Bitcoin Forum

DO NOT BE CONNED INTO INVESTING INTO NEW ALTCOINS

99.9% of these coins are scams designed to lure unsuspecting newbies into buying them.

Scammers use many of the following methods to lure in people and trick them into investing time/money into these coins:

• Claim innovations when nothing is new
• Use forum spambot/ sockpuppet accounts to make their coin appear popular(Astrocoin, Quarkcoin, etc.)
• Use marketing techniques(Dogecoin)
• Rare(low block reward) to trick you into thinking it will be worth something, while they mine them all with their immense hashing farms.
• Premining for Giveaways and Bounties
• Claim that services "are coming" and "big things are coming for this coin"
• Encourage users to request their particular coin be listed on exchange. truly innovative coins never have to ask.
• Fancy Logos/Websites/Lengthy Forum posts to fool you into thinking they will support it.

In addition, most of these supposed coin developers have no real programming experience. They simply read a guide made by someone else on the subject of compiling and making altcoins.

Please do not add to their victim list. You are only lining their pockets by allowing them to scam you into supporting their 10 minute copy paste clone coins. In addition, there is now a website which can create and compile these coins for a fee making it easier than ever for scammers to continue cranking out altcoins.

If things like this outrage you, you can join the petition to have the altcoin board removed or new coin listings banned from bitcointalk at the following thread:
https://bitcointalk.org/index.php?topic=438043.msg4893075;boardseen#new

It is the best thing for the community. this has been allowed to go on for far to long and is a detriment to bitcoin and cryptocurrency legitimacy in general.

Thanks,
          r3wt

Trust me, they won't listen or care. All they want is to 'go to the moon'.

You can't breath on the moon. Instant death.

There has been special apparatus developed to get around this.

It still is better than gambling, and more fun.

I was gonna blast you, but you have Frankos in your sig so you get the pass. at least you support a good alt where the dev is reliable and committed.

Haha, not all altcoins are 100% scam, some developpers really put efforts in them, like Franko, so I believe that gives them value.
I'd never invest in completely useless coins like Mooncoin and Kittehcoin.

good to know. Dogecoin is also crap and i highly advise you to stay away from Astrocoin and QRK as well.

What makes Franco coin any different from a lot of these alts? Not hating, but I haven't seen anything that makes Franco a worthwhile or notable coin contender.

Advise acknowledged. But although Dogecoin's overvalued right now, I think it has a high mid-term potential, because of its community. It actually sent a bobsleigh team at the Olympics.

Its been around a long time, and the developer is still active, having added the gravity well to the coin like many other scrypt coins have. I know the dev personally, and he's pretty much devoted to Franko. in the contrast, most of these other coin devs create a coin pump n dump and start again. they never stick around to support it.

The Kimoto Gravity Well. It's an algorithm that makes Franko non-profitable to multipools.

thats just internet marketing. As soon as it sees any real value, everyone who thinks with the mind set you do will have already dumped their coins. IF that doesn't happen, the novelty will well off and it will die anyway.

What do you think of Mega? Didn't they create that gravity well?

Isn't successful internet marketing what matters the most, in an internet-based economy?

I used to be harsh on megacoin. i still think it unfairly rewarded early adopters, but its still a good coin with alot of support. Its far from a scam, but peple need to know that it already has a considerable amount of its supply minted, so mining now will not make you rich unless you have considerable hash or money to invest.

Only if you're the one trying to get rich. If you're a common person its the trap designed to ensnare your yuppie ass.

Im ALL IN with Infinitecoin.

You must've given most of it away lol.

litecoin is good

Litecoin is a good one to invest in as it was unique but all the new alt coins should be ignored because most are scams.

99.9% is a BIT high hahah

I invest in ltc, but its a risky investment. It fluctuates so dramatically which should not happen for a coin as storied/old as ltc.

Seems to have been quite steady to me. They really need some merchants behind it for it to lift off. All it's got going for it at the moment is playing second fiddle to Bitcoin.

I still giving it away:
http://infinitecointalk.org/index.php/topic,1317.0.html

I think this post needs to be pinned in the forum for all newbies.

How much have you given away now?

there is a difference if you do this for fun or for money. i personally do this for fun and i buy all kind of coins and sell them cryptsy. i didn't invest any of my own money. all i got is collect on faucet or giveaways.

Not all alt coins are bad. Many new ones bring innovative features such a anoncoin (Completely anonymous coin) that would well be worth buying to support the coin.

Thank you r3wt for sticking your neck out and telling it like it is however I have to wonder about someone's motives who encourages the removal of the altcoins section given bitcoin's current stagnant growth (vs. altcoins' popularity and increasing market caps).  Is it because you feel threatened that the altcoins have taken and will continue to take new buyers' money rather than have them focus and spend it on bitcoin, thereby increasing the value of BTC, which you presumably hold?

Whatever your motives for this thread are, here are my impressions on dogecoin.

I guess you've seen the now stickied post on their subreddit called "Dogecoin Hype Video Competition" launched about 3 weeks ago that encourages shibes (their community members) to donate coins towards a prizepool?  For those who haven't, a user with the label "hype shibe" (a shibe is short for shiba inu, the dog whose meme the coin is based on) encourages users to create and post hype videos on youtube in order to have a chance at winning prizes.  Over the past 2 months they've gained a reputation as being community-focused with donations to charitable causes, donating doge to the Jamaican bobsled team which, combined with reaching out the key media contacts, was a clever pump and dump that saw price rise to 260 Satoshi practically overnight but soon fall.  They've managed to increase their subscriber base to over 50,000 and it continues to grow.

Recent controversy includes a debate about whether developers should make it a deflationary currency like bitcoin (fixed max # of coins),  vs. inflationary where more coins are introduced into the ecosystem effectively devaluing the coin over time.  Something I noticed on reddit is that whenever there's a sudden drop in value due to massive selling on one or more exchanges, the pumping "to the moon!" memes and joke posts continue to get upvoted to the front page and crowd out the important ones made by what seems like less-experienced investors who are genuinely in need of advice who are likely panic selling.   People are told to calm down, that 1 doge will always be worth 1 doge (ignoring the fact people paid fiat currency for those doges).    That said, there are miners and early adopters who seem to be making a lot of money and I have to admit, their reddit community is a lot friendlier to newbies than bitcoin and litecoin where you're basically ignored, insulted or told to do a search before posting a question - valid advice but not the way you increase adoption.

Quite surprised to see Dogecoin in this list. It's actually doing a great thing to the Bitcoin community by expanding the user base of cryptocoins.

I came to believe that bitcoin proponents can be a little bit arrogant to other altcoins just like the traditional financiers are still arrogant towards bitcoin itself. There're still huge things to come, as the market is not developed yet at all.

My point is, this thread would be way better if you offered advice on how to determine whether the altcoin is likely to be scam.

1mil+

dogecoin is pure internet marketing. there is nothing special or revolutionary about it, its a gimmick and a scam, therefore it belongs on the list. I love the meme, and i'll probably buy a dogecoin shirt just for the lulz, but dogecoin as a currency is a joke and is something i only play in with small amounts

Pfft! absolutely irrelevant points. The need to kill the alt section has nothing to do with my dislike of altcoins or "bitcoin elitism". its a siimple matter or eliminating the easy scams for these altcoin pump and dump creators. we have over 500 altcoins now, surely we don't need anymore.

Certainly here to be careful about these things

some CAN be worthwhile but usually not.

Agree with OP.
99% of those altcoins are just clones, and are used for pump and dump only.

 ??? Im sooo confused... So hypothetically apart from the expensive Bitcoin and the erratic Litecoin. What would you Pros suggest would be a good coin to invest in :-*

Infinitecoin for sure. Get it while its still cheap.