95% of cryptocurrencies are fraudulent

[kensaii]

I wouldn't call it "fraudulent", failure/shitcoin yes but say "95% of cryptocurrencies are fraudulent" is a bit too much. Many cryptocurrencies are failing to meet expectations, dev abandoned projects, the community lost interest in it,... and so those cryptocurrencies fade to the background. It's much different than cryptocurrencies that actively try to scam people and even I agree it was many, 95% isn't a realistic number.

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[geegaw]

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

Crypto will not have a sincere promise and the fraud of projects can start early and late but the general note is still to close your eyes as if nothing happened and ignore the facts that are so hard to accept, harvesting the fruits of a project will be the perspective we need to consider. Cheating is good and not cheating is also good, as long as they give me a sweet fruit, I'll extend my arm and give them some fertilizer, more projects just open up more fruit seasons, just choose where to harvest and what fruit to eat

[lizarder]

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."

Neil Kashkari as president of the Federal Reserve Bank of Minneapolis is very precise in his words regarding this, but it cannot be said/accused as a whole against cryptocurrencies, this is very baseless and tends to be provocative.

Actually that should be said, only to a few coins or direct mention to coins that he thinks are trash, although ethically this is more hurtful and offensive to coin creators, but this does not involve cryptocurrencies specifically.

Because we know that scams, deceptive ads, and noise are caused by coins that don't have good value in cryptocurrencies, so there is a scam or fraud, so it can't be said/accused as a whole against cryptocurrencies.

[Rakeshten]

Yes, now there are a lot of useless coins which are being created daily. But there is one advantage of these coins, we can get a good profit if we take entry on right time. And we can also get high losses if we take entry at the wrong time(on-peak).
There is also a good number of useful projects and coins.

[lizarder]

Yes, now there are a lot of useless coins which are being created daily. But there is one advantage of these coins, we can get a good profit if we take entry on right time. And we can also get high losses if we take entry at the wrong time(on-peak).
There is also a good number of useful projects and coins.

Generally all coins have their own advantages, although many people say they are useless, let's look back at when bitcoin was launched, whether it was the same as people think today, this is why it takes time for altcoins to perfect the process.

I am not so pessimistic about any coin, we just need to wait for the right time to take advantage of these coins, when it comes to time, then all things must wait for the right time to process.

[Beparanf]

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."

yes, this is a known fact. but as long as people are greedy there will always be scammers in the market. Because they promise big profits and there is demand for it.

Most of the garbage coin won't promise about big profit but a too good to be true goal for the project. The holder is the one who vision and speculate about huge profit buy using that fake goal of some project. Cardano is one of them, An old blockchain project with an over value coin while they have zero product until now. They are just good on marketing that's why a simple contract contract which many blockchain already has pump there multi billion coin to 2.5$ each and more.

Investors is the one who speculate about the huge price they can gain. Cardano is the best exame for this one.

[Chuky92]

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."

There is no need to argue this because he is right although the percentage might not be true. The truth is that, most of these altcoins are just here for the money, that is, their team have nothing to offer other than to create a platform, launch a coin, get it listed and if possible pump the price and gradually let it go. With the inception of DEX, nowadays it is very easy for any project to launch, and most of them goes directly for marketing or promotions without having anything to show for, and just like that gradually they list and a lot of them exit scam within hours of listing.
That's for new projects, what about old projects? How of these projects that raised a lot of money in public fundraising event are still around, and what even happened to the money?
Therefore in essence, he is right and that is also the reason why we need to go for projects which will make impact, that is projects whose use case is applicable and the team already working towards it.

[stadus]

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."

yes, this is a known fact. but as long as people are greedy there will always be scammers in the market. Because they promise big profits and there is demand for it.

Most of the garbage coin won't promise about big profit but a too good to be true goal for the project. The holder is the one who vision and speculate about huge profit buy using that fake goal of some project. Cardano is one of them, An old blockchain project with an over value coin while they have zero product until now. They are just good on marketing that's why a simple contract contract which many blockchain already has pump there multi billion coin to 2.5$ each and more.

Investors is the one who speculate about the huge price they can gain. Cardano is the best exame for this one.

As long as we carefully follow the project, we will know its development and understand if it has potential in the future. Some coins rise to the occasion, when the market is bullish, they rise but actually, they don't have a good future, they are just influenced by the hype during the bull run.

Be always careful when investing, having the knowledge about the coin you are holding is very important as you are risking your money on its future.

[gurunanakji777]

I would not say fraudulent I would say crap or failed projects. We all know many devs make coins with the intention to loot the money from the investors by enticing huge profits. Even most of the projects failed in 2-3 months after the launch. Recently I noticed a trend many investors are trying their luck by buying meme coins and the majority of the buyers lose money in meme coins so we should be focused only on trusted and tested coins. I don't say new projects are not good but we have to be very selective when plan to buy.

[trauchot]

I think its true, since I also have been participating in bounty companies and in cryptocurrency investments already very long time and I constantly see that almost all cryptocurrency projects that appears are scams which just want to steal money from cryptocurrency investors and unfortunately every year more and more scammers appears which create cryptocurrency projects only in order to steal money from investors and we cant do nothing about it at the moment, so we always must study each cryptocurrency project in which we want to invest very carefully.

[doomloop]

I wouldn't call it "fraudulent", failure/shitcoin yes but say "95% of cryptocurrencies are fraudulent" is a bit too much. Many cryptocurrencies are failing to meet expectations, dev abandoned projects, the community lost interest in it,... and so those cryptocurrencies fade to the background. It's much different than cryptocurrencies that actively try to scam people and even I agree it was many, 95% isn't a realistic number.

On the contrary, I think fraudulent is the correct word because a lot of tokens just want to raise money and disappear. I know being a part of the community, it hurts to accept it but that's the reality, as harsh as it might sound. There are some tokens that actually fail to meet the expectations despite genuinely working towards it.

Maybe I would say 50% of the projects that fail are outright scams while 50% of the remaining who fail actually despite working hard are just unfortunate. The real problem is that, it's hard to separate the two categories because you don't know which ones worked hard and which never had the intention to work.

[justdimin]

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."

yes, this is a known fact. but as long as people are greedy there will always be scammers in the market. Because they promise big profits and there is demand for it.

Many projects also fail because they are unable to gain the fame required for them to succeed. It is actually hard to gain any kind of fame within the market without a known personality vouching or working with the project itself. I mean if Vitalik says he likes a project everyone will get behind it but if the project cannot get someone to vouch for them, it's hard to get going.

Guys like McAfee took advantage of this and even made a lot of money. Now others are doing it too and with so much crowd among tokens in the market, it is literally impossible to verify which one is good. I have stopped investing in new projects, not until they have a decent market cap at least.

[Woodie]

Coins with nothing to offer but be speculative, I guess fraudulent fits in well because most of the coins on the market the main beneficiaries are the developers themselves with the premined coins they secure for themselves, which is why dishonest devs pump and dump ad the coins are not really valid and genuine collateral.

95% I thought that's too high of a number as not all a speculative as indicated number might be in the eighty percents or so as I know quite a few good coins out there which aren't just growing based on speculation.

[Rexler]

He's actually right cuz the rate at which shitcoins are coming out this days is alarming, coins that are created to enrich the creators only, I'm starting to feel like this smart contract released by Ethereum was bad idea, cuz before it was created they were only a few coins in the market and they all had their own blockchain running, but after ethereum smart contract release thousands of shitcoins have been rained on the market.

[brooksby]

This is actually true, 95% of crypto coins are fraudulent. And the main reason for this is the lack of regulations in the crypto market. That is, anybody with good knowldege of blockchain and smart contract development could just code or develop any crypto coin with the aim of scamming people. Regulation is really needed in the crypto market.

Maybe there is a bit of confusion between fraudulence and just bad quality. I guess that there are many people who start a coin or small teams but the coins are just shitty. In total though I agree with you guys that certainly 95% are bad or fraudulent. It is very rare and very seldom that you find a raw diamond which is worth investing but still doesn't look like it. That is when there is the biggest opportunities these days. That doesn't however mean that I recommend focussing on these unknown coins. I recommend to focus on the strong coins where we already know what they have to offer.

[coin-investor]

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 because the industry has no regulation and it's decentralized, when it comes to investing in Cryptocurrency we are left to decide to do our own research if the project that we are going to invest is worth it, you must educate yourself first so you will not get deceive by shills, false information and deceits that still exist, not all that glitters here are gold.

[Ozero]

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,

I think that the information about 95 percent of useless cryptocurrencies is too high. The percentage of useless and fraudulent coins in cryptocurrency is, of course, high, and this is quite natural given the fact that thanks to the open source code, everyone can create their own cryptocurrency. However, it is thanks to this that cryptocurrency can develop rapidly. Therefore, I consider the current process of its development to be quite normal. All the same, only useful species will remain on the market, all garbage will disappear over time.
Participants in this market must themselves determine which types of cryptocurrencies are worth investing in and assess their risks.

[Irenerty]

He is right that most cryptocurrencies are fraudulent.

Many altcoin makers are mostly for their own interests, and they are projects that deceive and lure investors with huge profits.

Investing in these altcoins when they first appear may bring high profits to investors, but this is only to attract more investors. Over time, most cryptocurrencies will become worthless.

[GaxviiBuss]

It's seems to be right, because what I have understand about altcoin ever since have started participated in cryptocurrency, is that altcoin reign for sometime after their value come down and they are now worthless, which is not so from the beginning after a lot have invest in it, to the extent that I don't feel comfortable to keep fund in some altcoin, though some are still thriving till now.

[wxa7115]

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%? The percentage is probably higher than that, I know that people do not want to hear this as they expect their favorite altcoin to skyrocket and make them rich but he is right, and if anything as I said he is being generous with that kind of percentage.

After all how many good projects do you think we have in the market, 50? 100? And taking into account the thousands of coins we have then the percentage of scams and garbage projects is higher than that.