That's not very nice.

Am I ruining your scam?

It's a complete sham and I'm surprised that anyone has fallen for it!

You want to ramp the price, slowly skim and then disappear.

There is no evidence of work on this project whatsoever.

The website and promotional material are embarrassingly bad.

The team does not check out.

And there is not verified, tangible evidence that the "project" is supported by the Chinese Government or has any contracts with major businesses. Fake news does not count.

Easy to create a 300% rally when you control 70% of the tokens.

Walton Chain (WTC) is a scam peddled by fraudsters, newbies on here, that control 70% of the tokens.

It has no product, no github, just a bunch of actors pretending to be the team.

It hasn't won any competitions and it is not backed by the Chinese Government.

I challenge the team to publish any verified information, legal documents, that show it has the support of the Chinese Government and contracts with any legitimate businesses. And I am sorry, but fake news stories and dodgy websites do not count.

If supported by the Chinese Government and major corporations the project would be global mainstream news (BBC tech, Forbes, New York Post etc).

My advice, get out while the token still has value.

Walton chain (WTC):

Hello (another newbie),

It's a poor attempt at fake news you dim wits.

Similar to central banks:

Create a currency, give it a use, make people believe in it (value) and use it, prices increase (inflation), print more.

The world is one giant Ponzi scheme.

Steem has value because people believe it does and they use it.

Where does $ or £ get their value from, they are not backed by anything tangible. Belief system supported by data. Just like Steem.

People stop believing in and use Steem it will have little or no value. A bit like the currencies in Venezuela and Zimbabwe.

Ditto.

Agree. And why I chose Zcoin.

1. Trust your instinct:
If something appears too good to be true, it probably is too good to be true.
If it doesn't feel right, it probably isn't right.

2. Never believe the hype, do your own research and do not rely on the opinions of others:
Most people have a vested interest of some description.
Either driven by investment, greed, bounties and site traffic.

3. Use real-world standards of due diligence:
If someone knocked on your door and said I have a great business plan, Bill Gates loves it, here's a photo of the highly qualified team and here's a bloke called Dave who thinks it's a great investment and this time next year we'll be millionaires - you wouldn't hand over a month's salary, would you!?

Specifically, things like:

(a) Support, partnerships and contracts with well-known brands:
If someone claims to have support, a partnership or contract with a well-known brand ask for verified proof: a contract, announcement from the brand or an article from a trusted news source.
Every time I have challenged these claims they turn out to be untrue or tenuous at best.

e.g. Hero Token claimed to have the support of Alibaba
It turns out that Pawn Hero, an already established business, received start-up funding from an investment arm of Alibaba. Alibaba was not funding or endorsing the Pawn Hero ICO.

(b)Can you verify the team:
Do they exist, are their credentials correct and are they really connected to the project?
For me, they need to be on LinkedIn (or similar), possibly media profile, linked to an institution, publication or other online profile and I need to have made contact / spoken to the team directly.
Wagerr is a good example of a team that is legitimate. The CEO checked out and engaged with me on day one. To be fair, so did the CEO of Pawn Hero.
Scam teams should be easy to spot.
I once emailed a highly qualified Chinese lawyer - he knew nothing about the project and was livid to see his photo on the ICO website.
CEOs of legitimate businesses engage with their shareholders.

4. Do the team give the impression that it can deliver?
What is the team's track-record?
Do they have a working product or any sign of progress?

5. Do the team provide regular updates and meet their milestones?
Credibility is really important.
Sometimes, particularly when a project is a first, things will slip. A good team will keep you posted and have a good reason for a delay.

6. Does the project look professional?
Does the ICO, website, white paper, engagement and communication give the impression of a team that can deliver?
We are talking about ground-breaking projects with the potential to change the world.
If they can't design a decent website or run a well though ICO...

7. Who controls the tokens and is the project centralised or decentralised?
If the team control the majority of token or the project is centralised the market can easier be manipulated - against investors and in favour of the team.

8. What is the team's attitude?
I only do business with people I like and can trust.
SALT threatened to boot me from their telegram because they had a rule that investors were not allowed to speculate about the post-ICO token price!
I'm not saying that SALT is a scam, but really! Needless to say, not a team for me.

9. Major rewards for the team should e held in escrow
If the team become millionaires overnight at ICO, where is the motivation to succeed?
A team should have their operating costs calculated pre-ICO and only need enough, initially, to make its milestone.
Additional rewards should be linked to success/completion of milestones.

10. Only trust reliable sources of information
Fake news is easy to create (and can look quite convincing) and some sources will literally publish anything.
Is this source reliable? Don't be afraid to contact the journalist or company.

11. How does the team respond to challenging but sensible questions?
A genuine team will engage and do their best to answer.
A scam team will avoid answering the question or most probably ban you from the forum.

12. When you find a good team and credible project, be patience
Good projects will take time to deliver.
Scams often want you to believe that you can get rich quick e.g. +550% in 4 weeks (with no working project of evidence of work). It's hype and will fail relatively quickly. That said, even if it is a scam, it is possible to make a few quid in the short-term. However, morally, I couldn't invest in a scam.
The best rewards will come to those who wait, most probably 2-5 years time.

Happy investing  .

has crypto solved any problem that cannot otherwise be solved?

depends on why you're asking I guess: technically speaking or in terms of a good investment or both?

I am a libertarian and generally against regulations.

However, there are far too many scams and teams promising things they cannot deliver.

The scams are detracting from the good projects and it takes investors, like me, far too long to wade through all the crap.

Those participating in bounties and bloggers should do due diligence on projects before they promote them. In my opinion, they have a duty to the community to do so.

ICOs are not killing crypto, scammers are. Fcuk'in vermin.

escrow should be used for bounties

Hi (another) newbie,

Are you referring to the "competition" the project oppositely won?
And you're saying the team won 5 million?
If so, LMAO.

Zcoin

Fake news, utter nonsense.

You guys make me laugh. Trying really hard.

 

I agree. There is too much trust in crypto world and most projects do not meet the bar in terms of real-world due diligence.

Some of these projects have no / limited product and ridiculous market caps. If the market cap is based on supposed deals with MasterCard, Walmart and Amazon investors should ask for real evidence - legally binding contracts from lawyers and press releases from the major companies themselves.

Bob on the team use to work for Visa, here is Bob at Visa HQ, here is an email from someone at Visa saying they like the idea, fake news and news stories from outlets that publish whatever they are given <<<< not of this reliable evidence. People have a tendency to believe the things they want to true. Also, bounties (people only interested in reward) and amateur bloggers (only interested in traffic) give these projects credit they do not deserve. Increase market cap also gives confidence.

I would not part this my hard earned cash unless I project met the same due diligence standards I'd expect from a mainstream business.

For the record, Nexperian Holding Limited is a privacy service that hides the identities of domain owners, which is why it is associated with so many scams. Why would a genuine project take such steps?

These stories are not on www.china.com
I understand how fake news works. You are making it look like china.com but it isn't.

Thanks.

To give them some credit, they have created a market for something that doesn't exist and will not exist.

If they are smart, they will keep up the facade as long as possible and gradually sell their tokens to maintain the market and confidence.

Given they control at least 70% of the tokens and the 24hr volume is circa $27million (which could include manipulation, such as buying their own tokens) they can probably skim a significant amount of money without much notice. Trying to sell to many tokens will collapse the market. I have seen this before with other scams like Unity Ingot. As long as people continue to believe in the project and buy the tokens, even if the market is stagnant or in slow decline, they'll keep skimming. I suspect it will continue for a while and eventually come to a slow and painful end with no product. And, like Unity Ignot, slowly disappear.

https://coinmarketcap.com/currencies/unity-ingot/
https://unityingot.com/ < relaunch is meant to be happening tomorrow, lol.

look at http://tech.china.com/article/20170823/2017082352011.html
vs. www.china.com

fake news my friend.