Topic: Devs need to fuck off with their useless ico scam coins! (Read 3023 times)

Definitely.  I don't really feel too bad about someone complaining about getting ripped off from some 1.5 star shady ICO with a crappy site, some amibitious use case, and no development.

of course but more to blame are the imbeciles giving their btc for this worthless crap, these people are encouraging hoards more of these ico scammers to arrive daily with more stupid ideas that have no reason to be related to crypto.

even worse is the fact these same fools have infested this board and made it a nightmare to locate any information of real substance

the only good thing about it all is that the REAL projects have been missed and actually driven down in satoshi terms, so in a way all the noobs talking about the latest hyped crap that is doomed to fail are stopping most new funds finding the gems here so far.

there are probably only a handful of real projects here that are worth risking btc on but unless you have been following crypto for years and have been following the progress you have small chance of locating them in the sea of shit that is here now.

How is this vote making a difference? The awareness and rejection are already present and people do not need any more reason to fuel their anger, only practical solutions.

yeah you are right.
but, are you OK to make this post at this location.

becareful dude, don't just make a spam post like this.
is possible to baned your account.

Nowadays, ICO are becoming more popular. There are a lot of promising ICO on the market, but in my opinion one of the most promising ones in our day is the project Vireo. It’s really cool  ICO! Check it!

Exactly,I have bought into some but most of them are complete BS, so just not going to bother now.  If nobody buys into them then they will eventually stop but them the promise of a quick profit will probably keep people coming.

The NXT IPO was definitely the most successful IPO in history but there have been many other examples of successful IPOs.

I wrote a thread several months ago asking if there were any failed IPOs:


Link: https://bitcointalksearch.org/topic/examples-of-failed-coin-ipos-885343

Other than Qora and Reddcoin, there was also Mastercoin which made a 20 times return for its investors and those who sent coins to Counterparty's proof-of-burn address made fairly large profits as well.


That depends on the IPO. Some IPOs such as NXT distributed the coins as a proportion of the total invested.

I just don't think I can recall any ICO besides NXT that made people money. I wasn't really even discussing whether or not an ICO is a scam in itself because there are and have been Coins that have done ICO's which were not scams. My reasoning was that for whatever ICO is held, there would need to be atleast that amount or even double that in future funding in order to pay it off where ICO investors could make profit and the people buying on the market could also make profit.

The way the ICO's are done are flawed as well because if it doesn't sell out then the remaining Coins are sent to an unspendable address and that gives it an inflated marketcap and fucks up the Block explorer.

Ok so what is your solution then to the ICO problem? Remember that ID's can be faked, also that an ICO could be inadequate for the amount of funding needed so then how do you retain funding after that is gone?

Let's say you are interested in just working on a Coin, you would need around 2k USD per month per person working on the project in order to live comfortably and have money to pay existing developers within the community to help you with the things that are out of your reach.

poloniex coined the acronym " ICO " only to skirt regulations associated with the acronym " IPO " ... now who should really take the blame? :  the "devs" or the exchanges !

:\


>> think about it !

notice how in those ico thread there are plenty of newbie following the ico and saying that they will buy, those are dev's sockpuppet, to rise the trust of that ico,

shit calls more shit, just ignore them completely

The real scammers should be somewhere between 5 and 10 people. We are talking about guys whose "profession" here is to launch a coin, take as much money as they can, run away and launch new one.

I don't believe there are only few person that are able to make a coin. They could be many.

A coin is not only a working network. It needs to have some "face" too, and that requires some services and payments. There is no need to discuss this further, because everyone has their own opinion and what he needs for his project. We are also going out of the subject of the thread.

The reason why I kinda approve ICO is because I am seeing it as a real investment in the real world. Kinda like some inventors needs some amount of money to further develop their creation. We are not talking about $60 or $60 million, because it's irrelevant with the subject too. The only question is how those funds are used and the answer here in the world of cryptocurrencies is obvious - mostly to take them and run away.

Since when were we referring to trusted companies with stable services? A Coin is run by people and not companies, otherwise the funding would already be there.

I have never paid for github or domains, hosting is only needed until the network can run itself so it still doesn't really tell me why you need to have an ICO.

Expenses you are referring to are not correct, because you will also need to pay for github, domain and hosting. We are talking to use trusted companies with stable services, not your old computer in the basement. Otherwise our opinios on how it has to be done are pretty much the same.

Even if they are from the Democratic Republican of the Congo, the actual costs to run a network are like $60 a year assuming you are atleast hosting 1 node, other than that it might be maybe $20 in electricity costs. If you suck at designing and need to pay specialists, well you could premine whatever you need from the Coin and use that for payment, or set it up in a way where that amount could be possible. If you truly suck at doing that stuff that much (paint shop pro and others are easy to use) then again I would question as to why they are there in the first place.

Basically whatever ICO is collected, that is the amount of future funding that is needed to pay off that amount so you are working with future debt rather than a free-floating market which is what you want.

I bought about 20% of PayCon for under $1000, used that for lots of promotion and development and got a lot done with it, built a very large base of people around it and at any given time I get more than 50 connections to the network. For me that is ok, my costs are nothing now and the money spent was worth it for me to learn the things I did and the network itself is profitable because by now everyone could have achieved ROI.

Trolls will only support something that can make them money, that is the simple truth in the matter. You think it's the trolls that don't support something? all you do is have to do is give the trolls what they want, after all a troll is only a person who is actively interested in Crypto and generally knows their stuff.

Let's think bigger for a bit. What if the dev (if we are talking about coins) is from Democratic Republic of Congo were average household income is like $400/year?
To support altcoin for like a year, you will need at least let's say $300-$500 for the accounts/hosting (such as github/domain) and to support the network. Not to mention your work and passion involved. How about if you suck on designing and such and you need some specialists in that field? You must pay them with something. You have like the best idea in the world, but you don't have money for it. How will you feel then if you have like the best coin out there, but trolls in here are not "supporting" it, pumping it etc... your work will be priced at -1 litoshi.

That is why I think that in some specific cases ICO's are not a bad thing. The world is running with investments since the beginning.


How about if we think about the idea first and then for the money involved? With that way of thinking many projects should not start at all.... cryptocurrencies included.

Well a project costs virtually nothing to run and then to develop on, if someone can't maintain costs to the point where it is self sustainable then that person shouldn't be developing on the project. Raising 30k funding for whatever project doesn't mean it would be used wisely even if it were spent on development.

I am completely agree with you, but in order to achieve that you must have money to start. Let's say you have some funds, good ideas and such, but those coins/your project are/is worthless (people are not buying it). I am not going to teach you on how much funds a project could require if we assume that you are failing for let's say months.

You don't really need an ICO, if you launch without one you can just wait until the initial mining dump finishes and begin buying, you could easily get 15-20% of the Coin for cheap and then just continue developing on it and you get the best of both worlds. If you launch without an ICO and buy from the market and are able to buy larger amounts then you would have had to buy from miners/stakers so assuming there was no deception, you can attain more than what could have been had by premining and can resale or give those Coins away to help stimulate development without having to worry about the accounting of it.

short answer : real world investors think this whole bitcoin movie as a "game"



weeeee

I. S. O. = initial scam offering !!!

;-)

haaaa

"devs"

It does not take skill to copy and paste some source code and make some minor edits. Believe me, there were many more useless altcoins being made in 2014. I named my refresh key "The Virgin Mary" because every time I pressed it, it seemed to give birth to a new bloody altcoin.

I said it number of times before, I'll say it again - there is nothing wrong in ICO's as long as the money are used properly. But there must be more threads like this! Please understand that many capable coders and people with visions beyond of making some extra quick bucks are not well funded and their voice often remain unheard. This is happening, because of the one simple fact - people's greed. Thing is that many people are buying into the ICO's, because they know (let's face it - many ICO's were successful and people got chances to sell higher than they bought) that they will make profit, no matter if that profit is from screwing the average Joe who was naive enough to buy and hold. The simple fact is that people are buying to make quick profit - not because they want to support the given project, or cryptocurrencies for that matter. And the "devs" who are running them knows that!

Ask yourself why people (we are talking about the average Joe who is naive enough) are investing in ICO's and they are losing in 95% of the cases? Because they are sheeps... thats why! Instead asking themselves: "How the guys behind this project will sell the idea to the world.", they are buying roadmaps and fancy promises. Why are you not buying and supporting coins which are currently existing? Because they probably can't buy you a yacht that fast.

As for the scammers who are lurking in here... most of you have no idea. If you believe that let's say 2 people are behind 20 coins - you will be wrong. The situation is much worse than you think!

the problem is not devs that make pump and dump ico scam coins, the problem are the users that still invest and lose money to them.

No people investing in scam coins = no more devs launching scam coins

Www.litecoin.com

The ICO thing would happen regardless so if there is a lot of scam ICO's then there aren't people investing in new Coins because of that fear or will question why. More investment would then flow into existing projects rather than being spread out into new ones.

Remember, remember, the Fifth of November, the Gunpowder Treason and Plot. I know of no reason why the Gunpowder Treason should ever be forgot...

If people keep buying them, then people will continue to make them. 

I think this is one part responsibility of exchanges too, because they are supporting those coins and those devs, so if coin fail they need to give back invested money to people !
I think that Devs when decide to make an ICO have to make POM, Proof of Money, without money and future investing, making a wall to protect the price, you don't have nothing to do here, better don't do nothing except f*** all of us !!
That has to be regulated by the law because this is serious thing !
But I have to say, today Twelve coin is very good example how ICO has to be done right, they put Buy wall in place for 5 days of 8 BTC and probably they are buying just to make a moving.

Good idea except it is too easy to exploit.


Then that mod will be promptly accused of being incompetent if he doesn't let a legit coin through and get called scammer if he let a scam through. Or he gets bribed or just even accused of bribed and we're back to square one. If one person could decide what is a scam and what isn't then Proof of Developer would still be a thing.


I think it's just the amount of people who like to gamble with terrible odds are the ones generating enough profit for ICO scammers to keep pushing out new ones. Or who knows, maybe the scammers are just creating the illusion selling their ICO's by buying their own coins to encourage others, it's not like they lose anything doing that anyway.

Well, my idea is to create an application process for a new announcement thread. if the application is not an obvious scam coin then a mod will allow to post the announcement.

Most cryptocurrencies are programmed in the proverbial basement, in people's spare time, and yes this even applies to the 'big projects' which took investments exceeding $500,000.

Everyone treats the market like their coin is going to be worth billions within the year (or 5) but, in all honesty, there's no guarantee of anything.  There should only be PoW (albeit this isn't necessarily fair anymore due to the capital costs to get involved) and forum based or identity based distribution.

Next time you hear a dev say they need tens of thousands of dollars to code a coin remember these guys made a bomb-ass special fx laden movie for $1000
and got it on the shelves in Best Buy

https://www.youtube.com/watch?v=mISUM0qvFTQ

I am still wondering why Hero members havent bombard that Placebo guy with negative trust!? Maybe it is time to do so? Newbies should be protected by those sharks imo.

Because it would happen anyway outside of bitcointalk and bitcointalk probably doesn't have the resources to investigate and enforce such rules nor they want the drama that's following bans and accusations.

This forum is just a tool, not an authority figure. Same as exchanges, people blamed them a while back for adding all kinds of shitcoins while they are also just a tool which can be used in different ways.

If I had to guess I'd say the guys behind bitcointalk would probably rather close the whole altcoin section before spending time and money starting to govern shitcoins individually and I wouldn't blame them.

One of the reasons this forum is as big as it is because everyone can say whatever they want. People just need to learn how to swim in these muddy waters that is the altcoin section.

yup

Why can we sell accounts here?
Why can people have unlimited accounts here?
Why is bitcointalk not doing anything? How hard is it for Bitcointalk to hand over the scammer info to the authorities?
Why is all of this illegal in the real world but not here?
Why do we let this happen?

Maybe it's time to kill bitcointalk alt section and start a new forum with some values and rules.
Only we can change something here!

Yes there is for sure only a small amount of them doing them, the guy/s stated above are some but lets not forget the king of ICO scams mr bobsurplus and his little crew of degenerates and shills. I used to love being here in the alt section but very rarely do I sift threw all the crap now. Voted Yes 

Revolution!

blood on streets....

Lemming! because of this altcoins are dead.

When new people join crypto and they get scammed they will leave.

When oldfags get scammed a few times they will leave too.

Result = dead dump markets.

Why would you care?
Just don't buy.

I do not have one. Have you seen your own link?

FYI I am into mining since 2012. In 2012-2013 this was a pretty nice place to come with a lot of above average intelligent people who had good ideas about the future.

There were nice coins, with dedicated devs. It was nice to mine.

Now this place is like toxic waste. And we let it happen. It's a shame! It's time for a big cleanup! We are the community, we decide what coins are welcome here and what coins need to fuck off!

Nope.

He was posting virus coins?

OP is junior account and probably thinks this stuff only started to happen after he pressed the registration button.  Even before I registered on BTT, there were all sorts of IPO / ICOs / Scams from early 2013 (before the $1250 boom) for alternates.  That's not forgetting about BTC itself which also had various scams before 2013 which took up to then 6 figure amounts (worth a lot more today).

Some people got prosecuted but most have never been - I suspect most of the scammers are waiting for the statue of limitations to end (5-7 years in many countries for this kind of crime) before they can safely cash out as multi-millionaires.

the instant warnings you guys give im sure are already helping.  people need to learn not to give money to icos, period.  a dev who cannot get his own funding is likely a) a scammer or b) incompetent.  there are plenty of proven, competent devs out there.  getting 'merely' a 20% return on a two-month old investment is actually really good unless you think buying lottery tickets is sound financial planning.

They are probably 90% from placebo, I always had requests from him via PM for adding a pool for his ICO scams until it became too obvious at some point and I stopped adding his coins - he's now basically pissed and already on my ignore list.

I'll post some warnings about him and his (pseudo escrowed) coins.

Most of these are either alecrypto and/or placebo

Lame way to advertise your signature link.

they really need to fuck off.

If you fail to see the scam when a 'dev' takes opensourced coin code, re-brands it and then tries to sell it to you, then you deserve to be left with no btc.

"devs" more like spend 0.025 on some photoshop for the ann

More like people need to stop buying into retarded ICOs.

Wise words

It is probably one or two persons who are doing this over and over again.. Same like the Virus guy(s)..

As long as it is working, they will keep doing it...

You are right. But this post is useless and on wrong section.

This forum is becoming a joke! Please vote to let the scam devs know we are done with this shit!

Do you think devs need to fuck off with their useless ico scam coins?

I mean how many more times before you fucking lemmings wake up?

https://youtu.be/K91WIBsKu_Y 

Time for an altcoin revolution!