Bitcoin Forum

I am starting this topic to discuss some of the ideas which has been running through my head lately.

I believe this whole cryptoworld needs some kind of quality gate before it gets on the market.
The number of the new coins is growing daily and we are not even able to recognize the good from bad coins anymore.
Nobody has the time to check on all of them in detail.

As long as this whole altcoin madness is not audited in some way, there will be more and more scam coins on the market.
Our TRUST into altcoin will no longer be there. I know we will never be able to stop the SCAM, but we could minimize the risk by adding some kind of quality gates before these coins enter Bittrex, Mintpal etc.

I do not know if Bittrex or Mintpal have the interest of improving the process of getting listed. I do not know which information they receive from the coin Dev as of today, but I know that people will get tired of losing their money and the whole altcoin will become SCAM.

We all want to be able to go on vacation or take some time off and not miss the next DUMP or coin getting delisted, right?

Let's see if we can do something to improve the current situation in altcoin business.


For example:
Bittrex, Mintpal could add "Coin Profile" to the exchange. Devs who wanted to get listed should provide all the important documents (legal docs, financial docs, road map) including all team members (Devs, PR, etc). All this information should be uploaded to their profile. Other coins that can't/wont  deliver these documents can go for example to some smaller exchange to start their coin there. Once they are able to provide all that information, they can request to get listed.
It would also be great that the team have some kind of "Intro" Video.

But this is going too much into the details, i know. The idea behind it is to allow serious coin devs to get listed on "TRUSTED" exchange and allow traders to have the important information before they start buying the coins. This would also minimize the number of the coins. Serious investors would gain more interest in altcoin business and this could be the Win-Win situation, dont you think?


Fact is, as long as they do not audit the devs, we can not make any progress in altcoin market.

Please share your thoughts and ideas.

get the Chincks out 1st , ban huge fpga farm

Stop blaming exchanges, they are just tools! Just because they provide a convenient platform for people to trade doesn't mean they are to blame for stupidity.

No need to be racist about it....

Chinese are the biggest players in this industry from mining to trading,stop blaming them and accept it

Do you want the altcoin to survive or keep the current situation, which will get worse if we do not change something about it?
I do not blame anyone here, it's just a topic to discuss the options of what should be done and what can be done.

First, stop investing in any coin you don't fully understand.  If you stop investing in them, people will stop making money at them, and so they'll stop making them.

Investors are as much to blame as anyone, chasing the next PnD coin.  Let's be honest, that's a big chunk of the market.

The exchanges aren't going to stop listing whatever coin.  They've gotten actively worse about the last several weeks, adding anything and everything.  After all, they make money even when you lose money. The exchanges don't really benefit from you buying and holding long term.

What I would like to see is some sort of 3rd party rating service.  They could pick some basic objective standards- whether the code base is a simple clone, have the dev team disclosed their identities, how much was ipo'd/premined, how much is instamined.  It would be good to see someone applying such objective info in a central repository.

But beyond that, it's on us to be more demanding as members of the community. Ask the tough questions. If you don't like the answers, stay away.  Don't hound the devs mindlessly about it, just move on. Don't give them your money.  It's simple.

start with limiting hash, down with every big farm asic/gpu/botnet-fest

Maybe create a website to promote the better cryptocurrencies and give for all a "trusted level" or a kind of "seal of quality".

https://i.imgur.com/ScfxWxN.jpg

I'm not denying the issue of the increasing amount of scams, but your blame is misdirected and you certainly can't just appoint yourself as some kind of authority figure who decides which coin lives. And to audit devs in the crypto world.. well, good luck with that.

Go and educate people which coin to invest in because guess why we have so many scams? Yeah, you guessed it, because they work and the reason for that is that people don't know any better.

bitcoin mining isn't really decentralized, which is the fail part about bitcoin and basically 99,9999% of all altcoin

I like that idea as well.

Yes, but there's so scam coin and clone coin also in the face of what BTC stands for...

exactly. That could help Bittrex, Mintpal & Co to make a decision on what coin to add to their exchange. And we would no longer need all those voting sites.
So there is enough room for improvement. We just need to talk about it and find someone who will do it.

ITT small traders that can't handle their own finances

Exchanges are there for a safe place to trade. They don't give a fuck if you make or lose money. Stop trying to put the blame on them for your own stupid decisions

Don't leave money on an exchange either. Usually the people whining about coins being listed are the ones losing money when sites get "hacked"

I agree. It was just an idea..but i understand what you mean. I did not think about it.
I just want some kind of solution which will bring little more trust into this business. Like i said I know we will not be able to completely avoid scam but we can minimize the risk.
The other user suggested 3prd party service. What do you think about it?

again, I am not here to blame anyone. I am trying to find a solution how we can all minimize the risk. 2 other users provided their ideas (3rd party service). That's why i open this topic, to discuss different options and maybe we will find some solution for it. Why not give it a try? 3rd party solution sounds good to me.

Promote trading on good exchanges... where are only valuable coin with something unique active devs who improve "core protocools"
not magic features which can be buildo ANY coin from BTC to XXX.
I wait BC centric exchange DEVs promisses add only stron and innovative coins 0 shit clones.

That could be some solution IMO.

Sad is that GREED can not be stopped anyway...

LTC train and followers...
Doge train... and followers...
BC train and followers...
DRK train and followers...

to be fair most of those coins were made to get free BTC on markets from manipulations
i believe many of there are produce by same scam devs all the time !!!

Whole bittrex market is big LOTTO market those are not currencies those are lotto coupons
and believe me 90% of them is junk... or will be junk in month or two...
Whole crypto scene slowly is looking like BIG trash bin.

PS: CoinX devs grats for trashing crypto scene for alt creation service...

As long as the measures don't limit people who are confident in what they are doing, I'm all up for it. I just don't want the exchanges to be blamed or even crippled and I certainly don't want to jump through hops just because some people lost money due to bad decisions.

true true. The exchanges should not be the ones taking care of this. They offer the plattform and we need to find a solution in our own interest.
Well so far I was lucky to exit on time and the little loss that I had with one coin was covered with profit from other coin.

"LOTTO Market"? lol  it's worse than that, because even when you play Lotto you have less numbers to choose from  :P
maybe even 95% is junk, thats why we need to highlight those 5%, either through 3rd party or some other solution.

If a trader isn't willing to put the effort into researching their investment fully then why are they trading? It's not the exchanges job to hold investors hands and plus should a coin get added to one of these trusted exchanges and it turns out to be a scam causing people to lose money then what?

Moving towards a more centralized system of gatekeepers and needing to post application forms really does not seem like the right direction for me. There's enough of that red tape in fiat.

theres too many incredible devs out there launching coins every weeks that will never succeed just because the next weeks coins innovation makes the previous weeks old..

i always think that huge things could be done if all these devs would work together in a common solution for bitcoin instead of fighting each other in shitcoins...
we all know the unique coin that will last will be bitcoin and all these altcoin innovations are just the bullets in a war of survival to see which innovations should bitcoin use..they should not be called as altcoins but as testcoins...

Here's the solution, bud: https://bitcointalk.org/index.php?topic=718358.0

Methods are very elementary, but a good direction to third-party ranking system for the coins

https://www.coingecko.com/en

There is a write-up how to measure intrinsic value of a coin https://bitcointalk.org/index.php?topic=572090.0

Finally, a third-party ranking system based on electricity burning cost, development effort (code base), brand (??), popularity (??), innovation, adoption, liquidity can help.