Topic: Why do most people consider most ICOs or Altcoins as scams - page 2. (Read 2008 times)

Almost every project that want to raise money with ICO can be made in few weeks. But they don't want to make product and then sell it, they want to make money and then something else. I really like the idea of ICO and I do not see anything wrong with the fact that the project has collected much more than necessary, but it should be a working startup and not a list of text.

All you see in an ICO is a sleek and smart website with a whitepaper.
ETH was a ICO and many ICOs spawned from ETH using its tokens.

Your energy would be better spent elsewhere. Of course there are scams and its all about working out which are scams and which are producing useful technology. I could easily go down path you are of self righteously attacking anything that you sense is immoral and there is some merit to that but in the end you become the only real casualty of doing so. No one cares about you, so you better start caring about yourself and give this direction up...I did and I feel a lot more peace in life.

Self righteousness is the shortcut to becoming worse than the thing you despise. imo. Have a laugh at scammers or fools that get tricked. This is the wild west of future currency investments potentially, it doesn't need an old west style Preacher.

yeah most of them is just upgrades and just duplicating project which already been introduce they just improve some features that's a big reason why it can be a scam project since there's no exact point why investors needs to buy it or invest with it if the original one can upgrade as well and the project will continue smoothly.

I for one don't mind ICO's as a funding model.  It is what it is, and if developers put it to good use, then why not?

The problem I have with it is that most devs behind these new projects make outlandish, unicornish (yes that's my word) claims to market their ICO.  Do they have a working beta or a testnet?  No all they have is a white paper.  How can we know if what they promise will happen, and what do we do if it doesn't get there?

Yes Ethereum ICO's, you know the platform doesn't scale, yet you basically scammed these people into thinking 'x' will happen.

Because there is no platform that can develop real product for the public users. i mean about the useful product. and most of them just innovation and never get released to be real. I think that's the main reason.

Become scam is the risk all altcoin, as a trader, we must face it. Just like lose, high fee and hacker is also our risk. Before buy some altcoin prepare a good plan, meaning there's risk calculating. Besides that, I agree with no more critic / complain with another people who create a new altcoin. Give them chance to build their project and grow up their system. Just like that and good luck.

You must have missed the real scam coin days, when one person would copy a coin, change the name, post for help on how to change a few basic parameters in the code, and release it that same day.  Or have undisclosed premines, that they would dump the day after they got the coin added to an exchange.  This is how the phrase started.  Then they came up with an excuse for premining (100% POS with no other way of distribution) and then exclusivity (ICOs), and even scam exclusivity (undisclosed Pre-ICOs).

I hear ICO supporters say that *some* are legit.
And that is like saying some Pyramid schemes are legit.
Why ?
Because you can make money off them ?

WRONG PROFITEER INVESTARDS.

What makes a scam, a scam.. is not how much you get off it.. BUT HOW IT FUCKING WORKS !

You are not crowd funding fuck all either.. that is a facade.
I know this because none of you care nor lift a finger to support the intended goal of any given ICO.
I don't see all of crypto railing on 24/7 flooding this board with talk about how the no. 2 coin in Crypto changed the game and how everyone is all jazzed and excited about "DAPPS"

nope.. all i hear is they are making teh ROI's off teh profitz coinz on teh exchangerz.
There is no other talk here so you can't possibly even try and deny what i pointed out.
..which makes this a hollow shell of a charade.

A fake ass bullshit never ending stream of little ICO tokens used for nothing at all but trading on Poloniex for profits.
With 1 guaranteed outcome and that is not adoption.
It will dumping by all whales and little profiteer fishes.
How do i know ?
Because you all say it NON STOP and then defend this piss poor attitude / mentality.
Chanting Free Market and Greed is good.

You, dumb fucks created a fake ass little scene where you PRETEND to care about decentralized open source digital currencies while you never lift a finger to do anything about it and count your cash.. while at the same time support retarded scammy garbage like Ethereum that is not even a fucking currency then support shit like RIPPLE that is the literal antithesis of crypto ...for ROI's.

You all know better but you play dumb.
All of planet earth sees through your stupid charade too.
The only people here are Ponzi / Pyramid scheme participants.
There is virtually no digital currency supporters and adopters here in the 1 million accounts created and on the 10,000+ ANN topics.

Care to explain to me how the fuck you launch a "coin"
..that requires you to have another coin to get it ?
Then explain to me how you expect your "coin" to replace the one you need to buy to get the new one.
Get it ?

You people are really are THAT fucking dumb.

Or as i have said endlessly or playing dumb / being deceitful (for ROI's)
Or.. a combo of both.

THAT is crypto my little Investard friends.
And let me know how it works out for you.

Pro Tip:
Stupid people lose in life.

You reap what you sow.

I think many times people simply don't understand that ICO tokens/coins aren't necessarily the next BTC, they are just a way to crowd fund some project and then have your tokens bought back by the company or whatever with the profits they make while having the token price grow at the same time. Like these guys who wanted to reopen some power plant in Russia and did an ICO for that, I can't remember who they were.

Also there's something inherently wrong according to most people here in a coin that has a large premine percentage. ICO coins are essentially 100% premine.

I was thinking about this before i came here today actually.

First thing that jumps out at me is how an ICO functions technically.
So.. allow me to rewind a little bit considering i see you have a new account here.
ICO's were never accepted here in the past.. a couple tried but they were flamed to death.
Why ?
Ideology + morality.

So what i thought *again is this..

The newer guys showing up here don't get it (like your topic proves)
Because that is just how it is now.
Enough people started making ICO's that it eventually became a standard practice.
It is *NOW* commonplace where as in the past it would be simply unheard of and taboo.

For example there is a reason Ripple and Ethereum gained no traction here for YEARS.
It's not simply because they did not get peoples attention.. it's because they were REJECTED !
Because of ideology and because of the functionality of the coin.

I have had to re-explain this pretty much every single day for many years now..
To every new batch of crypto profiteers who show up with less & less morality lowering the bar every step of the way.

The guys showing up simply don't care.. they want money and morality is an obstacle to be avoided.

Can any of you tell me that any ICO ever released improves on the initial distribution system / block-chain initial launch of Bitcoin ?
People.. the most important part of a digital currency *IS* the initial launch of it.
So you can't simply leap frog over the launch and focus the attention on the bullshit tacked onto it.

Further more..
Bering in mind what i just said..
You are here to support the adoption of a digital decentralized open source currency.
NOT....
Centralized ICO's on centralized Exchanges for profits.. that are essentially a scheme and not even a currency.

Get it now ?
Well don't worry i am sure i will be re-posting what i said 1,000's of more times over & over.  

ICO = SCAM.

Ay fuckn bunny coin is the next bitcoin.

People on this forum have seen it all, and they've turned pretty cynical as regards altcoins.  And the fact is that there are too many.  The developers may work hard to produce their coins, but they just don't need to exist.  Think about how many are in existence and what they actually get used for.  Do you think it's to buy things?  Hell no, it isn't.  Those coins are just for gambling on the exchanges...that's it.  They serve no legitimate purpose, so that's why people on this forum tend to slam them, including myself.  I wouldn't exactly call them 'scams', but most are total garbage.

Well, look around you, you will find 90% of altcoins are scams, pump and dump, grabbing BTC for shit. A simple look at a shitty, low exchange such as YoBit will give you a hint why most ICOs are scams, or turn to be one in the future. If you took a glimpse at how many people trying to sell their shitcoins, you will find sell orders having hundreds, if not thousands, of Bitcoins worth of shitcoins.

There is no mystery in it,if you are spending your hard earned money into any project you have the rights to know everything you need to know and the development team has to answer every question ,people have lost money to ICO scams and it is really difficult to loose your hard earned money to some scammers,so is the reason everyone sees most ICO as scams.

It is a good way to run our business. You open a project, you are doing all advertising things, invest little of money in it. Make a lotof great promises, people are joining crowdsale campaign, they start to send you tons of bitcoins, than you just close your project, without reason and any signs and you run away with money Simple )) Thats why a lot of ICOs could be a scam

Most ICOs are just BTC grab attempts, they want to get your bitcoins, that's all. They could file bankruptcy and run with the money.

Nonetheless, lots of ICO's give %1000+ profits, but it's a must that the ICO is not overbought, otherwise it will be harder to grow.

Look at the Bancor ICO, it's fucking huge, it's going to get 900 millions or something, so you are looking at a coin that needs to be top 10 in marketcap to get some growth...

They call some coins scam in order to test developers` reactions.

Maybe they have an experience that some Ico they joined lately was scam. But, people should not judge easily that its a scam, they must see the hard work and determination to succeed their project.

Most people are not able to implement their ICOs and why will people not call it a scam. But i say you need to research well before putting your money somewhere.