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[Gratiano]

Since I joined this forum, I have acquired a lot of knowledge and ideas about different kinds of cryptocurrency. I found wallet which supports seversl cryptocoins, still I am intrigued by the fact that there are so many cryptocoins which are born every day, offering tokens at a lower price than normal because all of them have started their existence a few months ago or 2-3 years ago by "experts"or "billionaire enterpreneurs" who are either inexisting or they have landed from Mars.
My questions are these: why would someone buy a "wanna be" crypto currency when there are already so many? And how do I know that this presale, wannabe cryptocurrency is not collecting money and when reaching the launch stage will not declare bankruptcy?
I was reading that cryptocurrencies are decentralized types of currency, without any control of banks. With so many, it is inevitable not to require a different central control. And since it is allowed to rebuy normal currency, it is another brick in the wall.
Where am I mistaken?

 

[BMF]

I believe there's a risk anytime you invest money online/offline.
You must do your own research before investing to secure your profit.

 

[Gratiano]

What kind of research am I supposed to do? There are no names, no registration numbers, nothing... investing money means to give your money to someone in order to return you back more than the amount you gave and under certain rules. With these investments I only see diagrams and words that cannot be verified except from the owners of the sites. Who would give them money? Who gives them money?

 

[Old Grump]

Blind faith?

Maybe just try putting up a teeny-tiny amount of money in one of these cryptocurrencies, and see what happens? Since we has so little info available to us, (other than the testimony of folks we don't really know), it's kinda like gambling. However, like Mr. B says, if you do some research, (start with GOOGLE searches), it will help your odds.

A week ago I didn't even know what a cryptocurrency faucet was, but know I have some idea. I am using these faucets to try to gain some understanding of how cryptocurrencies work. I probably won't even make $1.00 USD, but hopefully what I learn will be valuable.

ANY investment has some level of risk. Heck, life is full of risk!

 

[cryptofly]

When there is anonymity, research and search is complicated; so I suggest to pay attention to those sites where You can see a familiar face behind them. I know, there are not to many familiar faces around. As @oldGrump is saying, few coins to understand and learn will do the job. All those investing in ICO's are looking for the next ETH,BTC,NEO coin.... worth cents at the beginning and now....like rockets to the moon. A have a few dollars with 0x and Digitbyte coins (at Poloniex).
And before you invest, do the research and understand what is exactly what they are offering. Do you see any future? Here an example.... https://cartaxi.io/
Do you see any future? Would you invest your money here?

 

[Gratiano]

Why should I buy tokens in advance? Besides, in my country, car towing is very cheap, it only costs 12€/year or it is included in insurance even cheaper.

 

[tusziget]

Since I joined this forum, I have acquired a lot of knowledge and ideas about different kinds of cryptocurrency. I found wallet which supports seversl cryptocoins, still I am intrigued by the fact that there are so many cryptocoins which are born every day, offering tokens at a lower price than normal because all of them have started their existence a few months ago or 2-3 years ago by "experts"or "billionaire enterpreneurs" who are either inexisting or they have landed from Mars.
My questions are these: why would someone buy a "wanna be" crypto currency when there are already so many? And how do I know that this presale, wannabe cryptocurrency is not collecting money and when reaching the launch stage will not declare bankruptcy?
I was reading that cryptocurrencies are decentralized types of currency, without any control of banks. With so many, it is inevitable not to require a different central control. And since it is allowed to rebuy normal currency, it is another brick in the wall.
Where am I mistaken?

I am not wasting my time on other cryptocurrencies(although sometimes I think I should).I think this Bitcoin is the most surest and strongest cryptocurrency and I stick to it...(although I know some traders are making pretty sums trading other cryptocurrencies too...but this requires a lot of experience and knowledge).

 

[cryptofly]

Why should I buy tokens in advance? Besides, in my country, car towing is very cheap, it only costs 12€/year or it is included in insurance even cheaper.

There you are; it doesn´t make any sense for you to invest, so don´t do it. That is exactly one of many points to review. And the only reason to "buy in advance" those coins (or any other), is to get the cheapest available price and wait for it to go up, if you see any future on the project.

 

[cryptofly]

I am not wasting my time on other cryptocurrencies(although sometimes I think I should).I think this Bitcoin is the most surest and strongest cryptocurrency and I stick to it...(although I know some traders are making pretty sums trading other cryptocurrencies too...but this requires a lot of experience and knowledge).

I agree, almost totally but..... You have to do it at least one time. Bitcoin and its ecosystem was created to avoid banks and all regular kinds for banking and investments. With this, you don´t need to use a broker, you can do it by yourself.
With very few dollars you can start to trade to gain experience and knowledge, just take a few minutes doing a web research on the coin you choose.... is fun.... and yes..... probably you will loose, not all but a few coins.
A coin represents a company, bet on that.

 

[Gratiano]

@cryptofly
So, would you consider it a good idea to buy as much bmf as I can and convince @Mr. B to start manipulating the price? this way, I could make profit exactly the same way as all those potential scammers(my opinion) do!

 

[cryptofly]

@cryptofly
So, would you consider it a good idea to buy as much bmf as I can and convince @Mr. B to start manipulating the price? this way, I could make profit exactly the same way as all those potential scammers(my opinion) do!

Hell yeah! and the coin name would be MRB, agree?

 

[Gratiano]

Lol! well, it would be a ground breaking idea to launch MRBs in the cryptomarket. At least this I would buy to give it a try as I am quite sure that in the first few days it would climb to heaven(MRB/USD). After ten days I would sell it. Unless another opening/movement would be made...

 

[castbound castboundoski]

You can't really know whether a cryptocurrency is gonna "bankrupt" or simply "vanish" . I will use Stellar cryptocurrency as an example.It was a cryptocurrency long time ago, like 2 years ago. When it launched we all got massive amounts of stellars just by creating account and verifying it. Everything seemed very good and we all got money from it, but Stellar coin got closed for some reason and now no longer exists. You can only do research on Google and other websites and just see whats the most convenient cryptocurrency for you.

 

[tusziget]

I believe there's a risk anytime you invest money online/offline.
You must do your own research before investing to secure your profit.

Yes,it is a good advice to make a research before to invest.But even if you do your research and read everything about it,there still remains some risk to invest.Much better is to find a way to earn money online and avoid investing.

 

[krious]

Most are scams and only a few gems are considered to be legitimate. The first indicator of it being a legitimate one is if it is being talked about in other forums or being reported in Bitcoin websites. Do check out the discussion in the bitcointalk page or if there is a subreddit for it. Also check if the dev of the coin is well known or just a nobody.

There is a way to profit from scam coins though, you can be an initial investor of the coin then immediately sell the coins when the price increases. You'll end up at a profit. The site that allows you to do that is usually YoBit.net. Those who buy those scam coins are just there to make a quick profit.

 

[Gratiano]

Most are scams and only a few gems are considered to be legitimate. The first indicator of it being a legitimate one is if it is being talked about in other forums or being reported in Bitcoin websites. Do check out the discussion in the bitcointalk page or if there is a subreddit for it. Also check if the dev of the coin is well known or just a nobody.

There is a way to profit from scam coins though, you can be an initial investor of the coin then immediately sell the coins when the price increases. You'll end up at a profit. The site that allows you to do that is usually YoBit.net. Those who buy those scam coins are just there to make a quick profit.

We seem to share the same opinion. It reminds me of the era when a lot of scripts offering 150% roi were thriving... it seems to be thevsame pattern with a slightly different vocabulary.

 

[krious]

We seem to share the same opinion. It reminds me of the era when a lot of scripts offering 150% roi were thriving... it seems to be thevsame pattern with a slightly different vocabulary.

Yeah, these new coins can be considered as psuedo-HYIPs. It's just a lot less shady and requires more attention in the movement of the price. It's more similar to stocks if you think about it. As for how these things begin, there are things called ICOs or Initial coin offering which is sort of like a presale of the coins before they go to market. These ICOs are usually announced at bitcointalk's "Altcoin Announcements" section on their forums. Anyway, I wouldn't advice doing these anymore though since others tend to use bots or automation to monitor the market and immediately mass sell when there is a price increase. You might as well just invest early into a legitimate one then wait for the market to pick up on it.

 

[Gratiano]

Ah yes, hyip is the term I was looking for! Well, I am not interested in such anymore... the best hyip I think I would invest is whether at least one of my four hens will lay an egg tomorrow!
I prefer betting, it offers the same yield or profit with hyip "companies" and it is not obfuscated. I will check this bitcointalk, I have never visited it...

 

[Lovely]

I am not wasting my time on other cryptocurrencies(although sometimes I think I should).I think this Bitcoin is the most surest and strongest cryptocurrency and I stick to it...(although I know some traders are making pretty sums trading other cryptocurrencies too...but this requires a lot of experience and knowledge).

Well stated,I believe so much in Bitcoin than any other crypto,I hardly even read about oyher ones though I still gather some like litecoin and degocoin but I rarely do unlike Bitcoin.When using a site just be careful and don't invest on a site that your instinct is giving you a red flag.

 

[tusziget]

Well stated,I believe so much in Bitcoin than any other crypto,I hardly even read about oyher ones though I still gather some like litecoin and degocoin but I rarely do unlike Bitcoin.When using a site just be careful and don't invest on a site that your instinct is giving you a red flag.

Yes,I have read about trading many things online.I have read that for any successful trader there are 10 people,who weren't so successful with trading.This people stay quiet,because they do not want to tell to anyone,that they didn't managed to do successful trading.Anyway,I do not have the necessary experience to do trading,and I do not want to start experiencing trading now,and to risk my satoshis,when the price of the Bitcoin is so high.