5 Cryptocurrencies To Beware And Stay Away From

Summary

The article lists five cryptocurrencies—Coinye, BitConnect, KodakCoin, Petro, and OneCoin—that investors should be cautious of due to various issues including legal challenges, being identified as a ponzi scheme, or lack of credibility.

Abstract

The web content outlines five specific cryptocurrencies that are considered risky or potentially fraudulent. Coinye, associated with Kanye West, was abandoned due to a trademark lawsuit. BitConnect, initially marketed as a comprehensive crypto platform, was exposed as a ponzi scheme. KodakCoin, a venture by Kodak and Wenn Digital, aimed to facilitate photography licensing but has faced skepticism. Petro, a cryptocurrency backed by Venezuela's oil reserves, was launched by the government amid economic turmoil. Lastly, OneCoin, founded by Ruja Ignatova and Stephen Greenwood, has been widely recognized as a fraudulent scheme. The article serves as a cautionary notice for blockchain beginners and crypto enthusiasts to avoid these particular digital currencies.

Opinions

Coinye is viewed negatively due to its association with a celebrity mascot and subsequent legal issues.
BitConnect is strongly criticized for being a ponzi scheme despite its initial presentation as a legitimate crypto community platform.
KodakCoin's credibility is questioned, with the article implying it may not be a reliable investment.
Petro is depicted as controversial, backed by a government with a troubled economy and questionable political stability.
OneCoin is explicitly labeled a ponzi scheme, indicating a clear stance against it as a legitimate cryptocurrency.

5 Cryptocurrencies To Beware And Stay Away From

Photo Credit Pixabay.com

There are 5 cryptocurrencies to beware and stay away from I’d like to share. If you are a blockchain beginner and avid fan of the “crypto,” this blog is for you.

Coinye: Used American hip hop artist Kanye West as its mascot, abandoned after he (Kanye) filed a trademark lawsuit. This “crypto” was released in 2014.

BitConnect: Was described as an open source, all-in-one bitcoin and crypto community platform but was later discovered to be a ponzi scheme! This crypto was released in 2017.

KodakCoin: Is a “photographer-centric” blockchain cryptocurrency used for payments for licensing photographs. This “crypto” was founded by Kodak and Wenn Digital. It was released in 2018.

Petro: Stated by Nicolas Maduro to be backed by Venezuela’s reserves of oil. It was founded by the Venezuelan government. This “crypto” was released in 2018.

OneCoin: A ponzi scheme promoted as a cryptocurrency. Founded by Ruja Ignatova and Stephen Greenwood.

I hope this helps you to beware and stay away from these 5 Cryptocurrencies!