Bitcoin Forum

Hi was wondering if there coins that are scams?

I don't know how many of these coins are scams vs. crypto just being dominated by a few big coins. Some of the alts probably have good ideas but there isn't enough capital in the space to support them as viable projects.

I found some coin that are called scam coin, found those source from this forum.
1) The billion coin (TBC)
2) sky way
sorry, i forgot most of the name , will update here when i remembered those.

marijuana coin
one of scam coin i ever join
after gain lot of fund in the ICO

Yes, there are literally dozens of thousands of them and many are being pumped every day.
Look for coins that offer nothing unique whatsoever/memecoins/coins whose dev team is nonexistent.

Most  coins or ICO platforms (like waves or eth) are scams in the way that money needs to be fed to a system that does not create any value or solves any real usecase. So in that way it's a ponzi. It's nothing more than a transfer of money from the ppl who get in late to the people who came in earlier. The whole ICO thing is just a crowdfund based on empty promises using worthless and valueless tokens (in an unregulated environment). Aside of all the crap icoscams there are a lot of premined, instamine or dodgy forks that are nothing more than money generating tools for the devs (dash,chaincoin,dogecoin, onecoin, stellar lumens, zcash,nxt, syndicate, augur, eos, steem and what not more). Look at the Chaincoinpump...4 years of inactivity on github than just before the pump 4 or 5 changes on github. No code changes, just textual changes. Within 3 days the whole space starts making up stories about chaincoin being the next big thing, trying to lure other people into the pump....7 days later...forgotten...cycle repeats.

Do not forget the marketing machine behind coins and something like ethereum. Massive amounts of money thrown in to keep the "revolutionary blockchain smartcontract story" alive while on the other hand skilled technical people downplay the potential of the blockchain and warn for the hype that is created by the money sharks. This whole swindle is worse than the whole rotten culture that lead to the subprime crisis in 2008.

All house of cards exploiting FOMO dreams and greed

Look at this Tezos guy (231 million in ICO) not being able to define 1 viable real world usecase. Clear sign that the space is gone mad.

https://m.youtube.com/watch?v=gsY5wXj4Xm8

What is poisoning for the space is that everybody bought into the crap and becomes a coin evangelists. Even more so for all the people out here (you can recognize them with their own ICO adds in the signature) that spread messages to lure other people in. Multi level marketing....neighbours sell to neighbours until there is no neighbours left....leaving the first x rich and the last y crying. All repeating the same story to trigger the FOMO in people.

As a side effect shitloads of money gp to companies that will not deliver anything useful.

https://hackernoon.com/dear-sec-icos-tokens-are-killing-innovation-2f8d287f88c3

Chaincoin example
https://m.youtube.com/watch?v=i5NTKh-MNH8

DASH example
https://youtu.be/VrKU0Ymta-U

WAVES example
https://m.youtube.com/watch?v=XC1sPozgmpA

And now....I'll wait for the FUD frame.

Yes sir! There are alot actually and still counting.  I don't know each of them. But here are some: marijuana coin, sky way. Marijuana coin was just thought by my friend she already used to it before. This question will help others specially newbies.

There are tons of shitty scam coins which can be found on the market. Pump and dump coins are one of them. They become useless and completely valueless after existing for less than few days. You should better avoid them.

Good points and exapmles you mentioned.
But that`s the reality of curent altcoin world and better use (to) it.
What`s the alternative?

Nowadays it is very easy to create own coins in seconds. So, the better question would be, how to find serious coins. Bitcointalk is a good place to find those cryptocurrencies with huge projects behind the coins and a good prognosis for the future.

Daily many shit coins are launching in the exchanges with no innovation, after getting some money through ICO they are closing their doors without any update. It will take some time to find all those and I will update here for our reference.

  Unfortunately, yes there are many scam coins as of today. That's one of the many downsides to having an open decentralized marketplace and open sourced codes. The very same system, founded on honesty and innovation, is bound to have it's negative drawbacks. The only error of course, is human error. Exploiting seems to be our human nature, intentionally, and unintentionally. They say the road to hell is paved with good intentions!  
     Overall, I think in the long run, many of these scams will fade into obscurity as more people become hip to the process in which the scams operate. Right now, we are in a digital gold rush. People are lunging at any coin, in hopes of it risng to the moon. It's the .com boom and bust all over again.
   Just be sure not educate yourself in order to reduce risk of being scammed yourself, as the scams are growing to become more consistent and complex.

we'd love waiting your updates here dude
since there many new ico announcing every week, we still find it difficult where best to invest on it

TBC is one example scamming exist, with many people has buying some coins at past, but its not worth at all.

There are too many scam coins other use crypto currency doing MLM system and other coin is manipulated the price by fake volume fake pump etc.

I know there is, but I do not know what exactly it is. When im joining in a campaign or bounty, I always look at the moderator if that one is reliable. Some of them are not shit coins scams are those one who are not noticeable not famous and have a suspicious project.

Of course there are coins that are scam, in fact, there are many out there to be considered as scam coins, and those that have been a scam long ago and cant be traded now are the ones that others often calls shitcoins. A good example of scam coin is thebillioncoin, since the dev promises that tbc's current price will go up everyday by up to 5%, but in reality the rise is centralized and is a ponzi scheme.

WisdomCoin (WISC) is a perfect example.

Agreed many of the coins are just money grabs because its so easy these days to create a new coin and launch an ICO. You have to look at the real world usage of the project and not just some abstract idea to get investment dollars that will lead to nothing.

90% of all of them. Welcome to crypto, enjoy your stay! That being said, you can still make pretty damn good profit trading horrible shitcoins. Legit projects take a long time to mature and become profitable and knowing people in crypto have about a 4 second attention span, coins that are awful garbage may be well suited for some. At your own risk of course, be careful.

Yes there is, actually a lot of it are just scams and others are shit coins where it has no value at all. But my advice to you is do not join in just amy other campaigns where the moderator is not that reliable. Better be sure on campaigns tjat you are joining.

Some people wonder if there are coins that are not scams.

But how to know a campaign is scam coin and not really? Are you find some review on website review ICOs or any ways? I always have question about this issue and can't find the answer helps it, can you helps me?

Yes there is,Because some coins are not growing and not being popular because some are scamming it just because of their own.And some are no value at all.Think about of many coins that appears when the bitxoin become popular,Some coins their are scam.