Bitcoin clone pump-n-dumps

[BTC-TK]

I think we are beginning to witness the widespread phenomena of crypto pump-n-dumps. The ignorance of the public coupled with the virtually free cost of starting a fork seems to be increasingly profitable for criminals. I thought that it would be appropriate to open a thread to warn newcomers of obvious scam coins like XPR and other unmineable ones.

[boinc]

Since today news about 51% at ghash.io we should warn newcomers that BTC - scamcoin. Hybrid (PoW+PoS) forks like NVC & PPC should be a mainstream.

[BTC-TK]

Since today news about 51% at ghash.io we should warn newcomers that BTC - scamcoin. Hybrid (PoW+PoS) forks like NVC & PPC should be a mainstream.

I thought PoW would be reserved for future scamcoins.

[boinc]

I thought PoW would be reserved for future scamcoins.

All PoW scamcoins already dead. BTC is the last.

[BTC-TK]

I thought PoW would be reserved for future scamcoins.

All PoW scamcoins already dead. BTC is the last.

Nice. I will send you 20 Giftcoins and 500 Lottocoins as reward.

[coinrevo]

Criminals - by what standard? Its better to come up with rules and services to help people to make better decisions. The problem is how you come up with policies that allow freedom, but also deliver some signals.

[boinc]

I thought PoW would be reserved for future scamcoins.

All PoW scamcoins already dead. BTC is the last.

Nice. I will send you 20 Giftcoins and 500 Lottocoins as reward.

Save them for yourself 

[BTC-TK]

Criminals - by what standard? Its better to come up with rules and services to help people to make better decisions. The problem is how you come up with policies that allow freedom, but also deliver some signals.

You're probably right, from an anarcho-capitalist view anything which is profitable is ultimately beneficial to the greater good of humanity. People separating sheep from their funds serve natural selection, that's why I have opened a thread to keep the sheep informed, I can see guys hearing about the BTC boom in the news, hanging around on the forums for a week and deciding to invest their savings into pumped up penny coins in hopes of paying up their mortgages. It's like Wall Street on steroids with no legal repercussions.

[coinrevo]

you're right. the problem with wall street is that they are gambling with OPM (other people's money), ever since they became public companies. so if everyone is free to gamble, there is nothing from stopping them. the housing boom and bust was mostly government created. let people be greedy, but give them the tools to make money for a common good.

[Kungfucheez]

you're right. the problem with wall street is that they are gambling with OPM (other people's money), ever since they became public companies. so if everyone is free to gamble, there is nothing from stopping them. the housing boom and bust was mostly government created. let people be greedy, but give them the tools to make money for a common good.

You're saying Wall Street as if It's a single entity though

[Melbustus]

I hope that sites like coingen.io make it obvious to people that nearly all alts are ultimately completely worthless.

That said, the technically differentiated ones (nmc, ppc, xpm) serve as valuable experimental ground. But interesting and potentially lasting alts are few and far between. People buying into alts as more than a brief toy are failing to properly understand quite a bit about the crypto-currency ecosystem, network dynamics, and arguably economics in general.