Why you should be very careful with alts

[vv181]

The notion to keep regular track of a project's development is somewhat not approachable if we talking about altcoin. Almost all altcoins are worthless, it is hard to separate the wheat from the chaff. It is better to analyze the fundamental topic in the first hand that some altcoins bring instead of following up regularly about it. Say, how does the consensus mechanism works within its protocol and also the community?

That kind of question may address one of a few basic questions about the project quality, it is better than jumping out directly into some project, and then researching later.

[virasisog]

The notion to keep regular track of a project's development is somewhat not approachable if we talking about altcoin. Almost all altcoins are worthless, it is hard to separate the wheat from the chaff. It is better to analyze the fundamental topic in the first hand that some altcoins bring instead of following up regularly about it. Say, how does the consensus mechanism works within its protocol and also the community?

That kind of question may address one of a few basic questions about the project quality, it is better than jumping out directly into some project, and then researching later.

Researching should always be done first and if there would be doubts and incompetences such as a lack of updates about their developments, it would be better to switch to higher potential coins which have a better foundation. Well-established coins have always been the best choice if we are having second thoughts about new projects because scammers are now using project launching to take money from investors which we should be skeptical about.

[yazher]

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.

This is most likely what will gonna happen also when their telegram group has some less active managers or also active but only promising their investors some false promises. This is why it is really good if you only put your money in bitcoins in this kind of market situation because those altcoins will not really survive after this bearish trend and probably their owner is planning to launch a new project and abandon their current one because of how they failed to increase its sells and they also failed to follow their roadmaps due to low budgets and sales.

[vv181]

The notion to keep regular track of a project's development is somewhat not approachable if we talking about altcoin. Almost all altcoins are worthless, it is hard to separate the wheat from the chaff. It is better to analyze the fundamental topic in the first hand that some altcoins bring instead of following up regularly about it. Say, how does the consensus mechanism works within its protocol and also the community?

That kind of question may address one of a few basic questions about the project quality, it is better than jumping out directly into some project, and then researching later.

Researching should always be done first and if there would be doubts and incompetences such as a lack of updates about their developments, it would be better to switch to higher potential coins which have a better foundation. ~

Actually, my point is that if someone is done with proper research, a problem like observing incompetencies should not be a problem. It is because any red flags have been filtered within the research process. If some project can't sustain with the only available current team or developers, especially if it came from the project foundations, it would raise a concern in regard to the  communities that evolve within the ecosystem. It also tells a sign the project is centralized.

[The Cryptovator]

True. However, the market as a whole has recently decayed. Projects only come to raise funds and then leave. They don't actually give a shit about investors. On the other hand, delivering product does not always help. Because I've seen a few projects deliver the product they promised, but investors don't care; they sell tokens and move on. Some investors even sell their tokens at a loss. How will you keep them at bay? Today's investors' mindset has shifted. They believe in quick profits and sell tokens. As a result, even good projects crash immediately after launch on decentralized exchanges, rendering them unrecoverable. As a result, the intentions of investors and projects have changed. Everyone only considers quick money.

[blockman]

Crypto has attracted alot of scammers and they tend to do their bidding using altcoins.
They only create altcoin not for the benefits of the community but because of their selfish and greedy intentions, that's why you see an altcoin that's doing great to will suddenly get rugged the next day.

Exactly.
That's their product and having a product through an altcoin is a big responsibility. And these developers know nothing but only the best for themselves and not for the project.
They make one, sell it to the gullible investors that think they've got an amazing thing and project and then all of a sudden, they'll only see that they're being rug pulled.

[Yamifoud]

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. .

I say NOT really a perfect engine for scammers but we can't deny that it was one tool for them to fool people and take advantage of the situation as they can be anonymous. Yet, many scammers have been captured and put in jail while using cryptocurrencies and it was because of the participation of the community.

I see that people are not learning how these scammers do, yet some people still fall into their hands because of their greed. Generally, they are now cautious with their actions and decisions when it comes to choosing coins to invest with.

[Sokoloau]

Any crypto project is risky. There are only a few altcoin projects that are worthwhile and can develop in the long term, and these altcoins may make huge profits here in a short period of time.
Most altcoin projects eventually turn into scams over time, and many investors can fall victim to it and lose a lot of money.

[Xal0lex]

True. However, the market as a whole has recently decayed. Projects only come to raise funds and then leave. They don't actually give a shit about investors. On the other hand, delivering product does not always help. Because I've seen a few projects deliver the product they promised, but investors don't care; they sell tokens and move on. Some investors even sell their tokens at a loss. How will you keep them at bay? Today's investors' mindset has shifted. They believe in quick profits and sell tokens. As a result, even good projects crash immediately after launch on decentralized exchanges, rendering them unrecoverable. As a result, the intentions of investors and projects have changed. Everyone only considers quick money.

This is because the investors themselves are absolutely not interested in the product itself. The main reason for their participation is banal speculation and nothing else. This is the reason why various game projects, metaverses, social and other projects have difficulties and their tokens quickly depreciate. Investors are not interested in their product, they come there only to withdraw liquidity and then start looking for a new young project that can give a good profit.

[molsewid]

Any crypto project is risky. There are only a few altcoin projects that are worthwhile and can develop in the long term, and these altcoins may make huge profits here in a short period of time.
Most altcoin projects eventually turn into scams over time, and many investors can fall victim to it and lose a lot of money.

That's why when pandemic came, I stop buying some new alts because I know most of them will collapse, especially those project whk doesn't have a solid marketing and strategic plans. A project witout a strategic plan for during these times are not too worth to invest with. I will make a deep research about everything before buying not because some influencers bought it or someone tweeted it.

[kawetsriyanto]

Any crypto project is risky. There are only a few altcoin projects that are worthwhile and can develop in the long term, and these altcoins may make huge profits here in a short period of time.
Most altcoin projects eventually turn into scams over time, and many investors can fall victim to it and lose a lot of money.

Sure, no crypto project is 100% safe/secure. Even, top crypto projects can fail, FTX is the perfect example of this.
However, altcoins offer the opportunity to earn huge profits because they have big volatility. Altcoin prices can change drastically in a short time whenever there is good news. It is a bit different with Bitcoin, the price increases gradually and it rarely changes drastically like altcoin prices. I assume, only BTC halving that can BTC price increase very significantly.

Yep, there are many investors who lose their funds because they invested in the wrong projects. Most of them lose funds through new crypto projects, they bought the tokens in IEO or ICO phases. This is a serious warning that we must be very very careful to choose crypto projects. If they look unconvincingly, it is better to ignore/avoid them.

[wxa7115]

Any crypto project is risky. There are only a few altcoin projects that are worthwhile and can develop in the long term, and these altcoins may make huge profits here in a short period of time.
Most altcoin projects eventually turn into scams over time, and many investors can fall victim to it and lose a lot of money.

That's why when pandemic came, I stop buying some new alts because I know most of them will collapse, especially those project whk doesn't have a solid marketing and strategic plans. A project witout a strategic plan for during these times are not too worth to invest with. I will make a deep research about everything before buying not because some influencers bought it or someone tweeted it.

The uncomfortable truth is there is nothing behind most coins we have in this market, if you were to ask investors about why they decided to put their money behind a particular coin you will receive superficial answers like the ones you bring forward.

And many times you will not receive any logical explanation at all and instead you will listen to their wishful thinking about how the coin they picked will grow 100x or even 1000x for no reason at all, and when you face that situation there is nothing you can do as it is impossible to convince those investors about the huge mistake they are making by doing this.

[tygeade]

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. .

I say NOT really a perfect engine for scammers but we can't deny that it was one tool for them to fool people and take advantage of the situation as they can be anonymous. Yet, many scammers have been captured and put in jail while using cryptocurrencies and it was because of the participation of the community.

I see that people are not learning how these scammers do, yet some people still fall into their hands because of their greed. Generally, they are now cautious with their actions and decisions when it comes to choosing coins to invest with.

People are acting as if scammers do not exist in the fiat world and that is the thing that bothers me the most. I mean fiat world has a lot more scammers and it happens every single day, so much so that there are companies out there who scam people constantly. This means that crypto of course has scammers, because everywhere and every currency has scammers, even non currency related stuff could be used for scamming as well, like scamming for influence or power as well.

All in all, you are not going to stop people from lying to get more. That is the nature of humanity and it will continue to do so until end of times. I am guessing that the best thing we could do right now would be just focusing on ourselves and how to prevent getting scammed.

[valeneu]

A lot of altcoin projects just get funding for their own benefit and leave. Altcoins, while offering the opportunity to make huge profits, are only temporary. If you do not grasp the correct timing of buying and selling, you may lose money.

[Marykeller]

Alarmingly, scam projects are becoming more increase in the crypto world. The project you thought that has good utilities and good team management these days always turns out to be a scam. It is currently challenging to tell a legitimate project apart from a scam project. In the unlikely event that you come across a promising project, it won't have enough investors to advance and won't be able to compete in the cryptocurrency market.

The entire altcoin market, outside of bitcoin, is currently too risky to invest in. Even an altcoin that is currently ranked in the top 50 can suddenly drop significantly in price example luna.

Invest in bitcoin to protect your capital, and avoid altcoin controversies that will lead to possible losses.

[pawanjain]

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.

I guess you have had a taste of such altcoins as well    But to be honest whatever you said is absolutely true.
Altcoins are the riskiest asset since our investment will completely depend on how the project team is doing about the project.
One mistake can potentially risk our money to go down the drain which is why we should research very well about what we invest in.
Investing is established projects (top 10 in marketcap) with potential growth and a strong team should be the ideal choice.

[poodle63]

A lot of altcoin projects just get funding for their own benefit and leave. Altcoins, while offering the opportunity to make huge profits, are only temporary. If you do not grasp the correct timing of buying and selling, you may lose money.

it is indeed requires analysis and right moment in getting profits from these coins in general, mainly because most of these coins aren't really designed for long term instead you just ride the train and then leaves because at the end of the trend, there's always massive decrease in value because many are investing for good profits but when the project showing no signs of further increase, surely many that have invested will race in dumping their coins and this causes massive decrease.

[JunkieMiner]

Now a days as I have seen that many projects are doing scam as I can say the they are taking the benefit of the bear market and through their ICO's, IEO's and sales etc. . They are taking people money and at the time of listing, they delayed and taking the name of the bear market even though many of them are scam ones.

[Pierre 2]

This topic makes me remember my experience with a project from ICO era. I joined their signature campaign and promoted their product. And even bought some. They promised to deliver mobile application to sell goods. It sounded like good idea to me but I realized there were no devs, there was no app, there was only telegram group a random guy keeps telling "I joined this" and "I joined that". After all coin lost all its transaction, and I realized I wasted my investment. So you should study altcoin projects before investing.

[Trouvaille]

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.

Many altcoins are profitable at the beginning, but over time they end up being scams, and most of the altcoins in the market end in failure. To avoid losing a lot of money and risk, investing in Bitcoin can be more profitable than investing in altcoins.