Topic: Stop shielding Scam,fake, or unproductive altcoins project (Read 649 times)

Scammers really knows how to persuade people, they can tell you things that can make you believe in them most especially newbies. Scammers will do everything in their capability to make the project as legit looking as possible to attract investors and then promise them almost impossible things that is why if you are introduced to a project make sure you know everything about the project and research it whether it is true or not, if they promise something that is too good to be true then most likely it is a scam.
As an investor, it is our responsibility to be wise and cautious all the time and make sure our investment or money is in good hands. Don’t just fall for something that you are not sure before regretting it in the end.

Lately there has been soo many projects that looked legit that turned out to be just "lazy" people that (I don't buy that they are lazy, if you get millions of dollars for something you work for it) I can't really blame people for falling for a scam project. I mean if the owners of a coin that gets funded for millions of dollars, doesn't run away, doesn't do anything bad, and even talk with people on discord, telegram whatever and just is a lazy person who only expects the community to get the coin bigger, what could you possibly do something about that?

There is really not much you can do against a lazy person. So, the communities that see a good coin that has a great potential that is going to waste sometimes defend them but they should just let it go. I don't want to even talk about the ones that defend seriously obvious scam ones.

So far, searching for an honest project to invest your money in it has become like finding a white crow, with the large number of new altcoins projects that turn into a scam or fail or that do not fulfill their promises, investment and work in cryptocurrencies has become difficult for the investor and for the bounty hunters,  We should all stand together in the review of new projects in an Announcements (Altcoins) section and write our reviews and inquire about all our concerns so we do not fall into machinations of scammers.

Our industry imo doesn't need this, the altcoin "industry" doesn't need to have to have a low success rate of new projects and still believe it's fine that at least one or two came out successful, with that mindset, in the long run the altcoin market may disappear. When investors have to struggle with over 2000 projects to get one good one, they may have to try for a very long time before they get lucky, that's if they don't run out of patience.

The big win for our industry will be if this money hungry project owners will stop creating shit projects, as they are making it very difficult for the would-be successful ones to breathe and also for investors to find them.

Always triple check every single project and invest a lot of time in reading whitepaper and all that stuff, because at the end it would save you huge money. It is getting harder and harder to detect them, but if you invest enough effort, it is still possible.

Yes it's hard to detect ICO scam now because scammers are also smart now and they can easily create fake ico campaign that all factors we need to see before investing are already adopt by this professional scammers. So all we need to now is take the rist because legit campaigns are the that successful and already listed in market and have good price.

Although i am bounty participants, to be honest i never suggest people to make investment before they do any research. Or maybe only make investment for a coin that already in market for long time, and it means old altcoins. Because as bounty participant, usually i look project that i really expect it can give big rewards and make profit. But with that standard, i still afraid to suggest other people to do it.

That is true, promoting any scam project can reduce credibility of any crypto enthusiast but the prime concern is how to identify the scam projects. Every scam project poses as worth investing in the beginning, a good team, a good roadmap backed by a good concept, it attracts many investors and then run with their money. There must be some regulations to stop these scammers. Noone wants to promote a scam project but identifying it is a big concern always.

Since the time ETH offers tokenization of everything, companies are seeing it like they can be part of the market and distribute wealth thru the tokens they give to their investors. Though these projects are every centralize, investors are seeing it like its not because its using blockchain. Some of the projects just release a token that doesn't even have any usecase in the platform they built which is why it doesn't have a value in the end.

Yes, and every action we take is absolutely our responsibility, that's why we must be more careful in choosing the altcoin project and always use research before participating in the altcoin project, because now there are so many fake alltcoin projects.

This also depends on the conditions because certainly there will not always be a project that gives good results every time, so we really have to be more selective when choosing projects. when the project is good then we can support it fully but if it is not good then it is better not to support the project and if there is indication of fraud immediately report it

Maybe the peopl who promoted the project is having a big expectation before the project realease and don't expect the project will be a scam project though. As a crypto enthusiast we have to having a positive mind about a new project in cryptocurrency because it will rise investors, but we have to choose a really good potential project to promote so we won't lost investors in the future

Right now for me, there is no need for a new coin that will do ICO, if they want to get funded they should find a way like pooling all their resources to come up with the amount they need and not asking the general public to do it for them, investors and bounty hunters has had enough, they will only invest and promote if they see your project in the market and doing great.

the situation will at least always change every year and not always this industry continues to get a good improvement and not always this industry will only decline from time to time. so there is a time for us to support each project but when the situation becomes more negative, then that's when whatever support we do will at least remain difficult to get a good income

I will become more responsible for our actions for a good course ahead. I will also be more careful not to discredit and not make the altcoin field a joke.

I think there must be one forum or website from our HERO or Legendary members as they have a lot of experience in Crypto trading, investing where they mention the legit project also highlight the scam ICO, IEO. To protect investors and also to save the precious time of bounty hunters.

it's difficult to find projects that are pure and can generate profits, so we can only determine the likelihood of that happening and for example we can choose the bounty participants will choose the project that pays them rather than having to promote a scam project

At first, you wouldn't know that a project is a scam or not. Because if you knew, why would you support and promote it at first? I happens that after gaining much attention, then you'll just end up knowing that project was actually a scam and you yourself got scammed by promoting something that is a scam. Just like how normally scammers do, showing the beautiful side and making you believe about this and that, and after falling for it, they'll show theit thru image. We just have to be wise in choosing projects to avoid scam

Freudian slip?

Let's be honest with ourselves here.
As far back as I can remember, the altcoin sector has always been kind of a joke.

Even back in 2013-2015 before Ethereum tokens came up, there was dozens of "coins" that came up each week.
CatCoin, VelocityCoin, NXTTYcoin, Datacoin, Memorycoin, BBQcoin and so on.

For 100 of them that came up each week, 1 may still be mined today, meaning they kept their usage value over time.

I don't care about vices, I don't care if you lose your investment,  I don't care if you get scammed, we all make mistakes, and at the end of the day, it's all education.
If you lose tour enthusiasm because of that, then you never actually had true enthusiasm.

And frankly, even we need to shield 100 shit projects in order to get 1 good crypto over time, then I'm perfectly fine with it.


The only difference between 2013 and now, is that people actually had to give up power/money to mine a coin, whereas today most of that payload is assumed by Ethereum miners.

Old timers will know that, each of what you call "scam, fake or unproductive" token projects have already been invented dozens of time in the past, within a different form.

They just disappeared into oblivion because no one mines them anymore, but just have a look at coinmarketcap.com historical snapshots combined to web.archive.org, and you'll see that pretty much everything have been invented or tried years ago, within a different form.
Most likely the timing wasnt right,  people thought these were dumb ideas, dumb projects " unproductive projects " and so on.  And so what ?

We need to try and keep trying, Ethereum tokens have made it easy to create a LOT of crypto projects, so even if we have 1000 shit projects coming up every week, if even 1% ends up being useful projects over time, that's still amazing to me, and a big win for our industry.



Please, keep creating scam, fake, and unproductive altcoin projects. That's by moving fast and breaking things that we'll make cool things, eventually.