Are Altcoins Fake?

[TelolettOm]

One fascinating aspect of altcoins, especially the good ones, is the potential for significant profits. I'm aware that not everyone agrees with this, as there are often arguments that altcoins are just another form of 'shitcoin' meant to deceive and exploit people, with Bitcoin being the only legitimate cryptocurrency.

Of course there will be pros and cons related to these altcoins. Because, many people suffer big losses due to trading or investing in altcoins. However, it cannot be denied that there are also some people who can use altcoins to reap big profits. especially here regarding the altcoins that are currently hyped. They can lose big but on the other hand there are some people who can really take profits that high. Although I personally have never felt it

So, basically, these are also things that need to be paid attention to. Because after all, everyone's ability to analyze altcoins and the market is different. So if we are not yet capable of that, it would be better if we were more careful with altcoins rather than just prioritizing luck to get profits from altcoins. Regarding whether altcoins are fake or not, it's possible that some are fake or shit coins, in this case they are scams, there are lots of them. However, there are also real and legit ones, although the percentage seems to be smaller.

[nelson4lov]

Who thinking about altcoins are fake i hope he/she is really foolish bacause altcoin are best opportunity to trading crypto money earning always better.

No one thinking it's fake. But there are some fake coins like fake Bitcoin, Fake ETH, even Fake USDT. But OP is not talking about it. The altcoins are not fake but most of them are centralized and scams. I won't say most of them scams, but most of them are centralized and some of them are scams.

I agree with the centralization argument but the scammy part is largely due to the fact that it is an open economy and anyone can create any tokens they want especially if they know how to write smart contracts on an EVM chain and have sufficient liquidity to bootstrap it then it should be up and running. Having this knowledge could prevent one from indulging in any of those scammy tokens. This isn't a problem that is going to be fixed by the given protocol but for users to do their own due diligence.

There are so many scam altcoin projects, but they don't survive the market for long. The problem is that it is common for legit and even major altcoins to be dead in the long term. If you check top 100 ranking from 2016 then you will see there are many projects that were in the top 100 that don't exist in the market any more. Their technology became old fashioned and the industry moved to another narrative or their development team stopped developing the project. The altcoin market is actually a bit different from bitcoin market because most of the time old altcoin projects don't do well in the long run. That is the reason there are so many new altcoins and new narratives coming to the market on a regular basis. This is how the altcoin market is surviving by creating new projects and narratives.

It is public knowledge that except a  project has some extensive value proposition that users will kerp falling back on, it would become obsolete as users are usually in search for the next best thing which is what happened with the top 100 cryptos in 2016. If you look closely, there are a couple from that era that still remain till today like BNB, ETH and a couple of other altcoins. That said, having really good value proposition that can keep people coming back to use the protocol or service is a must-have to stay afloat -
(this is a competitive space).

[johnsaributua]

One fascinating aspect of altcoins, especially the good ones, is the potential for significant profits. I'm aware that not everyone agrees with this, as there are often arguments that altcoins are just another form of 'shitcoin' meant to deceive and exploit people, with Bitcoin being the only legitimate cryptocurrency.

Of course there will be pros and cons related to these altcoins. Because, many people suffer big losses due to trading or investing in altcoins. However, it cannot be denied that there are also some people who can use altcoins to reap big profits. especially here regarding the altcoins that are currently hyped. They can lose big but on the other hand there are some people who can really take profits that high. Although I personally have never felt it

So, basically, these are also things that need to be paid attention to. Because after all, everyone's ability to analyze altcoins and the market is different. So if we are not yet capable of that, it would be better if we were more careful with altcoins rather than just prioritizing luck to get profits from altcoins. Regarding whether altcoins are fake or not, it's possible that some are fake or shit coins, in this case they are scams, there are lots of them. However, there are also real and legit ones, although the percentage seems to be smaller.

Right sir, speaking of fake altcoin or scams on an altcoin project, there are various types, some ask for additional gas fees due to chain changes or change smart contracts outside normal limits, there are also those who ask here and there but never list on an exchange either cex or dex, even worse everyone can buy presale and seem to make the impression of listing on dex but can only deposit and buy, In the end, I was confused because I couldn't swap or sell the tokens I had bought, I experienced it even though I had a few projects that were trapped, from the past I learned and participated more in projects that developed, capital returned when there were projects that went to the moon even for the next few projects, and I am grateful that crypto is real in doing its tasks is a choice including buying presale / ico. If there is a launcpool or launcpad of a cex in my opinion more wort it, but you have to follow the terms and conditions of a cex to participate, not free and uneven is one of them.

[Kelward]

Using a centralized exchange offers security. Why is that so? There is a multitude of coins being developed daily on DEX, and verifying their legitimacy might be as low as 10%. This is why many people end up getting rug pulled when trying to get in early or buying a coin expecting it to rise. Those who do this are called "Degens." Unless you have mastered the method of buying a coin on DEX that favors you, what you buy is often referred to as a "Shitcoin."

By using a centralized exchange to obtain a coin, you have a 50-70% chance of avoiding a Shitcoin or a rug pull. The two exchanges I prefer for buying altcoins are Binance and Bitget. However, the latter lists more altcoins than the former, so I primarily use it as they continue to add good altcoins. The remaining percentage is for me to conduct my own in-depth research, including checking their Whitepaper, community, and other factors that can qualify the altcoin as a long-term or short-term hold.

Thanks for sharing this valid information about where best to buy altcoins, people make a lot of mistakes that makes them to encounter loses because of the lack of proper knowledge about where best to buy altcoins from. Your analysis makes a lot of sense to me because centralized exchanges will verify the authenticity of any altcoins that they'll list, unlike decentralized exchanges that are more liberal where many coins are developed everyday and any altcoin can enter them easily.

I guess nobody can regulate the numbers and how altcoins are developed in DEX, giving room for lots of "shitcoins". I'm also thinking that these will be a den for scammers to bring altcoins that they know will not stand the test of time. I now have more faith in CEX for reliable altcoins, that can withstand the test of time. I've never really given much attention to altcoins because of the many negativity that is associated with them, unlike bitcoin that stands on it's own level and is very reliable. In essence people should conduct personal research about altcoins, before buyi.

[VFalcon]

Now the market is frozen, so you can sit back and watch its movements. And if you want to get some more money, take part in the Trick or Treasures tournament from Fairspin, they have just there a big prize and everyone can get a small amount for their additional investments

[Mate2237]

One fascinating aspect of altcoins, especially the good ones, is the potential for significant profits. I'm aware that not everyone agrees with this, as there are often arguments that altcoins are just another form of 'shitcoin' meant to deceive and exploit people, with Bitcoin being the only legitimate cryptocurrency.

Altcoin to some people seam to be another version of shitcoin .there are many people out there who invested in altcoin and didn't benefits from it. These factor made them to dislike altcoin. It might be that some benefited but majority didn't benefit. There are altcoin with good potential but too much flooding of fake altcoin in the crypto space made people not to spot the difference between them. If you ask me the best altcoin to invest on I can't tell you neither, because I was also a victim. Now I chose Bitcoin over all other coin and it's my decision. Anyone has his own choice.

People see altcoins differently. But let me answer your topic question. Not all Altcoins are fake but some are. There are some that created by internet scammers to scam people and those ones are also in line with airdrop. Many people don't want to use their ears hear altcoins because they believe that all Altcoins are shitcoins but that is not true there are some altcoins that are legit. And there are some people use these altcoins to make profit. Like litecoin, ElonCoin and Ethereum and some other ones are good to invest.

[Mame89]

Of course there will be pros and cons related to these altcoins. Because, many people suffer big losses due to trading or investing in altcoins. However, it cannot be denied that there are also some people who can use altcoins to reap big profits. especially here regarding the altcoins that are currently hyped. They can lose big but on the other hand there are some people who can really take profits that high. Although I personally have never felt it

So, basically, these are also things that need to be paid attention to. Because after all, everyone's ability to analyze altcoins and the market is different. So if we are not yet capable of that, it would be better if we were more careful with altcoins rather than just prioritizing luck to get profits from altcoins. Regarding whether altcoins are fake or not, it's possible that some are fake or shit coins, in this case they are scams, there are lots of them. However, there are also real and legit ones, although the percentage seems to be smaller.

There are many pros and cons, but believe me, most altcoins will eventually experience losses, even scams and so on. Indeed, many newcomers who are new to crypto immediately buy altcoins and hope to immediately make big profits by just relying on the hype. Many people also get multiple profits from altcoins, but of course they have to be smart in analyzing and smart in finding the right moment.

But what is certain is that there are many examples of altcoins that were good at first but ultimately died, only Bitcoin has a clear future, only Bitcoin is the safest for long-term investment.

[KingsDen]

By using a centralized exchange to obtain a coin, you have a 50-70% chance of avoiding a Shitcoin or a rug pull.

You speak like someone saying from experience, but I don't know to what level you trust the CEXs. I do not what to argue this with you because it seems you have experience on this and have practicalized it also.
But I have a very worrying question, which is why you trust the CEX that can take money and list shit and scam coins. Can you tell me about the regulatory policies of the CEX in listing new coins. I think it should be all about how much the project owners can pay.

I therefore will say that if the type of exchange where a coin is listed will have to form a base to knowing a good coin, it shouldn't take upto 50 - 70% as you said in the Op.

[poodle63]

By using a centralized exchange to obtain a coin, you have a 50-70% chance of avoiding a Shitcoin or a rug pull.

You speak like someone saying from experience, but I don't know to what level you trust the CEXs. I do not what to argue this with you because it seems you have experience on this and have practicalized it also.
But I have a very worrying question, which is why you trust the CEX that can take money and list shit and scam coins. Can you tell me about the regulatory policies of the CEX in listing new coins. I think it should be all about how much the project owners can pay.

I therefore will say that if the type of exchange where a coin is listed will have to form a base to knowing a good coin, it shouldn't take upto 50 - 70% as you said in the Op.

I don't agree that exchange only requires a coin to pay for it to get listed, the coins also need to have reputation, trusted developers and so on, there's reason why exchange thats already reputable enough like coinbase and many are instead of trying to list some random coin that pays, they'd have partnership, the only coin that they'd list outside partnership are those coin with really high trading volume which means even the community that supports that coin is huge, other than that rarely I see some random coin getting listed just because they could only afford to pay.
this case only happening in some third rate exchange where their priority is just making profit from the listing fee, but when it come to big exchange, they need to consider how that altcoin affect their reputation also they need to obey regulation.

[GreatArkansas]

(....)
So, it's essential to understand that there's always a distinction between "Bitcoin, Altcoins (offering both short-term and long-term profit potential), Shitcoins (promising quick profits but with risks), and Rugpull coins."

Make sense, but for me overall, it is just Bitcoin and Altcoins. That's the reason why "altcoins" were created, because of the alternative to Bitcoin.
Where most altcoins now are scams or it will just vanish in the future, that's why it is really risky, even how much market cap or how already big the altcoin is.

[Wysi]

If you have a look at Investing.com you will be shocked as the number of alts are keep on increasing day by day, but technically only those survive who have the real properly and utility in a coin or token. If you are planning to invest in alts I would request you to analyze as much as you can Also go with the top rated alts which are currently dominating with the market cap and circulation.

These days don't even trust the low rated exchanges because I really had a bad experience where in Invested some $, Unfortunately it has been delisted from the exchange there was no any prior information of delisting in the exchange as well. I am in touch with the support team and they have asked me to wait.

Note: Information which I have shared is a latest one, I mean the loss occurred before a week.

[selezneve]

Only some altcoins are scams. But some altcoins like ETH and litecoin are genuine projects. If someone can find genuine projects from newly launched altcoins, he can still make a lot of money with crypto.

[justdimin]

There are so many scam altcoin projects, but they don't survive the market for long. The problem is that it is common for legit and even major altcoins to be dead in the long term. If you check top 100 ranking from 2016 then you will see there are many projects that were in the top 100 that don't exist in the market any more. Their technology became old fashioned and the industry moved to another narrative or their development team stopped developing the project. The altcoin market is actually a bit different from bitcoin market because most of the time old altcoin projects don't do well in the long run. That is the reason there are so many new altcoins and new narratives coming to the market on a regular basis. This is how the altcoin market is surviving by creating new projects and narratives.

Of course, what do you expect? But I just realized that there is 1xbit. I know it's a gambling site but many are saying it was a scam and surprisingly they are still there. It's only sad that the common projects (non-scam) are the ones who can die easily sometimes but it's hard for a major alt to die even in the long term because people are already a die-hard supporter of them and this makes them to be motivated to improve their project more.

Devs should take note to what have you have said, if they didn't realized it yet. That is they need to incorporate the latest trends. New alts are there mostly for a reason of earning a profit. They don't even care about the old alts and how they perform.

[Ben Barubal]

  To the best of my knowledge, altcoins are often used by scammers to prey on investors. This means that these hackers have the ability to use the altcoins to release an altcoin that they will use as legitimate, but the truth is that it is fake in reality.

  This is also often interpreted as a trap for investors who are not aware of or have no knowledge about this matter. But let's just remember that altcoins were created because of Bitcoin for no other reason, but that doesn't mean it's Bitcoin's fault; that's not what it means.

[zeuner]

Well, some components like PoW cannot be faked, so altcoin designers would be easily able to proactively disprove any fakeness. Ironically, there are huge campaigns aiming at the advertisement of algorithms where the result can be faked more easily.

[wxa7115]

Only some altcoins are scams. But some altcoins like ETH and litecoin are genuine projects. If someone can find genuine projects from newly launched altcoins, he can still make a lot of money with crypto.

Your statement falls horribly short of the reality investors encounter, we have more than 10k altcoins on the market at this moment and I will not be surprised if that number grew to 30k once the bull market is in full effect.

For your statement to be true only a minority of altcoins must be scams, so do you think the majority of those altcoins are actually good projects? You mentioned two coins, could you mention thousands of coins that are just as good as them? I know you cannot do it, no one can as there are not many good altcoins out there and at best there are one hundred coins that could deserve our attention, and I am actually being very generous with that estimate.

[Magic-Money]

Alt-coins are not fake and many alt-coins has been successful into cryptocurrency market which is quick profitable business when you invest on the right alt-coins at the right entry point, even Bitcoin as the king of all alt-coins started one day to trade and many people that seen the opportunity and refused to invest at early stage are regret it by now. Hence, information is very important when you take action to Archived it.

[lixer]

Alt-coins are not fake and many alt-coins has been successful into cryptocurrency market which is quick profitable business when you invest on the right alt-coins at the right entry point, even Bitcoin as the king of all alt-coins started one day to trade and many people that seen the opportunity and refused to invest at early stage are regret it by now. Hence, information is very important when you take action to Archived it.

Well, you should change your way of thinking about cryptocurrencies and the market because it's not a get-rich-quick scheme, and even though some people might get significant profits from their investments, it doesn't necessarily have to happen with everyone and one should only aim for profits and not for getting rich by making small investments on different tokens and coins, especially if they are targeting new cryptocurrencies because of potential profits.

A lot of new investors make the mistake of investing their capital in newly launched projects just because they think they can get a lot of profit from those coins or tokens but eventually lose money in those projects. So, it's better to invest in projects that are trusted and already established, because getting less profits is better than losing the invested amount.

[Blitzboy]

Alt-coins are not fake and many alt-coins has been successful into cryptocurrency market which is quick profitable business when you invest on the right alt-coins at the right entry point, even Bitcoin as the king of all alt-coins started one day to trade and many people that seen the opportunity and refused to invest at early stage are regret it by now. Hence, information is very important when you take action to Archived it.

Well, you should change your way of thinking about cryptocurrencies and the market because it's not a get-rich-quick scheme, and even though some people might get significant profits from their investments, it doesn't necessarily have to happen with everyone and one should only aim for profits and not for getting rich by making small investments on different tokens and coins, especially if they are targeting new cryptocurrencies because of potential profits.

A lot of new investors make the mistake of investing their capital in newly launched projects just because they think they can get a lot of profit from those coins or tokens but eventually lose money in those projects. So, it's better to invest in projects that are trusted and already established, because getting less profits is better than losing the invested amount.

The desire of get rich quick can impair judgment, leading to reckless judgments. The crypto market can yield large gains, but not all investors will enjoy them. Instead of chasing every new coin for overnight wealth, make deliberate, well-informed judgments.

The crypto market is plenty with chances, especially during a bull run, but it takes a keen eye. Each investor's plan should match their risk tolerance and goals. Its tempting to jump on every new currency, but its better to focus on proven initiatives. It may yield lower gains, but it reduces loss risk.

This doesnt mean one should avoid new projects. The key is balance and research. Diversifying one's portfolio with established and carefully picked new tokens can work. Find what fits your investment style and risk tolerance.

[mich]

Well I really do like alt coins and I do not know how they can be fake. My favorite of the alt coins is Ethereum and there are some investors that have made alot of profit from hodling on this coin. We can make big profits from the cheap alt coins.

And it can not be fake because I can trade alt coins for fiat. I think you maybe are getting confused alt coins with shitcoins because most of them we cant sell for fiat on the exchanges. But alt coins can moon just like Bitcoin.