95% of cryptocurrencies are fraudulent

[iTradeChips]

Although a bit harsh, he did not understate the situation. From 8989 coins as of now (listed on Coingecko) 95% of them are only hype coins without utility backing them up
....

Mein Gott in himmel! 8,989 coins   I knew there were a crapton of shit coins but nearly 9k of them is insane...

So my best guess is that there are 8,989 computer geeks and programmers who tried to cash in in the crypto craze. 8,989 computer geniuses who should have put their collective effort in putting more technology to the people. Well, let's be honest, not all of the scam coins are really scams. Some started legit and then got scammy when the bosses started to taste the flavor of mucho dinero. Some are also legit and then failed to deliver and got bankrupt. I mean 9 thousand computer geniuses we are talking about here. If the all bonded together they might have made something more interesting in the world of computing.

[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.

Not just in the case of crypto there is fraud in almost every job fraud can be avoided if the market is not properly analyzed before investing in crypto to achieve its purpose. The problem is more for new traders they have less knowledge about the market so they fall prey to scammers.

So is the problem with new investors or from such news?
I see a vicious cycle of those in control, and newbies will stay new if they can't overcome these barriers.
But anyway, sensational news like this brings excitement to us.

[Squezzi55]

You might be right but the case here is making money out of them even if their long term plan is to be fraud, I wouldn't bother myself much in this area since all developers are also humans like myself, they are here to make money too, this is why taking profits from new Altcoins and investing them in BTC is my best strategy

[H1N1]

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.

What do you mean dude ? dogecoin is not a scam coin. Indeed most of meme coins are not good to invest, but doge is not scam.
OP said that 95% crypto are fraudulent, but i think it should be less than 95% because there are many good legit projects in crypto as well.
Maybe OP mean 95% of meme coins.

[iTradeChips]

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.

What do you mean dude ? dogecoin is not a scam coin. Indeed most of meme coins are not good to invest, but doge is not scam.
OP said that 95% crypto are fraudulent, but i think it should be less than 95% because there are many good legit projects in crypto as well.
Maybe OP mean 95% of meme coins.

Dogecoin might not be a scam coin but many others are riding to the hype of the Dogecoin and its symbol the Shiba Inu. There must have been many many more meme coins that were released throughout the years but most of them failed after the hype or because of an ever increasing number of crypto players becoming more aware of scams and fake projects. You just got to rely your information mostly from reliable sources so you can invest on a legit coin that has a good future.

[batang_bitcoin]

oops, 95%
I think it's true what he said, a lot of worthless coins, coins that rely on FOMO, and the hype of one coin before, a lot of coins like that, nowadays
The next NFT-based coin will definitely be a lot too, sometimes new coin founders don't have creativity in finding their project ideas and they just do the Fomo and really intend to cheat

It is true, most of the projects if not a scam, made while there's a hype for that certain category. Like in ICOs, there were a lot of projects that have been made. In IEOs, there were those that have been made during hype and now that there's the NFTs, there's also hype on it.
And that's why those not successful projects that were made during those periods, despite being launched and now in the market, they don't have that much volume and they stay in the market and counted.

[Lanatsa]

oops, 95%
I think it's true what he said, a lot of worthless coins, coins that rely on FOMO, and the hype of one coin before, a lot of coins like that, nowadays
The next NFT-based coin will definitely be a lot too, sometimes new coin founders don't have creativity in finding their project ideas and they just do the Fomo and really intend to cheat

It is true, most of the projects if not a scam, made while there's a hype for that certain category. Like in ICOs, there were a lot of projects that have been made. In IEOs, there were those that have been made during hype and now that there's the NFTs, there's also hype on it.
And that's why those not successful projects that were made during those periods, despite being launched and now in the market, they don't have that much volume and they stay in the market and counted.

For those people who had been on this market for a while is already aware on how this market works or behaves in terms of those projects which are totally shit and just driven off with the hype.

If you are just new then you should really be careful on dealing with things because it might be looking to be interesting but in behind it is just really trying to lure in peoples money.

Always make up some research before diving into anything because if you are just too careless and investing into something which is unsure then most likely losing money
is really always next in line.

[sunce33]

More and more altcoins will be fraudulent/scam.
Now anyone who gets an idea of how to cheat people can easily make an ICO.
A little technical knowledge and here is your website and whitepaper.And the project is alive.
Before the sale, private sale and sale are in progress.And just when they need to pay a bounty and put it in an exchange office to get it back to investors Team disappears.This is more than 95% of cases.

[tygeade]

I also agree What he said now a lot of junk coins are popping up in the crypto forums, that's the main obstacle this scam can't be solved permanently so that the scammers disappear, but if we invest in certain altcoins and at the right time we can also make more profit,
we have to support each other here if there are altcoins that suspect we shouldn't promote it so that the fraudsters can disappear by themselves

That's why it is important to not just look at the idea behind the project but also the team working on it. If there are known faces, they will not make an exit scam after the ICO or IPO.

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.

That holds true for meme-coins but no way a good and solid project would follow the same route. Like I have been a supporter for ICP even when the price dropped and everyone was talking shit about them because they have a solid team and a very decent vision.

it's real if 95% coins are trash. they are scammers and create new tokens using the names of already successful coins without official permission.

Most of these scam projects are also built by the same scammers under different names and profiles. It's important that you can recognize some faces in the team before putting money into the project unless of course, they have a big market cap already.

[stadus]

Most of these scam projects are also built by the same scammers under different names and profiles. It's important that you can recognize some faces in the team before putting money into the project unless of course, they have a big market cap already.

Sometimes they don't put the same face, they just steal a different identity just to scam people. We should be aware that, if we are educated with these scams, we will likely succeed in investing as there's a lot of great projects that could potentially give our investors a good return.

New projects are risky, but if they succeed, you will enjoy a big profit, but it's still up to you if you are willing to gamble and how big the risk you are willing to take.

[batang_bitcoin]

oops, 95%
I think it's true what he said, a lot of worthless coins, coins that rely on FOMO, and the hype of one coin before, a lot of coins like that, nowadays
The next NFT-based coin will definitely be a lot too, sometimes new coin founders don't have creativity in finding their project ideas and they just do the Fomo and really intend to cheat

It is true, most of the projects if not a scam, made while there's a hype for that certain category. Like in ICOs, there were a lot of projects that have been made. In IEOs, there were those that have been made during hype and now that there's the NFTs, there's also hype on it.
And that's why those not successful projects that were made during those periods, despite being launched and now in the market, they don't have that much volume and they stay in the market and counted.

For those people who had been on this market for a while is already aware on how this market works or behaves in terms of those projects which are totally shit and just driven off with the hype.

If you are just new then you should really be careful on dealing with things because it might be looking to be interesting but in behind it is just really trying to lure in peoples money.

Always make up some research before diving into anything because if you are just too careless and investing into something which is unsure then most likely losing money
is really always next in line.

The newer ones have to make their research very well because they're the ones that's very prone to losses if they don't do research.
It is all about how they're going to make themselves better as with researching what are the valuable cryptos that they can, they're also helping themselves to improve and to avoid coins that they shouldn't invest.

[ScamViruS]

The next NFT-based coin will definitely be a lot too, sometimes new coin founders don't have creativity in finding their project ideas and they just do the Fomo and really intend to cheat

When a new hype is created in the market, some people try to use it to take advantage of the market. Then they launch projects in the market under different names, and investors lose their money by investing in those projects. You're right, there's a lot of hype in the market right now about NFT. As a result, investors are rushing to invest in nft projects, and it is in this interest that scammers try to launch a project in the market and run away with investors' money.So we will see in the coming days that a lot of investors have lost their money by investing in nft projects.

[budi12]

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 don't agree that 95% is a scam because there are so many altcoins that are capable of growing in every crypto market. maybe in my opinion, they only know 100 altcoins so they dare to claim that 95% are scams. but if they know more than 10,000 altcoins then the percentage that is able to grow is more than less than mentioned above.

[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."

In 2015 there were not many coins circulating in the crypto market. So the level of fraud is also still minimal compared to now. If you check the CMC story, there are about 500 coins, and no Tokens. It was only after the emergence of Ethereum, Tron and others with smart contract systems that more tokens appeared in the crypto market. Those who want to create tokens so easily do so. So this gives rise to a lot of fraud in cryptocurrency.

It started with the ETH tokens, that explodes in 2017 to early 2018 bull run, however, we can't blame that on ETH, but it should be the people who should be more educated to choose the legit among the scams in the space. People at that time think that whatever they buy will give them long-term profit, and though it happened to some coins like BNB which is an ETH token at that time, for most ETH tokens, that dream is not achievable anymore now.

[batang_bitcoin]

The newer ones have to make their research very well because they're the ones that's very prone to losses if they don't do research.
It is all about how they're going to make themselves better as with researching what are the valuable cryptos that they can, they're also helping themselves to improve and to avoid coins that they shouldn't invest.

let alone researching new projects and carried out by beginners in doing business in the crypto world. Of course, you have to be very careful because this can have a bad effect if you analyze it incorrectly. indeed we know that there are thousands of altcoins, and when a storm occurs it will be like natural selection. for a trusted altcoin then he will be able to survive until the next bullrun occurs

As for those coins that have been reputable in the market for such a long time, there will be a lot of years for them to survive and they're hard to be seen dropping down until they go zero volume.
But not all of them will have their survival moments as many of those reputable projects years ago that are no longer a thing today. That's why research is a must not only for newbies but for everyone.

[Wakate]

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.

Things has to be done about this cause it very obvious that majority of developers are developing altcoins just for there own selfish interest. Many promising projects that are in the own internet now are scam and there is need for the government to step in and regulate this garbage coins that are intended to scam investors of the their the money. If this garbage coins continue to full the full the cryptocurrency market, it will get to a point that the crypto market might lost value due to bad eggs that dominate the market.

[ninabobo]

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 sad truth we all should actualise is that there is scam everywhere even in our real world, most people are just too lazy to make money legitimately there prefer fraud, well even in my country scammers does same thing, there call you claiming to be a bank worker and seeking for your credentials to be able to extort money from people. Well this shows that scam doesn't exits in crypto alone it's a thing which revolve round the world, but no matter the rate of scam coins the good and beneficial ones are still up and doing.

[indah rezqi]

I emphatically say it's their right to say that 95% of cryptocurrencies are fraud. If it is true that 95% of cryptocurrencies are fraud, why is cryptocurrency the latest trend in many developing countries even though it is not legalized. This means that 95% of the people in the world are involved in cryptocurrency activities.

[cunguks]

I emphatically say it's their right to say that 95% of cryptocurrencies are fraud. If it is true that 95% of cryptocurrencies are fraud, why is cryptocurrency the latest trend in many developing countries even though it is not legalized. This means that 95% of the people in the world are involved in cryptocurrency activities.

This thinking is actually not wrong. more and more junk altcoins are indeed being created. You can also see that in every BSC transaction there will be a trash token that goes to your address.
but as you said, adoption is getting bigger, and trust is growing. although there is no legalization yet many people continue to be involved in crypto transactions around the world.
to be honest, I have to say crypto has a better-looking future.

[suryana]

Maybe he has a point too. Now that so many coins have sprung up that I might say it's not clear in what direction. That's why investing in popular coins is much better than investing in new coins that we ourselves don't know will be like. I can say that this coin will make you rich overnight but it is very possible that this coin will cost you.