I think exchanges and coin ranking sites are making a massive disservice to crypto in general, by allowing worthless altcoins to appear like a "great deal" to beginners.For example, I know many of my beginner friends who think coins under $5 are a great deal, because "they might go to 10k like bitcoin".That is obviously impossible, because most of these coins are centralized, owned 60%+ by the founders, and because these coins have 1,000,000,000+ supply. They'll never go to to $10k, let alone $100. They're actually already ridiculously overpriced, having made their creators "paper billionaires" even though their "cryptocurrency" has basically 0 users.Coin listing sites are also hiding the real supply by allowing unlocked coins to be "out of circulation" even though there's nothing technically or legally keeping them out of circulation. They are IN circulation by any legal or technical definition.Yet beginners think these altcoin founders will be soon worth "trillions of paper $", because exchanges and coin ranking sites are misleading them.I'd really like some journalist to actually cover this and pressure exchanges and coin listing sites in changing their shady behaviors.
Submitted April 15, 2020 at 06:23PM
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