Topic: Is Fraud and Scam killing the Altcoins? (Read 653 times)

well said article. altcoins should be regulated. i think exchanges can do something against this scammers. shitcoins are mainly trading through the exchanges. if they can control these shitcoin listing , then it would be really helpful.

It won't kill altcoins but investors will be more picky after all these bad things. Yes there are quite obvious shady icos but it shouldn't damage working powerful ideas of new platforms especially assets.

Bitcoin, here sits outside altcoins. And similarly it would take larger time and testing for altcoins to make their own impression.
Though still argued, Ethereum had stood itself up. And coins like BCH and Monero following them.

This explains why the alt coin markets have been so robust and prolonged. You can see scam everyday but you also see other altcoin that we can see very huge spikes in short term. Fraud and Scam can't kill the altcoins.

They won't kill.
But they would prevent investors with little knowledge about alts to jump on them.
It wouldn't affect the reasonable investors though.

They won't kill anything off, but they will lead into more regulation along the way, thus probably lowering the amount of absolute garbage - which is actually pretty good deal. Good ideas and products will always come up and survive, while bad ones sink.

They should be more concerned about dangerous fake media and crooked journalists than the young ICO market .  This thing will sort themselves out whether governments is involved  or not. This's probably an opportunity for top notch Regulatory Crypto Companies to be launched. The purpose of such Companies will be to thoroughly review ICOs & charge them some fews. ICOs participants will avoid ICOs that don't pass through the review.

The problem with governments regulating ICO is that those that are threat to them will be labeled as scam. Cryptocurrency can be self-regulating. The tools are there already unlike 20 years ago when everything was under government control. Politicians have failed the World ,it's time they step aside & let smart people do the job.

ICO = scam

As soon you folks will understand this, you will be safe.

Not 1 ICO delivered what they stated in white paper!

It's a bit similar to stocks. There are good and bad ones. Expensive stocks and penny stocks. And most of the penny stocks are scam and fraud (pump&dump). But there are a few "pearls" between all the thousands of cheap assets, undervalued companies with great potential. Our job as a trader is to find out which companies are worth to invest in and try to ignore all the rest.

Altcoins have been doing extremely fine dude, check the charts... They're even outperforming Ethereum and Bitcoin, the two main coins on a given period...

Fraud and scams will make it so that ICOs have to provide more value in the future to attract investors... I dont think people are gonna keep shelling out money for vaporware for much longer, they're bound to learn at some time lol

This is very normal in the financial market and it is no longer a strange thing for investors. As a result, they have more knowledge and experience to determine before deciding to invest in a project. The ICO will never stop until all ideas are exhausted

Yeah, scams exist everywhere, but i am more interesting on this

I have tried to make my own token, I have published a press release about doing an ICO, and the sharks contacted me.
- fake video in a fake office with actors: no problem.
- 40 pages of glowing audit on anything you want: no problem.
- your press release on every twitter, ico alerts etc... : no problem
All you have to do is to pay. $3000 here, $4000  there... with a $20,000 budget you can make another ICO about anything, and get everywhere, with an actor posing at you, in a big office and many people you don't know.

Do people offer such service just to launch a fake ico and etc?

ICO helps start-up quickness until financing. However, as fraud increases, means to ensure regulation or transparency is necessary. That slows the speed down. The original advantage of ICO is lost. Need a framework that is not governed by the government to see SCAM. Unfortunately, there is no good idea

I've almost fallen victim to Fraud -

And it lead to my hesitation of MCO....

Altcoins are too hit and miss.. especially for nubs like me

This community should be able to sniff these projects out. EVEN with whitepapers, fake user accounts, videos, and everything else that they would have control over, they would still need to have many trustable people believe in them. The threads that keep tabled the scamcoins, the scammers, will always be updated and if people are getting scammed by these companies, these aren't the ones who coin altcoins alive.

Those who know what they're doing keep this market moving.

SURE they are and also killing other great concepts that are in their early stage. I recently read a comment on LinkedIn saying that ... a few ICO guys recently spent and re-invested their proceeds in other funds and traditional commodities. With also heard some fled to China, and bla bla bla. This shitty would continue and it's killing other good projects with great potentials.

Today the SEC sent an alarm again about ICO pumps and scams: https://www.coindesk.com/sec-warns-public-companies-using-icos-pump-stocks/

As a day trader, I can see it everyday, scam after scam, the altcoins are in suicide mode.

Today we reached the higher capitalization ever, thank to ETH going up to $360, but on the altcoin side, there is nothing happening, no money to make. Why?

Investor do not trust the altcoins anymore.
- Gnosis, prediction market my ass! Today's volume is 0.002 BTC and it is amazing because usually it is 0.00, the reason? There are only 2.49 GNO to trade! This thing is dead, and it is just a matter of time until it is delisted from the exchanges.
- SNT, Status who almost crashed ETH, same team, same scam... so the small app worth a couple thousands $ to develop is sending ETH. Wow, they call that an OS? And Gnosis will be included into this thing Q4 2018? What a joke, if Facebook or Whatsapp decide to include ETH they will do it better and smarter, nobody is going to switch to Status App apart the couple thousands of idiots who are still holding their tokens...  Check the SNT value! This time they decided to give all the tokens in the hand of the traders, billions of tokens, and they are worth nothing.
- EOS: best scam of all, raking from BTC, ETH everything, they are hungry of your money, massive amount of money in their pocket for what? A bunch of bs papers and another coin. Do anyone need 300 Million $ to modify the Bitcoin or the ETH code and make another coin? Scam, the EOS token is worthless even before the end of the crowdsale.

Simply said stay away from these teams of scammers, their company is in Seychelles, their videos are fake, everything is fake, there is no traceability. It is modern robbery at its best.

etc.. etc...

I have tried to make my own token, I have published a press release about doing an ICO, and the sharks contacted me.
- fake video in a fake office with actors: no problem.
- 40 pages of glowing audit on anything you want: no problem.
- your press release on every twitter, ico alerts etc... : no problem
All you have to do is to pay. $3000 here, $4000  there... with a $20,000 budget you can make another ICO about anything, and get everywhere, with an actor posing at you, in a big office and many people you don't know.

All these Russians scammers are killing the altcoins, real investors with real money are not that stupid, they are out of the game, hence the volume that is awful. They are not going to invest in scams, and white collar video with fake offices and actors do not impress them.

The dude who is trying to get rich with Crypto is the one who loose.

In the trollbox: buy this, buy that.The scammers are motivating the crowd, and when the coin get high, these same people are selling their ICO coins or their millions of self created coin in exchange of the wedding money of this dude who do not understand the game.

So Altcoins need to be regulated or big money will stay out of the game.

Do your research, invest in real business models that can make real money, check that the people are real, have an office and are working.