95% of cryptocurrencies are fraudulent

[Wong Gendheng]

The latest data from coinmarketcap is that there are 11,950 registered coins available on the market, the number of coins and tokens will make the competition very tight so that many coins only last a month in the market, this is the importance of the community immediately making regulations that regulate the creation of new projects so that they are not used as scams.

[gamer4156]

There is a lot of cash to be made in the biological system, yet it is additionally exceptionally simple to lose cash here. I couldn't say whether this situation is familiar with your nation yet in mine yes. You will see certain individuals disclosing to you they are calling from your banks and gather some specific data and hoodwink you of your hard bring in cash. Most altcoin projects don't have a genuine idea. You can't discover them once they raised assets.

[Galley]

There is a lot of cash to be made in the biological system, yet it is additionally exceptionally simple to lose cash here. I couldn't say whether this situation is familiar with your nation yet in mine yes. You will see certain individuals disclosing to you they are calling from your banks and gather some specific data and hoodwink you of your hard bring in cash. Most altcoin projects don't have a genuine idea. You can't discover them once they raised assets.

Such projects do not have a real idea, they have nothing of their own. Their White Paper and Roadmap replicate each other through one project. It often happens to see projects that are completely unrealizable, designed for someone who is not clear. How can this even be done? But, of course, there are projects made with very high quality and believable, and until the very last minute, it is impossible not to believe them. As a result, these very professional scammers earn millions of dollars, while leaving thousands of gullible investors with nothing.

[bitgolden]

Now, it is up to us to be able to figure out the fake projects when we are looking for what to invest in. When you are investing your money in a project, if you are not sure of what you’re investing in, then it’s best that you leave it, and look for other projects, because there are many of them.

Doing your own research is best, however you need to know how to do your research, if someone new does it without knowing proper data to check then they may end up losing a lot of money. So best case is learn how to do research properly, and meanwhile check the famous people and what they back and why, after a while you will be able to do it on your own without the need of any other famous influencer or anyone else and find things yourself.

If you follow a very known person and they promote something, that usually means the project may go up because of how many followers they have. However when they publish a video, or tweet something about it, then it means it is way too late for putting money in, you gotta do it beforehand but how could you know?

[Maestro75]

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."

What Neil Kashkari said is common knowledge but how did he get the percentage that it is 95% of today's cryptocurrencies that are garbage or it is just his imagination with the data? Newcomers into cryptocurrency should be very careful with the tokens they buy. Do not choose a token because it has a cheap price because that may also be buying a scam token or abandoned one. Be careful  and do your research before anything else.

[matchi2011]

Personally, I have chosen 10 cryptocurrencies for long-term investment that fall into the top 50 of the coinmarket. Everything else I consider to be digital junk.

point is there as the chance of those asset outside top 50 depends with how the community will support them, unlike assets who already gained enough support from both traders and all those investors, with continuous developing and with adoptions that will take place the chance is high to provide decent profits.

The latest data from coinmarketcap is that there are 11,950 registered coins available on the market, the number of coins and tokens will make the competition very tight so that many coins only last a month in the market, this is the importance of the community immediately making regulations that regulate the creation of new projects so that they are not used as scams.

Whatever you do, scammers will find ways. Remember that they are also moving inside. They understand and they know when and how to. Adjust, the best thing is always to put your guard high and not to allow those scammers to beef with your money.

Make it a habit to start with good research before jumping to anything. Crypto projects offer a lot of sweet promises you need to sort what's real and what are those for alluring investors.

[Jaered]

I think he's right to an extent. Most alts are just plain garbage, in fact the DeFi space and NFTs made a surge in the churning out of these shitcoins. I envisage in the near future, a purge would happen

[Quidat]

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."

What Neil Kashkari said is common knowledge but how did he get the percentage that it is 95% of today's cryptocurrencies that are garbage or it is just his imagination with the data? Newcomers into cryptocurrency should be very careful with the tokens they buy. Do not choose a token because it has a cheap price because that may also be buying a scam token or abandoned one. Be careful  and do your research before anything else.

We can make our own percentage on our minds and its totally a personal kind own of view since no one could really say on how much percentage of trash tokens or shitcoins in the market.
Fraudulent? Its not surprising because there would be lots of scammer devs which would really take advantage into those newbie investors thats why its really important that you
should really be keen or careful on choosing which project you would tend to invest on.Stick with the top ones and you would be saving up your ass
on this kind of problem and avoid with the risk.

[blockman]

I think he's right to an extent. Most alts are just plain garbage, in fact the DeFi space and NFTs made a surge in the churning out of these shitcoins. I envisage in the near future, a purge would happen

Yeah, for each of the space, not all of the projects that are existing are good to invest. We can ignore a lot of it and love a very few of it. Just like with those spaces that you've mentioned. I'm into an NFT but that's not just all about arts but it's also a game that is very popular. But that doesn't mean that I'm very optimistic with the other NFTs. What I'm liking on it is that I understand the risk and how it will be beneficial for me to stay on this NFT and aside from that, there really were a lot of involvement from scammers and that's why someone who invests on these should take care and be wary.

[herizal85]

Most of what he said is true, when we get tokens and the price is zero, along with the run away of coin developers who don't care about the coins they want to promote it will make some cryptos not trusted anymore. It's really sad if this will always happens and happens to us as bounty hunters.

[midaslordes]

I disagree with you maybe you just experience investing to plenty of cryptos that turns to be scam/fraud. I think that you should you much more researching first before engaging and entering yourself to crypto investment to about those circumstances.

[kanayaTabitha]

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."

Bank's people always find the weakness of cryptocurrency to make the public not using it and still using conventional banks in the future.
Yes there are a lot of garbage coins out there because the easiness of crypto token creations, but there are maybe a hundred thousands crypto currency out there which mean the 5% rest is not few numbers.
There are a lot of good cryptocurrencies coin that really give the owner a good service and promising future plan. As an investors we have to be smart about choosing which coin that we want to buy

[MonaLeeTracy]

The content of Neel Kashkari speech is very true, because he criticizes cryptocurrencies and dares to say “95 percent of cryptocurrencies are scam”. Cryptocurrency will always be the right medium for fraudsters to get money in a fraudulent way, and until now there is no formula to stem their actions which are very troubling to crypto user.

On the other hand, Neil Kashkari statement gives a bit of a negative issue for the development of cryptocurrency, given that he served as president of the Federal Reserve Bank of Minneapolis. As we already know, the trend of investing in cryptocurrencies is increasing even though crypto movements have high volatility, but many speculate that cryptocurrencies will become future investment instrument. This makes the monetary authorities, namely, the central bank in several countries is increasingly threatened by its role due to the exploding prestige of cryptocurrency, so inevitably the central bank must be active and follow the flow of the cryptocurrency trend.

One example of a bank that follows the flow of cryptocurrency movements is BAHAMA, The central bank of the Bahamas is starting to catch up with China and Cambodia which have launched digital currencies. Now Bahamian dollar can be loaded into digital wallet and smartphone. Of course, digital wallets are more practical than credit cards. To date more than 85% of the world central bank such as the European Central Bank (ECB), the Bank of Japan (BoJ), and the Federal Reserve (The Fed) have started investigating their version of digital currency, This experiment was carried out to follow the flow of cryptocurrencies that began to threaten their existence.

[fuguebtc]

That's right!. Compared to 2015, in 2021, the development of cryptocurrencies is staggering. unknowingly creating space for projects created solely for the purpose of fraudulent. Shitcoins are everywhere, which is really dangerous for newbies. Everyday there are hundreds Shitcoins created and it is difficult to distinguish. The best thing is to always be vigilant and do your own research before investing in a project.

[bitgov]

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.

Cant agree more. In 2015, percentage of worthless coin is 95% and this percentage may have gone up to 99% in 2021. Since there is so much crypto getting launched everyday (as of today there are 11952 cryptos on CMC). Censorshipfree nature of blockchain allows everyone to launch his own coin, that's why there is no way we can stop shit coins and scam based coins.

[Marcorey]

There are more and more altcoins appearing in the market, but only a few currencies in the crypto market are profitable and worth investing in.
Most altcoin project parties do it for themselves to profit from it. Many currencies will make a lot of profit at the beginning, but over time, the project will manipulate them for profit, and eventually the currency will become worthless.

[cimoin2211]

Yes because so many newbies don't do recerch and put there hard money on some shit coin which they think they will become millionaire in one day that's why they say that.

[stadus]

Criticizing cryptocurrencies, stating that "95% of cryptocurrencies are scams, it's true, just look at the many projects that have emerged in the crypto world but most of them don't have a clear market, so it's trash in the wallet, don't know how long it will end in such a way, and also many who make projects immediately without any permission even some of them are unprofessional and sometimes the goal is to want to know the address of other people's wallets so that they can be hacked

That tells that only a few of the investors are really successful in investing, well, I'm hoping that they will eventually think, change their mindset, don't view crypto as a Ponzi scheme because it never is, only an investor that is lack knowledge would think of that. The more crypto gets popular, the more scams are happening, it's simply because of the lack of regulation, hence some coins are highly manipulated.

[tees420mar]

The first place these kind of technology is out of control reason anyone can make projects immediately without any authorization even some of them are not professional and sometimes the intention is to scam other people, that's why as well a lot of people saying investing is very risky aside of being so volatile of it.

[cryptobrzy]

I think almost every new crypto investor is aware of scam projects or should be made aware of it… if the comments were based on 2015 when only bitcoin and ethereum were the two leading crypto options but right now in 2021 there are very good projects with good product to invest in