Topic: alt coin markets looks more and more like a scam circus, how to save it (Read 1545 times)

Excellent post.

Exchanges have shot themselves in the foot. They rode the shitcoin wave and made a mint. Now the money is drying up. What will they do now that they have f*cked themselves?

As far as "professional" exchange goes, btc-e is the only one I know of that is close in the altcoin scene.

Traders have the power to lever change.

If you take the lesson that came with your lumps and apply the lesson to investing in the stock market, you'll wind up saving a lot of money over your lifetime.

The lesson in question is a personal one: namely, what your limitations are. I found out the hard way here - and I found out the hard way on the penny stock market  - that I'm a lousy day trader. So I have to handicap the long term, buy, hold, wait, and find something to do with myself while I'm waiting. Here as well as there.

I also had to learn the hard way - here as well as on the penny stock market    - that I get undisciplined and impatient even when I'm holding on for the longer term. I threw away more than 15 million Reddcoin at 6 satoshis - right at the start of its current run into double digits. Just like - because I was meek on the phone with my discount broker, strangely enough - I threw away a $100,000 profit on a turnaround stock by failing to order it up in illiquid certificate form in the dark days of early 2009. Had I held on as I vowed to until the end of 2010, and waited the six-or-so-weeks for it to be credited to my account, I would have had six figures. But the broker, after telling me about that six-week delay, explicitly advised me against going through with my order for a physical certificate. And at that point, I acted like an agreeable fellow and chickened out.

I ended up selling it for a teeny profit and went chasing after sometime else. Chasing after yet another shiny object...   

So I've ben a slow learner in two ways. I've had to learn the hard way what my limitations are, and I've also had to learn - the hard way - how to play within my limitations skilfully. Both have involved taking a lot of lumps, although thankfully for me my biggest "losses" have been thrown-away profits.

To wrap up me talking about myself , I suggest you regard the losses you've taken as a disguised lesson showing you your own limitations. Once you figure out what they are, and once you take any further lumps learning to play within those limits skillfully, you will have a hard-won skill set that - once you make it in the "real world" - will save you tens of thousands of dollars - and maybe more - over the course of your investing lifetime on the stock market.

One more thing: don't kid yourself about the woes you're facing resulting solely from cryptos being "unregulated." I've had enough experience in the quite regulated stock market to notice that the trading lunges there are strikingly similar to the mania-arc here. Truth be told, regulations only limn the ways in which you can decimate your portfolio. They do rule some ways as no longer in bounds, but they always leave other ways. That's because, at bottom, our biggest enemy as speculators is our own weaknesses.

And that can never be regulated away - only outlawed outright via prior restraint. Sorry to disillusion anyone, but that's the way it is.   

i think it's time to collect some ideas how to stop this scene-collective-suicide happening right now in alt coin markets

the point is: there are too many scams

too many scams lead to a complete abandon of exchanges by traders, less trust in bitcoin in general and a collective discontent for the constant losses of money and trust

i already stopped trading after 3 scam-coins one after another.. i've got small losses, don't really care about the money i lost, more important i lost all my trust in any ANN or new project.. this stop me to invest in any new interesting coin, i probably will not put any more money in this for a while

what we can actively do to stop this massacre?

- we need a professional alt coin exchange

i used mintpal till beginning, it has a great interface (and poor graphs), for a while acted professionally then the greed start eating their souls and basically adding all that shit-coins (isis?!?? lol) turned out to be a quite fast suicide

how to define a professional exchange?

- adding coin with serious intentions and projects, real world implementations etc. with at least few months of life

- give rich infos of every coin listed, with developers details and contacts, coin specs details, whitepaper, history and graphs.. is not that difficult to dedicate a single page to each coin with all the juicy details

- requests based on btc donations / votings should be ignored

more ideas?

+1
back to 'old', established products with community and dev that have been around for months and years.

Very new coins are ultra high risk. People need to be aware of that.

It started after feathercoin came out and cloned litecoin then chinacoin and pretty muh every coin after that was and still is a scam.

notice how those mass scam started with chinese era, 2013 wasn't that full of scam coin

Don't know why people blame the exchange for their own actions. While the exchanges should do more diligence, it really has to start here. Someone has been trying to start a campaign where only people with some huge activity number can announce new coins. I personally think that's ridiculous.

However, there's this other very large forum I frequent and no one is allowed to post a service on there unless a mod has first reviewed it. IMO, if this forum introduced something like that, and that a coin had to go through a beta phase first, with a code review and live block explorer before being allowed to launch on the forum, I think that would cut out a lot of the scams.

I Promise I'll Marry You

I don't see any scams. Maybe because I investigate before investing and only invest in coins that have been around 2 months or longer and have really innovative features behind them. Of course if you invest into any promise to deliver, you'll get scammed, because the promise to marry doesn't always mean marriage is coming

We had a lot of fair coins mostly until end 2013. Get back to basics is the only way to end this circus that harms all of us.

This scene has had solid coin options for years. People chase get rich quick scams and get burnt. The coins being released are a reflection of the majority here, and they keep getting released because they work.