Altcoin Scams in Last 30 Days
During last 30 days there were around 5 scam coins that made a lot of people loose over 400BTC total (!) and make them really mad.
The coin were made a bit different but had some common ground, all were added fast to Bittrex exchange / IPOminer pool and all had short PoW phase.
Some were with hidden premine [ie ELITE took down block explorer then put up premine and dumped it to the ground] or had premine from start but dumped it before anybody expected [ONYX]. There were also more fancy coins like USB but mainly idea is same – hidden or known premine gets fully dumped and everybody stays with useless coins.
On a side note there was/is also a funny scam exchange – FRESHEX.org which actually never deposits coins just steals them. Never use it!
Who is responsible for the scams ?
A lot of mad people strted saying its Bittrexs fault that they took those coins and let them scam others. I personally think you should look more critically on yourself and use the famous “Fool me once, shame on you; fool me twice, shame on me”.. but what about being fooled 5 times in a row? You guys were asking for it really. I even feel with each of this scams runnign one after another you were investing even more just to “make what you lost back”, like in roulette incremental betting. I know Bittrex added new scripts that wont let somebody withdraw too many BTC fast or dump coin in too big numbers without notice – still IMO its not the bitcoin exhcnages fault. In crypto world its impossible to verify everybody esp that almost everybody wants to stay anonymous for obvious reasons.
How to Avoid and Nail Scamcoins
So we know how all latest scams work – its not THAT hard to nail them. Im not speaking this rule will be right always but in 90% of times it will be. Now choose if you prefer to make cash on 10% and loose on 90% or risk a bit less. That i leave up to you but here is main triggers that should bring alarms sound to your head and if they all happen to be in same ANN… Id stay away. At least from investing, still good to mine some with ASICs and dump before devs dump 😉
1. Short PoW time [1-3 days] – short PoWs were made to make coins popular by getting miners on and letting them make money from their machines but now.. it just means after 24h PoW there will be dump of altcoin 😉
2. Block explorer hosted by dev is another scam trigger – all those scam coins were putting down explorer before getting out their hidden premine. Use only coins that use external explorers made from bounties.
3. 20 pages on Bitcointalk or coin is 5 days old yet volume of 20BTC on Bittrex right away – too big volume right away on exchange means they want to catch your attention and dump on you in the end
4. TOR and other fancy graphs about anonimity – almost never delivered or never making sense code wise, just to catch your attention not as another shitcoin
5. IPO aka selling coins before they come out – this almost never ends as fair coin
6. New forum nickname of dev – while lots of good coin devs have to use those new nicks for anonimity yet if such guy makes an IPO or promises too much to be good.. it is! Sr/Hero members never cheat with what they promise as their accounts are worth more than few BTCs.
7. No .com domain – if no domaisn at all then its 100% trigger, yet sometimes .orgs and .infos also work for proper coins.
Of course each of this points itself may be part of good coin. Hell if some coin delivered all that ive listed – it would maybe over take BTC but looking at all lastest scams.. Better watch out for this triggers as they may save you and your cash.
Secure Coins to Invest in Right Now
Of course i wont give my head, hand or finger for them but there are clues saying this ones are fair investment and devs are taking care of them. Also keep in mind – scam is if somebody frauds you on purpose not when dev cannot deliver or coin gets forked/hacked/attacked by somebody else. This is just bad luck and devs in such cases often loose more than investors. This is not exactly on topic but its also worth mentioning as not all coins that failed were actually because of developers bad will.
About BTC, LTC and DRK here are my other possibly “less known” coins to go after which are IMO good investment now:
QIBUCK Coin – Coin in IPO stage. made by other known altcoin blogger quiwoman2 and her crew of skilled developers (investing trigger?)
SIS SIamese Coin – no ipo, no premine, few old members helping in promotion and CoinPayments coming soon (buy now trigger?)
JPC Jackpot Coin – founded on new algo that was made just for this coin. Dev is serious about JPC and its raising on exchanges often – and price is preety low now + the idea is really unique (buying trigger!)
RIPO RIpoff Coin – after all this scam coins few guys made Ripoff Coin which is a meme of all scam coins in one, lists literally all my triggers yet.. up to you to decide if its a scam or a joke meme, in some way like DOGE used to be. No exchanges for now. (mining trigger?)
Im giving out infos free. Why not donate?!
* BTC – 1BrTwi9uACs7u6vQ111CAJuy8mFZLSDgGr
* LTC – LfAurHeUMMDkJHmhdYdyPN5z7DYYekykuK
* DRK – Xt2hjWK3NZsMtcWvCqMj7diNS3sf7x4yX3
* DOGE – DHSVNrBqgBawqPuh5rLZJs5fDkS4pr3Ehq