What Percent of Alt Coins are Scams?

Now, obviously this is a subjective concept — and only time might tell. But, in my personal opinion — I would guess 98% of all alt coins are scams. Yep, Ninety-fricken-Eight bruh.

Lets assume that there are 2000 coins currently in circulation, that would provide for 40 legitimate outfits. With the “boom” of bitcoin we seen during the second half of 2017 — thousands of people got filthy rich. And, whenever people are getting rich, soon will follow the copycats and scam artists.

Do you know how many people live on this planet — and it it literally their job to try to trick people out of their money? Well, neither do I — but it’s a lot! Ponzi schemes and Nigerian royalty aside, there are a TON. In fact, you would be hard-pressed to find a single twitter post by a top 50 cryptocurrency which is not flooded with impostors offering “free” ethereum coins.

Next, lets also consider the amount of projects whom consider themselves legitimate, and probably even have good intentions. In the crypto world, it is very easy to become a scam coin. Whenever a few “whales” control a significant amount of influence over a project, it can be fairly easy to manipulate price. The “pump and dump” can be extremely lucrative — why else would it be so common?

Also, when a project begins to fail financially — some developers decide they have had enough of the hard work/low reward. This can cause legitimate projects to “dump and run”. Fearing that they will lose the lion share of their own short comings while walking away with nothing, they choose to dump on the short list of loyal followers they have obtained.

The alt coin world has little regulations in place, as it is still a newer concept. Always do your own research and follow the golden rule, “NEVER invest what you are not willing to lose.”