Topic: Altcoin - Scam or not ? (Read 2855 times)

An existing business generating revenue at the time of the ICO---this is the key thing. Otherwise, the Altcoin is only connected to a concept or a few lines of code never put into use.

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why altcoin can be said scam? I think not all altcoin is said to be a scam, indeed there are some kin that scam
and need a strong analysis to assess it

Maybe yes, maybe no. Since there are also altcoins that is legit, having an existing business that is earning and on profit. Some really needs funds for expansion. But there are also fly by the night Altcoins and that what we should watch out.

Please take your standards a little higher and stricter when it comes to investing in ICOs. Carefully study their entire project, from the whitepaper, the objectives, the roadmaps, the actual plans on how to actually do their vision in reality, the people composing the team, and so on and so forth. There are so many ICOs that are scam although appearing great.

There many altcoins out there. Use its popularity as a basis, ethereum and litecoin are in my opinion, the best coins for investment as of today because of its great potential.

in my opinion not all altcoin scam. it's just that you have to be more thorough in investing. see from all prespektiv. The proof of ETH, LTC, even Doge still Survive.

I wrote about ACRN after seeing that it had a huge volume. The coin seemed new and looked interesting. I was onto a scoop, a coin getting lots of attention. Then I downloaded the wallet and realized it would not pass a specific block. Not much information on the coin and have to dig deep to even find the wallet.

Some lessons learned.

What you need to do...

Due dilligence.

• 1. Find the wallet. Virus test it. Is it safe?
  2. Synch blockchain, does it sync fully (note ACRN probably would have been a great coin, but not fully sync of wallet says that it is pure shit)
  3. Is it on coinmarketcap (there are some that are new and so high risk/high reward, but coinmarketcap usually a good start. Lot's of shit coins will not bother with adding to coinmarketcap
  4. Is the code on github?
  5. Don't go by volume or sudden interest (yes, I did learn this from ACRN, I thought volume signified importance. In the case of ACRN, I think it was 50% premined, so owner offloading his coin for a quick buck)

All depends on your risk level really. If you are looking for some coin that is going to be big because of actual applicable uses, such as Ethereum, then you have to really dig deep and find out about the team, the roadmap and what is happening. In this case, getting into a coin slightly later can be more beneficial. Lot's of people say I wish I got into bitcoin earlier and many people did see bitcoin years ago, but it took time to notice, because it needed more time to develop. Same with all coins. Early may be great but later can still make great results without all the worry of if it is too early for a coin.

There are 2 sides to this research because some Dumb Coins as I call them can be big, think bitcoin, litecoin, dogecoin. Dumb because they don't have actual features. Whereas Smart Coins, such as Ethereum have a real world application outside of just being a way to account coins to users. Dumb Coins are important, and so are Smart Coins, and they both can make you rich, but if going into these coins from an investment perspective, the last paragraph about digging deeper can be very important to find the new winning coin for a particular usage as Ethereum is showing us.

Investing on altcoin could be a good opportunity and investment to get profits but knowing the fact that lots of scammers are promoting investment in form of altcoins to scam people so before making any investment make a research first.

It depends on what altcoins you are going to invest. There are many altcoin that is profitable and not so let's do our own research before investing our money. It is still the best to check thoroughly their project if the outcomes is nice and good.

Not at all!
Just make a research about altcoins. I think it's worth checking first, than buying anything.
Check new project https://blackmooncrypto.com/  Is promising.
 

SInce altcoin so massively being born recently and it's often scam people
But not all altcoin did that but overall I can say that owning altcoin is more riskier than bitcoin so just make sure that you're investing the good one based on community feedback

Not at all!Just make a research about altcoins and you will know about it.Because in my personal info I am having benefits in altcoins and earning it.People think that altcoin is a scam because it is in an online or just a cryptocurrency.And many managers or investors were cheating on it.Thats why they think it is a scam.But really it is growing now and becoming successful and well known in the crypto world

This is a silly question. Get it thoroughly before asking questions

The situation you met is normal in crypto world, thinking about Mtgox, that's the disaster .
It's hardly to distinguish scam coin or not, I think it's up to luck, there is not any way to clear that.

You can really judge if a coin is scam now atleast. In past developers posted a thread about the details about their coin and some people even started running signature camapaigns for their coin now those type of coins are legit eg byteball.
Nowadays a new coin means ico the passion of creating coins for the community is gone not saying all coins are scam but now for all only the money raised matters and nothing else

Reading is a must here in bitcoin world most importantly when you are in here trading you must read and make a research for what coin you would buy it is important it would be your advantage when buying some coin.

No one knows altcoin future, even we have knowledge and experience, the real market has their own answer. Most people identify coin to replace their money depending on their own experience and news. They have their own opinion and we can't control it, their money their call. Altcoin also has risk and people should understand before starting invest/ trade. Keep learning and deal the risk. See you next time.

Your situation is quite funny, but anyway let just hope that the 1 satoshi will change to 1000 ACRN in a weeks time. For you identify whether an ICO is a scam or not, you should read their whiterpaper, understand what the project is all about and determine the benefits from investing in it. The project should be transparent enough to give you hope that the team will deliver what ever they are promisng, I hope you get your outstanding coins.

Oh please accept my condolences, next time you must be carefull to use your money in a good ways, maybe you can spend a little time to find and read the website, whitepaper, developer and many other information about your coin before you make a decision

Your money, you have to secure it by yourself. Before invest in any coin, you should spend a little time for researching about it. You can go to coinmarketcap and find its informations. I usually interest in coins which have high volume, new, trusted developer,.... Or if you just want to trade coin fast, you just need to buy coin which have up trend or at the bottom of its line. lol.
Good luck!