Topic: Be aware, so many scam coins are around - page 29. (Read 3690 times)
Thanks for this enlightment about these projects, at least with this information other community members would not waste their time and money in promoting and investing into this project respectively. it is time members of this forum actually choose only from Reverse ICOs if you should ask me. Because i don't see the reason why we should handle huge sums of money to some group who claim to have a solution to an existing problem yet don't have even a prototype of it.
Yes, there are so many projects out there that always turn out to be a scam especially those that conduct airdrops, most of this companies conducts airdrop not because they want to give away their tokens to people but because they don't have funds to market themselves so that other investors can come in to make purchase,.
When this happens, the coin always turns out to be what we call shitcoin in the market, so I always try to run far away from those kind of projects because I know it's just a waste of my time.
When this happens, the coin always turns out to be what we call shitcoin in the market, so I always try to run far away from those kind of projects because I know it's just a waste of my time.
Now that most of the people are well aware of scam ICOs, scammer has found another way to scam people. I have observed 3 projects till now which I will list here and give you a highlights how they scam people, specially the newbie.
1. Privcy
Privacy was a free airdropped coin which was distributed freely over the community for helping promoting the project. Later, they decide to reward more to the holder of the coin in airdrops. The more coin you hold, the more airdrop coin you get. Newbies started to buy coins for getting more airdrop coin and DEV were selling their coin. I am sure they had a lot of fake accounts participating in the Airdrop. Can you believe they scammed people in such a way? Now, the project is died, 24 hour volume is- $620 which was less than $100 couple of weeks ago.
2. Profish
Profish was an ICO which came into the exchange before the bounty end. They were listed in mercatox and used to have some fake volumes. I don't know what happened to their ICO but they sold a lot of coins through mercatox and later, the price is now 1 or 2 satoshi from 650 satoshi. This is also a dead project. They scammed people.
3. Helios Protocol- Be aware
Helios Protocol is now airdropping coin to their community. This attract my eyes when I see user vectisitch was vouching the project. He was a moderator in privcy, so, there's no doubt that both of the project are from same person and this helios shit is also going to scam money. I want to alert you guys not to invest in this scam project.
Here is the vouching comment- https://bitcointalksearch.org/topic/m.50087444
There is nothing new in here,1. Privcy
Privacy was a free airdropped coin which was distributed freely over the community for helping promoting the project. Later, they decide to reward more to the holder of the coin in airdrops. The more coin you hold, the more airdrop coin you get. Newbies started to buy coins for getting more airdrop coin and DEV were selling their coin. I am sure they had a lot of fake accounts participating in the Airdrop. Can you believe they scammed people in such a way? Now, the project is died, 24 hour volume is- $620 which was less than $100 couple of weeks ago.
2. Profish
Profish was an ICO which came into the exchange before the bounty end. They were listed in mercatox and used to have some fake volumes. I don't know what happened to their ICO but they sold a lot of coins through mercatox and later, the price is now 1 or 2 satoshi from 650 satoshi. This is also a dead project. They scammed people.
3. Helios Protocol- Be aware
Helios Protocol is now airdropping coin to their community. This attract my eyes when I see user vectisitch was vouching the project. He was a moderator in privcy, so, there's no doubt that both of the project are from same person and this helios shit is also going to scam money. I want to alert you guys not to invest in this scam project.
Here is the vouching comment- https://bitcointalksearch.org/topic/m.50087444
It is the risk as an investor/trader .
You should know what to buy and when to buy it ,
If you would list all of the projects or crypto that has been dropped down to becoming worthless then for sure you would have to dedicate a lot of time .
There are tons of project that turns out to be worthless and there are some who didn't make it to the exchange.
Unfortunately, today more than 95% of ICOs are scammers and every time they come up with new ways to deceive investors.
We really need to be more patient and thorough in determining ICO project choices. Many ICO projects have difficulty finding funds. So they will fail and potentially commit fraud. Do research and fully understand the white paper.
ico failed in their fund raising due the their projects was not interested for investors.they consider its projects as uselless projects.investors now become smarter than before so why much ico failed now.
I have wisen up and I don't think I will ever be a victim of scam projects anymore ,I've learnt my way of fishing them out,I don't join ICO or bounties because of the rewards ,I make sure the teams are real and ready to show faces on either twitter or YouTube ,the dev or CEO must be able to make a video atleast ,to show that he is real too.
I have said it, time without numbers that scam project is a big treat to cryptos growth because once bitten twice shy. More needs to be done by the moderator and exchangers to scrutinize these projects before letting them in. The latest, scam partner is listing the coin why the ICO/bounty campaign is going on. After the campaign, the price will fail drastically. Recovering your initial capital after 6 months becomes a problem.
We really need to be more patient and thorough in determining ICO project choices. Many ICO projects have difficulty finding funds. So they will fail and potentially commit fraud. Do research and fully understand the white paper.
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was a free airdropped coin which was distributed freely over the community for helping promoting the project.
that is not a "free distribution" what you explained here is the exact definition of payment for a job!
a "free distribution" is when they give you tokens for free just for participating, like if you post your address and receive coins without needing you to do anything else.
I don't know what happened to their ICO but they sold a lot of coins through mercatox and later, the price is now 1 or 2 satoshi from 650 satoshi. This is also a dead project. They scammed people
This looks more like a case of a failed project rather than a scam one, they are two different things(a scam project and a failed project)Most times when a projects coin goes far below ico price, people tend to tag them a scam project,but it's not so, they do not have control of secondary market and the entire market is bad.
I also think this post is suited In scam accusations section.
There are so many scam coin scams so beware of bounty hunters especially investors because they can sell coin sellers especially to the ico out there so be alert so you can not scam and spend your money for buying coin that you are bored to buy and in so many emerging ico now still difficult to specify if it is legit or not but we still read if a ico is good like if it is listed on ico bench and if the admins are legit and if the softcap reach the search it is definitely legit an ico but do not even worry especially for investors there will still be legit ico than the first ones to emerge because their worker maintains and regulates to better run their projects and prefer these investors.
My thread is not about any ICO. I just have shared a different way of scamming people. This scammers attract investors by airdropping to holder and sell their shit premined coin. This is just another way to scamming people. It's not about ICO.
I see your point. Many way to scam people if we aren't aware. For newbie just make a research before investing in the project. Better ask here ( in this forum) and a lot people will answer with pleasure every question before we spend money for invest.
The list could go on to thousand this year this early ICOETHICS have caught so many scam ICO if not people are helping one another to trace these scam coins, investors will double their losses, even many good projects are now folding because it's hard to convince investors to invest in their project.
Of course, we should be careful to be aware of the burdens or have not tried a scam on a coin that I have never experienced to hold it, so before this happens I actually double my caution on the come temptation to life or become a scam especially now lots of fake coins so we should know and know that the scammer is around us. so be careful of the bounty projects we work with.
So what you will do avoid them in future? Did you learned how to find the fake projects?If not just visit the beginners and help section to read the guidelines about it.
~snip~
So, if what you mean is people scam by the dev team; maybe you can add this too:- abulaba token, bitcointalk forum ANN: https://bitcointalksearch.org/topic/ann-pri-ico-the-best-payment-in-the-world-3348816 ;
- vaynix ATM, bitcointalk forum ANN: https://bitcointalksearch.org/topic/pre-saleicovaynix-vendors-privacy-atm-3239397
- etc
I think there're hundreds of scam ICO's that you can read their announcement in this forum.
Forum Admin, staff and moderators do not moderate the ANN ICO thread, because their position must be on the neutral side.
So forum users must be smart in choosing which ICO platform they must choose to invest or be promoted in social media.
I certainly agree with you. There are lots of so called shitcoins around so we should be aware of it. We must be smart enough to choose where to invest. Having enough knowledge about a certain coin is an advantage.
Yes and I think, this is one of our mistakes to invest, if they care about their project, why do they let their selling prices be so low. It's hard for me to see at the end of their sales, are they a responsible team or not. Then what is the right solution when we find this kind of project?
Of course, we should be careful to be aware of the burdens or have not tried a scam on a coin that I have never experienced to hold it, so before this happens I actually double my caution on the come temptation to life or become a scam especially now lots of fake coins so we should know and know that the scammer is around us. so be careful of the bounty projects we work with.
agree with you, mostly ico project start on middle 2018 until now has many of them was fake, after they rob investor money, didnt pay bounty participant, and then run after that.
Everyone is aware that many scam projects in last year have occured and many people got scammed by many of this ICO's and many have lost money due to lack of experience in investing in a project which in first they seemed to be good and profitable once it ends. But unfortunately they were scams and many scams coins can be seen in coinmarketcap.
Thanks for the heads up. Theres really a lot of too good to be true projects out there.But some of them are not really scam from the start. Some are legit on the start of their launching but sad to say since experiencing too much difficulty on this very competitive market they halt to continue their project and turned to be scammed at the end.
I think all of those in this forum have already learned well about the fake coin scheme. the difficult thing is, when everything went well at the beginning, it then got worse at the end because we never really knew where the development team would bring their project.
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