To add to what the others have said...
1) Look for over hype, especially from multiple people in troll boxes saying all the usual noob stuff like "to the moon".
2) Watch for dev pumping and support, it's not hard to spot. Look at the buy orders, if there is 10 BTC of orders on a coin and 9 BTC of it is sitting at 1 or 2 sats (or any number that is so far away from ever being fulfilled that it's obviously just an order book prop up), don't touch it with a barge pole.
3) What are they offering? If the coin only has a basic windows qt-wallet and promises of everything else you can be pretty sure that the "team" behind it have just watched a "how to clone an altcoin" video on youtube. Again - avoid.
4) Have a look at the source code. If it's just a clone of litecoin or another alt with just the name and numbers changed (in some cases they don't even bother changing these) the chances are it's been knocked up in 30 minutes as a pump and dump coin.
5) Don't trade on yobit fullstop.
Topic: Altcoin - Scam or not ? - page 5. (Read 2856 times)
If something is solely on YoBit then it is a scam. About anything on Poloniex is safe according to me, except maybe Bitcoin Plus and the very low volume altcoins. On Bittrex this is a bit more the jungle, so see on Coinmarketcap if the altcoin you are buying is worth or not. The greater is its rank the safer it is according to me.
How to identify whether an altcoin is scam or not?
This happened with me today. I bought ACRN coin from yobit yesterday for 0.01btc and today morning its price was 1 satoshi
Doomed!!
This happened with me today. I bought ACRN coin from yobit yesterday for 0.01btc and today morning its price was 1 satoshi
Doomed!!Scam or not is the risk we must deal with it, but we can identify coins become scam, it's just happening. That's why you need to read some books, join group with altcoin as a topic or make a demo account and test your strategy there. I suggest just hold your coin and see next month, but if you want to sell it tha's your call. Good luck.
How to identify whether an altcoin is scam or not?
This happened with me today. I bought ACRN coin from yobit yesterday for 0.01btc and today morning its price was 1 satoshi Doomed!!
I never heard about that coin, You are trapped by the shitcoin. What the hell just in a night and the price of the coin worth a satoshi. Do your own research but that will take a lot of the time. I think you must try to watch the miningbox on youtube to get the way how to do a research on altcoin. This happened with me today. I bought ACRN coin from yobit yesterday for 0.01btc and today morning its price was 1 satoshi
Doomed!!
How to identify whether an altcoin is scam or not?
This happened with me today. I bought ACRN coin from yobit yesterday for 0.01btc and today morning its price was 1 satoshi Doomed!!
I never heard about that coin, especially you bought it on yobit so i can say you bought one of dead coins. Be aware if you still wanna buy some altcoins in yobit, they have a lot of dead coins which got mostly dump and pump. Just open coinmarket and look at the top 10 or 20 for altcoins and you will be safe. This happened with me today. I bought ACRN coin from yobit yesterday for 0.01btc and today morning its price was 1 satoshi
Doomed!!
Do research on it.
You must thoroughly look up it's price, how it reached that point and seriously consider why it will increase in the future.
Also look up the development team and all the people involved and how skilled, active and consistent they are with updates.
These are some general guidelines to follow when looking into investing a coin.
You must thoroughly look up it's price, how it reached that point and seriously consider why it will increase in the future.
Also look up the development team and all the people involved and how skilled, active and consistent they are with updates.
These are some general guidelines to follow when looking into investing a coin.
How to identify whether an altcoin is scam or not?
This happened with me today. I bought ACRN coin from yobit yesterday for 0.01btc and today morning its price was 1 satoshi Doomed!!
This happened with me today. I bought ACRN coin from yobit yesterday for 0.01btc and today morning its price was 1 satoshi
Doomed!! Jump to: