Topic: ScamCoin. the demise of altcoins (Read 1259 times)

I rather own 5 btc and 100 Ltc then own a million of a crap scamcoin

Totally agree, I was here long before it got to this sad state of affairs.

I can't afford bitcoin, investing long in LTC.  Just dabble in the other stuff for fun, I mean where else can you own a million of anything... ?

These scams all started back in April 2013 with Feathercoin, back then this section was actually  useful and had Litecoin mining guides etc...I feel very sorry for noobs who buy any coin promoted in this Alt section .


the only coins worth investing in are Bitcoin and Litecoin

Making this a Sticky Thread on the alt forum here will go along way towards helping us sort out the Scammy-ish from the Genuine-ish coins.

https://bitcointalksearch.org/topic/newbies-40-scamcoins-for-you-to-avoid-370807

People should know there never will be a new bitcoin that you could make a millions with a few thousand invest.

I like altcoins and i play with them alot,but i also know i wont get rich with them.Its just pocket money.Atleast in my country.

Well, a lot of people will make money and a lot people will lose money. It will be interesting what happens when some ScamCoins go to zero. Eventually there will be some solutions.


This is a judgement by one person (not the market). If you're right with your judgements you can make money in the market, and the market as an aggregate will be either right or wrong. But some groundrules for altcoin exchanges might make sense. Say exchange A allows all coins, including ScamCoins and exchange B limits itself to a certain set. If B's scheme works better people will realize this over time.

 I don't see how the hashing power argument could be formalized, so that they are not debates around it. Opinions vary a lot. For instance this would mean Proof-of-Stake = Scam, which I would not subscribe to a priori. Also I'm really sure it makes sense to speak of mining power per se. Any future alt-coin IMO would have to break the mining power, so that the old hashing power becomes not applicable.

The only rule I can see which is obvious is the opensource requirement. One can think of many others. At some point there will be probably be same kind of layers similar to stock markets.


Sounds like the guys at Goldman Sachs. I think we can do better than that. Not by regulation, but by using trust protocols.

You mean people would be dishonest to make a buck ?


Who knew.


Buyer beware as with anything in life. If people do not take some time to research then they deserve the results.

most new alt coins are traps for noobs' money, be careful

There are plenty of people losing money as well, this is just a zero sum game.
A lot of people new to the scene hoping to be just like those early bitcoin adopters they read in the news.
Exploiters see this as a way to make easy money and the rest is history.

Scamcoin, no scamcoin...whatever. There is plenty of money to be made on altcoins.

Maybe it is more the exchanges that are the scammers really, since in some cases the authors of a new coin might not know for sure exactly how much dedicated hashing power they will be able to secure their blockchain with until they actually show it to miners.

But the exchanges are in a position to see whether a coin has at least half of the CPU power or half of the GPU/FPGA power or half of the specific type of ASICs the coin is mined with when deciding whether the coin is sufficiently secure - that is, has enough hash power of its type that it cannot be 51%-attacked aka 50+% attacked - before listing it.

Any coin which does not have enough mining power to be secure should not be listed, as listing it is basically simple a scam to scam people who do not understand how blockchains are secured out of their money.

-MarkM-

If suckers continue to buy the new coins, they will never stop.

Well, I guess I was right about the opensource part. Nxt is one file with 6000 LOC, without proper line formatting. This would be funny, but how many millions does this destroy? I guess that's what you call the "free market".

I'm not saying what is a scam. I'm pretty certain that soon millions of dollars will be destroyed, and the platform enables that. Anyone who is serious about Alternative Cryptocurrencies will have to go elsewhere, otherwise people will attribute with Alt-Coin = Scam. The concept of Alt-Coins is being diluted to Zero.

We're in that phase where altcoins are still a big novelty, so there will be a lot of crapcoins until some smart people come along and start releasing better altcoins.

There are a small handful of promising altcoins, and although it's hard to find them in all the muck, I think it's more profitable for those among us that knows how to pick a winner. I think things will improve considerably once the bar is raised, but it's early days.

Right now I'm only aware of one glaringly massive scamcoin. The others are more subtle.

Why is everything apparently a scam??

Everyone is so quick to call what they don't like a scam

Some of the Alt-Coins I respect, but overall this is turning into pure scam. I think what is needed for alt-coins to emerge that make sense are some basic ground rules, which are enforced on a platform. Otherwise this section of bitcointalk, as a platform, is diluting the concept of alternative Cryptocurrencies into obvious fraudulent schemes. At the very least (IMHO):

Rule R1: the source code should be open, before binaries are distributed
Rule R2: pure forks without a single line of own code should be disallowed
Rule R3: some basic unittests should be passed