Why you should be very careful with alts

[Venik]

True. It's hard to find trustworthy altcoins, especially new ones. Tbh this is one of the main reasons why BTC takes the biggest part of my portfolio. Anyway, most of the altcoins just follow it when the price changes.

[Miaallen]

There are lots of reasons to be careful about altcoins just like you said, it is a perfect vessels most scammers use in stealing from unsuspecting investors. But scams and fraud is not limited cryptocurrency and altcoins alone. There are many cases of fraud in stock investments and we also hear of wire fraud which passes through banks which are regulated. Whether cryptocurrency projects or conventional regulated transactions, there will always be those who will want to take the advantage to scam others.
Fraud and scams are not limited to cryptocurrency.

[TheUltraElite]

You will not be able to catch slacking teams so easily. If they are slacking, they will no reveal it either. There are many altcoins which you might buy but you will end up finding the coins going down like anything and by then it would be too late to retaliate.

Hence the better option is no altcoin investment at all. But we all know that are humans who love risky investment and hence the situation ends like this.

Keep yourself honest with bitcoin and reap the benefits without losing much sleep. That is what I have seen.

[doomloop]

True. It's hard to find trustworthy altcoins, especially new ones. Tbh this is one of the main reasons why BTC takes the biggest part of my portfolio. Anyway, most of the altcoins just follow it when the price changes.

But, we can always do our research if we want to invest in a new altcoin. Researching is so powerful and it can increase your chances of picking up a potential project than if you will only pick based on your instincts. If you are still unsure then much better if you back out and go on a much older alts as they are easier to identify if which of them are good for the long run and which are not. Last but not the least will be Bitcoin. You can't go wrong with this one.

This is the first crypto so we are sure that it won't collapse anytime soon. I think the coins that follows BTC are smaller altcoins while for the larger ones, they are strong enough to sometimes move on their own.

[Wexnident]

Altcoins in a nutshell. Crypto is the perfect place for scammers since a lot of people can be considered new since the crypto scene is still pretty young. Not to mention that crypto is well known outside to be accessible even by younger people, unlike with say, stocks, lands, etc., which seem too complicated and can be considered as the playground of adults instead of young people.

Well, your best bet, if you want to enter the altcoin market, is to have a bunch of experience under your belt, and a lot of time to scrutinize a project. Otherwise, I'd just DCA Bitcoin really. It wouldn't bring as big of a profit as you can get in altcoins, but it's less risky compared to it, and no need to handle it since it's a plan to hold for the long term as well.

[alexandr1115]

A lot depends on the idea of the project itself. If the idea of the project is questionable, then the project itself too! If the project puts forward a clear and interesting idea, then there is nothing wrong with this project! It's just that some people are used to thinking according to a template and evaluating everything the same, and this is a misconception, so there is such distrust of altcoins, but in fact there are quite a lot of worthy projects on the Ethereum platform. I like projects on the Ethereum platform, I like to analyze them in more detail.

[Natalim]

Generally, it was a dirty tactic from scammers and they will do their best to lie to the community and give false hope to the believers. But, I don't understand why many people still don't see it or just ignore the things that they are investing in most likely a scam project.

I don't know if this was really a practical idea or not, "investing in hyped projects". I'd see people continuously giving their support to this kind of project, I don't know what they expect from these coins but we can't hide the truth also that it sometimes gives them more profit than known coins like Bitcoin.

[btc_angela]

Altcoins in a nutshell. Crypto is the perfect place for scammers since a lot of people can be considered new since the crypto scene is still pretty young. Not to mention that crypto is well known outside to be accessible even by younger people, unlike with say, stocks, lands, etc., which seem too complicated and can be considered as the playground of adults instead of young people.

Sad but true, when I entered crypto before, alt is not starting to take off, but there are money to be made like in bounty or airdrop. But as soon the scammers get a hold of the market, it's very difficult to moved not. Everyone is scamming everyone, hackers are in the ecosystem.

Well, your best bet, if you want to enter the altcoin market, is to have a bunch of experience under your belt, and a lot of time to scrutinize a project. Otherwise, I'd just DCA Bitcoin really. It wouldn't bring as big of a profit as you can get in altcoins, but it's less risky compared to it, and no need to handle it since it's a plan to hold for the long term as well.

Yeah, Bitcoin could be less risky but it's a sure way to make profit in the future. I have nothing against altcoins, but as the title says, we need to be very careful not to fall for scam projects or those who are just being used for pump and dump.

[bitzizzix]

It's important to be careful because there are literally thousands of Altcoins, and we may be more familiar with some of the more popular ones like Bitcoin and Ethereum, but there really are a lot of choices.
And before you invest in an altcoin, you should research your options very carefully, and don't assume that the coin with the most stress is the best one to invest your money in.
a lot of altcoins that end up being a scam and there are also profitable altcoins especially the top ones and also the oldest ones so a word of caution really applies to altcoins especially the new ones.

[Yatsan]

It's important to be careful because there are literally thousands of Altcoins, and we may be more familiar with some of the more popular ones like Bitcoin and Ethereum, but there really are a lot of choices.
And before you invest in an altcoin, you should research your options very carefully, and don't assume that the coin with the most stress is the best one to invest your money in.
a lot of altcoins that end up being a scam and there are also profitable altcoins especially the top ones and also the oldest ones so a word of caution really applies to altcoins especially the new ones.

Projects are the one being a scam and altcoins released in the market are simply failing. But the idea is there; not all altcoins are succeeding in this industry; some are profitable to invest and majority are not. Some would have huge popularity at first but eventually it would fade because of the sustainability of the project itself. Many projects are being released on a weekly basis and not all of these altcoin generating projects are profitable to invest so doing a research on it would really help as you have advised.

Altcoins are indeed decieving; from their concept and utilities.Many projects would be appealing on our eyes but if things or rewards are unrealistic, one should doubt already given the ratio of paying or legitimate altcoin projects to the paying ones, would show a huge difference against rewarding altcoins.

[Oceat]

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.

Despite of reminding these and that, it seems that investors somehow wouldn't quit of taking chances in order to get profit. For them it's like gambling and not really an investment since there's this high risk, high reward chances but also high risk of losing everything you have.

There are handful altcoins out there that has really had a real value and usefulness but there are also altcoins that is driven by pump and dump category. It's hard to predict which coin you have to invest that would really give you a decent profit after investing but you should do your own research after all to avoid the scammers.

[sulendra12]

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.

It always does happen in almost most of the new altcoin projects currently. Although it has been told for so many time but still people are struggling to even filter which one is worth to invest for new "altcoin projects" in current year, always repeat the same mistakes. Not to many mention the bounty hunters just blindly promote the projects without any research at all.

They deliver small updates only to push the price higher.

Once the admin or the team of that desired projects are inactive on one or all of the social medias then that's a red sign for us.

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

Correct

[_BlackStar]

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

Those are just two recent examples, but what is clear is that the list is very long especially since almost every day new altcoin are being created. Of course, everyone needs to worry more about altcoin because so far altcoin have actually made the industry seem unreliable. His reputation was so bad, it impacted the entire industry.

Scams will never go away, altcoin projects are one of the fields for developers to scam people. Avoid it more often, and turn your attention to bitcoin. I'm not going to generalize everything, but the some of them is same, especially about altcoin that are being developed.

[Furious 7]

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

This is too much of a waste of time to see almost every day maybe even every hour there is a new project on altcoins and can we find at least 1 good one a day? in this case even if there is but how much time we waste on it.
I personally prefer to be in a certain place and staying in bitcoin is a very sure thing for me than having to spend hours on something that is not very clear.

[Raflesia]

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.

Even if I'm not mistaken in the last year a lot of Inu projects have even been introduced here a few times but it's still trash in the end lol
It's really hard to believe in something like this that emphasizes pump and dump hype, but it's strange that there are still many people who are always caught in a trap like this, even some of them already know and can't be said to be beginners anymore. APY that doesn't make sense when it's clear that it's something impossible but they still fall into the trap.

[isaac_clarke22]

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Well fiat is still also being used by scammers. Fiat is regulated but it is still being used by scammers. See those call center scammers that are calling older people just to scam? They sometimes do the scam both using crypto and fiat. I know the topic is all about project and stuff, but people should be at least aware that any means to pay could be also used to scam people.

About the projects, well expect a lot lazy devs to milk these since they think that they are doing unique, but in reality, they're not.

[justdimin]

Altcoins in a nutshell. Crypto is the perfect place for scammers since a lot of people can be considered new since the crypto scene is still pretty young. Not to mention that crypto is well known outside to be accessible even by younger people, unlike with say, stocks, lands, etc., which seem too complicated and can be considered as the playground of adults instead of young people.

Well, your best bet, if you want to enter the altcoin market, is to have a bunch of experience under your belt, and a lot of time to scrutinize a project. Otherwise, I'd just DCA Bitcoin really. It wouldn't bring as big of a profit as you can get in altcoins, but it's less risky compared to it, and no need to handle it since it's a plan to hold for the long term as well.

Being a newbie doesn't give anyone the right to be foolish enough to get scammed. If you are scammed in a techie way that is understandable, download metamask from somewhere wrong, or connect your metamask to a dangerous website etc etc, these are all tech related and it would be normal for a newbie to get hacked or scammed that way and lose their money.

However, if we are talking about some random person pm'ing you and offering you a great chance to make 10x return on your investment in a month or two, and you believe that it is true because they show you some screenshots as proof, and then they take your money and block you and leave? That is %100 your own fault.

[BlackRexuz]

Buying other than Bitcoin is the right decision, compared to you having to buy thousands of alts that are spread all over the world, Bitcoin is everyone's main standard, instead of having to buy Alts which don't necessarily make you a billionaire, instead you will experience quite a big loss  , so for now it's not right for us to buy Alts on several exchanges, even the top or lowest Alts, only one if you want to buy, namely Bitcoin.

[Dubaian]

Most of the Altcoins I know in Cryptocurrency are scams. But there are many projects that are very good and the least likely to be a scam. Scams are especially rare on Ethereum platforms. If you are interested in investing in altcoins then it is better to look for good coins to invest. But the current situation is that investing in Bitcoin is definitely more profitable than investing in crypto. As the market is currently in a very bad state, it is better to invest in Bitcoin at this time.

[ven7net]

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.

Well, if we talk about being careful with altcoins, then this should probably also be attributed to Bitcoin, since the main cryptocurrency also often has a large price volatility. However, if we talk about value, then BTC is definitely the leader here, although some of the altcoins still manage to bring good profits to their holders, well, if you know when to sell and when to buy. As for the release of new altkins, yes, there is a very bad trend when altcoins are created simply to raise funds, which of course negatively affects the development of the crypto market and the attitude of the community towards it. As a result, we all have to be more careful when choosing altcoins for investment, especially when it comes to new crypto assets. I really want to believe that the situation in the crypto market will change for the better and successful altcoins will also appear on the market.