Bitcoin Forum

Apologies for the long thread title. Btw, I recently came across a report by CoinCodeCap and I found it fascinating and want to share with others o'er here.

Here are the key findings :
Main findings –




What's more interesting is that, Majority of these projects were launched in 2017 with a truck load of promises. Today, The story is different.


What's your thoughts on this? Feel free to share.


For further Reading : https://blog.coincodecap.com/analyzing-cryptocurrencies-github-activity/

That article is like saying water is wet. Umm... yeah, everyone kind of knew that most shitcoins aren't actively updating their code or adding new features. And yobit is one of the worst exchanges out there, or at let's say it's where you go to find shitcoins.

I don't mean this post to disparage the information you provided. Just saying that anyone involved with crypto should have well been aware of this ages ago.

My opinion is that they are 50% scammers who raised money, and this is the end of their goal, therefore, thanks to such dealers, the overall picture of the crypto industry is negative, and investors are more careful and less willing to invest in projects.

Everyone with a good understanding knows we have more concepts than working products. Yobit is also is a remarkable home for shitcoins  ;D A lot of dead projects are constantly pumped on Yobit. I sometimes wish that the exchange could be investigated for fraudulent activities.

I wonder how that is going to happen, there is nothing that can stand in between exchanges and investors for now, the freedom world of crypto is really hurting it, yobit exchange is not the only exchange with shitcoins that are been pump on purpose

I don't understand the whole story in that article. However one thing is sure. Most projects are scammers and thats why we dont see any progress or codes. This needs to change very soon.

One can only offer what he has isn't it? So for them not to publish any code for a while now means they have reached the end of line and thus people should be careful of them. Most times we complain that most altcoins are shitcoins this is the proof, I can't really picture why a team will promise something and then stay away for a long time without doing anything to keep their promises and later on they will blame the bear market. In all sincerity, let's be careful of some these projects this post has proved that there is more going on which might not know.

Well hat's not a scale to say it's a shit project or not, some of them launched with a working product already so not putting a single line there means nothing, just saying.
Other projects, like you said, dumped it or got broke or cam or whatever... or simply lost faith developing the project because they have a TEAM but not a DEV TEAM which i huge difference most people don't know when investing in an ICO or IEO.

This is a problem that can easily be resolved.  Investors are getting smarter and are choosing to invest in projects conducting reverse icos i.e tokenization.  These projects tend to be more successful over those with a fancy white paper with nothing to show as proof of project. Some projects could beore engaged in offline development though.

I also reached this information today. No code means these projects are dead? Or Project team just waiting a bull market for adding new codes?

It is not easy to answer, but it is easy to say that both situations are sux.

You believe a project, a project team = group of people, and you invest on them. As a result you get nothing. They may disappear, may wait the bull market which can come 1 years later. Or 2 years?

It is why IEOs are a good for community. I am not talking about the prices of the coins. Talking about the project development. Exchanges are following these IEO project closely to make sure that they chose the right projects for their exchanges.

We can complain about the prices of the IEOs last 1.5 month, but we can not complain about the project teams of IEO projects.

It is a good article though it does not change anything, both investors and bounty hunters have moved on and throw the bad memories behind.
This article actually makes the wounds of past loss to bleed.

I understand the point you're trying to drive home. But sadly, not everyone knows about this. They just go off investing blindly in shit projects. Everyday, Money-Hungry Noobs line up to throw money to this projects.




Yes, No codes means no progress when a company stops pushing updates to production, we consider it dead. The list of "dead" Cryptocurrencies are endless.

In fact, the number of inactive projects is much greater. Such projects, the original goal of the founders, were created solely to collect investors' money, then they would only say "soon", when people ask about the project's development roadmap. They will disappear, just a matter of time.

The article may seem to discuss old news but it could very well served as guide for people who are new into cryptocurrency and will led them to take necessary precautions to avoid incurring financial losses if they had unwittingly invested on an inactive project!

I must say that examining code activity of over 2000 projects is a tedious task and I must commend CoinCodeCap for its very informative site - https://coincodecap.com/ as this enables us to effectively sort out projects to be avoided and could guide us in assessing projects based on their own Github activity.

Sad to say but I agree on this article, almost all projecs in 2017-2018 don't have a product or MVP. They just sell their ideas on the form of whitepaper, knowing the hype of ICO in 2017 most investors just invest blindly on this projects and that leads them to get rekt. But right now, I think we have seen some improvements because some projects really strive hard on coding their product.

The article is actually a bit true. However, reading this article I think of bounty hunters of projects. Do you think the investor or the bounty hunter will suffer most? In my opinion, bounty hunters lose a lot, they lose their time, effort and intellect. Many scam projects have inadvertently scammed their efforts.

So it is against the backdrop of hype 2017-2018, you can easily enter into trust, make a project, sell an idea, investors hoping to make good money will invest their money. If you write that this is a breakthrough in the cryptocurrency world, the speed is crazy and there is almost no commission - it can play a trick on the investor.

The majority of coins that are live on coinmarketcap would disappear in 5 years, because they are suffering from lack of money, strategy and competent management. Besides, 70 percent of coins are not backed by a working product.

I guess it has something to do with the bearish alt market in 2018, devs thought that they can get away by just pushing the first code and let the market pick up their tokens and make millions. However, since the alt crypto winter, those devs was shock and doesn't have the nerve to continue because they know that they won't survived.

As for Yobit listing most of them, what do you expect from a shit exchange? I guess they are not strict when listing those shitcoins, once the project paid them handsomely, the next day you will see that coins listed.

So it is, first wallets stop working, and then the rate tends to zero.

They probably should be called abandon projects. I guess it's wrong that the coins are  traded on exchanges despite not publishing their codes for a long time. Many Cryptocurrency exchanges clearly do not have strong standards for coins they list. This is one of the reasons many substandard projects have refused to vanish.

I also believe exchanges can be held responsible for listing and putting into circulation shitcoins for people to purchase, most of this shit projects would not have been listed, if there were no likewise shit exchanges. We all know it costs more to list on a quality exchange, and this projects would not spend that amount on their shit coin.

If every exchange can be of good standard, then shit coins would disappear fast as they would not be able to list their coins.Yobit needs to work on their standards, or else good coins would never want to be affiliated with them.

Yes, there are plenty of coins that still don't have a single piece of code yet it is already being traded on exchanges! I think this are highly irregular and totally irresponsible on the part of exchanges on why they don't act on their part!

I am also hoping that exchanges will be implementing certain terms and conditions before a project is listed on their platform such as obliging a project to produce at least an MVP given a certain period of time, have a continuous development, and subject this projects to a delisting if certain conditions were violated or not complied with. If only exchanges could implement this kind of requirements, then we can say that they are protecting their integrity together their own end users in general and in the end, will most certainly not be labeled as a "shitcoin exchange!"

Bear in mind that It isn't a "Problem" to be solved. Rather It is left for those supposed startups to start working and pushing their codes to code hosting platforms like Github.  Majority of Crypto startups that raised money during the ICO boom fall into this category. This goes to show their little to no progress in months. How can this be solved? Simple, Make – Doing Your due diligence – on top of your priority lost before investing in any projects.

That is terrible statistic. I do not understand, when you raise millions of dollars you have problem to pay programmers to code atleast something? 

It seems to be the case. Don't forget most of these startups have bad financial management. Immediately after raising millions, They abandoned their community channels, go dark.... Doing what? You may wonder. All they do is to move to bigger houses, get better cars. That's all. Because If the developers have been paid and the income is still flowing, They don't have any reason not to push codes.


Ome more thing, As you're already aware most projects are vaporwares and can't deliver on their promises.

that is unfortunately all true. many projects promised a lot and got away with the collected money. i also believed in many projects and was almost always disappointed. the statistic is really terrible, but hardly surprising.

Among other things, this excellent site has a scam section, and I would strongly advise everyone investing in altcoins to study it. For example, there is a very hype project EGT with market cap over $370 Million, and yes - it's pure scam (https://twitter.com/coincodecap/status/1149278027018203137).

The crypto industry is filled with lots of fascinating ideas, not by real products. This year many good projects came, we supported them, more will come. But after two years, the scenario will be changed. Most of the projects are dead or scam which came in the previous year. That's why altcoins are failing to impress us. All the project has big ambitions, but later they become scammer or dead projects. 640 projects did not publish any code, but in other 1360 projects, you will see almost 500 projects published not helpful codes for the project!

Egretia was an average project from its beginning. I was shocked by seeing the sudden massive hype when EGT entered in the top 50 currency. But I would not say they are totally scamming. Because Egretia telegram, twitter, medium all social profile updating its community, just checked their twitter handle, they are making partners. Though it can be eye wash. I was an EGT holder before the hype.

Lack of money is an old reason to leave from all of the responsibility of developers to the investors. This already happened since the ico trend has begun in the past.
Remember about the latest audit from some trusted parties and more than 80% of ICOs are scam icos or these icos have no competences to create products.
These scam icos have been selling the idea only even that's a nonsense idea.

.

Lack of funds is actually a problem (Funds mismanagement is the root) . Not all those ICOs peaking in 2017 exit-scammed. Most just didn't manage their funds right. They got caught up in the whole ico-frenzy and used up funds raised to the extent that there's no money to psy the actual platform developers (I'm an aspiring developer so I know this and if developers aren't paid, they leave) and then everything falls apart. This is a major reason why most startups failed - Crypto funded (ICO) or traditional businesses/startups.  

And I think IEO startups are beginning to follow same part and It's not helping because there are legit/serious projects that can bring new stuffs to the table but no way to raise funds as the ico bubble has bursted and IEO trend seems to be coming to an end.

True, and before they know it, funds are dwindling that's why are early as May 2018 there are reports that projects themselves has to dump their ETH in order for the project to survived. And this is one of the reasons why ETH suddenly went on a downward spiral. I guess, no one really anticipated the long bearish trend. But we can't blame them, there was no ICO prior and most of them born during the last bullish run so no one really knows how to react or at least long at the long term.


It's going to be cyclical I guess, if those IEO projects are not careful with their funds then they will suffer the same fate as their predecessors.

It's because most of them are just scams. Even they give codes. Some of them just copy-pasted some codes just to say they have made their own codes. It's funny how people invested in some projects without seeing their working products. They just investing based on hype circling around the internet. In the end, they are suffering because  they scammed by them. No wonder why governments are trying to shut down cryptocurrency. Do proper research first before investing.

yes, there is no code meaning the project is dead, and that is the reality. the truth is when the project has been running for more than 1 year and the team only says "soon" for the listing process, it is just their alibi because actually they don't have a definite date when the coins will be listed.

You're perfect right! Most of the projects from 2019 have barely published a single Code line until now and yet they want more money for further development. I also post some hours ago 2 cases of 2 projects , 1 who pulled recently an exit scam and the other one left the project into community hands and those are just 2 examples from the hundreds you can find online. I hope most of you know that are hundreds of projects who are not listed on coinmarketcap and yet they gathered money from investors without any reasons to give anything back.

The lack of development is a bad thing but not fatal as long as there is someone still working on it and a CEO who is responsible for the project but when there is no one left on it anymore , the project will sink very fast leaving the investors with coins that have no value and nowhere to be traded. That articles sums up the perfect situation of the most project who had ICO's after the bull run ...dead projects who are now abandoned.

There are many projects like these especially new one. Not every one is familiar with github, an open source code for their notes. Actually it is quite easy to use, if all crypto enthusiast knows how to use it then many projects can be easily flagged as scam and could be a basis of their progress. You could actually compared which is the one really working on the project and the one who is only focus on trading.

I think people are taking this a bit differently, just because the project hasn't published new code, doesn't mean it has been stopped or become a scam project, there are a couple of projects that have been focusing on marketing and more mainstream adoption, and they wouldn't need new code for that stuff.

Although, to be fair, there where a lot of ICOs from 2017 and 2018 that have become failures in the last years due to the market, and sometimes themselves, and it's quite sad to see.

Sometimes the project creator are not concerned about the coding things, or even don't know about the coding thing.
they just want to list their coins into exchange then dump it by theirself, those are many project fail scenarios

Its been opposed by many of the people because it doesn't stand the way how decentralization should be. When Satoshi open his code and make it opensource for the public to see, its also open the possibilities of more projects which we are now into this cryptospace. The projects using blockchain has the obligation to give back to the community what was given to them for free for being opensource. What stop those projects from abusing if they aren't revealing the source code they have? When it comes to money (cryptocurrency) greed will come and its not surprising these closed github projects will become scam on day.

If the project isn't developers aren't familiar with version control concepts and systems like git and github then they aren't competent enough. Such projects really need refined senior developers in their team. So that's not an excuse no to show progress and early platform releases prior to the main, stable platform release. Crowdfunding shouldn't be difficult than it is today. If you can't take your promises, don't make one. I frown at projects that collect funds and then do nothing.

Not surprising, because even more projects are still working, or only announcing their working product. In my opinion we are coming back to times when it was enough to make a good website and a whitepaper to collect funds, which is disappointing.

Very good info thanks to sharing very important news about all scammed projects and also about shit exchanges. These scammers are affecting badly on crypto market day by day, Must there should be some strick measurements to avoid such type scam projects in the future.

You're welcome. I had to make a thread here to inform the community. While it will be hard to spot a project that aren't gonna exist scam or end up milking people off. This would provide heads up nd a lesson for anyone (like myself) that invested, Ar least You should know some things tio lookout for. That said, Oe should be more careful. Even IEO projects are like those ICO projects.

It's not really surprisingly because, majority of these coins are not existing anymore, no websites, no volume in the market anymore, you cannot expect their developers to do an update anymore, some coins do not have a github account at all.
CoinCodeCap is another good reference for investors and traders to see and check what coins are active in their development, and continue to upgrade and update their github, I'm surprised to see libra Coin in the number 7 spot, with 78 commits.

It was when ICO was first introduced that we never understand that it was possible to have a shitcoins, but as time goes by, everything became clear on how the shitcoins do operate and this is one of the features of a shitcoins that you have stated here, if they have not updated their code for that long, then that automatically shows that they have already turned shitcoins, because a serious project will update its project and constantly update its users and investors from time to time.

For Yobit, that is the main house of shitcoins, and it amazes me how people could still be using that exchange that is being owned too by a scammer which is why they have been allowing more of shit ICO and IEO on their project. People giving chances to these projects are even the major problem that we have today.