Topic: So the AsiaCoin scam has now taken us to a new level....welcome. (Read 2098 times)

Spot on.

I for one am just a code junkie so I always read the new commits from a coin and never dabble in a coin that doesnt fork one of the well known coins out there.. There are only a few reasons someone would want to launch a coin idea from its own repo and scams are usually the main focus. Because like you said, no one wants to read the code even if its right there infront of you, for good reason, its thousands of lines long.

What about AsiaCoin attracts you?
Where do you see AsiaCoin going in the next few days? week(s)? month(s)? Do you think AsiaCoin really has a chance of having a valuable year+ lifespan?

I'm only about a week or so into the game so I'm not really qualified to answer many of these questions and I only came across AsiaCoin as a matter of chance so it is my first true (alt)coin experiment but I am curious as to what others feel about the future of AsiaCoin.

When was the premine discovered?

I hope all of you can watch all the scam.After all, money is not easy, do not be deceived.

Being in the Altcoin arena for the past 9 months, I have observed scams, blackmail, theft, bribery and more. It seems like the whole system is rigged, controlled by the few that have most of the BTC.  But, I'm still here, swimming with the sharks and taking what scraps they leave behind.

Oh, you want a cryptocertification board?  Like Altcoinherald and Cryptocurrency times?  The blogs that tell you coins with 0.5% premine are scams, then tell you buy Darkcoin where the dev somehow erroneously sets the blocks to 500 instead of 50 and mines a million dollars worth of coins the first day?

https://bitcointalksearch.org/topic/m.6628275

In the best interest of all people are chasing, fraud or not.

whats it going to be next?

To let everyone know, is not a scam.

I don't think a 'certification program' is idiotic, ...  It bothers all because it goes against the beloved hippie "decentralization" concept.
If that is the case,  maybe don't see it as a mandatory thing but as an optional step that some coins can do with a third party service in order to provide security,  similar to a PCI compliance certification. 

so few get this

Who has at least 12-15% of the BTC?
How did they get all those coins?

and

Why do all alts rise and fall with btc?

We are [alt communities]

All anti big guys mining and controling within but few point to the well document facts of the BTC realm.

But our day will come my alt friends.  Our job is to have fair and sqaure alternatives to the BTC fiasco.

The get rich quick coins schemes started long ago with feather coin.

This is awesome. All new coins are garbage get rich schemes. Smart money invests in the older currencies and doesnt let their coins sit on an exchange.

No SEC. No FDIC. No central bank. No audits. No rules. No regulations.

Put simply, exchanges don't have to do shit. They don't have to answer for shit. They don't have to tell you shit. They can be the most corrupt greedy bastards on the planet, steal all your coins, and simply walk away. And the best part is, you can't do shit about it.

Welcome to reality friend. The exchanges are going to do whatever the hell they want to make the most money. If that means taking a percentage by posting a known scam coin, you can sure as hell bet they'll do it. They can/have/will straight-up lie to your face. What are you going to do about it? Take your coins elsewhere? Go ahead....awww....are you having withdrawal problems? Well golly gee will get someone to work on that right away! In the meantime you can try visiting our new site: 404 Not Found So Fuck You And Thanks For The Coins.

Treat exchanges and new coins like they're being run by greedy assholes with no morals and no laws. You'll be a lot better off.

If you don't read the code you compile it doesn't change a thing.

I do not read the code I compile, most people don't read the code they compile. Most people (me included) expect someone will do it. Scammers know all too well these facts.

Open source gives a false feeling of security. Openess is worth nothing if it is not checked.

That's why open source software is secure ONLY if it is popular. And no altcoin less than 3 months old is popular enough (and 3 month old is very optimistic);

this is an idea that smacks of effort, centralisation, and bureaucracy.

people design asic-resistance into coins, but no person on earth can design greed-resistance into unregulated cryptocurrency.  the only reason why there was any kind of 'scam' in asiacoin was becuase people decided they could make some quick cash.  those bagholders got exactly what they deserved because any get-rich-quick speculator is either ignorant or in denial about where the value of a new coin comes from:  other fucking bagholders.  can't 'certify' against ignorance.

a 'certification program' is idiotic, because the user that would find it most useful essentially abdicates whatever minimal,personal responsibility to do their own homework and due diligence into an investment.  the complete lack of research most do before real time and cash into a project is fucking astounding.  can't 'certify' against stupid.

protect yourself with a 'self certification' - your bullshit detector is simple, and its effectiveness has long predated the beginning of alternative blockchains and currencies:

1. use some common sense - get rich quick schemes are zero sum at the expense of a bagholder.

2. use some common sense - if it's too good to be true, it probably is.  stay the fuck away from 'too good to be true'.  

3. use some common sense - for fucks sake, stop buying currencies on speculation, and start mining it with hardware you can break-even on.

4. use some common sense - if you can't vet the source code yourself, stay the fuck away.  that means missing out on most initial mines.  

5. use some common sense - stay the fuck away from 90% of the existing exchanges.

5. use some common sense - use your fucking common sense.

there's many more good ideas floating around, but these are the main ones off the top of my head.  

We need to establish a coin code certification program, would basically be community managed and funded we can hire a team of coders to inspect and certify that the given coin code is free of malicious modifications.

What do you all think ?

Scam coins could be a good thing. I don't know about Joe down the street but I look a lot harder at proven, established coins now. Sure the profits are smaller and take longer but at least you know the coins going to be around next week.

qft

Blinded by greed everyone got owned hard.

So funny 

The thing that I find most bothersome is that exchanges never vetted the coin, evidently. I also don't know how the coin got listed on the bigger exchanges to begin with, unless money changed hands.