Why you should be very careful with alts

[Crypt0Gore]

Crypto is a perfect engine for scammers because it's still unregulated and it's also the wild west when it comes to making money quick with less efforts. .

Apart from rugpulls and influencers scam that are very famous with altcoin investment there is one particular side I want you to be much aware of.

Many altcoins you are seeing right now are build on "Make the project, promise the entire world rare utilities and never really deliver anything, they will keep using words and investors will keep hoping.

They deliver small updates only to push the price higher.

They spent hours live streaming almost everyday.

They trust hype more than anything and a finished product will ruin it.

Keep a track of your altcoins regularly and once you see the slackness in the team it's safer to switch.

[BlackBoss_]

Altcoins are dead in bear market. 2022 Q3 report from Coingecko has good insights about altcoins.

Shit altcoins from DeFi, meme, -Earn projects did not relief well in Q3 2022 and they became worse in Q4 2022 but we have to wait for Q4 2022 report from Coingecko.

Before having that report in early 2024, Coingecko has How Many Cryptocurrencies have Failed?. You would be shocked by this infographic.

Within 1 year, 2021 to 2022

3,322 cryptocurrencies that were listed on CoinGecko in 2021, have failed (categorised as a dead coin).

[livingfree]

For the entirety of cryptocurrencies, everyone must be careful where they invest except having bitcoin. Aside from the usual scams that's being done through the form of projects and as well as the crowdfunding, IEO, NFTs, Metaverse and others.

When the bear market comes, most of these con projects are being exposed because even the best projects do suffer at these times.

And they just can't avoid the consequence of it.

[masulum]

Before having that report in early 2024, Coingecko has How Many Cryptocurrencies have Failed?. You would be shocked by this infographic.

I don't know what the current requirements for being registered or listed on Coingecko or Coinmarketcap . However, I've heard that there is a priority listing for Coingecko and Coinmarketcap, where dev need to pay $$$$$ to get a fast listing. So I'm no longer surprised if this is happens, since going from a strict listing process to a paid listing will result in a large number of dead coins. After all, 2021-2022 era is the era of memes which makes a lot of sense that many will die, despite the rumors of the priority list.

Note: I'm not accusing, just hearing rumours. please correct me if wrong.

[Reid]

I won't just switch, I will clean up all my investment to them including the other projects they are connected with if there is any.
They should have to keep everyone updated, if they cannot answer queries that are mostly important then that's the time doubt comes.
It's not just one investor who will have the same thought as you, there will be many of you and the reaction to it's market will start going down when you are late in selling them.
I don't have a perfect streak in doing this as there are times, I was attached to them, or I was caught in the middle where there's no chance you could get ROI anymore.

[hitsnorth]

Yeah, you're right. That's why I'm buying only big projects that were tested over time. But sometimes it might not help, I guess...

[TravelMug]

Yeah, majority of it is just pure pump and dump.

And then they are projects that are solid, however, there is no support from the market itself.

Another version is those coins that are high regards, probably in the top 1-50, that are good to invest with, but still there are risk involved as well. Let's say Ethereum in 2018, went down to it's all time low of $80 and we don't that it will die, but then in the bull run in 2021, it goes as high as almost $5k. So if in 2018 you think that it will not survived and you think invest because of the risk, then maybe you might have regret your decision.

[cryptoaddictchie]

Yeah, you're right. That's why I'm buying only big projects that were tested over time. But sometimes it might not help, I guess...

Sometime betting on small but good projects are also worth it since they could gave you much higher multiplier but the problem here is the risk of choosing the best altcoin for buying. Nowadays we can see a lot of rug pull type projects but we need to really check and investigate properly what are those that have real potential and utility.

[Mpamaegbu]

Crypto is a perfect engine for scammers because it's still unregulated and it's also the wild west when it comes to making money quick with less efforts.

Yes, it is. However, there's no business that doesn't have its share of scammers even when they're regulated. Forex Trading and Stocks still grasp with that till date. It's always one story or verification or breaking the rule or the other in forex trading once the broker is a fraudulent one. Crypto is just slightly over a decade old and we know with time as it progresses some of these teething problems will be bygone.

Keep a track of your altcoins regularly and once you see the slackness in the team it's safer to switch.

Sometimes investors don't even have an idea of what's going to hit them and can't get out quickly until it's late. We saw what happened with LUNA and FTX.

[rhomelmabini]

If you're seeing an altcoin project that giving little to no update and just doesn't give any assurance, then, you're into a project that either will just be on the short term. If project is still thriving, building, looking out for its community even in this crypto winter, then, trust me that project is worth the wait, it could be the project to retire your early.

[lobo13hf]

well at the end of the day, it's definitely depends in the team themselves, there might be some coins that only suited for long term holding that is the majority of meme coins and the others might be some trending coins.
But if you could somehow find some promising project it could turns out to be massive returns after long term holding but of course these are very rare, surely coins like matic and solana which could scores this tremendous amount of valuation nowadays begins as a new coins that being underestimated, but they could make themselves famous.

[sana54210]

Crypto is a perfect engine for scammers because it's still unregulated and it's also the wild west when it comes to making money quick with less efforts. .

Apart from rugpulls and influencers scam that are very famous with altcoin investment there is one particular side I want you to be much aware of.

Crypto is not exactly unregulated, scammers could still get jail time if you know who scammed you. The difference is that when you are dealing in fiat, you usually know who you are dealing with, and who to sue when something goes wrong and even in the fiat world scammers are running rampant as we all know.

However, in the crypto world where we are talking about something that is delicate, if you know the scammer then you could go to police and report them and open a lawsuit against them and they will be punished for it. Look at SBF, he scammed everyone with his company and now he is being possibly jailed for it as well, which means it's regulated just like fiat as long as you know the scammer.

[Johnyz]

If you're seeing an altcoin project that giving little to no update and just doesn't give any assurance, then, you're into a project that either will just be on the short term. If project is still thriving, building, looking out for its community even in this crypto winter, then, trust me that project is worth the wait, it could be the project to retire your early.

The problem here is that, some projects who are still updating their system can still ended up as a scam just like what’s in the OP as they lived up with the hype and almost everyday live-streaming is quiet suspicious already. There’s a lot of trick with the altcoins, many are a failed project in the first place while some are struggling to get investors even if their intentions are clean. If you are hesitant to buy new altcoins then better to buy top coins instead.

[Jackl87]

Crypto is a perfect engine for scammers because it's still unregulated and it's also the wild west when it comes to making money quick with less efforts. .
Apart from rugpulls and influencers scam that are very famous with altcoin investment there is one particular side I want you to be much aware of.
Many altcoins you are seeing right now are build on "Make the project, promise the entire world rare utilities and never really deliver anything, they will keep using words and investors will keep hoping.

I definitely agree with you here. I think that the crypto space provides many opportunities and it still is possible to make great profits in here within a relatively short amount of time. That being said, the chances to lose your investment are probably higher than the chance to actually make a profit with it and the many scams that are going in the crypto world are a big reason for that. Even if you are doing your research and you check everything about a project that is available you can still fall victim to a scam and lose all your money. My advice would be to not touch meme-coins at all because their only purpose is to make the team behind it reach without any effort.

[Coyster]

Crypto is a perfect engine for scammers because it's still unregulated and it's also the wild west when it comes to making money quick with less efforts. .

Nonregulation has little or nothing to do with it, i don't believe most of what the government says, that they want to regulate crypto because they want to save individuals from losing money, i rather think they want to regulate crypto because they want absolute control of everybody's life and finances. Scammers and fake projects scam people and make money out of them mainly because these people are greedy and do not research about the projects they invest in.

Keep a track of your altcoins regularly and once you see the slackness in the team it's safer to switch.

That is the thing, altcoins are renowned for being short term projects/gambling projects/pump and dump projects. If you must use them you have to be ready to either sell out or buy quickly which most people cannot do successfully.

[goaldigger]

If there’s no update and the project didn’t follow their roadmap professionally most probably that project will failed and for sure many investors will lose their money. If you are looking for a good altcoins, its already out in the market and it can be lesser risk compare to the new project. Don’t get hyped with their updates if you can’t still see it most probably they are just doing it to attract investors which return is not guaranteed.

[sheenshane]

If you're afraid to risk your investment, don't hug altcoins as your investment because they aren't worth it.  It seems you gambled your money playing with a high-odds game or have a high multiplier.

Many altcoins you are seeing right now are build on "Make the project, promise the entire world rare utilities and never really deliver anything, they will keep using words and investors will keep hoping.

So basically what people are looking for?  Quick profit?
We've already altcoins that are listed on Coinmarketcap that has real utility if this is what they are meant for, but they're just looking for a hype coin that makes them rich quickly but doesn't have real use.

[Rengga Jati]

Crypto is a perfect engine for scammers because it's still unregulated and it's also the wild west when it comes to making money quick with less efforts. .

True, many proves are here, so many altcoin projects turn to be scams. There are only a few altcoin projects that are exactly worthy and can survive for long-term era. But, most are failed, even failed never be listed on an exchange, scam, failed trading volume, and others. ANd these are part of the scam itself actually.

Many altcoins you are seeing right now are build on "Make the project, promise the entire world rare utilities and never really deliver anything, they will keep using words and investors will keep hoping.

Many developer teams are doing this and most of them are creating shit projects again and again with a different name and different fake teams. This always happens and they always make big promises that are too good to be realized. Their main victims are the newbies that are easily believing on what their promise.

[Jawhead999]

Keep a track of your altcoins regularly and once you see the slackness in the team it's safer to switch.

Rather than wasting time to track your altcoins regularly and you need to switch your coins ASAP, why not choose Bitcoin?, if you track your coins this mean you need to always active for 24/7 since if you miss the moment, your coins price will decrease at least more than 50%. We're human and we can't track our coins for more than 16 hours per day, also we have an activity and business everyday.

There's many scam coins out there, the recent one is LUNA and FTX token.

[BlackBoss_]

I don't know what the current requirements for being registered or listed on Coingecko or Coinmarketcap . However, I've heard that there is a priority listing for Coingecko and Coinmarketcap, where dev need to pay $$$$$ to get a fast listing. So I'm no longer surprised if this is happens, since going from a strict listing process to a paid listing will result in a large number of dead coins. After all, 2021-2022 era is the era of memes which makes a lot of sense that many will die, despite the rumors of the priority list.

I could be wrong but they provide free listings that are not hard but when you need to update your project information, you will have to wait long.

So people find back doors to update their project information faster but with initial listing, they don't need back doors.

Coinmarketcap and Coingecko are important but they are less important than big exchange. If projects want to use money for back doors, they will use it for top exchange listing, not for these sites.

Mithril requests Binance to refund 200,000 BNB worth $53 million following delisting

Projects can be listed and delisted on Coinmarketcap, Coingecko, exchanges. It's natural.