Topic: Stop shielding Scam,fake, or unproductive altcoins project (Read 621 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.

Deceptive, inefficient or fraudulent altcoin projects must be terminated as soon as possible. There are currently a lot of cryptocurrencies on the market, and the disappointment here is that the number of fake or ineffective altcoins is very much.

In fact, no investor wants to support a scam project. But scammers are smart and they can marketing a scam project to investors like a real project. Therefore, a lot of detailed research is needed to analyze the project. And we should not make any investment in this project without having detailed information about any project.

Identifying a scam project is not easy, because all new projects have sweet promises and good innovations.
Investors will certainly be interested, but who can guarantee in the middle of the road if the project has the potential to be a scam.
Because the pattern of all new projects is almost the same, maybe the easiest way is to see who the big people are supporting the project.

I blame ETH, any con that can start with a few minutes making a fake coin that is going to be "transferred" is just giving scammers the tools.

I agree, sometimes scam projects are hard to detect and always offer something very good to the investors.

This is a behaviour which always existed in cryptocurrencies and money-related technology fields. It's obvious that with the mass adoption advent and growth of cryptocurrencies all over the world the proportionate quantity of scammers-like people coming into is grown exponentially. That's why we need to establish a good network of trusted coins and blockchains.

Even though they knew it's wrong to promote such projects which are basically a scammed ones, they don't give a damn (the one who were sharing them).
They have the knowledge to do the research first but they're too lazy to do so. Especially if such project offers a good "ideas", then they will swallowed up all of them at once without looking further into it.

Thing is, such projects always have its own ways to make people keep supporting them. If they keep doing this more people poeple will fall victims to such projects.
It would be better to be frank in this matter, and just say that if one project is bad, of course, with a solid proofs included.

There could be possible one day some new coin will replace by some top coin which is more effective, fast, secure and same idea. What is that means we aren't shielding all altcoins. We are supporting some scam with good one. But we do it by accidentally, so we should active to move good one. Although in bull market all coin will rise.

The term 'unproductive' can not be judged in an instant, just looking at WP or their telegram activity. I think everyone, including bounty participants, is committed not to support scam or fake projects. As we know most scam or fake projects always provide interesting information, as if the project is legit. I thank you in the forums for having a scam acquisition thread.

This is so true and it has caused this industry a lot of credibility loss. In 2017 a lot of money bags came into the industry and we witnessed a surge to over $800b in market capitalization but that has dwindled to below $200b today. If not that cryptocurrency is tangible and has come to stay, it would've fizzled out with that crash occasioned by a lot of fraudulent projects. On my part, I try to follow selected projects and from a few BM in order not to aid scam projects in the way of advert as a hunter.

Many people who invest in new projects that have done their own research about the project, but you could say that scammers have many ways to fool many people, scammers certainly have predicted what will be done to be able to fool these people and indeed we cannot blame who and for now it is better to invest in the top coins than in new projects that have a great risk.

Yes, everyone stands against the scam projects! Everywhere we are seeing the altcoins shits are happening and in the Meta section, people are mocking on altcoins. It's because altcoins investor keeps losing their money and bitcoin investors are the gainers. 85% of altcoins have no real product or utility to serve the crypto people, but yet their volume is not that bad, because investors are feeling that price will be high in the future, so the profit will be huge! that's the mistake I think. Everyone should boycott shit coins.

its a long way to proof all of that , they used to make a project to scam people by a ICO ,because they know it will be harder to investors to collect all enough data before they can file a case against them. And besides even they want to file a case not all of the investors will cooperate to make that things happen.

yes there are many cases where they have gone to jail, there are many fraudsters in other online businesses too, not only in the crypto world, but this is even more dangerous is they use crypto currency payments to make business ponzi schemes, many do this even have some names also like that, I usually never help promote let alone offer someone to study crypto projects, at least people need to understand every risk of doing business in the crypto world so that it's easier for me to lead them

people who know from the early beginning that they are promoting a scam project and tell other people that the project is very good eventually lose the money which they make. this is how the law of nature works. If you cheated and earned on it, then you have to pay for it. those people who creating scam projects sooner or later go to jail.

We should stop thinking about the new crypto projects anymore,we have 3 thousand plus cryptos is in usage which is not enough for the 7 billion people all around the world?

Lets talk about the decentralization and why we need cryptos rather than creating new cryptos again and again then let the existing projects to die.

We can't easily stop those users doing not legit project but we can minimize it by being attentive and observant on those new projects here in crypto currency community. Also, we must help each and everyone of us here by sharing those suspicious project like they have lack of informations about their projects.

no one wants to maintain the altcoin scam project, usually the people who often promote this project are people who are greedy even they don't care how many people will be fooled by this project as long as they get more profit for themselves, not many people who know scam projects but we can see how they develop projects, I have now switched to the old altcoin project which still looks productive in development, I have left projects that are not productive because that would give me a headache

Let's help the community, to lessen this occurrence of scam and fraudulent projects. If this will happen again and again, this will fear of cryptocurrency to have bad reputation. People who had bad intentions always tend to promote any kinds of scam projects. By sharing any of those suspected scam promoters in this forum, that's a great help in order to stop this kind of evil.

Very often we have the problem that people do marketing for projects in which they are 100 percent sure and do not even suspect that the project can be a scam. I participated in signature campaigns several times where the project looked very promising from the start, but after collecting the money, they simply disappeared with the money. no one is not safe from such cases

Back 2017 I support and participate on so many ICO as bounty hunters and investors some of them are still in the market but is now down 70% to 99% from its ICO price of their all-time high, and this made me realized the ICO hype is over and you will eventually lose if you hodl these coins for too long until now I still haven't seen a good project that's worthy of attention.

Scam projects are not healthy for crypto space, everyone should try as much as possible to avoid scam projects with investigation, good projects can still fail but there is difference

Promoting scam projects is also like spreading fraud. It's necessary that we'll know what we're protecting, shielding and promoting so there will never be more victims of scam and fraud. Instead of promoting suspicious projects, we better spread awareness which would help the whole crypto community.

Doing research can easily expose scam projects but some projects are well planned and still turn scam, the only way to avoid this is stop investing in new altcoins

You could have show ways to identify scam projects instead because many people don't always know they are promoting scam project until they get scammed of their time and money

all can still be detected and ignored, it is a common thing that is often done, but many project categories are still difficult to analyze in real terms because they design something interesting until it enters the ico phase and then leaves after knowing the results, there are many participants and even managers who stunned and finally could not do anything. As long as the assessment is still personal, the majority of altcoin projects will continue to make attractive camouflage. Scams, fake, and failed are still in the same class.

Anyone who is promoting the wrong projects is making a huge mistake.
A scam project will always be a scam project and not only are they not going to pay their investors, but they also will as well not pay you for the time you have spent promoting their useless project, so what do you gain from it?

So promoting fake projects is not a good idea in any way, people should always analyse projects carefully and know whether they are hiding anything or being faithful, if not, then they should leave it and go for another one. Most promoters make the mistake of not analyzing a project carefully, they just look at how much they have to pay and when they see the pay is huge they quickly jump on it.

The problem is when it comes to a lot of bots. we know that in various social media so many people are still using the bot and they don't even care about what kind of project that has already promoted by them. As you can see this is also happening in the telegram too. People must take care to avoid the scam project but not so many people aware of that. even some of them are blatantly joining to advertise that scam project.
i understand about but how we can educate such person.
So many awareness threads has already made.

Both of you are bullshitters supporting these things and protecting each other, it is common knowledge that 99.99% of coins are shitcoins excluding btc xmr eth and a few more.

I get your point that we must not be defending or shielding as well as promoting into public those scam projects to lessen or avoid other people to get victimized by those. But the problem that we must need to surpass is identifying those scam projects to be able to let other people know that it is a scam or not. Nowadays, scam projects are also improved into a more organized and detailed to the point that it is more believable compared to the old times that is why you might see it as a legible one. If we can only be able to detect those by just a single glance, why not we tell it into public? Who wants to be scammed and let other people scammed knowing that you already know a project is a scam? No one. Unless you are selfish or cruel to tell other people about it and you are just saving your own self. The problem must be faced on its first base on knowing first if the project is a scam or not by having tough proof to support your claim and by that time doing action not to tolerate such existing projects like that out there.

Many people are totally clueless or do not even care. They do not seem to even care that they are wasting their own time. If you think then you can find bounties that will pay. Many people join shit projects then complain they get no pay. The stakes do not get counted and the attitude of the team us bad and still people stay. Why? Why do people think staying in a shit project will get them? Even if you get all the stakes of the entire bounty it means nothing if the token is worth nothing.

A bounty means nothing if the token has no value.

You are absolutely right when you say that you need to stop supporting fraudulent projects, but there is one thing. There are such projects that you can learn about their real intentions only after, for example, selling tokens or the release of their exchange token. In this case, you cannot know or claim that this or that project is fraudulent until you yourself find out about it. Perhaps you mean people who, even with the detection of fraud, are promoting such projects, then yes, they should urgently stop doing this. I really like that many people on this forum will help the community identify fraudsters. I think this is very important and I thank them for their work.

Exactly because sometimes its really hard really to detect at early stages if a new project is a scam or not so some people mistakenly advertise it without knowing what could happen in the future though I agree with OP. Supporters and hunters could make a big changes in crypto investment if they become knowledgeable and stopped promoting bad or scam projects to help out investors to stay away.

Voice in the wilderness... Nobody cares, wake up, everyone is trying to survive and make money. At least you can warn and teach people how to invest properly

A good project will be endorsed by many people because we dont know if the project is a scam one until it reaches the end, the concept of scamming is creating a good idea and make people believe that their project is promising so we cant blame people if they want to promote a certain project.

Get used to it, they work togheter, support eachother and its a big facade of the community.

It must be the goal of each crypto supporters. If we all wanted to see this industry to continue progressing we then needs to support projects that have real usages and stop promoting those scam projects that's obviously being created to take opportunities with investors that doesn't have any clue regarding to the project itself. We should all be responsible in choosing any supported coins to allow progress with well deserving projects.

if you are new to it, it is important for you before doing anything in the cryptoqurrency industry to always consider thousands of times, if you want to take part in this crypto space and take responsibility for every action you have decided. this is the digital world, even this is not only in the case of the crypto industry, but for all types of business systems in the digital world it is also risky.

This is completely impossible. First of all the token offerring is the early stage of establishing a coin so they would know if the project can get to the masses to be invested and supported. Now they cannot just pay instantly without a success in offerring and this thing should be bear in every mind of the bounty hunters. That is why project researching is a must to know if the porject is legit and productive.

I might agree on this one but there is just one thing I am skeptical about and that is where arw they going to do KYC? I mean they can get fake names and fake persons to do that for them so it can be easily faked. You have a point on having requirements before starting a bounty but this is an open forum tho.

Now you can say that many investors choose to invest in real products or you can say real use cases. The number of scam projects lately also has an impact on investors' interest to invest in a new project. We cannot blame anyone and for the time being it is better for us to be more careful in observing each project and also more careful in every decision.

If an altcoins here run then this turn scam or hack only then if this is bad then i think this only turn drops the users who do invest here like even they run so if you combine many of that then the whole crypto market can really drops a lot still we can see some altcoins that really productive like this can spread the crypto because of their potentials like very useful and helpful

Great calls. In order for him to really follow up, it is simply necessary simply to stop supporting and advertising absolutely all altcoin projects.
This will fundamentally solve all the problems associated with scam projects which now have so many on the market.

in my opinion, what we need in the new token offering is an escrow for the payment so they can't run or decline to pay after the token offering
KYC for the team behind the offering and maybe some video call from a member of the team for legit check
many people stop investing in crypto or joining some bounties because of scam in altcoin
but i think it will be different if they can provide some proof that their offering is legit many people might change their mind
im just hoping some website can implement it or make some requirements here in bitcointalk before they start bounties and announcement

now investors or people in the crypto market are no longer stupid who are only interested in the roadmap and sweet promises of the project. now the real products and markets are the main consideration. if you don't have it it will be difficult to get investors.
even though there are many scam projects, but you can see and ignore projects like that.

Very true, new projects are filled with scary promises and attractive roadmaps thats what people are buying. The bear market is one way to test crypto projects stability on how will they survive during this type of situation. This industry really needs cleansing, what will be left are probably the gems.

Yeah, but we have to name the projects that are obvious scams and prove it in scam accusations. Asking people not to shill scam projects is too vague, as everything is named as a scam now even if they are just undervalued in the bear market. Also some people might not even know that they are promoting a scam to they need to be informed as well.

our project with the future chance as offering goods of service of online communication system for pupils of indonesia might works on strategics as referring message to limited customs of profile with pro investors and gains on expends as expecting uses with nominal on number with target to complete within the terms of work on managing the DOGEM project.

products are not real or make you doubt its better to ignore and stay away most of them offer benefits and will attract investors because there is also a manipulation of funds between them (not real investors) ,be careful we are all trapped they are smart but sometimes their intelligence makes them get stuck if you often ask and research a therir project

yes it is difficult when we are in love with a project let alone look real or they carry the name of gold in it and even seen vidio mining coins or tokens that look like real. the only way to avoid all that might be true with (cryptocurrency legal documents)

Stop bounty hunting which become easy tool for anyone to create a crypto project with free of cost and promote it for free of cost but they can able to generate in millions and then ran away.We don't need new projects just be a crypto enthusiast and start promoting other crypto related services.

Based on past experience when there was a cryptocurrency hype and few people could understand which project was fraudulent and which was not, you can understand that crypto enthusiasts in the main part were deceived. Now we have become more experienced and now we can talk about it.

Yes it is true, many give promises and also sweet words to be able to attract investors is the way they do and because of that I think for the time being there are many new projects that have failed because of not achieving the softcap or funds they need to develop their projects, this may be because investors begin to become doubtful and afraid that their investment ends in failure and many of them prefer to play it safe and invest in the top coins.

No good person will want to support a project that is built to fail. This is why I appreciate ICOethics https://bitcointalksearch.org/user/icoethics-2204241 for their great job and some BTT members for always red trusting scam projects, all these are helping to save one from many loss, but they just can't do it all. It's a collective responsibility.

The scam altcoins has affected the overall market value of altcoins.
Not all altcoins are scam but majority are, that's the reality and that's the reason why people choose to invest bitcoin over altcoins and with that reality, it will be hard for altcoins to grow even if it's legit if Bitcoin will not have a bullish run in a stable manner.

this is reality and I'm sure everyone will think that most such projects are really real, but in the end everything is reversed, not as we hoped. what happened last year and this year was like that, I was repeatedly caught up in projects like that because the ratio was quite large 1:10 (1 real, 9 fake) and yes, now I no longer believe and will not risk following investment

At least we can anticipate or minimize the scam project by stopping promoting unclear projects, it is true that the recent scam project is getting neater and smoother to find the next victim.

I wonder their ideas are brilliant but mostly scams, is crypto currently there are no new ideas supported by legitimate people? and why is it filled with scammers? Yaps, it's important to realize that crypto is in the developing stage, so fans are currently trying hard to fight the tide that is only destructive, at least you can find on the board the allegations of fraud and see if it's on the list, soon maybe stay away.

I agree that we need to stop promote scam project, but wait is it easily to stop? I dont think so, a scam project why try to make everything look real and a normal investor/ bounty hunter can not even know. I think the only way to prevent scam project and keep our money is yourself. You must have duty with your money and use it wisely.

Scammers really know how to hide their true intentions here. That's why it's very very difficult to figure them out in the beginning. So others might support them without knowing the truth behind. And everything is too late before we realized what had happened.

But there are lots of members here who are trying to help us out. You can go to Scam Accusations and see that they are really doing their best, countless hours of investigations and them exposing them as early so that no one will fall for their trick.

another thing is we do not know which project will bring us a financial gain and which one is not. I am completely sure nobody wants to support a scam or a shady project, it is just they are concealing it very well with their superb presentation and concept. we have fallen for these kinds of projects multiple times, but people just kept falling for it again. it happened because they made it look like a real project. it is extremely hard to differentiate a real project and a scam project.

in my experience when looking for a project that in my opinion is not a scam so far, these projects make subtle project details, starting from the concept of the project and the video and looks very real. What's worse is when many investors support it and even investors could take advantage of the project and eventually scam

actually our goal of supporting, investing, and also making a project have a volume in the market is for their project to succeed and we both benefit. unfortunately if they do a scam, all people who support get big losses, from the time to the money we spend to support them. all of this happened because it was indeed difficult to know whether the project would later be scammed or not. we cannot fully blame investors because behind the ongoing project is because of funds. investors dare to put their funds in because they also have high hopes, even though the irresponsible team fled.

there are several ways to reduce this, for example a selection before actually investing. or the investor must be more selective before putting their money in to support a project.

It's their way to attract more investors, they keep on giving them promises and sweet words to make them fall and you can't easily noticed it until you have done your own research. There are a lot of scam project these days that can make you ask yourself if it's legit or not because some of them sounds too good to be true that is why we have to be cautious and attentive particularly on making decision on where we can invest our funds.

Every big scam projects always have an idea to share, always have something good to offer, if they don't do this how will investors fall for them? Scam projects can't be detect if they are well organized until they turned scam

With what I can understand what altcoins are now wasn't what they were before, it was more productive, more realistic and made getting on board cryptocurrency more diverse you don't always have to base on Bitcoin.
 But the problem now are different. Everywhere is filled with altcoins the more populated it becomes the More exposed it is to drop in utility.

While all this problems are happening to altcoins we also can part of this issue. Shielding, advocating and support project that are clear to fail for any financial gain or so on.
 By standing with those sort of project you can
+Get investors scammed or regret why they invested
+ Lose your credibility as a cryptocurrency enthusiast
+ Make the altcoin sector become a total joke
And many vices.
Let's become more responsible with our action for a good course