to agree with him. Not actually 95% but most can be considered as lacking good initiative, progress, and development.

Lots of altcoins today, or even before, that can just be driven by the hype even without a good use-case. The ICO hype in the year 2017 is a good example of those altcoins that just suddenly popped out, just a small hype, then it will gain instant popularity. There are also ICOs before that just need a little boost from social media or hiring a good influencer then it will reach their target token sales making it called a success by their investors.

Looking today, can't see much of those 2017 projects that were able to reach their hard cap. Some of them are nowhere to be found now or can be considered as dead project.

I can remember it very well, 2017 is the year of the ICO's and all those crazy bounty campaigns I had participated. Many good companies then also many good bounty managers. And you are right when you try to look for them now, they are either gone or at the very least, less known and no development going on their end. I remember one before that has something to do with real estate or office space paid in crypto, the price was actually higher than one bitcoin at that time but the company flopped. I wonder what their investors had gone through those times.

[JeffBrad12]

his opinion was not totally wrong at all. The problem is the token issuance was so easy to be used by the scammers and spammers of the network. So many scammers were creating more and more nonsense coins every day. that were flooding the crypto market. that's why some people have been calling only a few percent of crypto were totally legit and it can be used for anyone.

A few years ago crypto was not so popular like this time even the game called axie has a few users in 2018. That being said that if crypto totally decentralized ecosystem and what we can do to be careful with any garbage tokens released in the market.

[erep]

Truth be told, he's actually right, the amount of worthless tokens that have been created since the invention of smart contract is way more than the amount of tokens that actually have values, those valueless tokens were all created by scammers anyway, but that shouldn't stop them from adopting cryptocurrencies, but I'm not surprised he's more bothered about shitcoins and forgot to look at the top 100 cryptocurrencies,they always find the bad side of everything and close their eyes to anything positive.

Although his opinion is right but only shows the bad side of crypto in public, he forgot Bitcoin and other top coins were not mentioned in his speech and maybe he just gave a speech with the topic title "shit coins", I believe this effort will not succeed in bringing down the crypto market, the market crypto will continue to be solid and unaffected for such news.

[efxtrader]

The number of tokens listed on coinmarketcap reaches 8000 types and I think the statement that 95% is a scam could be true. Coins that actually have projects that produce only a few products and this can be seen from the daily transaction value and also the marketcap value. The most important thing for investors is to always do research before investing to avoid pump and dump projects

[bct-user]

I am sure that you mean by this in this media link:
https://www.barrons.com/articles/feds-neel-kashkari-says-crypto-is-95-fraud-hype-noise-and-confusion-51629286755?refsec=cryptocurrencies

Crypto Is ‘95% Fraud, Hype, Noise, and Confusion,’ Fed’s Kashkari Says

Well, maybe he is right because almost every day there will be always creating the new token. And every year or moment there will be new hype and Ponzi scheme again.
Many people are trapped in the cycle of new hype coins that are leading to be shitcoins.
Well, actually, they may be garbage coins.
However, actually, we can utilize them to take profits, but not for a long-term investment. Because that kind of coin will not work for long-term investment. This is likely an instant way to take profits if we know the gap or the ways with the right strategy to buy and sell at the right time so that we can earn profit. big profit.s
But unfortunately, not all people are in this step. Many are only following that hype and then belong to shitcoins only.

[evichi]

He is right though his statement is not backed with factual statistics. At least the good news is that some coins make sense and actually solve problems/useful. The statement is especially important for newbies in the crypto world to take caution when investing in any choice of coin/token. Being aware that your funds are at risk is important. Ensuring that you only invest what you are prepared to lose - don't put all your eggs in one basket: a common but very important investment strategy that should be applied at all times especially in crypto currency investment.

[adzino]

In a recent speech at the annual PNWER meeting held in Montana, Neil Kashkari, president of the Federal Reserve Bank of Minneapolis, sharply criticized cryptocurrencies, stating that "95 percent of cryptocurrencies are fraud, deceptive advertising and noise," and he also said he had a more positive view of cryptocurrencies in 2015. Kashkari also referred to the large number of altcoins and called them "garbage coins."

He was saying the truth. I mean more than 95% of the coins in the market are just useless coins that are made for pumping and dumping or scamming people. Good thing he is making people aware of those shitcoins that is circulating the market. Now people will do proper analysis of the coins before investing in anything. Just because he was speaking against those scam coin doesn't make him a bad person. But yeah, some people might think all coins are same.

[herizal85]

Yes, most coins don't have a high selling price at all, sometimes even a low price. And this is what makes us even more lazy to monitor altcoin price charts. And so many coins that I have now in fact there is no price at all in the market. Really frustrating.
.

[bryant.coleman]

If you are talking about copycats and shitcoins, then I would say that more 99% of the cryptocurrencies fall to this category. Out of the 10,000 to 15,000 cryptocurrencies ever created, only around 100-150 can be considered as genuine. Even some of the top-50 cryptos, such as TRX have been accused of plagiarism from the existing projects. And look at the recent projects (2020/21). The vast majority of them are just copycats. In many cases the developers don't even try to hide the plagiarism.