Bitcoin Forum

I had pretty hard month with altcoins....

After I joined Banksy Coin community which was a good decision...
After that I joined:

Payzor Coin
Cluster Coin
Use Coin

3 scams in a row.
Now I feel terrible and I will perhaps never again join into any altcoin community.

Too many scammers around..


I suggest that we should stop those scams.

The only way is to never join any new altcoin's community.

With our money scammers are getting more wealthy.
We must stop this.

I lost faith in a lot of things, crypto::stocks and its securities, BTCJam and even known reliable investments... the list goes on

I know few coins older than a month that became a scam Or wwithout a scam investors are losing 80% of their investment value.
It is really hard to say which coin will became a scam.

One thing is sure : bitcoin will stay with us.

But bitcoin related scams are all around also ..


We need to do something about it. .

As a community - we should fight with those mfckrs!

There's no reason not to "invest" in new coins as you can get screwed at any point.  But you really have to pay attention.  If everyone is calling for exchanges right away, you need to stay glued to your seat, pissing in your pants so you can sell as soon as they hit the exchange.  You also need to follow all the pump/dumpers and, if you own what they're pumping, get out at a reasonable profit.  The problem is that the vast majority are greedy, dreaming of 10x+ returns instead of just getting out at 50%-100% profit.  It's really their own fault.  One guy sold out all his cloak and was crying cause he could have sold out with something like 230BTC and instead ended up with 22BTC.  Who's fault is that?  He was greedy and only has himself to blame.

No shit.  Been here a month and a half and I can already see crypto is all about money now.  Might as well be bankers and wallstreet.

That's your problem,some people have warned that those three coins maybe scames but no one listen.Sometimes people should learn to listen others' voice.

Even litecoin, darkcoin, Nxt and Ethereum coin should be considered scam coin unless there is a market usage for them.

So far, only bitcoin proven itself not to be scam if you are not using it for speculative purpose.

Every coin that comes out these days is called a scam.  So you have to just ignore all the crap and figure it out for yourself.

The world is calling you (bitcoin) scam, so ...

Your knowledge seems very low or limited.
Scam - a fraudulent or deceptive act or operation. Now explain how any of those coins are just that. Okay for Ethereum I could agree, since their paper is confusing nonsense.
OP I'm sorry that this has happened to you, but seriously stop investing in new coins. Just stop, look at what's already there and somewhat established.
This should get you less burned, if burned at all.

Should expect all the IPO coin/security and new coins are scam unless proven otherwise.

Prudent action is not to get involved in any of them.

Most of these scam coins are the same f'ing devs creating new accounts. It's a joke.

Lol most of us just set the whole altcoin section to ignore. Altcoins are useless, will never become as large as bitcoin therefore there is no point in holding them except for gambling with the prices to see if you can make some money. Stay away

I don't understand. Why do users like Roslin always go for the scam coins? It's like a magnet, they're only attracted to new coins with newbie devs/no dev team

Seriously, I don't feel sorry for the OP. It's his fault for being a dumbass and ONLY going after coins that look suspicious with newbie devs or no dev team, etc. These newbie, new coin devs are coming back and back, because of idiots who keep buying their coins.

Joining a new coin isn't always a bad decision...but lately, in 95% cases - it is :/

How much btc did each IPO raised approximately?

Why people fallen to such scam knowing full well most altcoins investors ended in red?

I'm curious as to what made you choose those 3? I find that if you look around the forum you can get a sense of which coins are more likely than others to succeed. Just looking at the names of those 3 would make me question them right off the bat.

One way to avoid scams is to do your research into what you are looking at before you jump in. Good communities stand the text of time. Had you taken your time you would have not gotten scammed.

scams by same dev groups? typical

Well... about Payzor Coin - devs wanted a game which I developed for them, so automatically I joined PayzorCoin community as my reward for a game was some amount of PayzorCoins.

About ClusterCoin & UseCoin - Bittrex's volume magnetized me to buy some. I am very lucky cause I am not rich and my lost was not big. Just 0.xxBTC...

I didn't invested during IPO sell I just bought few coins after trading was launched.


You know ... For me alt-coin's market is just like - buy some, wait some, sell some etc. Instead of only few interesting altcoins when I approach to any other I think only about making fast profit = high risk.

I threat only 1 coin as a real currency and it is BTC.

So always when I am trading some altcoins for some little profit I know that it might go down.

But ... thing is if coin value is waving during pump'n'dumps or whatever external forces ... it is acceptable and there is always a risk about will you gain % or no.

Thing is that 90% of altcoins are perhaps scam. And when coin developers are killing their own coin ... trader can do nothing. Just sell sell and run run with -90% profit :)

I know that altcoin market is crazy but those scammers are making me sick.

Pump'n'dumps are not fun also. But it is how those market works and what can we do about it ... learn to trade while pump'n'dumps.

But when devs are scammers ... then well ...

I was thinking about this all day today.
And I have no idea is it possible to be stopped - I mean, scammy devs...

Crypto currencies are mostly about being anonymous/fast transactions/low fees

Someone can say "CryptoAsian's PoD is great idea!"

Proof of Developer?? Yes well.. this is maybe some security but we cannot force coin devs to show themselves.

So well ... if Proofs of ID aren't very good idea and wont work for all of the new coins what else?

Checking source code, blablabla... yes yes. But many scam coins are "OK"... just well ... devs are dumping millions for xxxBTC and running away.


A "SCAM HUNTER" is needed. Someone/a group of people who will track all of those scammers :)



I was reading a forum about those coins... I haven't found any good proofs about that those coins were a scam at the moment when I was buying (ClusterCoin/UseCoin).
This is perhaps true but it wont work with "new coins".

Reasonable is to never join any new altcoin community. Never buy new coins.
But this is not an answer to all of the coins.
Some of them became a scam after a longer while ...

So it's finally come to that point. In the end, of course, disillusionment and plain exhaustion is what'll clean up this town. When scammers see that the easy $$$ have become hard, they'll jet off without a moment's second thought and leave the rest of us in peace.

Think of this board as a quiet small town that's invaded by a veritable flood of college-age drunken rowdies in the summer - enough so that the population goes up 5x from its earlier level, overwhelming the modest police forece. When the weather gets cold, the rowdies eventually get the idea that it's time to head for warmer pastures - and the town's population shrinks back to the regulars. Much smaller, but the ones that are still living there aren't troublemakers.

If this goes on...we might even see a hint of the good old days when this board was full of hobbyists and techies, with the ones still around to make a buck a lot sadder but much wiser.

In the broader sense, this here Wild, Wild West is a social experiment or field-testing of the laissez-faire ideal. As with many field tests, you find out a lot of truths you'd never have even guessed at while in the study or lab - and some of them are unpleasant. 

PZR not exactly a scam - price dropped and dev disappeared but said he wont do ATM with such prices but delivered the coin itself.
CLSTR and USE on the other hand.. pure scams! but remember of others - ELITE, USB etc.

Sorry to break the news, but there is absolutely nothing guaranteed about bitcoin. It could drop back down easily, all it would take would be for the huge ASIC miners to sell the BTC they've mined (and stashed) in their efforts to manage the markets and pump the price. Apologies if this is a shock to you.

Exchanges like bittrex should be more careful now. They need to verify all claims by dev before any ICO or take some security money a guarantee.

There were more than 3 consecutive scam coin IPO just not too long ago. Each IPO raised around 300 btc, so a total of around 900 btc went in to the hand of scammers.

This could also explain the price dropped on btc, since the scammers need to sell to cash it out.

and there are still people investing in that crap? are they retarded? just suck poppets i guess

I don't know anything about the other coins, but I can't feel bad for you about this one. Payzor was making ludicrous claims for hype/marketing effect (first crypto-ATM, partnering with Lamassu...). It cost him how much for the game to add more hype? 500PZR? 1000? Since he premined 45,000 (3%!!), that was nothing for him. And it kept the hype going while he slowly dumped his coins on the market.



It is a scam. Check the explorer. Dev finished dumping his 45,000PZR the same day he said he won't do the ATM and disappeared.

Erhm... about PayzorGame, he spent more than that but whatever

At the end he became a scam cause he run away. .  And he dumped his coins.

PM'd you...

ive posted some time ago about avoiding scams: http://fuk.io/elite-usb-and-other-scam-coins-whos-responsible-how-to-avoid-other-dumps-and-hidden-premines/

Careful, I suspect some of these scams may be "honey pots".

Pray and spray and overwhelm with force.. they flood this place with so much fighting it wears us down

i counted 9 topics with scam in the title yesterday in the first page or two here LOL
I almost never even look in the ANN section anymore.. why bother ?

That sucks, we need to stop people from investing new altcoin and stick with the major one..

Remember to only invest what you can afford to lose.

At least you got a refund on Cluster. Now take what you learned and make a better choice next time. Buy something that has a proven track record while it is cheap. Sell when it goes up. Rinse and repeat. Or cut your losses and realize crypto world might not be for you. Good luck

Define scam?

Ive seen the word used a number of times inappropriately. Now I really dont know anything about those coin OP, but Ive seen "scam" applied to a number of coins that are certainly not scams. One thing that everyone should consider, what is really a scam and what is really just a bad investment.

As smoothie said, its best to do your own research. Alt coins (and even BTC) are much like the stock markets in a sense. The older the coin the more trust is should have. Newer coins are more risky, and should be planned appropriately. Just like a newer company in the market should be viewed with scepticism.

Well, if you really believe dumping 900BTC gonna lower the price.... then I praise you, my lord

There's only one way, only one, in which an ICO, IPO, whatever is NOT a scam: When all the coins are sold to investors OTHER than the developers or their "private investors". Or the ones not sold, destroyed. Demonstrably. As in who owns each and everyone of the twenty (or more) richest list wallets. Otherwise, it is ALWAYS, no exceptions, a scam. By definition and by design.

And even in that scenario, there's still margin to scam: Through mining. Unless it is guaranteed that only a maximum of coins can be mined per day, and that guaranty is kept, you can still be the victim of scam for it is quite possible to mine huge amounts in the first days of a coin if you are adequately informed and prepared for it. The case of SEED is blatant. The case of BYC is just another evidence... peculiarly, in both cases, accepted by at least a small part of the investors, as "normal". Which goes to tell you how twisted the crypto community itself, as a whole, has become.

OP, it has been an expensive and utterly unnecessary lesson. Just stay away from any ICO, IPO, etc. Follow the one's you are interested in closely. Learn to see the reality behind the sock puppet induced kool-aid. Be patient and I guarantee you that you will be able to buy ANY AND ALL coins way below their launching price, I don't care how promising or not the projects are. Jump in only when you feel there's going to be a potential rebound -it's never a sure thing, mind you-, or, for better security, just stay in BTC. You will do MUCH BETTER, short and long term, than investing in any altcoin in which the only absolutely sure thing is that they will be priced in the future much lower than they are in the present. ALL of them.

For, until any of them is actually USED for anything in the real world, all of them are basically speculative scams.

I would steer clear of any cut and paste shit coin with an IPO. If it's basically bitcoin with nothing much different besides the logo and name then it has nothing going for it.

If people put a value on something then you just have to roll with the punches because it could make you some dough. Just because the devs make a whole basket of coin from IPOS doesn't mean that it's a scam

Indeed, and there's also the mega-whales (Satoshi-dumps) risks and the 51%-attack risk. Even without any of that bitcoin has been behaving like just another pump-and-dump altcoin in the markets this year. The adoption curve looks pathetic if you compare it to the early adoption curves/trends of Facebook, Apple and other new tech launches. Mainstream folks aren't really using bitcoin.

Remember that talk of ETF/Winklevoss $10K per BTC - seems quite far fetched now. All the scams, thefts and now regulation risks have taken a big toll.