Bitcoin Forum

This thread is for open discussion on how you can have your very own shitcoin scam by using these tried and true techniques.

We'll be using Darkcoin/Dash as the main example since they pioneered many of the deceptive scam techniques discussed in the following steps!

Maybe you need to recoup some losses from a bad crypto investment? Maybe you just want to improve your life circumstances? Use the following techniques and start making BTC today!


How to launch a shitcoin scam in just 6 easy steps!


Step 1. Mislead as many people as possible about the launch time. Like so:




"Definitely not."  

We all know he went on to launch it a couple of hours later, despite his confirmation that he'd wait until the next day at the earliest. Bravo Evan, you're a class act. The pinnacle of integrity and professionalism!

TIP: Don't announce any features in your ANN at launch time. Withhold any plans you have for your coin. It should look as generic a shitcoin as possible in order to eliminate even more competition during our instamine period! Make sure you call the coin something really stupid and generic like "Xcoin", we will change the name several times later on.

The more successful you are with Step 1, the more it will help your instamine in Step 2!


Step 2. INSTAMINE! INSTAMINE! INSTAMINE!

https://i.imgur.com/nhrM2zE.png


Time to instamine your coin! eduffield sets another fine example here with his Linux-only release. This ensures an optimal instamine period without any pesky windows miners getting in the way of it. Eduffield set the bar very high, he managed to instamine 1.5 million coins in just the first 8 hours of launch!

The best part about this technique is that we can get many more coins than a premine and it won't be displayed on Coinmarketcap as being 'significantly premined'! Taking into account the 5.7 million DASH in current supply,  26.31% of coins in circulation were scam instamined in 8 hours. See if you can beat his record!

It's also important to ignore questions about the huge instamine for as long as possible. Deny it ever happened. Viciously attack anyone who posts irrefutable proof of the massive instamine scam. Try to discredit them. Call them trolls and put their names on "troll lists."

***Bonus points if you advertise "No premine" in your ANN title like Evan has done here (despite the massive 1.5 million instamine in the first 8 hours of launch).  Did i mention the integrity and professionalism?



Step 3. Lower the total supply and cut the mining rewards drastically once you're done instamining. This is a no-brainer!

-Lower the supply of coins that can ever exist from 80 million to 20 million.
-Cut the mining reward from 500 coins per block to 5 coins per block.

No one will notice. If they do, we'll just call them trolls, try to discredit them and put them on "troll lists" (see Step 2)

We'll also take this opportunity to make exaggerated claims to make the ANN sound better (now that we're done instamining):

- Take 11 existing hash functions, chain them together. Call it "X11" and say you invented it.

- Take CoinJoin's work, implement it in a HYIP masternode scheme. Call it "Darksend" and say you invented it.

Have a look at the innovation found in the X11 algorithm. Absolutely breathtaking!


Step 4. When your fraudulent instamine gets noticed, start a "Vote" to airdrop an additional 2 million coins (created out of thin air by eduffield) to balance out the fraudulent instamine. Stop the vote early when a few of the other insider instamine scammers complain!



Step 5. When people start rebelling against the scam, no problem. Just change your name! Then change it again!



Step 6. Release yet another gimmick that takes coins from miners and puts them in your pockets. Call them "Superblocks" because it sounds cool. Make sure to call it "decentralized voting" even though 1 person/entity controls over 50% of all masternodes and thus 50% of the vote! Ignore this fact. Call this income stream/dev tax a "feature" and use it to distract from not delivering on your "masternode blinding" feature you announced previously. Don't mention this failure. Ignore any questions about it and just hope people stop asking.

The whole altcoin community in a nutshell.

A few ideas tho to continue further:

Once the coin is dead but you still have some left, "Community Takeover" solves all your problems and allows you to drop the bag.
And if after many projects you still have a decent bag of everything you can try merging them together. Seems to also work.

I do not trust altocoins and when I recieve any transaction in them , I exchange it to bitcoin as soon as possible to avoid their unstable prices 

.

Definitely the most amusing "potential problems with darkcoin" thread so far.

Too bad that the chance is quite big that all of this info is actaully true and that it really is a shitcoin after all. :(

That's what my post meant, just not in those words.  Even if you plead incompetence for these decisions all stacked on top of each other, you have to take into account Bitcoin itself would never have gotten off the ground if it had these problems.  The coin should have been re-launched from the second it was discovered block reward was 10x higher than it should be.  Even coins that no longer exist such as GPUcoin that made the same mistake relaunched theirs.

My GPUcoin wallet read like "999,999,999".  He launched it again and it did the same thing.  People said he looked like a serial killer but was more like a serial launcher.

FTFY

A fair launch meaning no instamine? Come on man we're not in this for the love! We're here to extract as much money as we can by any means necessary. Please see step 1.

Idiots who still buy this coin despite the negative publicity are still idiots.

lol then how did you get your monero  ???

By doing more better research than you  ;)

everything you wrote is true, n everyday lot more ppl are hating altcoins

I think that's a very good guide for noob scammers who would like to make money in crypto world.

good post but we could expand on it for ages.. it's way darker and uglier and nasty than just that.. sadly

and the effects are destroying all of crypto and BTC as well.
So the guys reading this who have done have the scammy shit..
go ahead and give yourself a pat on the back
for ruining a good thing..

This is a work in progress. Another step:

- Take 11 existing hashing algorithms, chain them all together. Call it "X11" because you're that unoriginal, say you invented it.

- Take CoinJoin's work, implement it in a HYIP masternode scheme. Call it "Darksend" and say you invented it.

All in this post is funny and true :)

But at least Dark did something. Did you all forgot all those copy paste scam coin that were instamined and IPOed and noone took  care? :D there was always lot of dumb lames that bought it, held it for one day, saw price skyrocketed and then cried over its dump into zero? :) This was happening on daily basis, today it at least consolidated somehow...

And yes, dark was instamined but I remember days when no one took care of this coin it was cheap and noone wanted it. You all had chance to buy it or mine it.

And that's where the plethora of butt hurt mainly stems from.

Long time ago a few of us did our homework, someone not. I understand, that hurts.

It has become far too easy now to create stupid pointless coins and just run with the BTC earned, it has really destroyed the altcoin market although recently some of the older coins have come back on the radar, DNotes for example was dead in the water and now is performing pretty well.

"You all had the chance to buy it or mine it" - Only if you were a linux miner and happened to catch the launch during the instamine period. The vast majority of the instamine was done in the first 8 hours (1.5 million coins of the 5.7 million that exist were scam instamined in the first 8 hours)

This really doesn't change the fact that eduffield and his instamine cronies were intentionally deceptive at launch and on many occasions since then. Some would say he's a downright scammer, and he was also nominated for the prestigious 'Master Scammer of 2014' award.

Not only is this not a valid excuse for scam behavior as Illodin and his merry band of scam defenders would have you believe, but it's actually another step in the eduffield scam bible:


- Don't announce any features at launch. Withhold any plans you have for your coin. It should look as generic a shitcoin as possible. This will eliminate even more competition during our instamine period! Make sure you call the coin something really stupid and generic like "Xcoin", we will change the name several times later on.

well i'm waiting for the newer 5 easy step version, 6 steps thats just too much work  ;D

Dude... It's bad enough that our current fiat-monetary-system is a total scam run by delusional psychopaths. Cryptocurrencies should symbolize a movement away from these unfair and scammy systems...

And now here are you guys, defending a cryptocurrency that was a total scam from the very beginning...  It's a shame you disgrace and try to game a whole community of freedom-loving individuals just for some personal financial gains... I hope for you karma ain't the bitch she's supposed to be.

As I said before in this section, I don't really care about "financial gains", I don't need it, I'm ok.  You guys (moreno trolls, etc) are really obsessed with gain and profit. I am here because of the tech. And what Evan is doing with Dash is awesome. And time will tell. 

Evan is one of the best developers on the alt-ecosystem right now. That's a fact.  Some of us saw it a long time ago, just reading and doing a proper research. .

And my karma is ok and growing, tnks.

Well, at least I'm glad you're not denying it's a total scam... thanks for that.

just not sure how you can knowingly promote it, however good the tech or developer is...

Dash Innovations:

Darksend
Masternodes and the Proof of Service Reward Paradigm
X11 Chained Hashing Algorithm
Dark Gravity Wave
Multi-Phased Fork Implementation (aka the “Spork”)
Instant Transaction Technology (aka InstantX)

This develoments are real, this code is on github that anyone can check and clone.

You can agree or not with these developments, but calling this a "scam" is really not seeing the reality as it is.

You're avoiding the point here... once a scam, always a scam, can't get 'unscammed' by supposedly brilliant developments...

why do I even bother...

best regards

Don't bother, is not necessary ;)

Best of luck

There will always be scam defenders like aleix who just don't get it.


https://i.imgur.com/vAc4YJ4.png

Please adam, let the adults talk without insults. Go play trolling elsewhere. ;)

It's actually very simple aleix.

Dash is a proven scam due to the reasons in the OP and my subsequent posts. You haven't refuted a single one, yet you continue to defend it.  Sorry you get insulted so easily but that still doesn't change the facts: you're defending a proven scam. See how that makes you a scam defender?

It sounds like you're invested not just financially but emotionally as well ::)

Number of Dash in total supply as of today: 5,774,494

Number of Dash scam instamined in the first 8 hours of launch: 1,567,052 or 27.13% of current coin supply (7.83% of TOTAL  supply that will ever exist)

Number of Dash scam instamined in the first 24 hours of launch: 1,868,604 or 32.36% of current coin supply (9.34% of TOTAL  supply that will ever exist)

Try announcing a pre-mine over 0.1% on a new coin launch, what happens? The dev would get roasted alive. Much better to instamine a HUGE percentage of coins on day 1 and lie about it being a "just a bug - oops! we're keeping the coins btw"  ::) As an added bonus, coinmarketcap won't even flag you for being "significantly premined" if you do it this way.

This is exacerbated by the fact that the 1500+ masternodes from the scam instamine would have made 10's of thousands of Dash in income, without having to sell any of the actual coins that were scam instamined.

eduffield and The Darkcoin Foundation need to give themselves a big pat on the back. and let's not forget all the shills and scam defenders, it wouldn't have been possible without you

30% premine means 30% of the total number of coins there will ever be (ignoring possible insignificant tail emission). Very different thing. Do you see why?

Also, premine means the coins that will be mined by dev in the first block. During the first day and hours there were many more people mining than just Eduffield.

So basically you got both your arguments wrong. Try again.

Disclaimer: I'm not necessarily defending anyone or anything, just correcting your lies or misunderstandings.

Thanks illodin, i've amended my post to specify the percentage of scam instamine compared to both the Current supply and Total supply that will ever exist.

Just because you can't prove premeditated murder doesn't mean it wasn't premeditated--glad the dash lawyers are explaining the difference between really, really fast and within the first block. The only thing this actually did was let Evan claim no premine which he proudly posts everywhere like a good slimeball should. The difference for investors is almost non-existent. But glad dashtard can rest assured that some noobs will be fooled by this game of musical chair symantics. Dash is a model of greater fool strategy and that's the only innovation it ever accomplished; the rest is hackneyed buzz words and poor crypto design.

Added some of the information in my followup posts to the OP!

Enjoy  8)

Today we're going to discuss another important part of the scam process: shills and shill accounts.

Here is an example of a Dash core team member exhibiting the classic "It's always a good time to buy Dash" syndrome:

https://i.imgur.com/uoKRgd6.png

Now let's take a look at the DASH price on June 2, 2015:

https://i.imgur.com/0r5UAdx.png

Oops! An 18.62% loss. Surely Minotaur will reimburse you  ::)

The scammers have since started using brand new accounts to bump the thread with misleading statements from supposed "beginners just discovering dash" to try and generate some new buy activity.

Someone added the instamine to the Dash wiki--LOL. Lets see how long it takes the dashtards to try and remove or disparage it with claims of misleading information?

https://en.wikipedia.org/wiki/Dash_(cryptocurrency)#History

Whaaaaat? You lost me at "shitcoin scam" D:

Suggested Monero wiki addition: Suffers from bitter bagholders trying to ride the coat-tails of market leader and attack every conceivable competitor instead of helping their own coin. The community seems to get more toxic as their investment's value keeps declining after the latest failed organized pump attempt.

Sad you think the truth is toxic. Also, every conceivable competitor would include Aeon and Boolberry. But since we (XMR, AEON & BBR communities) get privacy, get the best methods to achieve privacy, and get what a fair launch means. We also get along great.

Monero market is on par with yours, so either it's a privacy market thing or both coins are on their way to zero, or you are over analyzing a short market move but choosing not to acknowledge the similarity in your own coin's recent performance, or did I miss dash untowing itself from that 10 line?

*Untowed--8 here we come!

In for a legit response from the Dash crew  :o

No end in sight to the Dash dumps.

TIP for EvanTheInstaminer to help contain losses:

- cut the block rewards again
- reduce total supply some more




Looks like you'll be waiting a while.

I would agree with the above. The Monero, Boolberry and Aeon communities do get along very well. Nobody from Monero has an agenda of "attack every conceivable competitor". 

Some people just like to shed light on the truth about the DASH instamine and the privacy problems of a CoinJoin system controlled by Masternodes a large portion of which are owned by a very small number of people because of the instamine.

Thanks for all the good information.  I will be utilizing some of the techniques you taught, as well as, some novel new techniques based on some of your very elaborate explanation.  First, I will have to purchase a Hero account to launch my new project with a more credible persona.  We're tired of the scam coins and it's time to invest heavily into an honest coin by one whom is in it for the community and not in it for profit.  I will devote hours of my time into a project where the community profits at my own expense just because I'm a nice guy.  I will create the first crypto-currency where everybody profits and nobody loses....Stay tuned.

More dirt guys!

Here's his post about how the DASH team have as much DASH TRASH for sale as you could possibly want OTC:




daniel@dashpay.io is Minotaur26, you might remember him from his shill post (https://bitcointalk.org/uoKRgd6.png) recommending DASH as a buy at over 0.012+. At the same time, eduffield is spamming the thread with "i'm buying!" along with his amateur hour TA:





When called out on what a bad trade this was:




Now why would he need to buy coins on an exchange at all when by his own admission the DASH team is selling coins OTC ?

He used to trade for a firm?

And that is how he did it? Gosh I feel sorry for his employer.

When the darkcoin started, the developer did not expect it to be so successful, so he developed it as a scam coin and tried to extract as much as possible from the community. However, he keeps on developing it, it becomes a successful coin.

don't forget about the CENT "bug" ..the cryptsy crew banked hard on that one lol

I believe this is a service for projects funded by the blockchain i.e. projects get funding directly from the blockchain in DASH coins, and instead of them dumping the coins on an exchange to be able to pay the bills the team is helping out trying to organize OTC trades.

Adams point was why did eduffield need to buy on an exchange and not OTC from the "team"......

Maybe he likes to trade? Maybe the OTC price was higher and he wanted to catch dumps. Maybe the OTC was reserved mainly for people who don't trust exchanges and don't want to use them. Maybe he didn't know the future that 2 days later there would be an OTC opportunity.

Darkcoin (Dash) is still in active development, it has many wealthy holders. It will not die any time soon.

We would need some proof of evidence for what you said. Do you know who are the "many wealthy holders"?
It will not die any time soon, but eventually it will reveal itself for what it is.

Maybe you're a scam defender who will say just about anything to defend an obvious fraud scheme. You're either reading selectively or you couldn't even understand such a simple post. Look at the date again ::)




Furthermore, by buying coins on the exchange rather than OTC through his accomplice Minotaur26, are we to understand that eduffield does not wish to contribute to the ongoing expenses and marketing for DASH?

Where in that quote he says he is buying on the exchanges?

I don't know what he contributes in terms of funds, but are you suggesting the developers should also fund the expenses and marketing in addition to doing all the work?

Problem with that theory is that trading with cryptsy you have to pay large fees.

Not sure when they started their 0.5% withdrawal fee.

I'm also not sure if it was during or after or before they started 0% trading fees.

The whole point is why go through the risk of sending your money to a 3rd party when you can hand your money over to someone you know and trust and get more dash per $.

Makes no sense.

Just because you are "developing" something does not make it worth while to be vested into it.

Some people are great developers and some aren't

I am guessing evan aint that great of a developer for:

1. He sent an email on the bitcoin-dev mailing list in November 2013 asking to pay for c++ coders to help him with his for-profit venture. He was laughed out of that email thread.

2. After spending many months using the masternode system he all of a sudden has stated publicly that he wants to get away from the masternode system.

Sounds like bad development to me.

It is development but if I slap together a piece of code that is essentially broken on its main purpose (privacy) what's the point?

Yes one could argue that he was "developing" but it doesn't mean he was developing something worth spending time on for the longer term.

Let's call it "DEVELOPMENT THEATRE" which implies ==> "PRIVACY THEATRE"

how about trying not to fall for these scams and you should be ok

eduffield has now implemented this idea!

From the DASH thread:


He changed it without explanation on DASH BCT ann thread.

https://media.giphy.com/media/KsgLFgQp7Elj2/giphy.gif

I bet that annoys you greatly.  ;D

And makes you proud to support this coin.  :(

So he removed that part then readded it again?

I bet that annoys you greatly.  ;D

Dash is already altcoin, which is quite popular  ;) I do not know in details, but seems Dash is one of most popular altcoin in a moment  ;D

So was paycoin--you're like the guy who argues that New Kids on the Block were great musicians based on their record sales.

If your aim is to get a lot of people to listen to your music, but no one wants to hear it, it doesn't matter how good you are with counterpoints and modulation.

Some people can be both good and popular, meanwhile the posers eventually fall to the level they belong.

Indeed. And some think they are good if not the best and wonder why they are not popular.

So monero isn't the most used opaque blockchain? Bitcoin isn't the most used clear blockchain? How is dash's plan to try and be both going? Not so well if Evan is making a new set of grand promises.

What are you talking about, I thought we were talking about music.

Miss metaphors much?

U serious?

The comments started with a metaphor, so why would that metaphor stop? Or did you think this had suddenly become the BCT music section?