Bitcoin Forum

So, I have some bitcoinred (btcred). I received the new revolution or whatever coins. I am now trying to decide if I should sell my old btcred coins. They 0.20 USD a pop.
I do not want to sell something that if the buyer does not know that they are not valid anymore. On the other hand, you can never be sure. Maybe they wanna buy it anyway.
Any help on the ethical implications of selling an ended coin?

Right, if you will sell now it will only make the biggest loss. So when you have bitcoin - you better hold, and wait for big dumps before doing withdraw

What do you mean? I do not understand what you are trying to say.

I think he misunderstood - or didn't read your post at all.

From my perspective it is unethical. At some point, it is analogous to "tricking" someone to buy something that doesn't have any value in the future so it won't be profitable for them. This is not a trade, as somebody, in the end, won't get any benefits. Even if there is a possibility that they do want to buy it, there's also a possibility that they don't know the coin is dead, or they will use the coins bought from you to scam others by thinking that this coins still has some value (or simply doing a pump and dump).

I believe it is better for you to not sell it after all. Somebody will be at loss in the end cause the coin is dead (assuming what you said is true).

Money are money, also the Zclassic is a dead project, but it pumped the 600% in the last two weeks, maybe this coin will die, maybe will find a new team able to keep it up.
That means there is a huge request of this coin, so some people are buying also if they haven't the certainty that this coin will survive.

The market is the market, let the buyers buy, just if they ask you something about the coin, don't lie at all to them.

it depends on how you are selling them!
for example if you are going on the currency exchange board of bitcointalk and selling the coins by lying and faking facts then it is unethical.
but if there is an actual market for it like on an exchange (for example on Yobit) and people are already trading that coin (if it has volume) then there is nothing unethical. they have a reason for trading (buying) the coin there. go ahead and dump your coins.

This was a long time ago and honestly I do not remember what I did. But I remember it was on a decentralized exchange and you would just put the coins to be sold, no talking.

If you use an exchange it is an open market. Everybody has the right to buy and sell. Everybody has to do their due diligence and estimate the value of the coin they are buying. If you trade with a friend it is definitely unethical.

You would already turn out to be a swindler.Well put the situation that you did able to sell out those coins but sooner or later that buyer will surely sue you that the coins is worthless and would request to reverse transactions and give him his money back. High chances for that situation to happen would be there. If you tell him on the first place that the token is useless but he still tend to buy it then its his choice and your conscience wont bother you anymore.

How is this any different from ICOs that make promises and don't deliver? Sure it isn't 100% ethical but at the same time if the other party in this transaction wants to buy a dead coin, that is THEIR FAULT! Not yours. Pretty ruthless way of thinking about it, but they won't learn if you do them a solid. They will learn when they buy a useless broken coin and then next time vow to never do that again, and vow to research. Don't aid people who don't do research, it simply isn't fair to the rest of us who do.

I think the coins you hold do not have any potential ,, maybe it would be better if you sell what you hold from now ,, before the price becomes more beautiful and if that happens, you will not get any ...
look for potential that can make the movement to be more specific

if it's on DEX, ethical or not isn't the issue here. It's the buyer's due diligence before buying the coin
by looking at the volume trades and simple google search on the coin's name,
he can find out the necessary information about the coin and make his own investment decision (buying the coin or not)

this one is tough and in my opinion this is the hardest part about cryptocurrencies. how I think about it is like this: if you are selling sh*t and the buyer knows it's sh*t is it wrong ?? we all have the same information about any cryptocurrency that is available to everyone so what is the harm ??

personally i wouldn't do it , because i couldn't stomach doing that to someone. but if someone does it i can understand it a little bit , because it is also on the person buying to do some decent research. so in my opinion if you can live with yourself go ahead , no judgement.

I do not remember if I sold it or not, but sometimes old coins are revived, so there might be a reason that person is buying.

If you find someone well aware of the current situation and who is still ready to buy your coins, I don't see the problem
Otherwise, it is not ethical at all. It's a kind of scam for me.  And I think you know it as you ask the question

Agree with this.  However, I would also say that if you made sure the buyer understood what he was doing, by way of informing him (or verifying that he knows) that the coin is dead, OP would be covering his ass, ethically.  I don't know anything about this particular altcoin but it sounds like one that you'd probably want to unload if you can find a buyer for it.  You're probably not going to get many chances to sell it.  Jump at this if you can but it would be wrong to dump a dead coin on someone if they didn't know that's what it was.

I think you can warn people who would buy them from you, that they are already done, and if they anyway would like to buy, you are clean.

How do you want to warn People? You can never avoid having sh coins on an Exchange. I guess if it is still a valid coin and still offered on any Exchange, than it is the buyers decision to invest in such a coin.

As long as you are even doing something at the detriment of the other person for your own gain, that is a scam !
That is more like stealing from someone just to pretend to them that what you are selling to them is the real thing, whereas, it is fake.

The first thing the OP should have asked himself is how would he feel if someone actually ended up doing that to him ? Probably he should start from there and the answer he ends up giving to himself will be the answer to his own question on whether what he asked is unethical or not.

However, if this is done on a normal trade market where you have placed a sell order or someone dropped a buy order for it, then I am not sure how ethics come in. You are just simply trading anyway !

I would say its very unethical that your selling a discontinued coin.  However, it is being actively being traded on an exchange, and people are placing buy orders for 0.20 USD like you said then it would be ok to sell it on the exchange.  But from the looks of it seems like you would be making a deal with someone which would be unethical in my opinion. 

You can sell your coins if someone wants to buy them. And you will sell at the price that you offer the buyer.

Since it is a market and someone is falling for it to buy it, then it is just dead coins switching hands and someone else could have stupidly transacted a dead coin. It is a free world, an open market and everyone is auctioning what they have and I see nothing unethical there.

Anyone who is buying a coin and decided not to do some research before doing so, obviously should have themselves to blame. As long as you are not deceiving or imposing anything on anyone, I do not see anything bad there.

To my mind, this is not enthical but this is such a question that every person should decide for himself how to act. If you think that you can do like this, then do. Trading is such a thing that everyone thinks about himself more

Man, this is an old post and it is not relevant right now, but I guess there are discontinued coins and it might be relevant to other people.
So, let's hear the name of the coins that are discontinued but you can still find a buyer for them.

I think this list will be very long.
Many coins out there were forsaken by their devs or just declared "finished".
After all some altcoin devs just jump from coin to coin for money.

There are a lot of dead shitcoins still being traded on some exchanges. Really, in crypto people will buy anything if it can give them profit, and even a dead coin might pump. So if there is an exchange with volume I would say go, make your sell orders and let the market decide if it still has any value.

https://coinmarketcap.com/currencies/bitcoin-red/#markets

This coin is traded on two exchanges there is in the coinmarketcap.com on sale there is nothing naughty. Turnover is small to sell hard, but in summer it can quite make several X.

I don't see any problem. You offer, they decide to take this offer or not. You are not responsible for the decisions of other people. You are only responsible for your own decision, in this case, to get rid of the coin you don't need.

I am not sure what you are saying, but if I get you right, and correct me please if I am wrong, you are saying you are selling btcred to someone who does not know it is a dead coin ?

If this is a live transaction that involves you deceiving the person, then, that is not just unethical, that is a very bad thing to do and unless you really do not have conscience and all you are after is the cash, I wonder how long that would take you before you realize you got it in the wrong way.

The explanation the OP gave is not really clear. Where was he trying to sell the coin and who is asking for them ?

Firstly, I am sure anyone who is even asking should be aware of the coin they are buying and if it is on an exchange, and someone is bidding for it, I do not see anything unethical there actually since it is an open market, but in the process of trying to deceive people that it is a real coin, whereas it is a dead one with no market is where the ethics come in.

Investing into crypto is risky, buyers and traders should know about it whenever they decide to buy a coin. Its there own diligence to research about what they purchase but if its someone you knew, and doesnt know a crap on what's he/she is about to buy then try to enlighten them. But would careless if its in a trading platform.

Really, in crypto people will buy anything if it can give them profit.Even a dead coin might pump.  If you think that you can do like this, then do.

At one end, you can say that selling a dead coin would be unfair to the buyer and at another you can say that the buyer is negligent for not doing his own research. IMO, it would hit my conscience if I were to make such a transaction where my buyer was unaware that he is purchasing a dead coin (unless he truly wanted to despite the disadvantage to it) I would feel guilty because it would be like tricking him into buying something he thought of to have value. However, it may also be said that it’s the buyer’s responsibility to be diligent enough in making such transactions. As far as ethics is concerned, I guess it depends whether there will be an injured party.

One thing you must realise is that this really is the wild wild west, there is not sympathy here in this dog eat dog world. When a coin becomes invalid, dump it asap. Scammers and greed is everywhere so be on your guard and get rid of any worthless coins at any cost.

This coin is hardly traded anymore. There's only Yobit exchange which is a problematic one and Coinexchange which has the trading volume of 9 dollars for this coin. I don't think you can really sell the coins you have, but if you know a person willing to buy them then to make a good ethical choice you have to warn him that you believe the coins are not valid anymore. If he/she doesn't want to buy them, you know that you made the right choice. If she/he does then congrats on your deal. If you want to sell the ended coin on Yobit and so basically not to any specific person then it is completely fine from the ethical point of view, as someone else is willing to buy the coin and you don't know and shouldn't ask about the reasons of this person.

For those people who do mind up on being ethical then most of the time you would definitely warn your potential buyer about the current status of the coin you are selling into.If he decide inspite on having those informations given then its his choice atleast you wont really bare in mind when it comes to your conscience that he might not able to sell out those coins on good rates. Yobit? Then its just like suicide already when you do make already some deposits on this shitty exchange.

If you are putting the coin out on an exchange, any potential buyer you puts out buy order may have or should know the status of such coin. I only doubt if there is a way to out out warning to buyers about the coin status.

If the coin is dead and there is no more development of the coin and it has no volume I do think it is unethical to sell the coins since the only ones that could potentially buy the coins are those that do not know what they are doing so you are deceiving them with a coin that has no future, it is way better to just accept the fact that you lost some money and move on.

There is this new thing called coinjanitor or something. They collect old and dead coins, and change them with their own coins, which you can sell.
It sounds great, and people buying the dead coin can sell it this way.

It seems to me that it can not be that the buyer does not know that the coins you sell to him no longer have the potential. If someone wants to buy something, then it's important for a person and the token's value is there.

Lol. Few people even consider what's going to happen to the buyers. If they want to buy it, then assume that they've made researches and they have their reasons why they want to buy that coins. It's their decision and they're money anyways

Doing some things which is ethical, gives class to the person and well-mannered.
The people who act in right is a great thing to provide a wonderful icon which will everyone’s will idolize.

We all know that bitcoin is a decentralised crypto currency and there is no such authentic regulating body who could keep eyes over bitcoin activities. People mine bitcoins, they comes into circulation and bitcoin then be in to circulation by their buying and selling by the millions of investors around and those countries who has legalised bitcoin have their control over it and those governments then keep eyes over all those activities, so as such bitcoin is not as unethical as people exaggerate it.

Now it seems that there are a lot of swap coins. They are worthless once you miss the swap deadline, so some people may be inclined to sell them.

I'm still new in the world of crytocurrency. I may not give great advice. The way I understand it though, it can be okay. I once sold a car that had problems. The transmission didn't work properly. The top gear wouldn't work. I listed it on the internet and described all the problems I know about in detail. I immediately got several calls and sold it in the morning. That person will probably have problems with the car in the future. I feel a bit bad, but I was completely transparent in the sale. If somebody wants to buy your ended cryptocurrency and they know what they're getting, I think it's fine.