False marketing is deceiving buyers
This here 👆👆 seems like a major characteristic of altcoins!!!
You are 100% right here.
Marketing is, where Altcoins are strong but unfortunately, most Altcoin marketing is deceiving costomers by various shady strategies.
Depending on each target group, deceiving tacting have a very wide range and are optimized to attract each target group.
Another thing I should learn is: Can a token be decentralized in any way? The developers of those tokens have all control over their tokens, and it's fully centralized. So, I assume every token is centralized, and developers can control users' money by increasing the supply. Isn't it like that?
Interesting question.
I'm not an Altcoin developer and there might (
insert big question mark here) be ways to have a decentralized token but I really don't know 100%.
Possibly, a DAO can be decentralized if it is set up that way and tokens are distributed in a fair (decentralized) way to many people, that voting for such a DAO isn't manipulated by a developer team.
Requirement is as well: for such a token, it would mean that no one can change anything without consent from all token holders. After initially setting the DAO up, code has to be open source and audited.
It's what I can imagine but as I'm not an Altcoin developer / coder, I don't feel qualified to make a final statement here. Maybe it's a question for our coder specialists in
Development and Technical Discussion.
Although I agree with your points but I'd like to add that the main way of scamming people in the altmarket is not disguising a token as a coin, most people already don't understand the difference or care, it is by telling them the garbage they are buying is "useful" has "potential" or sometimes weird things like "it is replacing bitcoin".
Yes, Altcoins have various strategies to deceive people.
Advertising a token as a coin is just one strategy.
Like you've said, falsely advertising the underlying tech is a big problem here:
- overpromising
- promising "big innovation" / new Bitcoin
- hyping banal / outdated / copied tech
- trying to tell people how the coin / token will be (globally) important
It all boils down to advertising their coin's / token's fundamentals as something, what it's not in reality.
It's part of a big pool of strategies from Altcoins to deceive people
Additional strategies are:
- buying hype YouTubers
- spreading misinformation about competitors
Examples of coins are: ~ Ethereum, Ethereum Classic,~
These are not exactly coins either. The technical term used for ether is "smart contract fuel".
Bitcoin is closer to Litecoin or Monero, which could be called "transaction coins".
Ethereum is also a coin but Ethereum is different from Bitcoin because Ethereum is a "platform coin" similar like Tron, Polkadot, Avalanche or similar, where it, like you've said, is needed to send Ethereum tokens, as a part of Ethereum's smart contract.
Bitcoin is more a coin to send in transactions.
They claim to be decentralized and ground breaking in their whitepaper but turn out to be none of these things.
+1
Well said.