All i see right now in the crypto world are ICOs and token sales of altcoins.
ICO means Initial Coin Offering (much like an IPO in the stock market) and Altcoins, or Alts for short, are any other coins which is not bitcoin (eg ethereum, dash, litecoin)

Lots of programmers are creating their own coins and offering ICOs on them mostly trying to make a quick buck off people that want to invest in cheap cryptocurrency with the hopes it will X500 one day like bitcoin. Most of them selling their Alts accept payment for them only in Bitcoin (so their identities are largely unknown).

Just know that in life and business there are more bad deals than good deals. There are currently more than 1000 altcoins and i predict 95% will eventually prove themselves to be pure garbage. When "the cryptocurrency bubble" pops, they will be first to devalue to sub zero while other crypto that offer value will only experience a price correction.

I think that if u want to invest on penny-coins for serious gains, you should bet on value... Invest in altcoins that you feel has a REAL and NEEDFUL value that bitcoin doesn't. Invest after doing some research/background checks.
Also check up on the statistics of that crypto on coincap.io . That website will show you the historical chart, trade volume, market caps of the crypto you are considering. Pay attention to those indicators.

An example of a proven altcoin scam is The Billion Coin (TBC). There are a lot of TBC merchants here on Nairaland offering TBC at very different prices. Its worth $50,000 but because they love you so much they wil sell for 300 naira, some 500, some 5000. Chances are that you fell for it. Sorry o. Lol

Happy investing.

chinnyonwu:
All i see right now in the crypto world are ICOs and token sales of altcoins.
ICO means Initial Coin Offering (much like an IPO in the stock market) and Altcoins, or Alts for short, are any other coins which is not bitcoin (eg ethereum, dash, litecoin)

Lots of programmers are creating their own coins and offering ICOs on them mostly trying to make a quick buck off people that want to invest in cheap cryptocurrency with the hopes it will X500 one day like bitcoin. Most of them selling their Alts accept payment for them only in Bitcoin (so their identities are largely unknown).

Just know that in life and business there are more bad deals than good deals. There are currently more than 1000 altcoins and i predict 95% will eventually prove themselves to be pure garbage. When "the cryptocurrency bubble" pops, they will be first to devalue to sub zero while other crypto that offer value will only experience a price correction.

I think that if u want to invest on penny-coins for serious gains, you should bet on value... Invest in altcoins that you feel has a REAL and NEEDFUL value that bitcoin doesn't. Invest after doing some research/background checks.
Also check up on the statistics of that crypto on coincap.io . That website will show you the historical chart, trade volume, market caps of the crypto you are considering. Pay attention to those indicators.

An example of a proven altcoin scam is The Billion Coin (TBC). There are a lot of TBC merchants here on Nairaland offering TBC at very different prices. Its worth $50,000 but because they love you so much they wil sell for 300 naira, some 500, some 5000. Chances are that you fell for it. Sorry o. Lol

Happy investing.

thanks for the advice

@ Op I love your good intentions. However PLEASE do not even classify TBC as a cryptocurrency. It lacks all the points of a true cryptocurrency. It is not peer to peer, has no independently verifiable blockchain, no proof of work , no hashing technology behind it and no decentralized set of exchangers, no independent set of miners, and so on and so forth. You may not necessarily be right about the bubble effect when it comes to TRUE cryptocurrencies. This is because cryptocurrencies are money backed by mathematics exchanged based on trust. So how can money in itself have a bubble effect?Although I am expecting a couple of ICOs to fail, I see those that meet a true need to continue to be relevant into the future especially those driven by SMART CONTRACTS in the ethereum system of cryptocurrencies. Please do try to keep up with the cryptocurrency World.

Best Regards,

Christopher Haruna Hamman

chris2h:
@ Op I love your good intentions. However PLEASE do not even classify TBC as a cryptocurrency. It lacks all the points of a true cryptocurrency. It is not peer to peer, has no independently verifiable blockchain, no proof of work , no hashing technology behind it and no decentralized set of exchangers, no independent set of miners, and so on and so forth. You may not necessarily be right about the bubble effect when it comes to TRUE cryptocurrencies. This is because cryptocurrencies are money backed by mathematics exchanged based on trust. So how can money in itself have a bubble effect?Although I am expecting a couple of ICOs to fail, I see those that meet a true need to continue to be relevant into the future especially those driven by SMART CONTRACTS in the ethereum system of cryptocurrencies. Please do try to keep up with the cryptocurrency World.

Best Regards,

Christopher Haruna Hamman

Haha, very well. Lets call TBC a shitcoin then.
Besides, i disagree, the value of a crypto can be farrrrrrr overvalued, same as any asset right? If its so overvalued, a major correction can be expected somedays.
During the dotcom bubble, companies were given tens of million dollar valuation even before launch simply cos they bought a domain with hosting and seemed revolutionary. A lot of them went under.

@ OP I agree with you in SOME instances, how ever a correction only occurs when theres too much hype (Which happens in SOME ICOs these days not all). IT can only occur when the token is a Work token (as most ICOs portray their tokens to be). That is when a cryptocurrency token is looked upon as an asset. However, when it is a usage token, the cryptocurrency becomes subjects to the forces of demand and supply as and when due. This is because it is used as a means of exchange so its own liquidity, amount of tokens left to be mined, difficulty in mining (hash rate), volume of tokens in circulation and so on and so forth affect the currency's ability to be valued. The above listed factors actually work against the supposed bubble effect because too many players have come into the game to keep the token from being used and valued speculatively. Please let me know your thoughts. I think we should start a thread to educate Nigerians on WHAT cryptocurrencies truly are, how to use them and how to benefit from them. What do you say?

Christopher Haruna Hamman

chris2h:
@ OP I agree with you in SOME instances, how ever a correction only occurs when theres too much hype (Which happens in SOME ICOs these days not all). IT can only occur when the token is a Work token (as most ICOs portray their tokens to be). That is when a cryptocurrency token is looked upon as an asset. However, when it is a usage token, the cryptocurrency becomes subjects to the forces of demand and supply as and when due. This is because it is used as a means of exchange so its own liquidity, amount of tokens left to be mined, difficulty in mining (hash rate), volume of tokens in circulation and so on and so forth affect the currency's ability to be valued. The above listed factors actually work against the supposed bubble effect because too many players have come into the game to keep the token from being used and valued speculatively. Please let me know your thoughts. I think we should start a thread to educate Nigerians on WHAT cryptocurrencies truly are, how to use them and how to benefit from them. What do you say?

Christopher Haruna Hamman

please we need it

chris2h:
@ OP I agree with you in SOME instances, how ever a correction only occurs when theres too much hype (Which happens in SOME ICOs these days not all). IT can only occur when the token is a Work token (as most ICOs portray their tokens to be). That is when a cryptocurrency token is looked upon as an asset. However, when it is a usage token, the cryptocurrency becomes subjects to the forces of demand and supply as and when due. This is because it is used as a means of exchange so its own liquidity, amount of tokens left to be mined, difficulty in mining (hash rate), volume of tokens in circulation and so on and so forth affect the currency's ability to be valued. The above listed factors actually work against the supposed bubble effect because too many players have come into the game to keep the token from being used and valued speculatively. Please let me know your thoughts. I think we should start a thread to educate Nigerians on WHAT cryptocurrencies truly are, how to use them and how to benefit from them. What do you say?

Christopher Haruna Hamman

I'm not sure i get your point properly.
Also Seun is clearly anti cryptocurrency, however im putting together a telegram group for that, link on my signature

Now most people do not understand the fundamental basics behind cryptocurrencies. If someone were to deliver on the basic science behind the technologies that cryptocurrencies are then it would be easy for the average nigerian to spot scams from afar.

I don't think seun is anti cryptocurrency per se. I just think that he is against anything or anyone shady that will dupe Nigerians out of their hard earned money. The aim of such a thread should not be to advertise programs, but to share information that could be life changing. The more people know about what cryptocurrencies truly are, the less likely they would be duped. It is that simple.

Christopher Haruna Hamman

Those days when ICOs are profitable to invest in. ADA gave yields investors over 1000% immediately it got listed on exchange platforms. I missed out on it.
Now, they've turn it to joke and scam.

eBTC abscond with investors millions of dollars after thier ICO and close than the website.
People should be careful nowadays.

I don;t even have time to chase these free things cos they're usually trouble