Have you encountered any fake cryptocurrencies?

[Skysaint]

I think that should be an alternative name for shit coins because to me, they are all one and the same. Shit coins can liquidate your portfolio without a trace and in a matter of minutes.

 

[Sotherefore]

Fake cryptocurrency as I understand are cryptocurrency that has been established for the main purpose of duping others which are the investors. Most of them do not have future potential or intention even though some may have. I have encountered so many of them.

 

[Sincerem]

I think that should be an alternative name for shit coins because to me, they are all one and the same. Shit coins can liquidate your portfolio without a trace and in a matter of minutes.

I also thought as much, probably they are the shitcoins because they are not likely to last for any period of time before they vanish. I do not trust these cryptocurrency at all.

 

[Skysaint]

I also thought as much, probably they are the shitcoins because they are not likely to last for any period of time before they vanish. I do not trust these cryptocurrency at all.

Someone told me that shit coins are actually regarded as shit coin because they have no use case in the cryptocurrency market. They say that Shiba Inu coin as well as doge are no longer considered shit coins.

 

[GoldenLady]

There are a lot of cryptocurrencies out there, many of them turn out to be duds, but there are a few that have so far, stood the test of time. But, have you ever encountered anyone trying to push on fake crypto to you? Maybe it's a new crypto, and they're trying to get investors. I wonder how many lawsuits people get for trying to make fake crypto, or try to make their own without any knowledge.

This is most common in the form of airdrops. Some shitcoins promoters also do this, but I've learned to ignore them.

The best way to avoid these scams is not get involved ever no matter how legit it looks.

 

[Genie01]

There are alot of cryptocurrencies that are fraudulent in nature.
This is usually at the developmental stage of it, during airdrops and mining phases.

 

[Ronny_4son]

There are a lot of cryptocurrencies out there, many of them turn out to be duds, but there are a few that have so far, stood the test of time. But, have you ever encountered anyone trying to push on fake crypto to you? Maybe it's a new crypto, and they're trying to get investors. I wonder how many lawsuits people get for trying to make fake crypto, or try to make their own without any knowledge.

There are a myriad of suspicious cryptocurrencies in the crypto market which get rug pulled within a short space of time. That is why it is important to conduct comprehensive analysis of these coins before investment

 

[Skysaint]

I think I have encountered enough and hope that it won't be the case in the future. I have encountered fake cryptocurrencies that are either launched or a work in progress and after investing and putting my time to it ended up being a waste of time and resources.

 

[Good-Person]

With coinmarketcap data for all coins, I don't make such kind of mistakes to choose a coin that isn't reputable. At Binance you'll simply see only trusted coins and not fake because Binance took their time to survey every coin before listing it.

I have never encountered any fake cryptocurrencies, but I have heard about the One coin as it was one of the worst pyramid schemes in the history of cryptocurrencies.