Bitcoin Forum

Gasdao launches 10h ago.

Anns airdrop to ethereum users who spent at least $1559 on gas, community gets hyped.

Contract copied from another dao project.

15% available to team out of which 20% instantly available. Total supply 1T.

No whitepaper, no website, no utility and look at price:
https://www.coingecko.com/en/coins/gas-dao

No substance, anon team, 30b instantly unlocked tokens for their "25" anon teammates screams rugpull (although they haven't rugged yet).

Be careful of such projects.

This is a pretty obvious scam, though a lot of people will probably get scammed, but the bigger problem is all those coins that seem like "good project" but are going to fail even if the devs will be doing their best. Like how Dogecoin went from being a joke coin with small community to an overhyped giant that keeps falling and making lots of noobs who invested at the top poorer, because they really believed that Musk will work on Dogecoin and make it a viable payment system.

This is why I advise that before buying into any project, one should check its social media; especially its telegram group. That's the easiest way I guage a project to know if it's healthy or not before I go for further perusal. I hate to waste my time on needless ventures. https://www.coingecko.com/en/coins/gas-dao has no telegram handle. I stopped at that and didn't bother to check its twitter page to know if it has any at all. It's what it's – an obvious scam.

Quite frankly, there's nothing really amazing with this. After all, 99.9% of coins in the entire cryptocurrency market are attempts at making money out of thin air, many of them carbon-copies of earlier projects. Many have succeeded at the expense of innocent newbies, some lazy ones, others greedy investors, get-rich-quick members, and so on.

So if somebody has received such kind of airdrop, it is best to just try to make money out of thin air as well. Dump all of those for Bitcoin. One could get a decent amount of Bitcoin out of it. That is, if there is even a demand for it.

For those who have airdrop allocation for claimed Im not sure how Im getting scammed since I will got free tokens to sell when this shit pumps. Im not amazed with this project but I dont think some here understand the degen space of some crypto gurus.

How dude? If you got free tokens to sell how come you got scammed? Maybe what you mean if this project turn out to be scam in the end.

^^ I was speaking from creators standpoint. Plus, i'd reserve the judgement until project becomes big or folds out as apparently the 20% instant unlock tokens will be burned.

Preety obviously it's another one of those scam projects launched in the market to make more victims through their lucrative offers to the holders and when they realise they have made enough profits then they dump the coin in market or it's rug pull and all the funds are gone forever.This type of projects create feeling of crypto is risky but people who invest in them are the reasons why they succeed in their attempts.

You can't make money out of thin air unless you are government who prints notes out of thin air(pun intended)  ;D

In other words another altcoin/token was created.

This is just a lazy way of scamming people but it doesn't change the fact that all tokens are fundamentally the same. They are creating money garbage out of thin air and then sell it to gamblers for real money (or something they can convert to real money like ethereum). To this day there isn't even a single token that could provide a real utility.

Crypto space never stop to amaze me, imagine in just 1 day those people behind this shitcoin @gasdao become millionaires. I have also a big doubt on this new token, don't know if what actually the usecase and purpose of this. Got also claimable in my wallet since I spent over $15k in gas fees for the last 2 years but not claimed yet as eth gas fees to claim are more high than the value of the token. Lets see what will happen in the next few months, the team behind this one can disappear any time, be careful if you plan to hold.   

There are lots of tokens out there with utility and use case if you'd use. I'm not sure how do you end up saying no single utility out there for some tokens. Maybe you need to try some as well in order for you to see that there is actually a use case too. This kind of project seems to be a garbage but don't mention that some alts are totally useless, I've earned some profits from some alts that have actually use case for your info.

These days, developers can't just sit down for a minute and rest or be innovative for ones, it's either they Jump from one dead or failed projects into another that will give will give them a short term meal ticket and holiday lambos. Watch how other will soon follow the trend on other chain that gup fee, Ethereum isn't aware of this I think or connect in anyway.


Despite the absence of a white paper and roadmap, and the website being merely a pager, most users who had spent around $1600 in the last few months had claimed, and more people are still buying and holding. I'm not sure what kind of investors we have these days, but there will undoubtedly be more dead projects after this cycle than there were in 2018.


Despite the tremendous demand for the tokens, the Btc dump effect has taken a toll on the price in the last 24 hours; a snapshot from Coingecko reveals that the volume is four times greater than the current market cap of $19 million. This demonstrates how no one wants to be left out, however other big exchanges may list them; they are much more likely to list anything that will generate them fees than quality projects.

Well my definition of "utility" may be different than yours.
I don't consider selling something that can be sold literary any other way through NFTs a utility.
I don't consider token swap platforms that create a token to let you swap other tokens a utility.
I don't consider trading a utility.
I don't consider fund raising by creating a token that has no other usages, a utility.

I'd be thankful if you could show me a real world utility for tokens though.

First of all "making profit" is not a utility. And secondly you shouldn't confuse altcoins with tokens. Tokens are all useless, but alcoins are mostly useless.

I'm using Oxford language as reference. It's literally what is meant for me. Try it Google "Utility" and check it's reference.

You know slp there are third app party that accepts slp as payment for electricity, water, Internet bills, buy mobile load and many more. Ive tried it myself and I'm paying altcoin tokens.

Check for reference: https://twitter.com/_Zekki/status/1471855140466425861?t=UxDoNutLcpigZKBeXmHe-g&s=19

I'm not endorsing the project I've just informing you the app I've used to do what kind of utility in real world can altcoin can do.

Just like what you had said, it's depend on someone definition. But using Oxford definition, beneficial and profitable is indicated there. So don't lecture me about something I can read with all the general reference.

That's your opinion, can you said that boldly to all altcoin users here. Maybe for you, its useless but not to some.

You possibly missed that they have a website- https://www.gasdao.org/
However, regardless of whatever it has, it doesn’t change the fact that it's a shitcoin and usually shitcoins are supposed to enrich the creator. This days, it has been a common scenerio of launching a shit token and start trading with decentralized application. Then get listed to centralized exchange, cmc/coingecko. Finally, dump the bag of creator and move on to another project.

On my local board, there’s this particular account that created a kind of pseudo-ann thread back in march, announcing the creation of a given coin/token. There’s no in-depth description of anything (barely any at all), and it raised 0 interest as one would expect. Now come December of this current year, he asks how he can create his own coin starting from scratch (not only that, but also a blockchain, nodes, a wallet, …).

A day later, he shifts his mind on to a fork, and a few days later creates a service thread to try to recruit people to create the said coin, whereby all the description of the project seems to be solely that of creating the coin. Forget finding a decent argument for creating it (even if just for the sake of it), and a viable business proposal. 99,999% of chances that it won’t get anywhere, and even less that the aim is really in the benefit of anyone but it’s wannabe creator. A peek view at the the initial process of (trying to be) making of money out of thin air ...

Crypto projects have open source codes so new projects can clone source codes from old projects and make their new ones. Then they can shill their projects as Bitcoin killer, Ethereum killer, Dogecoin killer, BNB killer, etc. They sometimes even don't mind to adjust source code.

Crypto is paradise to print digital currency out of thin air and investors, newbies in crypto are most vulnerable targets of scammers. They are very easily attracted by hype news, high ROI, etc. and more readily to bet with new projects. In the ends, they lose money and scammers do scam exit, rug pulls and complete their games.

How to create money out of thin air?

-- Create a coin (GAS) which is so unbelievably worthless
-- Create some hype and hope it creates traction like GAS to $0.01c
-- Collect all the noob's funds and run away

The draw for noob's is that it will get pumped from next to nothing $0.000 to $0.01 then
buy Lambo.

Reality is a lot of pain.

Typical developers that creates money from nothing. They get people on hype and promises good return so everyone will be on hype.

It could also be that the developers themselves are the first ones to buy the token so it will be on pump. While the usual investors gets on board as they're being hyped by the percentage that it's showing after the devs have pumped it and there it goes, the usual dump and rug pull made by them.

You get scammed if you buy or trade such tokens, and a lot of crypto traders jump at every fresh token without even looking at details, because they think they will reap massive profits from being early investors. Some people will buy those tokens back after dumping their aidrop, hoping to make a profitable trade. The point of scammers is to create an active market and manipulate it, so they can dump their premine at the right moment.

Seems not a DAO in the first place, if the creator has massive premine then it's partially centralized and what use case it would be? I wonder how will take it's toll for those who doesn't receive the airdrop yet buy the token in the market, that's a lot of pain to take tbh if this one takes another rug pull.

Selling your token to a centralized service with bad exchange rate which will then convert it to fiat and pays your bills on your behalf while possibly taking additional commissions is not called a utility for that token.

That's the point where they get scammed in hope of earning high profits from these tokens and loose the funds because these tokens have no purpose to serve and are just another attempt to scam you but people get in the flow and invest the money in them which is worse decision at last.

Well I'm not gonna trade the tokens and buy back after I sold my airdrops. I'm not gonna do a risky trade, but just going to rip the free money given to me once its highly appreciable.

Whatever dude. For us who played axie and uses that can be called a good service or utility for us since we can use that for our own benefits. Maybe just try your own definition. You clearly a fud to alts whose trying to innovate. Stick on btc dude that's better.

For minnows even claiming this drop is not worth it, you might make it in claiming if gas fees are low enough however if you try to sell (uni, sushi), it would net you loss.

People who bought in start are already down significantly.

I kind of wish that someone had the patience to monitor every thread created in the Altcoin section, then determine whether the project was a scam, successful or unsuccessful in their goals. I know the criteria for success could be a little difficult to create, but I think it could be helpful to put it into perspective for new users registering, getting excited at false promises, and then hopefully avoiding the common pitfalls because of it. Though, I know this is an impossible project that would likely need a lot of people working collectively, since this quote probably applies to 99% of the unsuccessful, and scam criteria:

Yes, I agree one must be very careful about such projects. 30B is a big amount that has been held by 25 anon teammates. They can sell anytime they wish to so investors must calculate the risk and should not be greedy once in profit should take out their principal amount and trade on profits so that if is there any rugpull he/she won't repent.

a project that looks pretty good with profits everywhere but in the end there is still no clarity and only benefits a few parties there :D
They have just been released and are already overhyped and I personally wanted to be in them at first but if you look at the whole thing its certainly too dangerous a trap to be there.