Let's not offer up opinion on this thread - rather let us talk in terms of hard maths here when discussing the latest wave of scam coins.
Let's really identify the biggest scam coins and highlight them to people on this board so they can avoid getting scammed.
This is not a place to pump the coins you own. This is a thread that will show up the biggest scam coins and help others avoid them. You must provide reason and logic behind your post because else we will not be able to identify scams. You can't just say i hate a certain coin without reason and math to show WHY it is a scam. What is a scam?? well it is a method employed by the dev and his team to give them UNFAIR advantage over normal miners/investors in an extreme way.
The old waves of scam coins have gone now we can not do anything to stop those people that whom have already been scammed months previously, and there have been a few bad ones.... however some of these newers scam coins are even worse..
These are not essential in order of magnitude of scam... since people are adding scam coins to the list it would be tough to say which extracted the most BTC from the community.
1. APPCOIN - this coin is by far shaping up to be the biggest scam yet.... yes i do believe it is worse than stackcoin and thepandacoin.At first glance to some people who really don't understand crypto this coin looks nowhere near as bad as thepandacoin ...
However - it is a more stealthy scam that is actually a bigger scam than pandacoin. But it is sneaky.
They have created a coin that has false scarcity to try and drive up the price of this coin. The coin itself has one of the worst designs of any coin so far on this wave.
1. they premined 0.9% - that doesn't look too bad right ...looks quite fair
NO because the block times are
12 minutes long and the block rewards even then are small. So that 0.9% will be a really HUGE percentage of the minting for a very LONG time. Their plan is to make it a very HUGE percentage until it hits exchanges. So there will be no people around with many coins to dump except them right.
this poster in the appcoin thread seems to have realised the scam"
4mh/s only get 10,000
0.9% premine 129,000,000
if 10,000 worth 0.05btc,then 129,000,000 worth 645btc
is it fair?
3600/720*24*36,000=4,320,000 the whole network per day
129,000,000/4,320,000=29.86
that is to say, after 30days, the premine coins also accounting for over 50 percentage！
is it fair?"That's right folks, so by NORMAL mining profit on other coins appcoin devs are trying to say they have pressed copy and paste for 645 BTC
nice scam hey they must be satisfied with that loot. Also because the coin is going to be rare for everyone else because with 12 min block times and massive diff they drove up with in mins of launch....nobody can stop them dumping because they will be the only ones that have a huge amount of coins to dump so they will control the entire market.
However their greed and scamming does not stop there.
I have noticed on other launches that devs and fellow scammers (probably part of the scam team) are instamining the shit out of coins before anyone else can even download, virus scan and set up the conf file , sync the qt, then get your bat file ready for mining.
So i started asking devs to upload the wallets in pass protected rars so this instamining period was reduced to a min or 2 instead of 5 + mins.
Most devs say yes no problem (the non scammers) however appcoin dev although talking on the thread ignored many requests to do this...........why???
It is simple why because remember how i said the blocks were on a 12 min target. Well not in the instamining period, they also deliberately made the diff retarget 120 blocks long but then the diff has a very harsh retarget.
So even though others managed to download , and do all the other stuff to sync up and start mining as fast as possible, they noticed hang on THERE ARE ALREADY 100'S OF BLOCKS mined already?? yes hundreds in minutes.... but then guess what happens.....the diff shoots up as soon as normal miners get there and the blocks come in VERY slowly.
You can be sure that later the diff adjust will be changed...why because the diff retarget was only left like it was in order for some additional instamining, they will change that diff adjust now they no longer need it to be 120 blocks.
This is a planned and perfectly executed scam. A lot of people are in on it ....they must be because i can't believe there are that many dumb people to support such a scam.
This is shaping up worse than thepandacoin.....
2. Stackcoin - an obvious scammer. I called him out asking if this wallet was just a mock up jpg. Asked for the qt ahead of time.... another scammer who ignored the question several times whilst talking about the bonus ipo
First rule about ipo - NEVER DO IPO unless they do escrow or unless a very long term member of this board. Even then there is no reason for them not to do escrow.
3. Thepandacoin - well the person you were dealing with is a known scammer. I noticed it at 80 sat and started telling people then wtf this is a total scam waiting to implode, nobody could pump the btc in to keep it at that level. I see it has gone down quite a bit since then.
4. visacoin - well enough said really.... scam of scams..... unless the guy really did get hit by a bus since apparently the BTC pot is there untouched.... guess he could come out from coma in a year and create the next big thing.
Please add coins yourselves............. HOWEVER ONLY LIST COINS THAT ARE REALLY SCAMS THAT YOU CAN BACK UP WITH REASON AND MATH TO ILLUSTRATE YOUR POINT.
I CAN'T UPDATE THIS OP MUCH... SO PLEASE IF YOU ARE NEW TO THE THREAD READ THE ENTIRE THREAD FOR SCAM WARNINGS AND MAKE UP YOUR OWN MIND.
IF YOU ARE LISTING A COIN AS A SCAM COIN PRESENT FULL EVIDENCE OR ELSE THERE IS NO POINT MENTIONING IT. PEOPLE WANT TO KNOW WHY AND HOW IT WAS A SCAM... NOT JUST COINS WE DON'T LIKE.
