Bitcoin Forum

I am nooby here, I have a request to forum moderators and those 5 star members,

would you guys please make a scam coin list and put it on top of the threads, just to help noobys out? It also help the whole community clean up the garbage faster.

[Edit.12.12.2013] Ok, thanks for everybody's contributions. I fully support forum moderator to stay neutral because he is here to facilitate discussion. I fully understand those full members are not supposed to talk. They are either involved in the creation of a few alt-coins, all pre-mined a few, and insta-mined a few, then bash the coins they don't have a lot. So, I am a nooby in this forum. Every scammer wants my hard earned BTC, hands me to the slaughter house. It is my own job to protect my ass from someone coming from behind. I am going to make my own list.

Rules of spotting scam coins:
1. Every Alt Coin is a suspect until it proves not.
2. A coin walks like a scam, talks like a scam, it is a scam.
3. A coin solely benefits the creator/preminer/instaminer, with no intention to create any additional value to marginal holders.
4. A coin creator does not release full source code.
5. A coin creator borrows general public's computing power(GPU) for private/commercial computing purpose, while the GPU contributor does not share any interest in the creator's commerical success, or IP rights.

Scam Coin List :
1. BossCoin.
Reason: #2, first is one person had issue with the dev, then relaunch, then more people (https://bitcointalk.org/index.php?topic=368607.0) had issue with the "new" dev.

2. NXT.
Reason: #3, #4, it is 100% premined but no public book on how the raised fund will be used to add value for late coin holders.

3. NobleCoin.
Reason: #2, Comment from @vega, One copy another.

4. Curecoin.
Reason: #4, #5, if it is for Stanford's project, everyone mined should have a share on the success of the project. If your plan is to take my GPU power for your own private research, it is a scam, whoever you are.

5. UnionCoin. YAC, YBC, ZCC, FEC, Pangu, Baou
Reason: #2, #3, launched in CPU, while the dev creates a secret GPU miner, (https://bitcointalk.org/index.php?topic=365569.0)

6. Quark.
Reason: #3, instamined 97% of coins. aritifiial price pumping (http://www.reddit.com/r/Bitcoin/comments/1su2aj/the_scam_behind_quarkcoin/)

Scam Suspect List :
1. Come from China with Love?

Removed From Scam List :
To be added.

High Premine/Instamine List :
1. Feather Coin. 25% instamined in the first three days.
2. Pheonix Coin. TBUed.
3. Gold Coin. 33% instamined in the first 24 hours. Hazard article (http://cryptolife.net/goldcoin-the-scam-that-keeps-on-giving)

I think bitcointalk likes to remain neutral in regards to scam accusation type stuff. You may find them hard pressed to sticky something like that.

Probably better off just compiling a list and bumping it frequently based on community opinion.

the list would be too big , only litecoin and bitcoin are not scam coins , the rest are premined or instamined trash .


now watch all the replies from people trying to defend the crap coin they have alot of .

You either do the alt coin thing or you don't but I think his point is that he wants a list of legitimate alt coins that are trying to make a go of it and the alt coins that are designed for the purpose of scamming people. Like YACoin having a trojan in the Win32 QT originally and stealing 14k BTC from people, ect.. stuff like that.

Problem is most people on this forum define a scam as a crypto they haven't personally profited off.

I totally understand that. and when I surf through those websites, cryptsy, coinwarz, and etc. it looks like core members in the community are all disciplined to keep the scam off the list. but nobody says it. To new people, it is such a steep learning curve and so much tuition to pay. The forum is designed this way, a new reply will instantly pump a old thread to the 1st page. For noobys, we have to go through each of 50 some pages in the thread to find valuable comments from a neutral old member. If there is a suspect list, then we may just ignore the whole thread and save sometime to discuss something more valuable for the development of crypto currency.

my opinion, many people here are developers. we can all do something good, or we can all copy and compile other's source code, forge a blockchain to create a scam. By keeping the scam off, the community can automatically dedicate its effort to something better rather than running for some short term profit.

To be honest, it's hard to find a neutral review/information about a coin, there are always investors, bag holders and trolls interested in spreading FUD for one reason or another about every coin. And this place (subforum) is FULL of those lately, but now it is also full of new people trying to get information about the coins in order to invest or just mine them. To those people THIS IS NOT THE PLACE TO LEARN ABOUT CRYPTOS ANYMORE (it once was).

But a (moderated) site with this kind of information written by knowledgeable people would help a lot this community.
Think about a wikipedia article where promotional language is banned and edits must be approved by a selected number of moderators.

I would definitely be interested in this kind of site and could provide the infrastructure for it.

Does anyone want to join ? If we get a nice team this could be very helpful for the community.

to be fair, trashes are not scams. There are tons of garage inventors in each neighborhood. only one becomes Dell. This society more forward by filtering gold from trash. And we can all learn one thing or two from the trash.

It is the scam we should stay away from. It is the scam that the true believers of cryptocurrency should safeguard the juniors in the community from.

if your looking for good long team coins look at SXC :)

you don't know what the hell your saying Litecoin was not premined , only the first two blocks were to see if it actually worked .

As I see success (= good exchange rate and high demand) justifies all kinds of pre/instamines, taxes and "coins held for bounties" :).

http://www.fantasypublishings.com/btcInfo/Alternate_cryptocurrencies/ANN_Litecoin__a_lite_version_of_Bitcoin_Launched_newPage18176.php


Litecoin will come with 150 premined coins: just the genesis block and the first 2 blocks to confirm the genesis is valid.  We believe a coin needs to be released in a fair manner.  Having one person (or a group) control a large amount of coins that can be used as they see fit is against the decentralized vision of Bitcoin.  Yes, it is true that without a stash of premined coins, we will not be able to afford to pay for bounties, but we believe people will see the virtue of this coin, invest in it as early adopters, and will be willing to spend time creating services to make this coin better.

Thou shalt not mix pre and instamine :). Satoshi instamined BTC for a while but in that time nobody else wanted to mine it :).

Generally speaking I agree but pre or instamine is only a short term incentive. A kind of "tax" would be a better approach, as that would be a real incentive for long term dev involvement.

I would like to see some mods chang this the other way with a real time investment in educating new ppl with the right information about all 'em alt/crypto coins.
i did place a request here too
https://bitcointalk.org/index.php?topic=365473
for a fair orgnized listing.

How is Datacoin premined, instamined, or trash?

Bitcoin is King.

Litecoin is no different from any other alt.
People should advertise coins by their merits in relation to bitcoin and not try to increase its worth by putting other random altcoins down.

Do you think Satoshi is not alive?

Its not even a person -_-

Decentralized in its nature not information about it for the good of everyday ppl.
how would you expect ppl to support a new coin or even existing one with little or none review or just ppl bashin this one and praisin the other?

By promoting your coin in my thread, you are about to hit my scam list. Now, tell me why sex coin is not a scan

Good point : ) Do not underestimate the users here. Using spamming to promote alt coin will not be well accepted.

you should do your own research about the coin for all you know I could be lying to you about it lol

sxc is not my coin  I just get on well with the devs and think its a cool coin

As a virtual currency, the success should be defined as,
1. be able to exchange for fiat currency, like mtgox, or
2. has it commodity exchange, like cex.io, or
3. has a market to use the currency to exchange goods and service, like silkroad, or
4. as a payment method in the real world, either buy a pizza or pay tuition.

not just price jump from 0.000004 to .0003, then dump.

We can still make it decentralized. create a poll, let everyone vote, nobody judge, everyone make their own mind.

I actually like sxc concept. If we look for applications for cryptocurrency, the first place will not be supermarket or Susan's diary store. It always starts from the underworld. sex coin is a good thing, or craft coin. If we go to meet someone, do I want to carry $300 in the pocket, or carry a phone then transfer 300 sexcoin when we meet? I vote for sexcoin.

but in order for it to success, the coin has to be widely held by 5 million ppl, not concentrated in 10 ppl's mutliple addresses through instamine or premine. and the dev has to be actively looking for new applications for its coin, not just pump the price in some exchange.

Yet they all produce matter 8)

sadly this is true

count me in, send me some info, i am now building my own scam list. but so far, I lack the ability to review the code and audit the blockchain.

before you post adt on the high premine list it was ment to be less than 3% but due to the reduction in total coins it will be 5% up to you if you call that a scam but that's the facts

There's definitely some truth to that, but I don't think there's anything wrong with taking the ultra-skeptical stance of "guilty until proven innocent" with every new altcoin that pops up. And the criteria eddilicious listed isn't rigid at all: requiring source code weeds out potential malware, for example.

Better yet, post-mine or at least parallel-mine.  If we know that, for every 25 coins paid out, the development team is getting one or two of those coins, then they at least have a stronger incentive not to Pump&Dump.  Ideally, those who create the altcoin should get the last 10% of coins mined.  That would maintain the strongest incentive possible to maximize acceptance and the stability of their own product.