95% of cryptocurrencies are fraudulent

[hamba laeh]

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."

looks like he should read more and seek more information about cryptocurrencies. because there's no way 95% of cryptocurrencies are scams. indeed there is a lot of fraud going on in cryptocurrencies but it is impossible to reach 95%. because if that happens then there are currently no cryptocurency users because crypto is considered a fraud area.

[albon]

looks like he should read more and seek more information about cryptocurrencies. because there's no way 95% of cryptocurrencies are scams. indeed there is a lot of fraud going on in cryptocurrencies but it is impossible to reach 95%. because if that happens then there are currently no cryptocurency users because crypto is considered a fraud area.

Fraud exists in all areas of investment, not only in cryptocurrencies, but the cryptocurency environment is a suitable environment for them because it is decentralized and they can not reveal their identity, but I agree with you that 95% is unfair percentage because there are many honest projects and there are many investors in the Cryptocurrency field.

[livingfree]

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.

It is relatable to the ICO days.

Most of the projects were like that, profitable at the time of its launching until a few days to weeks of its stay in the market. But as time goes, they're mostly being dumped by everyone.

Until years, their existence is no longer a thing.

[Turbolinea]

When it comes to being fraudulent, I'm not sure whether the percentage is that high. But I can say that at least 90% of the cryptocurrencies in the market are just garbage coins. They won't be able to maintain themselves for a very long time. Some day, they will disappear suddenly and the investors of those coins will be really sad about it. So, I don't trust majority of the market to be honest. I choose to invest into only the coins which are credible like Bitcoin, Ethereum etc..

[stadus]

When it comes to being fraudulent, I'm not sure whether the percentage is that high. But I can say that at least 90% of the cryptocurrencies in the market are just garbage coins. They won't be able to maintain themselves for a very long time. Some day, they will disappear suddenly and the investors of those coins will be really sad about it. So, I don't trust majority of the market to be honest. I choose to invest into only the coins which are credible like Bitcoin, Ethereum etc..

Better be safe than sorry, invest in the major coins as they have a better success rate in the future.
New coins that have a small marketcap is a high-risk investment, there's a chance that you'll be scammed, but if you will be able to find the gem, it could probably change your life in the future.

That's why for me I also allocate a certain percent of my investment on new coins and I even created a thread about that, so I could get some suggestions to diversify my investment.

my thread https://bitcointalk.org/index.php?topic=5355961.msg57758637#msg57758637

[Vaskiy]

Earlier someone stated cryptocurrency as a way to fill the pockets with the money generated out of the air. This is true, because majority of the altcoins weren't backed by any real-time usage. Most of them are getting traded and out of the circulation volume the value fluctuation is experienced. More the coins more needs to be the usage, but here the top order is getting used in practical terms whereas the rest are only into trading and in recent days through staking more cryptocurrencies are made to be kept hold to avoid getting dumped.

[Twinkledoe]

Earlier someone stated cryptocurrency as a way to fill the pockets with the money generated out of the air. This is true, because majority of the altcoins weren't backed by any real-time usage. Most of them are getting traded and out of the circulation volume the value fluctuation is experienced. More the coins more needs to be the usage, but here the top order is getting used in practical terms whereas the rest are only into trading and in recent days through staking more cryptocurrencies are made to be kept hold to avoid getting dumped.

If I may suggest, please avoid at all cost those alts that have no actual usage as their lifespan is not certain. Once traders got what they want, they can easily move from one alt to another especially if they are not seeing any progress on the coin. This is why actual application is essential in the growth of the coin. Without active use case, the coin can easily be abandoned and forgotten. And we all know, very few has actual use case in 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 focusing on these unknown coins. I recommend to focus on the strong coins where we already know what they have to offer.

If you value your time and your money, focusing with strong projects will allow you to lessen the chance

of wasting both your money and time, not as quick profits as many always dream to achieve but more safer

for your investment, small but continuously working in progress, it's good for long term investment and

it can generate decent passive income.

How could I say you are wrong? You are of course right, but the problem is that you just don't always know for sure whether it is a good one or a bad one. Let's be honest though, that is the same in the stock market. Only a few got rich with Amazon, most of us didn't because we simply couldn't believe the book seller Bezos had in mind. So you either have some trouble with the team sometimes, or with the concept. If it's both I would skip immediately, if it is only one there is doubt coming up inside me but I still tend to give a project a chance from time to time.

[sherenikaw]

I see more and more new coins popping up here and the job of an investor is to choose good coins to get big returns. if we look back when there are not many new coins then it will be more promising and the prospects for the coins are also better. but that can't discourage us to invest in crypto. we know that there are still many cryptos that have good prospects to invest. so at this time we must be more careful in investing coins let alone invest in new coins. besides that we also have to start learning to understand and analyze the crypto market well so that we can choose the right coin and the right time are also to sell or buy coins.

[Emmychris]

There is nothing you see in this world that some set of people cannot do fake or do fraudulent acts for, I don't know if this scenario is conversant in your country but in mine yes. You will see some people telling you they are calling from your banks and collect some certain information and dupe you of your hard earn money.

The truth there is, there's fraud in almost all places we found our selves. The government which accuses bitcoin as being fraudulent are the biggest fraudsters, there promise so much in their campaign of wining elections to gain power and when they finally get in power they misuse it and embezzled a lot of funds which is supposed to be used for the welfare of the people, well the cryptocurrency could be fraudulent but it's rate of advantages it gives to the people is far better off so we appreciate it that way.

[nhaila]

Recently most of the animals coins specially meme coins becoming scams. A few months ago I invested dogecoin coin and safemooncash both are scams projects. But some nft project also scams and given me a lots of losses.

[kak uli]

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 think very true what Neil Kashkari president of the Federal Reserve Bank of Minneapolis said. I agree with what he said that nowadays there are so many junk tokens being launched that many investors are experiencing losses. With the increasing price of bitcoin and other digital currencies, many parties are taking advantage by creating their coins and selling them on the market with the aim of deceiving many investors. be careful and stay alert with newly released altcoins

[bryant.coleman]

How could I say you are wrong? You are of course right, but the problem is that you just don't always know for sure whether it is a good one or a bad one. Let's be honest though, that is the same in the stock market. Only a few got rich with Amazon, most of us didn't because we simply couldn't believe the book seller Bezos had in mind. So you either have some trouble with the team sometimes, or with the concept. If it's both I would skip immediately, if it is only one there is doubt coming up inside me but I still tend to give a project a chance from time to time.

LOL.. I would agree. I was in my early teens when Amazon went ahead with the IPO (1997). There were dozens of similar IPOs happening every month with NASDAQ, and no one paid any special attention to Amazon. And it should also be remembered that the vast majority of the IPOs returned a loss to the investor in the long term (i.e after the dot com bubble burst). So it was like a lottery. Similar to users investing in new cryptocurrency projects now. If you invest in 20-25 different project, one of them may provide you with 100x returns.

[armanhusni]

what He said is very true even though his statement does not support much, neither statistically factual nor those who are trying to make some token scam. This statement as expressed by Neil Kashkari, president of the Federal Reserve Bank of Minneapolis is very important for new traders in the crypto world to be careful when investing in choosing any coin. at least with the statement from Neil Kashkari, we are already a little wary of making investments

[Retainly_Collie]

It doesn't matter because he will still be a bitcoin user in the future, statements like these I have some doubts about its purpose. Actually, the barrier between crypto/blockchain and users is still something quite hazy.

[jinneas]

Most projects in the crypto market go through the same process. When project tokens first appear, investors will make a lot of profits, which will attract more new users. But over time, most cryptocurrencies will become worthless and many investors will lose profits by selling the currency.
There are great risks in the crypto market. If you want to profit by investing in confidential currencies, you must have sufficient knowledge of them and analyze the project before investing, and invest in cryptocurrencies with complete technical support and safer.

[terrorJR]

most new projects these days are scams. from no matter if it's a meme coin, animal coin or defi project, it's better to avoid this project. and never invest in projects with the name MOON and SAFE, such projects just copy existing projects. and you must be aware that it will end up in a scam. so it's true what OP said that 95% of crypto coins are shit.

actually it's okay if you are ready to take risks because coins like this will be very useful for you in generating finances instantly because these coins still prioritize fomo hype and pump and dump and when you are really ready to face such risks then this can be done. It's just done with a note that you have to be good at taking advantage of the momentum and be ready to lose your money because that is a risk that must be taken when you are on a coin/token line like this.
and if you want to play it safe by not taking too much risk you can use the same thing as people in crypto in general, namely by investing in the right way and not getting too carried away with the fomo and pump and dump effects.
Just being a normal person in the crypto world doesn't mean you can't get rich.
just be sure that the coins you adopt in the future will be beautiful.

[so98nn]

Who cares, those coins are still making lot of money for themselves and for the users too. In crypto one thing must be learnt exclusively: Proper exit strategy. The whole point here is, if we have the coins, advertisements, popularity taking heads up and what not, then people gonna come here, invest their hard earn money and market is going to move up and down accordingly.

Are they fraud? Oh yes, definitely. But they are moving anyways and peeps are getting high returns out of it. So this market will keep running whether you don't believe in it or not.

More or less, the same 95% market constitute at least 20-30% market cap of total crypto currencies. The project might be fake one, but the money real one.

[DonFacundo]

Well I'm not surprised that the cryptocurrencies are mostly scams, he is right that 95% of them are fraudulent. Nowadays scammers can easily make a coin just to scam people, we should be careful what we invest. In coinmarketcap, the last that I saw listed coins there was around 8k and now it increased 11k so this means more and more scam coins listing in the market so be careful guys do your own research.

[cryptoknows]

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."

didn't he tell the truth? In fact, everything is correct. Only projects with a powerful technological cushion survive, a year ago many made fortunes on shit-coins and you all know about it, of course it hit cryptocurrency hard in the face and now many people think so, but there is definitely still a large part of the truth in this. Take any project that has technology behind it, can they be called fraudulent or junk? NO! This is because they solve many problems in the cryptosphere or in everyday life, have their own blockchain, great offers for users or investors. In order not to be unfounded, let's take 2 projects as an example. Near Protocol: huge transaction speed, $ 0.01 transaction value, cross-chain between Eth-Near, huge ecosystem with a low entry threshold for developers and users, Rainbow Bridge erc20-near.
Solana: Has almost the same features and performance of the blockchain, is it really junk? NO! Therefore, people should choose the right directions for their investments and not pop on all social networks that they made huge money on shit-coin