How do you decide which crypto project is worth trusting?

Question

abc3643 · Accepted Answer

Oh, wow, this is one of the easiest questions that I have answered in all of my almost 11 years on G@G... TRUST NONE OF THEM. Warren Buffett is the greatest investor in history. Here's a Google AI summary of what Buffett feels about crypto. (And I intuitively agree 100%). ======== Warren Buffett has a well-known and generally negative stance on cryptocurrency, but his company Berkshire Hathaway has made some indirect investments in companies involved with crypto.  Here's a breakdown of Buffett's stance on crypto: Directly opposed : Buffett has consistently voiced concerns about the volatility of crypto, notably calling Bitcoin "probably rat poison squared" in 2018. Lack of intrinsic value : He has emphasized that cryptocurrencies don't produce anything and their value is based on speculation, according to CNBC. Hesitancy to invest directly : Buffett has stated that he would not invest in Bitcoin, even if offered all of it for $25, because he wouldn't know what to do with it. "Gambling token" : Buffett views Bitcoin as a "gambling token" lacking intrinsic value and compares it to a roulette wheel, according to Investor's Business Daily.  ======== Now, a few more tidbits. First, cryptocurrencies can go *POOF* in the United States because Congress has "coinage power" per the US Constitution: Article I, Section 8, Clause 5: [The Congress shall have Power. . . ] To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures; . . . So, if Congress wants to outlaw crypto, it does and crypto instantly becomes worthless in the US as it becomes illegal to use for transactions. Meanwhile, crypto is anything BUT crypto... What I mean is this: Cryptocurrencies allegedly are free from government interference and they can't be traced thus making them better for illegal activity... Except they can be traced. For example, a few years ago, there was a major cryptocurrency heist. Almost all of it was traced and the guy who did it was arrested. I asked Google about cryptocurrency traceability... ======== Yes, cryptocurrencies are generally traceable due to the transparent nature of blockchains. While they offer a degree of pseudonymity, the public ledger allows for tracking transactions and, with the right tools and information, linking them to real-world identities. [1, 2, 3]  Here's a more detailed explanation: •  Public Ledger : Blockchains, like the one used by Bitcoin, are essentially public, distributed ledgers that record every transaction. This means anyone can access the transaction history and see which wallets sent and received funds. [2, 3]  •  Tracing Transactions : Using blockchain explorers, it's possible to trace the flow of cryptocurrency from one wallet to another, and potentially to identify the wallets involved in a particular transaction. [1, 4]  •  Pseudonymity vs. Anonymity : While cryptocurrencies offer pseudonymity (using wallet addresses instead of real names), this doesn't equate to full anonymity. If law enforcement or other entities can link a wallet address to a real-world identity, they can trace the associated transactions. [1, 3, 5]  •  Tools for Tracing : Specialized tools like blockchain explorers, forensic analysis tools, and cross-chain tracers are used to analyze transaction patterns, identify suspicious activity, and potentially link cryptocurrency transactions to individuals or entities. [4, 6, 7]  •  Government Agencies and Tax Enforcement : Government agencies like the IRS use these tools to track cryptocurrency transactions for tax compliance purposes. [2, 8]  •  Illicit Activities : Cryptocurrency tracing is also used to identify and combat illicit activities like fraud, money laundering, and ransomware attacks. [3, 6, 9]  •  Examples of Tracking : Law enforcement agencies and private companies like Chainalysis and Elliptic specialize in cryptocurrency tracing and have developed tools to track transactions and identify the individuals or entities involved, according to Time Magazine. [7, 10] AI responses may include mistakes. [1]  If you really need to have your purchases not traceable, use cash - the original cryptocurrency. ONE FINAL COMMENT Notice that everyone is concerned about investing in crypto. What does that even mean? They are spending dollars on crypto in the hopes that whatever they have bought will be worth more dollars than they have spent to make the initial purpose. But, think about it. All that really means is that people REALLY care about dollars... REAL MONEY. As long as they say things like "MyCrypto is upto $1000 per MyCryptoCoin." that means that dollars are what's important, not MyCryptoCoin. That won't change until people start saying "My Dollars are upto (whatever) MyCryptoCoin per dollar."  
 >>> You won't ever hear that. THUS: CRYPTO IS BULLSHIT.

WonderingManII · Accepted Answer

I think you just like showing beautiful women.

Cinematic Lily · Accepted Answer

I recommend focusing on thorough research to determine the trustworthiness of a crypto project. Look into the project's team and their expertise, examine the technology and innovation behind it, and assess the white paper's clarity and feasibility. Consider its community engagement and partnerships, and monitor the project's progress and updates over time. Checking for any audits and reviews can also provide valuable insights. Always exercise caution and avoid investing based solely on hype. 🚀🔍

DryGermanGuy · Answer

None of them!!! ☠️💸👎🏻

Bklynbadboy12 · Answer

If you invest in Crypto you gonna lose your money

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