Too many people are starting their own cryptocurrency

[Kunkun]

Yeah seen a lot of news of people mostly celebrities starting out their own coins, the thing is not all those coins would be a success, as lots have been made in the past that are not available anymore now

 

[Setho]

There are right now up to thousands of cryptocurrencies in existence. This is wise for anybody to invest rightly and not just jump into opportunities before you get rug pulled.

 

[tyrim88]

My fears exactly, I'm a lot scared for all these new coins. Many are even becoming scam, where they keep inflating or painting the coins as profitable and in the end, they'll cajole you to then invest your hard earned money and then run off.
I rarely fall for these coins nowadays. I call them shitcoins

This is the more reason one need to do a due deligent search on those behinde a crypgourency coin,in addition you have to study the trade history the capitalisation level and the volume of traders on the platform.

 

[Chizfab]

Those ones are created by scammers who disguise themselves to lure the unsuspecting investors into investing with them and run away with their money after they must have achieved their goal. It's important to always conduct a thorough research on coins before investing in them.

 

[Sotherefore]

I don't see the need for people to create cryptocurrency that do not have a particular value or add anything to the life of people. There are a lot of cryptocurrency in the world already.

 

[Senator]

If too many are starting their own cryptocurrency as you have said, it is only a matter of time before we can tell who's who amongst those that opted to go start their own cryptocurrency platform

 

[Ceeny007]

It's a trend I've noticed for a while now and it's not healthy at all, speculators are behind it I feel and it will hurt the market in the long run

 

[Setho]

This is actually growing as a concern to me because a lot of people are going to fall for so many scam cryptocurrencies and even many more are going to be rock pools in the future.

 

[nimzy]

Well too many people are starting cryptocurrency it doesn't mean that alot of people are running or controlling cryptocurrency this depends on the level of their legidity and what they can be able to offer to the people.

 

[Kubiat-Abasi]

There using it as a means to exploit people. Crypto should have a body of laid down regulations before the scam notion overpowers the legit ones.

 

[Ub40]

The internet is a very wide platform to accommodate so many people and online earning opportunity as such we are seeing so many different people coming up with different crypto coins. Personally, I am not worried as I will only invest in few ones I feel will do well and stake what I can afford to lose too while testing their viability. The one that doesn't do well will taken out of my portfolio. That is just my opinion.

 

[Setho]

It is becoming very frustrating because it is also unnecessary and a lot of people are losing money from it as some of them have turned out to be scam coins.

 

[Kelly5]

It is not about too many people starting their own cryptocurrency, but how successful are all these individual cryptocurrency projects been thus far? Are they solving anything in particular? Otherwise they're just going to end up as junks

 

[Dagm1]

This is actually a great evaluation. Some people are actually currently producing shit coin as well as utilizing it to fraud unwary participants of the general public that desires to create cash coming from the crypto money trade Company

 

[Trexxxy]

New coins get listed everyday. That is the reality of things. I do agree with your advice, I think it is important to know the type of coin you are investing on. The crypto space is littered with thousands of coins.

 

[Stylex]

many people are creating there own cryotocurrency ,but most of them are fake they normally use it to scam people ,you just have to be careful not to be scammed

 

[Skysaint]

I've also noticed that too, I wonder if they actually think it's so easy to accomplish such. They just end up making people to support and mine their proposed coin only for all the efforts to become a waste. I think it's high time people started learning how not to mimick others

 

[Kingstone]

There is no need to panic about new coins coming up. They will shift out focus away from Bitcoin and know where to place our money where Bitcoin is not ideal. Some altcoins are really good. Litecoin and some others have shown tremendous growth and will continue to rise.

 

[Abigael]

There are truly so many cryptocurrencies coming up these days. Both from individuals and from institutions. This calls for people to be really careful because some of those coins coming up could be scams.

 

[kayode10]

This is one of the problem with people. Majority of the people like to conform and follow the bandwagon. It is good to be cautious on the cryptocurrency someone is going to invest in as most of them are worthless.