Most altcoins are fake (wakanda)

[indo1]

I thought they failed more in their progress in building startups. I was once offered to be their marketing team, but they didn't pay me with money, except commissions, every time there was a purchase with a project, the progress of which was even less clear, they were reluctant to spend money to run the project, even now several people say their projects always take investor's money or exit scam.

[danherbias07]

The aim is to steal from you in the comfort of their house. They don't even need to dirty their hands and go to the bank to risk their life robbing it. All they need is a computer, an internet connection, and some developer skills and Voila they can steal from people as long as they will you believe it is real.
This ain't new and I hope you did your research first before jumping the gun and investing in them.
Think about it, the name sounds fishy and they are using the hype of the latest movie just so they could steal some money from foolish people who would think it is real.
Look for a project that is promising and continuous, something that is backed by known players in the industry and not some wannabe crypto enthusiast who uses their skills for their greed. This is why I don't like anonymous team projects anymore. They say it's for their own safety but we all know what is really behind it on why they are keeping their identity.

[Vickysagar]

People make fake crypto to make money from stupid people, it's simple. We all here so smart and will not fall for that, but actually a lot of people are buying this and the same stuff.

[Doan9269]

People make fake crypto to make money from stupid people, it's simple

Those that invested in their coin aren't stupid, anyone can fall their trap, though i still have to blame them for lack of proper research before investing with them, but everyone wabt to take that opportunity with cryptocurrency to make money just as some have already got from the oast this fantastic experience in making money when they invested, it's about those behind every crypto projects and not the altcoins itself.

We all here so smart and will not fall for that, but actually a lot of people are buying this and the same stuff.

One still beed to be careful through his being smart not to fall into hands, scammers continue to developed more advanced means of attacking people through online crypto investment.

[yazher]

This is one good example of shitcoins and you can see after the hype has gone, the price has no longer able to recover because there were no updates or development has been going on and probably the team that created that coin has already switched their attention to another scam project that they will gonna launch to fool the same people that invested in their last fake altcoin. Most altcoins are like this that's why they are one of the main problems why the crypto market doesn't directly go up they are the reason why people lose their trust in buying altcoins again.

[Wakate]

I thought they failed more in their progress in building startups. I was once offered to be their marketing team, but they didn't pay me with money, except commissions, every time there was a purchase with a project, the progress of which was even less clear, they were reluctant to spend money to run the project, even now several people say their projects always take investor's money or exit scam.

what so investors do not know especially the newbies is that there are plenty fake coins in the market and we need to know how to recognize them if not you are going to end up losing plenty if money consistently because you have failed to learn how to suspect fake coins that are in the market.

We don't need to relax on the news or cryptocurrency influencers with there various hype about different cryptocurrency projects so that they can drive investors into such a project. We need to make sure we do the necessary research and invest when prompt than to just relax and make financial investment without having concrete information about the project.

[coin-investor]

People should learn that if a coin or token comes from a trend or a hype this is going to be a useless and shit token out of the thousands of tokens or coins that come from what is trending only 1% or even less are still in the market and they are struggling, people should stop investing and supporting coins that comes from trend and hype, they keep coming because many investors mostly newbies who are dreaming to be an early bird in a coin that they think will have potential keep investing on these shitcoins.

[riskarcher]

While the cryptocurrency market has undoubtedly seen its fair share of scams and fraudulent projects, it would be inaccurate to categorize all altcoins as fake or scams. The term "altcoin" refers to any cryptocurrency that is an alternative to Bitcoin, encompassing a wide range of projects and tokens with varying goals, technology, and legitimacy.

It's important to exercise caution and conduct thorough research when considering investing in or engaging with any altcoin. Such Project Legitimacy,Technology and Innovation,Community and Reputation
Remember, while there are legitimate altcoins with promising potential, the cryptocurrency market is highly speculative and carries inherent risks. It's essential to exercise due diligence, diversify investments, and consider seeking advice from financial professionals before making any investment decisions.

[FahriZah]

It’s not good words because most alts coin are fake this words not Sweetable and need to say many alts coins are fake scam like this don,t believe shit coin now.

[Cling18]

Every day, more and more projects and coins are being created fraudulently. so order to draw so many investors, they are even attempting to be relatable. To make their names sound catchy, they borrow them from locations, movies, fashion, and current events.
This is why it's always a good idea to do some research first so you don't fall into their traps too readily. We should be aware that scammers and fraudsters lurk everywhere and are constantly looking for unsuspecting targets, so we must always be vigilant.
Although we have no influence over scam projects, we could be informed and sensible enough to avoid them.

[Dave1]

The first Africa crypto project was established to steal people's money, when wakanda came out in towards July 2021 and did the burn in September, many people wasted their hard earn money to buy enough, I personally use $300 to buy wakanda which accumulate 2billion plus, but since then, wakanda never rise for once, only going down, my money is less than $10 remaining.

Please what is the aimed of those people doing fake crypto currency?

So sorry for you lost, I know it's a hard earn money, maybe this is just a wake up call to you, I mean you need to do your own research (DYOR), before investing your money. Initially there will be hype on projects, but you have to look if they have a good use case or just another project to be used by the creator for pump&dump. And in this case, it's the latter.

Obviously the aim of those people is to get as much money as they can and they themselves are going to sell it at the high price for instant profit. Yes, there are a lot of scammers here, so you better to really not to trust anyone or again, you need to be very careful of projects that you are going to invest.

[timoshani]

The first Africa crypto project was established to steal people's money, when wakanda came out in towards July 2021 and did the burn in September

To start with, Wakanda isn't the first Africa project. There was Dalecoin even before I embraced crypto in 2017. There was also Zugacoin created by Sam Zuga, an African, in 2019 or 2020.

many people wasted their hard earn money to buy enough, I personally use $300 to buy wakanda which accumulate 2billion plus, but since then, wakanda never rise for once, only going down, my money is less than $10 remaining.

I saw through the smokescreen when the hype for it hit the media but I avoided it as my sixth sense told me something wasn't right. My guts were right. It was the same way I avoided the shitcoin, Zugacoin. It's not as if it's an African thing to have bad projects. It transverses all continents. There are scammers everywhere. BTW, don't sell off what is left. You never can tell if there are going to be novice investors who are definitely going to buy it during the forthcoming bull run in 2024/25

Please what is the aimed of those people doing fake crypto currency?

I believe this is a rhetorical question.

There was also African Coin Exchange's Altcoin AFCE. The project was also launched in mid-2018. But in fact, a complete scam. Therefore, I looked at Wakanda without enthusiasm. He did not arouse confidence.

[Fatunad]

The first Africa crypto project was established to steal people's money, when wakanda came out in towards July 2021 and did the burn in September

To start with, Wakanda isn't the first Africa project. There was Dalecoin even before I embraced crypto in 2017. There was also Zugacoin created by Sam Zuga, an African, in 2019 or 2020.

many people wasted their hard earn money to buy enough, I personally use $300 to buy wakanda which accumulate 2billion plus, but since then, wakanda never rise for once, only going down, my money is less than $10 remaining.

I saw through the smokescreen when the hype for it hit the media but I avoided it as my sixth sense told me something wasn't right. My guts were right. It was the same way I avoided the shitcoin, Zugacoin. It's not as if it's an African thing to have bad projects. It transverses all continents. There are scammers everywhere. BTW, don't sell off what is left. You never can tell if there are going to be novice investors who are definitely going to buy it during the forthcoming bull run in 2024/25

Please what is the aimed of those people doing fake crypto currency?

I believe this is a rhetorical question.

There was also African Coin Exchange's Altcoin AFCE. The project was also launched in mid-2018. But in fact, a complete scam. Therefore, I looked at Wakanda without enthusiasm. He did not arouse confidence.

Not really that bad to consider out some local exchange platform on which we do really tend to support if ever there's one been existing but we cant really just deny that whenever we do tend to touch up some new platforms then there's always having those doubts when it comes to legitimacy on which we've seen lots of exchange hacks and scams around which it would be resulting on losing up money. Same goes into those projects who do just pop out like mushrooms and as an investor then you should really be having that kind of approach when it comes on how you should really be that mindful on making out some research first before
diving into something.This is usually the mistake or error of most people when it comes to investing on which they are really letting themselves driven or get hooked with the hype without even tending to realize
that it wasnt really that much of a preferred way on dealing with it because you are really that putting yourself in so much risks.

[LastKiss]

The first Africa crypto project was established to steal people's money, when wakanda came out in towards July 2021 and did the burn in September, many people wasted their hard earn money to buy enough, I personally use $300 to buy wakanda which accumulate 2billion plus, but since then, wakanda never rise for once, only going down, my money is less than $10 remaining.

Please what is the aimed of those people doing fake crypto currency?

Well they want investors money from creating a scam token, many tokens went zero after a few months because the team abandon their project. If wakanda team is still active in the group and they keep developing their product then you can hope the price will come back and reach its new ATH but if the team already abandon the project then you can give up your investment.

[terciduk123]

The first Africa crypto project was established to steal people's money, when wakanda came out in towards July 2021 and did the burn in September, many people wasted their hard earn money to buy enough, I personally use $300 to buy wakanda which accumulate 2billion plus, but since then, wakanda never rise for once, only going down, my money is less than $10 remaining.

Please what is the aimed of those people doing fake crypto currency?

Is this the token you're referring to?
https://coinmarketcap.com/currencies/wakanda-inu/
A project like this was never worth investing in; perhaps it would be more accurate to call it a gamble. If you're lucky, like Shiba inu, you'll make a lot of money; otherwise, you'll lose your money.
The goal of persons creating fraudulent tokens / shitcoins is fairly clear: to make a lot of money in numerous ways, including cheating.

[Rasa nanas]

the evidence is not enough to make accusations if they make fake crypto to steal money. if you buy and the price keeps dropping maybe you buy when the price is peaking and you are affected by FOMO because this altcoin is the first crypto from africa. maybe you should look for other evidence regarding the accusations you made.

[Rupok]

The number of scammers in cryptocurrency is increasing day by day.  Most of the investors are now falling victim to scammers.  Because most of the altcoins are definitely fake. They make fake altcoins to steal people's money.That's why I'm always wary of investing in new altcoins. Fake altcoins got hype at first but then they slowly went down and the price was never able to recover.They try to grab money by luring investors.If most of the altcoins were not fake then the number of investors would have increased.  Most real altcoin investments lose a lot of money for fake altcoins.  I've seen some altcoins go down after a few months on the market.  Those who invest in altcoin lose the most money.

[lienfaye]

Please what is the aimed of those people doing fake crypto currency?

Of course to make money. They deceived the people by creating a project and promising the investors to have a good return when they invest and making it looks like the project is really worth to take the risk. This is one of the reason why it's quite risky to invest in new coins, because majority of them are shitcoins without utility.

Anyway, since wakanda has still value, why don't you wait until bullrun? Who knows the price might soar high. I also have meme coin that I bought 2 years ago but the difference is, I already profit from it and just holding some to see if the bullrun in the future can influence the price to increase. Anyhow, this is a lesson for you to not trust the new coins easily without doing your own research because scammers are already smart to create a project that looks genuine.

[Kelvinid]

The first Africa crypto project was established to steal people's money, when wakanda came out in towards July 2021 and did the burn in September, many people wasted their hard earn money to buy enough, I personally use $300 to buy wakanda which accumulate 2billion plus, but since then, wakanda never rise for once, only going down, my money is less than $10 remaining.

Please what is the aimed of those people doing fake crypto currency?

The reason why? Perhaps you have mentioned it already and they will keep doing that as they see potential people like you OP who easily entrust their money in new projects without research. But you can't blame them either nor question why they are doing this because if we take caution before investing and if all people/investors are doing this stuff, they will stop for sure. Unfortunately, so many greedy and innocent people in the crypto space, and they usually get fooled by scammers especially, when you show them an interest in their platform.

[AakZaki]

New altcoins that just follow the hype trend are only created to enrich the creators of these coins. when the project gets a lot of money the altcoins will be abandoned and the developer get a lot of money from a lot of investors. this is very sad and look at this time, memecoin is also hype and there are lots of memecoin scammers who steal a lot of investors' money which then withdraws the liquidity that is already in the market.