Topic: Thoughts about the recent SCAM COINS.... (Read 1184 times)

We're in crypto - solution should be decentralised and trustless. It should require not counting on any one individual or group of people, because that often opens the door to corruption and abuse of trust.

Be mindful of "solutions" that could turn out to be worse than the cure. "Who Watches the Watchmen"?
People in the audit company would have tremendous incentive to cheat and play on inside info, especially if a coin is already being traded on other, perhaps smaller, exchanges before an exchange like bittrex using an audit process reviews it. Look at the insider games in Washington, including what goes on between politicians/regulators/credit-rating agencies and investment banks.

The problem isnt process - it's human nature and the fact that people, no matter what role they're in, tend to act out of self interest, often at the expense of others. I think the true solution comes from a lot of parties, including individuals coin buyers themselves, examining coins with greater scrutiny and multiple watchdogs (not just one) establishing a history, backed by performance, over time and competing for reputation. There is no quick fix - a true fix wont be quick.

its your own fault for supporting instamined shitcoins and wonder why the dev leaves the project after a few days.

additionally: you folks put too much value on new coins at the exchanges from the get go. New coins are grossly overvalued when they hit the market at first.

Your own fault for jumping on the coin on the first day and your own fault for setting your buyorders so high.

There has to come a time when old coin with dev and community, which are no vapourware are higher valued than new crap. I hope that is soon.

quote:
"If you care about crypto stop playing the markets.  Find a coin you like, with developers / team you believe in and ride out their development track.  Take time to download their wallet and give feedback and ideas."

i agree on that one. The daytraders on/off behaviour is what leads to the creation of shitcoins. Get yourself a decent bag of an undervalued coin and start doing something for it to raise the value of your bag.

I have to agree with this. These scams have had a pattern signature all over them and people still keep flocking to the. The ones that don't have this signature people start whining because of long POWs or low rat POS. We are only setting ourselves up to get scammed by promoting and enticing theses scammers to bait us, and it works everytime for them. Stop giving money to IPOs, check codes, ask for proof of dev, steer clear if there's a 48 hour or less POW. You are basically handing these scammers your BTC and begging them to take off with it when you support this stuff. Also playing the game on this is easy, I've been able to spot these, even mined, in and out before the scam whislte is blown and profit.

I said trusted.

My main point is in bold at the bottom.  People are looking to alts not as crypto, but merely as money making tools.  I think people should find a coin they like and get involved in that community instead of gambling on every new alt that pops up.  If people simply got involved with crypto on a more personal level things would be much more stable and better for crypto adoption in the long run.

I did mention a safeguard in that there should be a code review on all coins going to major exchanges.   Coins that are fraudulent code wise should not be listed.  This will NOT protect against shady devs who just pump their coin and run though.

Hero members = Hero trolls.

Summarize:

He lost money

if u lost money blame yourself for not learning how to play the game. most people here are lazy. They don't even read OP before buying coin let alone investigating source code

Meet Blackcoin  

This forum needs PRE-MODER action for all new alt. coins.
And moders must be choosen from trusted Hero members.
Nuff said.

These are FUD posts without facts.

What exactly are you complaining about?

The altcoin realm has had its share of crap / scam coins.  I dare say that just about every one of us has lost some of our BTC on scam coins.

So, who is to blame?  Every time something goes wrong in peoples lives they want to find a fault. Some will point to the exchanges, Some will point to greedy traders, and Some will point to scammy devs who prey upon the greedy.  There seems to be high sentiment that the Exchanges are predominantly at fault.  This is understandable since without the Exchange the scammer has no ability to complete his crime.

One thing alt coins NEED is a professional audit company.  A group that has no ties to any particular coin that will review code and certify "Non-Fraudulent".  If the exchanges work with this company they could agree to not accept any wallet code that is not certified.

Keep in mind this will NOT help with Shady devs who pump a coin with "Non-Fraudulent" settings but merely put out a coin just to pump it up and dump.  The investors really take full responsibility for that one.  In this case we should be looking at "PoD" Proof of Developer.  Is there a real person behind this coin?  At least a bad coin will not get 2x chances to rip people off.  There have been ICOs where the devs collect hundres of thousands of dollars up front?  Who the hell buys those?  What incentive is there for the developer to do anything when he has hundreds of thousands of dollars with no checks and balances?  If you buy a 100% ICO with no checks and balances you most likely are throwing your money away.

Let's also be real about one point here.  A lot of people trading don't give a crap about the long term success of their coin.  They simply want to trade it to make a 2x to 10x profit.  If you buy a coin and leave it on the exchange and re post a sell order immediately you are in that category.  Please keep in mind that even if you are going for a 2x profit, alt coin speculation is extremely risky!  In the real world you are lucky to get 6% and many investors scoff at 2x their money.  The problem is that people are so used to making huge returns it has become like a job for them.  Buy shit coin.  Help pump it up.  Then sell on their brothers.  Last one with the coin is called a bag holder. 

If you care about crypto stop playing the markets.  Find a coin you like, with developers / team you believe in and ride out their development track.  Take time to download their wallet and give feedback and ideas.

Judge Crypto