How to deal with the big amount of possible upcoming scam ico's in future? - page 3.

VTS

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Quote from: maursader on September 03, 2017, 01:39:50 AM

Simply ignore them and they will disappear. They key to success or not to fall in this ico scam traps is a extensively due dilligence. The following check list may help to find out if the respective ico is legit or not:

Is the team staffed with sectors insiders and/or crypto legendarys?
Are the team members presented with real names or nick names? Avoid nick name only projects.
Is there already a product in alpha or beta stage?
When were the latest software development updates? Check Github or similar
How many followers does the project have on Twitter?
Are the devs or community managers active in Bitcointalk and/or Slack?
Is there a hard cap? Avoid non capped icos.

I agree with all the things you are saying BUT

"Simply ignore them and they will disappear." <<< The problem is many people will potentially loos already money until they disappear...

maursader

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Simply ignore them and they will disappear. They key to success or not to fall in this ico scam traps is a extensively due dilligence. The following check list may help to find out if the respective ico is legit or not:

Is the team staffed with sectors insiders and/or crypto legendarys?
Are the team members presented with real names or nick names? Avoid nick name only projects.
Is there already a product in alpha or beta stage?
When were the latest software development updates? Check Github or similar
How many followers does the project have on Twitter?
Are the devs or community managers active in Bitcointalk and/or Slack?
Is there a hard cap? Avoid non capped icos.

VTS

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Something like a community driven audit service!

VTS

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Quote from: HardFireMiner on September 01, 2017, 04:05:04 AM

Quote from: ?? on ??

Quote from: HardFireMiner on September 01, 2017, 01:55:27 AM

Quote from: Herbert2020 on September 01, 2017, 01:09:26 AM

Quote from: HardFireMiner on August 31, 2017, 01:27:45 AM

You see, in the past a scam would never be profitable as it would have never gain traction and support of the community.

times change. shitcoins are not on the 2nd rank of coinmarketcap.com Wink

Quote

So, you think Litecoin is a scam? It is a clone of bitcoin, not even the first one.

no, i am just pointing out that coming up with guidelines like this is flawed. there are always exceptions to the rules. and in case of Litecoin, it is not scam, but at the same time it is not really doing anything special either. despite being profitable!

Quote

Man, it's not minable - it's a scam, you will get to this sooner or later, no offence.

You mean it IS scam in its nature or will be threatened like scam by people?

It is scam by it's nature, the numbers are drawn, unreal. Why that number of coins and not 0.1% just? Or more hundred fold? Why not make it minable? Why do miners need to buy the "coin" and not mine it?
What is the limitation? I mean you can make the exact same coin and make it minable, but in this case, you can't premine, or at least in past you couldn't, people will throw it in the garbage can. Non-minable coins are just a brand new pyramid, ponzi scheme.

Thx for elaborating this and allowing pre-mining contains the same high risk to be a scam.

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Quote from: quentincole32 on August 30, 2017, 12:53:53 PM

Quote from: HardFireMiner on August 30, 2017, 12:50:24 PM

A few triggers can help you:

1. It's an ICO? 100% scam
2. It's premined? 100% scam
3. It's not minable? 100% scam
4. It's a clone of another coin? 90% scam

Hope this helps and I also hope you guys have some brains to choose a few nice, fair, decentralized coin to invest your money and not all those shitcoins.

Nailed it.

Pfffft. Shitcoin or no shitcoin, as long as you know what you're doing in trading, and the 'shitcoin' has good volume and liquidity then you could make some profit trading them. It's all about trading well and having a strategy. If you don't know what you're doing then you're better off holding everything in Bitcoin.

... Or just save your money in fiat, safe in your bank account. It's always gonna be your fault why you're losing value.

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Quote from: ?? on ??

Quote from: HardFireMiner on September 01, 2017, 01:55:27 AM

Quote from: Herbert2020 on September 01, 2017, 01:09:26 AM

Quote from: HardFireMiner on August 31, 2017, 01:27:45 AM

You see, in the past a scam would never be profitable as it would have never gain traction and support of the community.

times change. shitcoins are not on the 2nd rank of coinmarketcap.com Wink

Quote

So, you think Litecoin is a scam? It is a clone of bitcoin, not even the first one.

no, i am just pointing out that coming up with guidelines like this is flawed. there are always exceptions to the rules. and in case of Litecoin, it is not scam, but at the same time it is not really doing anything special either. despite being profitable!

Quote

Man, it's not minable - it's a scam, you will get to this sooner or later, no offence.

You mean it IS scam in its nature or will be threatened like scam by people?

It is scam by it's nature, the numbers are drawn, unreal. Why that number of coins and not 0.1% just? Or more hundred fold? Why not make it minable? Why do miners need to buy the "coin" and not mine it?
What is the limitation? I mean you can make the exact same coin and make it minable, but in this case, you can't premine, or at least in past you couldn't, people will throw it in the garbage can. Non-minable coins are just a brand new pyramid, ponzi scheme.

HardFireMiner

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Quote from: Herbert2020 on September 01, 2017, 01:09:26 AM

Quote from: HardFireMiner on August 31, 2017, 01:27:45 AM

You see, in the past a scam would never be profitable as it would have never gain traction and support of the community.

times change. shitcoins are not on the 2nd rank of coinmarketcap.com Wink

Quote

So, you think Litecoin is a scam? It is a clone of bitcoin, not even the first one.

no, i am just pointing out that coming up with guidelines like this is flawed. there are always exceptions to the rules. and in case of Litecoin, it is not scam, but at the same time it is not really doing anything special either. despite being profitable!

Quote

Of course, everyone has their own guidelines, but a non-minable has nothing to give it value, with mining we have POW and this solo gives already value. What gives value to a non-minable shitcoin?

the value of a coin does not come from its mining. the value comes from its usage. if the coin has something to offer then it is valuable. of course it is debatable that what the coin offers is really useful or not, since none of the altcoins have yet gained any foothold in the real world!

as an example of a non-minable coin i can name Byteball.
it is not at all a shitcoin, it can not be mined, and it has one of the highest values (price).

Man, it's not minable - it's a scam, you will get to this sooner or later, no offence.

VTS

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Quote from: Herbert2020 on September 01, 2017, 01:09:26 AM

Quote from: HardFireMiner on August 31, 2017, 01:27:45 AM

You see, in the past a scam would never be profitable as it would have never gain traction and support of the community.

the value of a coin does not come from its mining. the value comes from its usage.

I would like to see more of such non-mineable coins... compared with pre-mining coins I would trust non-minable coins a little bit more. But ofc cannot be generalized, tho. It just gives somehow a plus feeling when checking a coin... duno, maybe just to me :-))) And it is ofc no factor to spot a possible shitcoin tho..

Herbert2020

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Quote from: HardFireMiner on August 31, 2017, 01:27:45 AM

You see, in the past a scam would never be profitable as it would have never gain traction and support of the community.

times change. shitcoins are not on the 2nd rank of coinmarketcap.com Wink

Quote

So, you think Litecoin is a scam? It is a clone of bitcoin, not even the first one.

no, i am just pointing out that coming up with guidelines like this is flawed. there are always exceptions to the rules. and in case of Litecoin, it is not scam, but at the same time it is not really doing anything special either. despite being profitable!

Quote

Of course, everyone has their own guidelines, but a non-minable has nothing to give it value, with mining we have POW and this solo gives already value. What gives value to a non-minable shitcoin?

the value of a coin does not come from its mining. the value comes from its usage. if the coin has something to offer then it is valuable. of course it is debatable that what the coin offers is really useful or not, since none of the altcoins have yet gained any foothold in the real world!

as an example of a non-minable coin i can name Byteball.
it is not at all a shitcoin, it can not be mined, and it has one of the highest values (price).

VTS

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Yes, the audit of a ico could only work if "reputable" community member would sit in the committee! If there would be only noobs, there would be no trust factor. And the extra trust factor is actually the point of all this.

viewly

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Quote from: VTS on August 31, 2017, 10:42:36 AM

Quote from: viewly on August 31, 2017, 10:39:40 AM

Would be nice to have a web site that does ICO investigations. The problem is that there are so many popping up daily that its physically impossible for some people to verify all of them. It can take long hours to do in depth research on a single ICO.

a sub-forum here would do.... but the main problem is who will be the people doing the audit, giving the opinon, so on...
what model could work to not suffer from corruption... so on so on

That's true as well, it could get rigged fairly easily and biased unless the people behind it has some sort of reputation behind it.

VTS

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Quote from: viewly on August 31, 2017, 10:39:40 AM

Would be nice to have a web site that does ICO investigations. The problem is that there are so many popping up daily that its physically impossible for some people to verify all of them. It can take long hours to do in depth research on a single ICO.

a sub-forum here would do.... but the main problem is who will be the people doing the audit, giving the opinon, so on...
what model could work to not suffer from corruption... so on so on

viewly

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Would be nice to have a web site that does ICO investigations. The problem is that there are so many popping up daily that its physically impossible for some people to verify all of them. It can take long hours to do in depth research on a single ICO.

VTS

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***UPDATE***

List might be the wrong attend!

>>> The current thought is community driven audit of coins and icos to prevent scam! Example: Before some1 issues an ico he could ask for audit and if the audit passes he could get a a badge... something like that, to increases trust.

1. There should be a committee democratically voted with min. 20 persons (to avoid corruption)
2. Applying for audit is based on the free will of an issuer
3. There are no hardcore regulations and no legal aspects
4. Its something like a professional opinion from chosen community members that adds extra trust and adds a little process to "separating wheat from chaff"

Well all very theoretically and for sure contains many problems in it in that state...

VTS

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Quote from: viewly on August 31, 2017, 01:43:51 AM

Its not shitcoins we need to be worried about, there are tons already with no volume and garbage market caps.

Its the phony ICO's that need to be dealt with, warnings to the community need to be done. Raising of capital for bogus projects need to end.

agree! ^^^ coins and ico's

viewly

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Its not shitcoins we need to be worried about, there are tons already with no volume and garbage market caps.

Its the phony ICO's that need to be dealt with, warnings to the community need to be done. Raising of capital for bogus projects need to end.

VTS

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Quote from: VackFromOhm on August 31, 2017, 01:39:18 AM

I think it would have to be a team of people that run their own site and that is ALL they do. They'd have to basically write essays with comment threads allowing people to counter-argue and they'd have to implement this into their research and even then, it could still be considered an opinion. I think that this isn't a bad idea though- I'd like to go to one third party place where people write basically essays explaining why they think a coin is a scam. I don't think they should say a coin ISN'T a scam, and just keep their energy on trying their best to find the evidence that a certain coin is a scam. If there isn't evidence that it is a scam, that doesn't mean that it isn't. I think that having a single place to go to could actually be a thing, though. scamcoins.net?

as long as it is run by a punch of reputable community members that get somehow voted from the crowed in the committee that evaluates coins or better said give an opinion scamcoins.net or coinreview.org >>> is worth a deeper thought...

VackFromOhm

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It's turtles all the way down!

I think it would have to be a team of people that run their own site and that is ALL they do. They'd have to basically write essays with comment threads allowing people to counter-argue and they'd have to implement this into their research and even then, it could still be considered an opinion. I think that this isn't a bad idea though- I'd like to go to one third party place where people write basically essays explaining why they think a coin is a scam. I don't think they should say a coin ISN'T a scam, and just keep their energy on trying their best to find the evidence that a certain coin is a scam. If there isn't evidence that it is a scam, that doesn't mean that it isn't. I think that having a single place to go to could actually be a thing, though. scamcoins.net?

xenomorphe1

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How to know if a coin is a shittcoin or not? I think you can't.
It is only when the coin gets some value and is tradable then it is not a shittcoin. But for some people it may still be a shittcoin.
It depends a lots of the opinion of each person. There is still a lot of shittcoin which are still tradable and for years.
For some coins, you can have a better marketing. And for some a simple presentation. But it is only if the coin is used and accepted that the coin is not a shittcoin. At the beginning every coin is shittcoin.

HardFireMiner

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Quote from: Herbert2020 on August 31, 2017, 01:04:32 AM

Quote from: HardFireMiner on August 30, 2017, 12:50:24 PM

A few triggers can help you:

1. It's an ICO? 100% scam
2. It's premined? 100% scam
3. It's not minable? 100% scam
4. It's a clone of another coin? 90% scam

Hope this helps and I also hope you guys have some brains to choose a few nice, fair, decentralized coin to invest your money and not all those shitcoins.

this is exactly the issue.
you come up with some guidelines like this or anything similar then it becomes "just your opinion". for example i agree with 1 and 2 but not 3 and 4.
a not-minable coin doesn't have to be scam.
and a coin that is clone of another coin is 100% scam.

and that is just an example.

on top of it, i am only in it for the profit. a shitcoin can also give me profit. scam or not scam doesn't matter when they get pumped 300% in 2 days, it can give me the same amount of profit than any other altcoin can.

You see, in the past a scam would never be profitable as it would have never gain traction and support of the community.
So, you think Litecoin is a scam? It is a clone of bitcoin, not even the first one.

Of course, everyone has their own guidelines, but a non-minable has nothing to give it value, with mining we have POW and this solo gives already value. What gives value to a non-minable shitcoin?

Topic: How to deal with the big amount of possible upcoming scam ico's in future? - page 3. (Read 2675 times)