In the cryptocurrency market, a large majority of our time, attention, and focus is spent on projects that have great potential, or that we feel can make us a lot of money in the future. However, one thing that we don’t talk enough about are the projects that you should avoid. Projects that are either scams, cash grabs, disingenuous, not top quality, or have other red flag characteristics with them.
Throughout the several years that I have invested in the cryptocurrency market, these are the projects that I have tried to avoid at all costs. Some of them I could spot from a mile away and knew to avoid. Others I have personally invested in, only to later change my opinion on the project. Please keep in mind that this is only my opinion, and could be very different from your own thoughts.
1. Dogecoin
During my early days in crypto, I owned a substantial amount of DOGE, which would have made me very wealthy if I had sold at the top. Unfortunately, I sold it several years before that. However, Dogecoin was always a joke. The first meme coin in crypto and even the original founder left the project declaring no one should waste their money on it.
While it isn’t so much that I’m against it being a meme coin. The thing that concerns me the most is how much of its fate is up to Elon Musk. And the power of his impact is beginning to wear off. Eventually, Dogecoin will fade away.
2. Meme Tokens
After already including Dogecoin on my list, it should come as no surprise to you that I’m also not a fan of meme coins. In fact, if I had to narrow it down. Meme coins are what I hate most about crypto. While there is money to be made. Most people will lose their money chasing gains.
But the truth for why I don’t like meme coins is that they damage the brand and image of the entire cryptocurrency market. They are the reason that politicians can claim this market is a giant casino with people launching junk tokens in an attempt to get rich quickly. They take away attention from the real projects in the space. This market could have made much more progress if people ignored meme coins.
3. Cardano
Let’s move on to perhaps my most controversial pick, Cardano. At one time I was a big fan of the project and owned a substantial amount. It was my backup plan in case Ethereum would fail. There were three main reasons why I decided to leave the project.
The first was that Ethereum began to successfully upgrade. If Ethereum is successful, I no longer needed a backup plan for it. The second reason was the founder Charles Hoskinson. I used to be a fan of his, but as time passed I grew tired of his constant tendency to get involved in drama on the internet. I felt that wasn’t a good look for someone in charge of a large project, and actually was a red flag. Work hard and let the project speak for itself. Finally, the last reason was how slowly the project was being worked on and updated. They take a very scientific and research approach. But they are getting passed by newer, and potentially superior projects.
4. Solana
The next project that I avoid is Solana. Similar to Cardano, at one point I was a big fan of the project and owned a substantial amount of it. I felt at the time, and still feel that it has great potential.
However, I cannot support a blockchain that fails at the most essential thing, running. Being a dependable blockchain that can be counted on is the most important thing. The last straw was the FTX fraud. For better or worse, SBF, FTX, and Alameda were huge investors in Solana. They gave the project legitimacy. It was this alliance that initially made me very bullish on the project. If FTX, one of the world’s largest exchanges was so enthusiastic about it, then it must have a great future ahead of it.
But as we all know, that turned out to be a large weakness for the project. With FTX still owning a large amount of Solana that will need to be sold during bankruptcy, the project will have a bumpy road ahead.
The most important thing in crypto is keeping an open mind and being willing to change your opinion. As I mentioned before, previously I was a big fan of a few of these projects. But while I was investing in them I discovered things that I didn’t like. Cutting the cord and exiting quickly is just as important as buying the right coins.
How about you? Which crypto projects do you avoid?
Read Exclusive Articles 1st on
or
As always, thank you for reading!
