Crypto Is a Scam

[qwertyup23]

Bitcoin is not crypto.

I understand your point, and you are right, that cryptocurrencies are full of scam, but this is more complicated than what I can call a scam. I prefer to use the word gambling so that people will know how risky cryptocurrencies are. But there are times I also call it scam, especially when I see another fake project or pump and dump project, and this is very common.

I agree with you.

The birth of alternate cryptocurrencies came when bitcoin started its revolution in order to capitalize with its technology. When people realized that lots of people were purchasing altcoins, they suddenly created this rug-and-pull scheme were they would dump tons of supply on the market and sell almost everything after it garnered some price.

While there may be cryptocurrencies that are scams, generalizing that every bit of them is a scam should not be considered. In fact, there are genuine and legitimate cryptocurrencies created for a niche purpose depending on what you need. The key here would be the purpose of the project, the feedback from its investors, and their long-term projected goals that make everything genuine as a whole.

[MadSl1m]

Adding precision. ETH genesis was 72,009,990 exactly - 60M to ICO (2014), 6M to Foundation, 6M to early contributors. XRP 100B at creation, 80B to Ripple Labs.

BNB same shape: 200M initial, 100M to 2017 ICO, 80M to team, 20M to angel investors.

Pattern repeats across launches.

[YellowSwap]

Bitcoin will never become an altcoin, that's what you should say, not you coming in here trying to shove nonsense in our throats, Bitcoin is nothing but a cryptocurrency, if you like try to make this sound different it won't change this fact.

Do you even know that a coin or two existed before Bitcoin? DYOR man.

There is no sane explanation that can make Bitcoin different from what it is entirely made of, it's cryptocurrency in and out, sorry to break your believe but you are completely wrong.

[ImGenius]

Crypto founders take advantage of beginners who do not fully understand what Bitcoin really is or how it works. They use that lack of knowledge to create their own shitcoins and promote them as “better Bitcoin,” “faster Bitcoin,” “more private Bitcoin,“Bitcoin that transfers fiat coins”” or “Bitcoin with smart contracts.”

The scam is usually very simple. Crypto founders create a new token, keep a huge part of the supply for themselves, their company, or their foundation, and then sell the story to beginners who do not yet understand what Bitcoin really is or why it matters.

Many early Altcoins are made from Bitcoin technology although they implement most of the Bitcoins features and also improve amd add new features but they didn't implement most important thing that is true decentralization and fixed supply rule. Their main goal is to make profit from it. Now maximum project comes to scam with traders they manipule market and many kind act to get attention to trader then dump and run. They are scam people openly nothing can be done.

[knowngunman]

And when you ask them the vice versa, they're going to say that it is Bitcoin.

I seem to agree with you more on this but however, bitcoin enthusiast would never agree to this terms however trying to differentiate them based on believes and how they work but in simple terms we can’t put a different, bitcoin is just one crypto but that is far above every other thing that is created under the name crypto. But we can’t say it’s not crypto, crypto is scam in altcoins but bitcoin as a crypto is not a scam.

Scam has no permanent place, it happens everywhere. It happen in crypto just the way it happen in other industries including Fiat system. People hide under crypto to scam others. It can be altcoins or Bitcoin, whatever the case may be, it's all crypto scam.

The fact is Bitcoin as a coin is not a scam but we can not deny the fact that people hide under its name to scam people in the name of Bitcoin investment or it's likes. The same thing happens with other altcoins. Although some projects are out there purposely to scam their community but some are genuine with good intentions but can not be trusted like bitcoin due to how they are designed with few people behind the scene making decisions for the project.

A detailed explanation is necessary on crypto scam as a whole and bitcoin scam. It's a misuse of terms.

[Adams0001]

Cryptocurrency is just a general term to describe all digital currency, Bitcoin included but any other coins apart from bitcoin are  alternative, that’s why they are called altcoins, Bitcoin is actually the main deal so don’t confuse bitcoin with the others (alternative coins ).

Many projects owners are usually fond of calling their project the next bitcoin , which is the first thing that will tell you that the project is shitty , bitcoin is Bitcoin there’s no shitcoins or any digital coins that can belike bitcoin there’s a reason why it’s the first digital currency.

That is the main reason why many people are saying negative about bitcoin because they think bitcoin is the same with other coins. So anything we says is cryptocurrency they think is all scams but I don’t like blaming them is because they don’t go deep to crypto knowledge that is why they are finding it difficult to understand.

Bitcoin is a good investment is not like other coin that you will think when you invest you can lose your coin immediately without increasing again, because they are scammers that are creating different coins so that they can invest and run. You just need to try and get knowledge about crypto before you start to invest.

[ColdLava40]

Every beginner should read this carefully. If you do not understand the difference between Bitcoin and crypto, there is a high chance you will lose money.Crypto is mostly a scam.

Or we can say Bitcoin is digital currency.

I think currency refers ownership to a country. Like the usd is a currency for the United States. Bitcoin is not perculiar to any country.

Talking about altcoins, there is a countless number of them floating in the space. I still know of some crypto that claimed to be the future of tomorrow, but never saw the light of the day.

One trick every newbie should know is that, when you see a coin that starts claiming to be better than BTC, then you should avoid completely. There's non. Those that have come all failed. So don't get tricked by developers using you as profits.

[Fiasem20]

Every beginner should read this carefully. If you do not understand the difference between Bitcoin and crypto, there is a high chance you will lose money.Crypto is mostly a scam.

Or we can say Bitcoin is digital currency.

I think currency refers ownership to a country. Like the usd is a currency for the United States. Bitcoin is not perculiar to any country.

Talking about altcoins, there is a countless number of them floating in the space. I still know of some crypto that claimed to be the future of tomorrow, but never saw the light of the day.

One trick every newbie should know is that, when you see a coin that starts claiming to be better than BTC, then you should avoid completely. There's non. Those that have come all failed. So don't get tricked by developers using you as profits.

Bitcoin being called a currency doesn’t mean it’s peculiar to a country,the truth is that bitcoin is a digital currency and a currency can be defined as a financial instrument that can be used as a medium of exchange or a store of value and bitcoin falls under such category.It can be used as a means of payment but in a digitalized way and over the year it’s been used as a store of value.Now talking about altcoins,there’s absolutely nothing wrong in diversifying an amount of money you can afford to lose on altcoins,but before doing that I would encourage you to carryout your research and one thing to note is that most altcoins are pump and dump scheme,they may rise and never rise again so during their bull market it’s best advised you sell and collect your profit.

[Johnlomape]

Every beginner should read this carefully. If you do not understand the difference between Bitcoin and crypto, there is a high chance you will lose money.Crypto is mostly a scam.

Crypto founders take advantage of beginners who do not fully understand what Bitcoin really is or how it works. They use that lack of knowledge to create their own shitcoins and promote them as “better Bitcoin,” “faster Bitcoin,” “more private Bitcoin,“Bitcoin that transfers fiat coins”” or “Bitcoin with smart contracts.”

Anyone that take a look at your topic without reading the content may think that you have written rubbish when you content contain vital information many people need to understand that the world crypto is different from the word Bitcoin.
So many copycats were able to create their own token and give it different names claiming crypto also means Bitcoin. There are people that like creating altcoins just to make money from the market after investors have been able to buy and hold, hoping that they are going to make profits soon.

[Satofan44]

That separation only happens here with us and doesn’t get to go out there for most of the narratives.

When people hear the term cryptocurrency, what always comes to their minds is Bitcoin before anything else. Out here, we make that separation to put Bitcoin in a category of its own but, that’s the much we can get with it really.

Most people in the real world are stupid, that is not an argument it is just a descriptive observation of what is around us. What is important is the truth of the matter, regardless of who believes what about it. If people are too dumb to separate a basic concept i.e. the difference between Bitcoin and a shitcoin, perhaps they deserve to get scammed due to their ignorance -- it is a consequence of their own actions. If you want to navigate the world with a low chance of being cheated, you have to learn and grow all the time in order to reduce that probability.

The birth of alternate cryptocurrencies came when bitcoin started its revolution in order to capitalize with its technology. When people realized that lots of people were purchasing altcoins, they suddenly created this rug-and-pull scheme were they would dump tons of supply on the market and sell almost everything after it garnered some price.

Actual rug pulls are not related to the major shitcoins such as ETH, that is reserved for blatantly scam projects often run by anonymous individuals. Therefore, neither is this a new concept nor is there anything special that it should be brought up into mainstream discussion.

While there may be cryptocurrencies that are scams, generalizing that every bit of them is a scam should not be considered. In fact, there are genuine and legitimate cryptocurrencies created for a niche purpose depending on what you need. The key here would be the purpose of the project, the feedback from its investors, and their long-term projected goals that make everything genuine as a whole.

False. 99.9% of shitcoins are scam, and just because a few exceptions exist to the rule that does not mean that not calling them scams is the correct thing to do -- actually based on that data point, only calling them scams is the right thing to do. All the top shitcoins that were funded with money are basically scams.

Adding precision. ETH genesis was 72,009,990 exactly - 60M to ICO (2014), 6M to Foundation, 6M to early contributors. XRP 100B at creation, 80B to Ripple Labs.

BNB same shape: 200M initial, 100M to 2017 ICO, 80M to team, 20M to angel investors.

Pattern repeats across launches.

Not all launches are the same simply because they use the same model, some projects are going to be more scams than others such as ETH and XRP in your example. Going with your example, the current supply of BNB is 134M, ETH 120M.

[Supreme Donvic]

In summary you are differentiating Bitcoin from altcoins. Altcoins are other coins in cryptocurrency aside bitcoin but they are all cryptocurrency bitcoin and altcoins alike they are all cryptocurrency.

Yes Bitcoin and other crypto coin are called cryptocurrency, so both Bitcoin and altcoin are all cryptocurrency however these days a lot of people who are actively investing in Bitcoin usually don't like it when they associate Bitcoin to altcoin and for that reason they try to remove Bitcoin from being called cryptocurrency or being classified into the same category with altcoin but the truth is that no matter how we try to remove bitcoin from aItcoin classification they are all cryptocurrency and they form one body however Bitcoin is different in its own way and is the best among others.