Crypto Is a Scam

[Hazink]

Many did this mistake and I am one of those folks. But I've realized that it's not going to happen anymore to me so, I limited that action and good thing I've realized it quite early. No doubt about how good a lot of them in marketing and how they're hyping their projects, that's what they are paid for and that's why many investors are quick to invest on them when some good news have been made and sent to the public. But this time, we all learnt from that mistake and we're not going to invest using our bitcoins for some altcoins that are hyped.

Many of those altcoins out there don't have what to offer other than spending a bunch of money on marketing and creating hype and anyone who invests in this is just buying hype and nothing else. It's better even if we were to invest in the few altcoins which are not scams to make a budget for them, instead of selling bitcoins that one have accumulated just for the purchase of chasing higher profit.

[Satofan44]

To answer your points:
1. BTC was 'premined' strictly to debug and prove it works. From the very start Satoshi released the code for Bitcoin as an open-source project for anyone interested in it to contribute to its code and to mine. In no way was it a select few and for the first couple years it had no fiat value. All other coins that followed only came into existence after BTC gained significant value. Those altcoin developers hacked it's proven code and their coins were/are explicitly premined to line the devs pockets before announcing their projects to the world. To this day Satoshi's coins remain untouched, the same cannot be said for any other coin.

What the fuck are you talking about? That is not what a premine is. Bitcoin was not premined. Ethereum was premined. The user that you are responding to is a shitcoin-peddling retard. Shitcoins do not bring anything to the table that is worth bringing into Bitcoin. None of the things that they have are valuable given the tradeoff that they come with. Each one of them with a higher TPS is centralized by factors that are not imaginable or comparable. You need a high spec server to run a Solana node, you can (almost) run a Bitcoin node on a modern calculator.

OP used XRP and Ethereum as example of scam coins because of their massive max supply, the same XRP that was once $0.005 several years back? I mean if anyone invested in xrp and held for many years they are already rich via XRP only.

Ethereum was once $0.65 many years back, today it's $1700, these are examples of good investment, Bitcoin in your one head is not crypto but in my own head it's 💯 crypto, the max supply, the utility is where the difference lies.

Whether something goes up in price or not does not determine whether something is a scam or not. Both XRP and ETH are scams. learn your lesson, stop looking at the price return with greed to determine your truths.

Bitcoin is the best but it can't solve everything, it's why many altcoins will still do very good while many altcoins will end in tears, altcoins are very risky and bitcoin is the safest bet but that doesn't mean that all alternative coins are scams.

They have literally not solved a single thing. Solving imaginary problems or lying to you that they have solved something does not mean that they have actually done something. What problem have smart contracts solved? Nothing. What has Ripple solved? Nothing, you are eating up bullshit by centralized shitcoin peddlers.

Many of those altcoins out there don't have what to offer other than spending a bunch of money on marketing and creating hype and anyone who invests in this is just buying hype and nothing else. It's better even if we were to invest in the few altcoins which are not scams to make a budget for them, instead of selling bitcoins that one have accumulated just for the purchase of chasing higher profit.

Practically no altcoin offers anything interesting except Monero, and even that comes with a significant security and scalability tradeoff -- that is the primary technical reason why we didn't copy those anonymity features. Those tradeoffs are better left for L2s.

[tabas]

Many did this mistake and I am one of those folks. But I've realized that it's not going to happen anymore to me so, I limited that action and good thing I've realized it quite early. No doubt about how good a lot of them in marketing and how they're hyping their projects, that's what they are paid for and that's why many investors are quick to invest on them when some good news have been made and sent to the public. But this time, we all learnt from that mistake and we're not going to invest using our bitcoins for some altcoins that are hyped.

Many of those altcoins out there don't have what to offer other than spending a bunch of money on marketing and creating hype and anyone who invests in this is just buying hype and nothing else. It's better even if we were to invest in the few altcoins which are not scams to make a budget for them, instead of selling bitcoins that one have accumulated just for the purchase of chasing higher profit.

And it's even way better if someone who doesn't have spare money to invest into those altcoins and has a plan of doing it and they're going to get it from bitcoin, is just to not invest at all with those altcoins. It is forcing them to sell bitcoins. If we see some projects that have so much materials and exposure through marketing, I think that gives a signal that people should avoid those projects because who knows if one day the devs of it will start to take back its expenses from the market and will have a huge dump on it that everyone won't know prior to it.

[Callido]

And it's even way better if someone who doesn't have spare money to invest into those altcoins and has a plan of doing it and they're going to get it from bitcoin, is just to not invest at all with those altcoins. It is forcing them to sell bitcoins. If we see some projects that have so much materials and exposure through marketing, I think that gives a signal that people should avoid those projects because who knows if one day the devs of it will start to take back its expenses from the market and will have a huge dump on it that everyone won't know prior to it.

During altcoin season, some investors sells some of their Bitcoin to buy altcoin, at the end few of them do make profits while losses are also involved. There will always be those who prefer to take risks, fully knowing the consequences behind those altcoins, it doesn't stop them from buying, meanwhile not everyone are lucky to succeed after undergoing the risk.

Personally, i don't see problem with those who diversify into several altcoins, it is a choice and they have the right to do so, but i discourage selling Bitcoin for the sake of buying altcoins, anyone who wants to diversify should have spare funds for that purpose.

[taufik123]

-snip-
Personally, i don't see problem with those who diversify into several altcoins, it is a choice and they have the right to do so, but i discourage selling Bitcoin for the sake of buying altcoins, anyone who wants to diversify should have spare funds for that purpose.

All are their personal choices, no one can prohibit, crypto is free and will not be tied to anyone's advice.
Diversification is indeed necessary to build a better portfolio, but some of the altcoins that are chosen for diversification must be the top coins that have been recommended and of course BTC is the main coin.

This will also include a good management strategy and one that will provide security to the main portfolio and some of the selected altcoins.
Altcoins are indeed full of risks and are even considered a scam by some people who don't understand how crypto works.

[WhoYouCantKill]

Many of those altcoins out there don't have what to offer other than spending a bunch of money on marketing and creating hype and anyone who invests in this is just buying hype and nothing else. It's better even if we were to invest in the few altcoins which are not scams to make a budget for them, instead of selling bitcoins that one have accumulated just for the purchase of chasing higher profit.

I think I learned pretty early that most of the altcoins out there lives off hypes and market sentiments, so whenever thy start to talk about one coin like the next big thing, I’m usually no longer moved by those words, and the worst part is that I kinda learned this the hard way. I managed to make a few bucks in he last through buying and selling of altcoins, but I ended up losing everything I’ve earned and even more than I can afford to simply because I was chasing hype, which isn’t a mistake I’ll be willing to make again.

[tabas]

And it's even way better if someone who doesn't have spare money to invest into those altcoins and has a plan of doing it and they're going to get it from bitcoin, is just to not invest at all with those altcoins. It is forcing them to sell bitcoins. If we see some projects that have so much materials and exposure through marketing, I think that gives a signal that people should avoid those projects because who knows if one day the devs of it will start to take back its expenses from the market and will have a huge dump on it that everyone won't know prior to it.

During altcoin season, some investors sells some of their Bitcoin to buy altcoin, at the end few of them do make profits while losses are also involved. There will always be those who prefer to take risks, fully knowing the consequences behind those altcoins, it doesn't stop them from buying, meanwhile not everyone are lucky to succeed after undergoing the risk.

Only few gets lucky that they're able to earn from spending those btc they own for altcoins. Because in my personal experience, it did me a bad thing and terrible decision that I have regret long time ago. I don't want to take that risk anymore and if ever some altcoin will pique my interest, I'll use fiat and not going to touch my bitcoin for that.

Personally, i don't see problem with those who diversify into several altcoins, it is a choice and they have the right to do so, but i discourage selling Bitcoin for the sake of buying altcoins, anyone who wants to diversify should have spare funds for that purpose.

It's okay to diversify but just as what you've said, I also want to make sure that I won't be spending any bitcoin for them anymore.

[Crytohillss]

Many of those altcoins out there don't have what to offer other than spending a bunch of money on marketing and creating hype and anyone who invests in this is just buying hype and nothing else. It's better even if we were to invest in the few altcoins which are not scams to make a budget for them, instead of selling bitcoins that one have accumulated just for the purchase of chasing higher profit.

I think I learned pretty early that most of the altcoins out there lives off hypes and market sentiments, so whenever thy start to talk about one coin like the next big thing, I’m usually no longer moved by those words, and the worst part is that I kinda learned this the hard way. I managed to make a few bucks in he last through buying and selling of altcoins, but I ended up losing everything I’ve earned and even more than I can afford to simply because I was chasing hype, which isn’t a mistake I’ll be willing to make again.

That's a lesson many people individuals learn after taking a hit the hype can be convincing especially when every body seems to be making money but experience teaches one to focus on risk management instead of pursuing the next big assets, so many folks only talk about their wins and never mentioned the losses that came from following the crowd,
Most of the time, by the time everyone is talking about a coin, the biggest gains have already been made.

[Marvelockg]

Many of those altcoins out there don't have what to offer other than spending a bunch of money on marketing and creating hype and anyone who invests in this is just buying hype and nothing else. It's better even if we were to invest in the few altcoins which are not scams to make a budget for them, instead of selling bitcoins that one have accumulated just for the purchase of chasing higher profit.

I think I learned pretty early that most of the altcoins out there lives off hypes and market sentiments, so whenever thy start to talk about one coin like the next big thing, I’m usually no longer moved by those words, and the worst part is that I kinda learned this the hard way.

The difference between an investor that does his research to know the difference between bitcoin and an altcoin is always evident in the way they expect things to fall into place when they are dealing with an altcoin and that in it own way always help reduce looses for them because if you understand that bitcoin is completely different from an altcoin, then your approach towards them will be entirely different. as much as i do not subscribe to making a general statement that crypto is a scam, it is always necessary to put a clear difference between crypto and bitcoin anywhere both are being referred to.

[L E G E N D A R Y]

The difference between an investor that does his research to know the difference between bitcoin and an altcoin is always evident in the way they expect things to fall into place when they are dealing with an altcoin and that in it own way always help reduce looses for them because if you understand that bitcoin is completely different from an altcoin, then your approach towards them will be entirely different. as much as i do not subscribe to making a general statement that crypto is a scam, it is always necessary to put a clear difference between crypto and bitcoin anywhere both are being referred to.

The crypto market today is being flooded with several scam tokens and I can’t blame anyone for seeing crypto as scam, and this is the main reason why it’s crucial to draw a distinct line between crypto and bitcoin. If you check the characteristics of both, you’ll notice that they are completely different in every way, the only thing they have in common is the fact that they are both digital assets, which I believe should be the appropriate general term for them all, and not crypto, as saying crypto can be quite misleading.

[Satofan44]

The crypto market today is being flooded with several scam tokens and I can’t blame anyone for seeing crypto as scam, and this is the main reason why it’s crucial to draw a distinct line between crypto and bitcoin. If you check the characteristics of both, you’ll notice that they are completely different in every way, the only thing they have in common is the fact that they are both digital assets, which I believe should be the appropriate general term for them all, and not crypto, as saying crypto can be quite misleading.

Of course we can and should blame them. When someone is so uneducated and stupid that they can't see a difference between a piece of gold and a piece of coal, then they should be fucking blamed. It seems it is always people who are less competent, less intelligent and less responsible individuals who want to divert away responsibility from themselves when they do something very wrong. Instead of blaming themselves for their failures, they blame the scammers instead. "He tricked me, it is not my fault" -- actually, yes it is your own fucking fault. If people were actually educating themselves before doing something, 99.9% of the scams from the shitcoin sphere never would have materialized. Instead the idiots came in masses and bought and believed in any kind of shit including Bitcoin 350.0 just because some "tech bro" said so online.

Then instead of taking responsibility for getting scammed, the people put the blame on the whole space including Bitcoin -- when the legitimate projects have nothing to do with the instrument through which they were scammed.

[Pablo-wood]

Bitcoin is also a crypto currency. Other scam projects fall under shitcoins. There are still good altcoin out there just that it takes extreme care and proper understanding of crypto analysis to get the best of those projects. For starters it's better to stick to the known and leave the unknown for those who are bent on taking risks. Bitcoin stands out of all crypto assets out there with full custody of our assets as long as we own our keys

[Mame89]

Bitcoin is not crypto. Crypto is an industry built around tokens, founders, marketing, and insider allocations. Bitcoin is a decentralized form of money with fixed supply, proof-of-work, and no central authority. Calling Bitcoin “crypto” only helps shitcoin promoters confuse beginners and make their projects look more legitimate than they really are.[/b]

Bitcoin is part of crypto but altcoins are alternatives to coins other than Bitcoin. This is a fundamental difference. If we don't understand this difference, we're very likely to be easily deceived or trapped by altcoins that offer large profits but also have greater losses. Bitcoin is the only coin that is unique and most decentralized while altcoins are mostly speculative projects created to seek profit for developers and companies.

What you say is also true. However, sometimes people misunderstand Bitcoin as part of crypto meaning the same thing as altcoins to provide impact or free promotion to thousands of other altcoin projects. Beginner investors view altcoins as the same as Bitcoin and they try to invest in altcoins in the hope that they will achieve the same results as Bitcoin when in reality altcoins are fraught with high risks due to frequent rug pulls and projects that die once the hype subsides.

[Asuspawer09]

I understand how you describe it, and I get your point on your thread, crypto being mostly a scam, and you want to make your point on Bitcoin, which I mostly agree with.

But on the literal meaning, cryptocurrency is a digital currency. You can say all you want about Bitcoin, but Bitcoin is a cryptocurrency. It doesnt matter how you see it, this is how Satoshi Nakamoto created it. All of the tokens in the market that you see are cryptocurrency, they are different kinds, different purposes, different uses, but all of them are cryptocurrency. As you said, everyone should understand the difference, so this was the literal meaning of it, so do not confuse newbies about Bitcoin and cryptocurrency.

Bitcoin is the top cryptocurrency or the first one created, and it is way different for sure from what we see on todays new tokens since we already see a lot of scam tokens, Still you sounded just like a Bitcoin fan boy, we do suport Bitcoin and for sure we as a community support it, but still it wasn't something that is going to give you infinite money or something, it still has a lot of flaws, Satoshi holdings is a huge problem, market price of it is dependant on the supply and demand, it is very risk as a investment compared to other assets, so do not invest everything unless you truely understand it.

[Zanab247]

Bitcoin is also a crypto currency. Other scam projects fall under shitcoins. There are still good altcoin out there just that it takes extreme care and proper understanding of crypto analysis to get the best of those projects. For starters it's better to stick to the known and leave the unknown for those who are bent on taking risks. Bitcoin stands out of all crypto assets out there with full custody of our assets as long as we own our keys

People that really understood BTC when know that BTC is not a scam project and is different from other cryptocurrencies scammers use to scam some investors. If you want to see how scammers operate in cryptocurrencies just invest your money in shitcoin you will begin to see different scammers tactics that will make you to rush to sell your coins to be free from scammers but you will not experience such from BTC, because your key is your BTC and without your permission no scammers can have access to your BTC in your wallet.

This is the reason professional in BTC investors and other cryptocurrencies keep advising people to learn to have the knowledge of BTC and other cryptocurrencies before involving in decentralized investment, because there are scammers acting like real investors that is teaching newbies, and they can play newbies to have way to their coins.

[I_Anime]

Bitcoin is also a crypto currency. Other scam projects fall under shitcoins. There are still good altcoin out there just that it takes extreme care and proper understanding of crypto analysis to get the best of those projects. For starters it's better to stick to the known and leave the unknown for those who are bent on taking risks. Bitcoin stands out of all crypto assets out there with full custody of our assets as long as we own our keys

All are cryptocurrencies, Bitcoin fall under cryptocurrency but altcoins are alternative coins other than bitcoin. Which actually include ETH, SOL , BNB and others .

There are good altcoins at there but they are not easy to find ,  most of those coins are literally shitcoins which usually don’t have any uses , mostly for pump and dump activity. That’s why is advisable to focus more on bitcoin which is quite safer especially with proper risk management.

[r_victory]

It's very important to know how to differentiate and protect yourself, but I wouldn't say they're all scams; there are excellent projects on the market. Bitcoin opened the doors to all the possibilities currently being explored. Unfortunately, scammers will always take advantage of any situation to exploit less informed people.