Quote from: oaz7t on January 09, 2023, 08:58:28 AM

I will add another reason to stay away from (most of) the altcoins and thats they are ponzi based
and they are here just to make money for themselves and nothing else. The only alts that have
been worth it are still alive since many years, getting increased volume everyday and thus
having more stake based economy as well. They are some real deals. However, by now
everyone should know the difference between which one is scam and which one is legit. Crypto
has already taught us so many lessons and shown so many types of scams that its far more
easier to know whose the scammer and whose gonna stand out of the crowd after release. In
the initial days, everything was fresh and the market was underestimated. Everyone used to
think that this alt is the next bitcoin so they used to jump into every alt thats coming out. I think
we learnt the lesson now and its time we do not go and buy every alt that is on the market.

The pump and dump scheme most altcoins are based on, is a kind of ponzi scheme which rewards the first buyers and gets the money from the late ones. Every new hype in crypto world has this as consequence: ICOs, NFTs, memecoins... And unfortunatelly I think people didn't learn the lesson, because they are still looking for the next bitcoin, instead of investing in bitcoin, because they aren't satisfied with the potential profit btc can generate. Investors are blind by their own greed, aiming unrealistic goals to grow few pennies into thousands or few thousands into millions overnight. It still seems it's going to take a long time until crypto enthusiasts get aware of the risks surrounding them.