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Too many fake, or junk cryptocurrencies starting as of late?

  • Thread starter Thread starter Grant
  • Start date Start date
The goal is to get rich but we should also be cautious of the cryptos we invest. Some people take high risk to invest their life savings to cryptos that hold no value.
 
I think that such kind of cryptocurrencies start with no value at all and they eventually gain negative value by the passage of time. This is why i would always be reluctant to invest in coins that are pretty new. It is always a good idea to invest in reputable coins.
 
There aren't fake. Everyday new coin enters the market or at least gets recognised on coinmarketcap, they are not out to scam people it is just the way the world works.
 
Josephjossy said:
in today they are remaining platforms that are terrible to be legitimate and scamming people of money you need to be very careful before you invest your money in any company or any organisation many people have lost their money trying to make some money please be careful
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I do not even see why one would want to invest in a new coin one knows little or nothing about when a basic rule of investing is making sure to know what you're getting into
 
Snazzy001 said:
This very act is bad and maybe going to spoil the minds of people who have interest or plans of investing in cryptocurrency. Things can look scattered and people may not even know which coin to invest in again
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One thing about this whole issue surrounding new cryptocurency is that the owners of the coin as a way of bringing in large followers to invest in the coin,would now make it too simple for mining,so at the end of the day the coin becomes valueless.
 
No regulation on Cryptocurrency has made it easy for anybody to just jump in conclusion and creating Cryptocurrency without providing any economic benefits that is why shitcoin are many
 
If you don't know how to do your own research and find out the good coins, find someone who does. These people can be found on Twitter and Telegram. Reddit has good groups too.
 
That is why you have to do appropriate research before investing on any crypto currency.
There are so many fake coins and exchange on the Bep2 network especially
 
Grant said:
I've been hearing of more cryptocurrencies starting up as of late, and it's mind boggling to see. I was wondering if you encountered any of the new ones? Are they bad? I can see a lot of them starting up to scam people, so please be safe when it comes to what you invest in. Research it, and make sure you're not investing into something fake or a scam.
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It really bothers me and called for concern different cryptocurrency coin cropping up with different names. I try as much possible to concentrate on the well known cryptocurrency.
 
yes that's true ,there are many coming up fake coins , allot of people are making fake cryotocurrency with the aim of making money ,you just have to be careful with such kind of people
 
That is true, in fact recently I have been hearing and seeing different names online that I have never heard of in my life, and they all claim to be crypto currencies, it is obvious most of them are scams.
 
The decentralized nature of cryptocurrencies is what making everyone launching their coins even the ones without road map, so it is our responsibility to do due diligence before Investing.
 
The fact of the matter remains that there are many coins that have been created by many people but not all of them are promising. I think there are some tokens created by many cloud mining projects and they might lose value and become junk.
 
Most of these scams pose as airdrops to get the details of a person's wallet. You can avoid it by only participating in very legit airdrops by known developers.
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Nomad said:
If you have a little bit of knowledge on blockchain and skills in developing crypto currency, you can easily create a crypto token. If you have some money, you can easily promote online. That's the reason why there are so many junk crypto currencies. Remember, dogecoin was created just in 3 hours.
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It's not the time it takes but the commitment of the team of developers. One of the worst coins people won't forget is Yam finance and it wasn't a shitcoin.
 
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Thanks for the helpful advice. There are many fake cryotocurrencies out there. As you said earlier,we need to make a proper research before investing on those cryptos. It is not Wise to invest on new cryptos.
 
That's the problem with the people, the light will be joining the bandwagon of the latest trend. This is the reason why you are having lots of different valueless cryptocurrency in the marketplace.
 
That is arguably true. Some coins are out there to scam you of your money. You have to make enough research before buying them and ensure they are well-supported by the exchange wallets
 
Victorial said:
That is arguably true. Some coins are out there to scam you of your money. You have to make enough research before buying them and ensure they are well-supported by the exchange wallets
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It is more reason why we need to check the road map and the developers behind the coin before you invest in it because I've seen some coins that have come and gone with people's money.
 
Interestingly, most of these junk crypto currencies are meme version of dogecoin. Some currencies are also named after Elon Musk just because he has tweeted about various crypto currencies.
 
This that you've raised is a very sensitive one and is one of my biggest fears in this whole cryptocurrency thing. A good example is squid coin that was burned of recent after rising as high as $300 or thereabouts, crashed almost immediately.
 
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