95% of cryptocurrencies are fraudulent

[Leviathan.007]

95 percent can not be even near to exact and it depends on what exactly do you mean by fraudulent. So many cryptocurrencies are made by people who are controlling the price and by doing some price manipulations they can scam people indirectly. However, that's not happening for any project. For example, there are many cryptocurrency projects on the internet promising users stable coins while they will not even reach the real price and they are not even backed by anything, so after just a few months, the price will collapse and the coin/token will be delisted from exchanges while people are losing their hard-handed money they investing on it.

[nomenclatur]

not all cryptocurrency is a scam, many still have a selling value altcoin is very appropriate for the investment you may lose a lot of money so don't trust it too much so that it makes you suffer a lot of big losses cryptocurrency has many benefits the most interesting cryptocurrency is where many people invest cryptocurrency It's something interesting that a lot of people have already stepped in and invested in.

[mbakruroh]

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."

Why does this happen? Of course this is our question in crypto now. I think all this is due to the ease of creating new crypto, especially crypto based on smart contracts. Everyone can make it, and it doesn't take much capital to promote it. Those who create this kind of crypto are only looking for profit rather than investors. Most of them leave while the project is being worked on. There are probably a lot of new examples today that I can't possibly mention about them.

[retnoanjani]

not all cryptocurrency is a scam, many still have a selling value altcoin is very appropriate for the investment you may lose a lot of money so don't trust it too much so that it makes you suffer a lot of big losses cryptocurrency has many benefits the most interesting cryptocurrency is where many people invest cryptocurrency It's something interesting that a lot of people have already stepped in and invested in.

not all, but most
it depends from which point of view we see it. there are projects that are actually created to address real-life problems, some are created just for the sake of making a quick profit, then development stalls and disappears, and some are created to deceive investors with falsehoods.
we must know the risks, do not fomo, do not be greedy. get involved if you really believe the project has strong support. but this is very difficult, because there are many fake projects popping up every day. the key is to use free funds that if it is lost you can still prosper.

[ultrloa]

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."

Why does this happen? Of course this is our question in crypto now. I think all this is due to the ease of creating new crypto, especially crypto based on smart contracts. Everyone can make it, and it doesn't take much capital to promote it. Those who create this kind of crypto are only looking for profit rather than investors. Most of them leave while the project is being worked on. There are probably a lot of new examples today that I can't possibly mention about them.

Well your right it's obvious to know which of them are totally fraudulent but don't think about allmost all of them since there good ones running maybe at this current era maybe I can say 20% are now good coins to choose with just don't choose a coin or token which is rank below 200 at the market rank since most of them are risky ones and I mostly choose those top coins so that I can assure that I'm safe from rug pull schemes tokens created by scam Devs.

[Baimovic]

it's true what you say that the Coins currently listed on Marketcap 9001 clearly proves that there are 95% of them are useless coins and don't gain volume in trading so they can't do more and there are many other tokens on some other platforms that are not listed and this will continue to grow.

[odukoyaewatomi27]

This isn't far from the truth. The cryptocurrency market is filled with a lot of altcoins that are shitcoins by every sense of it, they do not offer any real value and are created by teams of people who are mainly just looking to take advantage of less informed investors to make money.
I believe some sort of public opensource trustless vetting process should be created for screening cryptocurrency projects for vulnerability and each project should be rated on their value to the decentralized market

[guydin]

I quite agree that there are a lot of scam coins today, but I don’t think that 95% of crypto is fraud. There are projects and coins that really offer innovative solutions. Some can offer entertainment (NFT-gaming) , some can replace banks (DEXes).
On the other hand, it doesn’t matter if it is a scam or not. Crypto market gives me money, so even if it is fraud, I can make money on it now.

[robelneo]

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 has a basis for saying that, we have a history of coins getting launch and going nowhere and developers running away with investor's money, we have so many coins in our forum's announcement section and scam section, so many investors lose money not in hundreds of thousands of dollars but in millions because scammers from other industries have migrated here and brought their talent and expertise to scam people.

You have to be knowledgeable and good at scrutinizing every project that you are interested in investing in if you want to make a profit.

[RussianEnglishTranslation]

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."

99% of penny stocks are garbage too and most start up businesses fail. Do your research and find the gems like $MAGIC on Fantom and $NEAR.

[Plinteng]

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.
.

but not if you invest your money in the top altcoins in the crypto market. especially if you buy it in 2020, I mean before the beginning of January 2021, then today you can get good profits. I have also pocketed several altcoins at low prices, especially ETH, BNB, SOLANA, MATIC, AXS and now enjoying the results.

[Rehan Zakir]

You are saying right brother. Now a days their are thousand of coins that are in the crypto market. And most of them are garbage coins. And it is very difficult to decide which coin is a good coin for holding or not. It is very confusing for the newbies. New projects are coming day by day. But new projects coins are not good for big investment. Just invest small amount on these project. Invest big amount in the top coins of crypto market.

[Rikotin]

95% of crypto is a scam, actually people will do anything to make money, whatever they will do, even they are able to deceive everyone, to be able to make a profit, when bitcoin is popular, they also start doing ways to make other coins, to tricking others, the habits of beginners who are their targets, to be made victims. We must be vigilant,

it's true, i see the fact that newcomers or newbies only think about short time profit and they think that crypto can get rich overnight. and what need to be aware of is that if a beginner trades new coins on the BSC network, it is very risky because 98% coins meme is scams.

[DOH!]

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 nearly 9,000 mostly useless ones there are today.

edit: corrected my massive underestimation in the number of coins out there.

Well, think objectively. We live in the most advanced blockchain industry, if it simply stopped at 100 - 1000 coins out there, would we have the popularity we have today? It's not just about the value of coins there will be higher prices or historical MC but the perception and what competition is created. I agree with the multitude of coins out there that are pointless, but some are pushing the path of bitcoin and crypto to the bright side. So some NFT it should be well received for the sake of it still solving a multitude of tight corner situations. If it is too conservative, it will kill the market opportunity.

[mckinleeanael07]

well, this is so true I agree with your point of view, most cryptocurrencies these days are projects to trick and lure investors with huge profits but then Liquidity is exchanged between investors, these are the basic characteristics of all new projects today, and as I have been involved in this market for a long time, I feel that 100 projects are out of 99 scam projects and then disappear.

[labenea]

well, this is so true I agree with your point of view, most cryptocurrencies these days are projects to trick and lure investors with huge profits but then Liquidity is exchanged between investors, these are the basic characteristics of all new projects today, and as I have been involved in this market for a long time, I feel that 100 projects are out of 99 scam projects and then disappear.

Yes, currently the developers of new coin projects are using the method of locking the liquidity of coins on the exchange and ostensibly maintaining the selling value of the coins for their investors. but it turns out that once the liquidity is opened, they themselves sell everything and make the coin value worthless.

[Cling18]

We can't deny the fact that only a few percentages of cryptocurrencies in the market are profitable and active. Most of them are scams and fraud. The good thing is most investors and traders are now aware of it. That's also the reason why we're always advised to be wise and skeptical when it comes to choosing a coin.

[dark1234]

we actually already know... the more people are interested in something; then more and more scams are riding on it and it's happening in crypto right now it can even be said 99% of projects are deceiving lots of people with promises that never come true but even so as a bounty hunter I still try to select projects that I believe are real even though I often feel disappointed

[john_nautica]

we actually already know... the more people are interested in something; then more and more scams are riding on it and it's happening in crypto right now it can even be said 99% of projects are deceiving lots of people with promises that never come true but even so as a bounty hunter I still try to select projects that I believe are real even though I often feel disappointed

Unfortunately, the features of cryptocurrency are being used to take advantage of others through illicit intentions of starting projects. The fact that this take place in online world, it is really not surprising that it has become to be this way. Now, what we could just do is to be diligent and do thorough research every time we want to be associated to projects that we encounter, especially those that are new ones.

[masterrex]

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 believe it is true and that was a sad truth, But we should also consider that many of those so-called garbage coins were still thriving till now? and maybe we are asking what was the reason why they still thriving? Thats because many people are still patronized it and willing to gamble and speculate even it has no real use case and utilization, even it was only a meme coin shill by popular people, thats how the crypto industry works full of red flags and we should accept it as a part of this industry.  

On the other hand, Neil Kashkari was a president of a Centralized Bank (Federal Reserve Bank) that's why I'm doubting her opinion in terms of fairness because Centralized and Decentralized is always the opposite direction that's why I believe her opinion was questionable and obviously one sided.