Bitcoin Forum

I am seeing lots of ICO is happening in altcoin section . Some of really looks like really promising projects. But turn out be scam. what happens for the token distributed while ICO ???

Such projects end up as trash obviously, while their token as an unfulfilled promise

And if you had been enrolled in the signature campaign which paid you in these tokens, that pretty much means that you had been posting for free (if that is your point). If a coin fails to even get listed in places like Yobit (otherwise known as Yoshit), you won't even be able to look at it as if you had been promised nothing at all. If the coin got listed but still failed, you will see an orderbook with empty right side (Bid side) and the best sell price at 1 satoshi (with all coins there). You can see many such examples there, at Yobit (until these coins get delisted and finally removed)

If an ICO you invest in turns out to be a scam, you lose your money. ETH is a house of cards, be careful.

Thanks its really informative . If in the case the token received is listed in yobit how i can send that token from my ether wallet i mean myethereum.com wallet to yobit . Sorry if it is too basic but i am just exploring crypto assets like tokens .

It depends on the token obviously

In general, you should first register with the exchange and then look for a wallet address for your coin in your exchange account. After that you send the coins from your personal wallet (or web wallet in case you are using such a wallet) to that address and then wait till the coins get credited to your account at the exchange. When you receive the coins, you can sell them for Bitcoin or any other coin according to your liking

They'll end up to be ICOs that are called pump and dump coins in which the ICO really happened but it turned out to be selling spree of developers who wants to back out of the project, honestly they have failed their investors just by doing that. After that happening we will see the price of that altcoin become worthless or no value at all because it is a dead cryptocurrency.

life goes on and those who invested will be left with worthless tokens while other people will invest more money in new scam ICOs until they realize this is the same scheme as premining altcoins and they stop trusting ICOs all at once.

and then scammers will start thinking about new ways of making money from the gullible.

You will be left with zero value $0 tokens. Rather than cryptocurrencies, if the project fails, tokens' value will be $0

I really do not think about it, if this ICO is a fraud you have to throw it away and leave it, because if you keep it will not be anything and just make ourselves upset if we look back.

That's true. In the crypto world, if the project turned to be a scam, your coins will be nothing but a number.

For those token received from ICO turn out to be scam well you lose your money for investing in this ICO. This is hard that you invest your btc and no profit return. The token is serves as zero value and need to move forward that can return your loses.

could you mention some of the examples you call scam. in my opinion, scam is when somebody takes your money and runs away. now usually people say scam when their expectations are not met, but it does not mean you are left with useless tokens

Yeah there are lots of shit coin out there just be careful to invest your money,
And for the campaigns it is really hard to choose right now there are plenty of ICO's out there that really looks good and promising,
Just hope that the campaign that I joined wouldn't turn into such scams.

Thats why crypto is a risk. You could lose it all. Only invest what you are willing to lose because if it is a scam then you lose it all.

Good Question i also wan to know after we received es2 related coins  how we exchange them to BTC

There are no two ways to something like that when thats token has been worthless from the beginning and that where you see a lot of noise for those who had partook in one bounty or the other, whether translation or signature campaigns even the manager of the campaign is not spared because all are expected to be paid in the token and they ended up doing free job for an individual that is morally deficient.

You just don't get the coins simple as that. Lost money. The funds that you sent for the ICO, are in their hands, and if they scammed - they don't actually have a project, they will keep your money and run away. You most likely won't even do anything, so it really is a lose situation. Rarely will they get busted by the police by things like this, but if you can, you should try to prosecute them in some way.
But mostly, scammy ICO projects are spotted right away. Check out the bitcointalk thread of the said ICO, their website, what people are saying about it, and you will soon figure out if the project is valid, or just a scam. :)

I donot say the name of projects but recently i started looking into altcoin campaign. For some of the ICO started to claim scam so some dint started ICO. Some already released tokens to escrow . If people are receiving such kind of token which is already had scam speculation what happens with that token . Do we able to sell ??? Thanks

I accept the things but am seeing lots of ICO happens based on ERC20 tokens . why cant we make some regulation on the ERC20 token based project so that there will be some pre verification before creating token.

If it is true I will leave it. Because if I continue it all will be futile and self-defeating. Need to dig up information about the info to minimize the loss.