Quote from: stadus on August 26, 2021, 09:16:04 PM

Quote from: Moeda on August 26, 2021, 09:12:58 PM

Quote from: Alikhaki123 on August 19, 2021, 02:21:43 PM

In a recent speech at the annual PNWER meeting held in Montana, Neil Kashkari, president of the Federal Reserve Bank of Minneapolis, sharply criticized cryptocurrencies, stating that "95 percent of cryptocurrencies are fraud, deceptive advertising and noise," and he also said he had a more positive view of cryptocurrencies in 2015. Kashkari also referred to the large number of altcoins and called them "garbage coins."

In 2015 there were not many coins circulating in the crypto market. So the level of fraud is also still minimal compared to now. If you check the CMC story, there are about 500 coins, and no Tokens. It was only after the emergence of Ethereum, Tron and others with smart contract systems that more tokens appeared in the crypto market. Those who want to create tokens so easily do so. So this gives rise to a lot of fraud in cryptocurrency.

It started with the ETH tokens, that explodes in 2017 to early 2018 bull run, however, we can't blame that on ETH, but it should be the people who should be more educated to choose the legit among the scams in the space. People at that time think that whatever they buy will give them long-term profit, and though it happened to some coins like BNB which is an ETH token at that time, for most ETH tokens, that dream is not achievable anymore now.

In this case we do not blame the existence of Ethereum in the crypto world. But scammers take advantage of this situation by developing their tokens and promoting to websites. Of course, not everyone is able to distinguish between coins that have future potential or are legitimate, because everything is running normally by following the crypto trend, and the 2018 bull run.