How Scamcoins work.

[bitcon]

How new Alts / Scamcoins steal your Bitcoins


It seems every day a new alt coin pops up. They are easy to make - most are just clones of coins
that were programmed by someone else and just given a new name, a few graphic tweaks, etc. to make it look new.
It doesn’t take much work - a new scam coin is born.   Most of the devs who create these coins have only one intention - to steal bitcoins from others.  This explains how they do it. 


First they clone an existing coin, make a few tweaks, make a website (which helps scam coins look legit) then they pre-mine a good amount of coins which they will dump later on.
After the coin is up and ready for launch it is  Announced on various sites - bitcointalk.org, reddit, etc.


They get the coin listed on an exchange or two and then deposit a portion of their pre-mine coins they already
have saved up. They may make a few Bitcoins after their coin gets listed, but this is not the way they
intend to get your Bitcoins.   They let their coin do whatever the market wants for a month or two, maybe try to hype it up a little thru various forums and trollboxes to help legitimize it.  They don’t want to pump it as soon as it gets listed on an exchange - this would be obviously suspicious.


Then the day comes where they decide to make their move. They start by buying up the orders on
the exchange(s) to start driving up the price to give the illusion that their coin is starting to take of.  This doesn’t cost them anything because they pre-mined the coins for free and the Bitcoins they are using to buy up the orders go back to them because they are buying the scamcoin from themselves anyways.  After us innocent, unsuspecting users see that this alt
is moving up a large percent is when we start putting our bitcoin orders in so we don’t miss out on this coin that seems to be really taking off.  As soon as enough orders are put in / coins are bought - when the scammer devs are happy with the amount of BTC they have acquired, they dump the rest of their pre-mined coins on the order book to buy
up any lower bitcoin orders still on the books.   Congratulations, you have just become a bag holder of a worthless scamcoin that is back to its previous price of next to nothing, the devs have conned you out of your bitcoins and will let their scam coin die to start working on their next scam.

[whywefight]

Echanges live from that. Also from PnD groups. it should not be possible to buy your own orders. But hey i am sure someone will scream free market in the next few minutes.

[robelneo]

I already read this post from one thread I don't know if that's you,But like I commented from that post newbies and those who are into cryto currency should read this post,we should be aware on the movement of the coins whether the admin of the coins just want to steal out coins like the OP posted here or there is a natural adoption of the coin going..

[Spoetnik]

https://bitcointalk.org/index.php?topic=1364922.msg13886093#msg13886093

you copied and pasted the same comment to two topics for some reason..

[bitcon]

https://bitcointalk.org/index.php?topic=1364922.msg13886093#msg13886093

you copied and pasted the same comment to two topics for some reason..

just wanted to warn as many people as possible.

[Braino]

just wanted to warn as many people as possible.

The butthurt runs deep.   

[TPTB_need_war]

just wanted to warn as many people as possible.

The butthurt runs deep.   

Careful yours is oozing and I smell rotting flesh and gangrene.

[Nybbas]

This i very good actually. Many people involving in alts without necessary knowledge.
That is why this should be sticky.

[benthach]

How new Alts / Scamcoins steal your Bitcoins


It seems every day a new alt coin pops up. They are easy to make - most are just clones of coins
that were programmed by someone else and just given a new name, a few graphic tweaks, etc. to make it look new.
It doesn’t take much work - a new scam coin is born.   Most of the devs who create these coins have only one intention - to steal bitcoins from others.  This explains how they do it. 


First they clone an existing coin, make a few tweaks, make a website (which helps scam coins look legit) then they pre-mine a good amount of coins which they will dump later on.
After the coin is up and ready for launch it is  Announced on various sites - bitcointalk.org, reddit, etc.


They get the coin listed on an exchange or two and then deposit a portion of their pre-mine coins they already
have saved up. They may make a few Bitcoins after their coin gets listed, but this is not the way they
intend to get your Bitcoins.   They let their coin do whatever the market wants for a month or two, maybe try to hype it up a little thru various forums and trollboxes to help legitimize it.  They don’t want to pump it as soon as it gets listed on an exchange - this would be obviously suspicious.


Then the day comes where they decide to make their move. They start by buying up the orders on
the exchange(s) to start driving up the price to give the illusion that their coin is starting to take of.  This doesn’t cost them anything because they pre-mined the coins for free and the Bitcoins they are using to buy up the orders go back to them because they are buying the scamcoin from themselves anyways.  After us innocent, unsuspecting users see that this alt
is moving up a large percent is when we start putting our bitcoin orders in so we don’t miss out on this coin that seems to be really taking off.  As soon as enough orders are put in / coins are bought - when the scammer devs are happy with the amount of BTC they have acquired, they dump the rest of their pre-mined coins on the order book to buy
up any lower bitcoin orders still on the books.   Congratulations, you have just become a bag holder of a worthless scamcoin that is back to its previous price of next to nothing, the devs have conned you out of your bitcoins and will let their scam coin die to start working on their next scam.

good job you just getting this.
it is already too late for most dumb people here with their life saving and mortgage.

[Spoetnik]

I love how you guys just skip over my comment i have posted on this forum 1000 times.

You disagree with me i take it but won't even acknowledge what i said.
then push on with more stupid comments.
You guys are pointless and stupid big time.

No i am not even gonna bother.. you people aren't worth my time.

[Braino]

just wanted to warn as many people as possible.

The butthurt runs deep.   

Careful yours is oozing and I smell rotting flesh and gangrene.

That escalated quickly   

[iamnotback]

How new Alts / Scamcoins steal your Bitcoins


It seems every day a new alt coin pops up. They are easy to make - most are just clones of coins
that were programmed by someone else and just given a new name, a few graphic tweaks, etc. to make it look new.
It doesn’t take much work - a new scam coin is born.   Most of the devs who create these coins have only one intention - to steal bitcoins from others.  This explains how they do it. 


First they clone an existing coin, make a few tweaks, make a website (which helps scam coins look legit) then they pre-mine a good amount of coins which they will dump later on.
After the coin is up and ready for launch it is  Announced on various sites - bitcointalk.org, reddit, etc.


They get the coin listed on an exchange or two and then deposit a portion of their pre-mine coins they already
have saved up. They may make a few Bitcoins after their coin gets listed, but this is not the way they
intend to get your Bitcoins.   They let their coin do whatever the market wants for a month or two, maybe try to hype it up a little thru various forums and trollboxes to help legitimize it.  They don’t want to pump it as soon as it gets listed on an exchange - this would be obviously suspicious.


Then the day comes where they decide to make their move. They start by buying up the orders on
the exchange(s) to start driving up the price to give the illusion that their coin is starting to take of.  This doesn’t cost them anything because they pre-mined the coins for free and the Bitcoins they are using to buy up the orders go back to them because they are buying the scamcoin from themselves anyways.  After us innocent, unsuspecting users see that this alt
is moving up a large percent is when we start putting our bitcoin orders in so we don’t miss out on this coin that seems to be really taking off.  As soon as enough orders are put in / coins are bought - when the scammer devs are happy with the amount of BTC they have acquired, they dump the rest of their pre-mined coins on the order book to buy
up any lower bitcoin orders still on the books.   Congratulations, you have just become a bag holder of a worthless scamcoin that is back to its previous price of next to nothing, the devs have conned you out of your bitcoins and will let their scam coin die to start working on their next scam.

The reason that most of the altcoins just copy an existing code base and tweak a few parameters thus really not a challenge to the established leader(s), i.e. Bitcoin:

https://download.wpsoftware.net/bitcoin/alts.pdf

It is really, really hard folks. One little detail wrong and poof ... your money is gone...

[JasonXG]

I'm going to ise very strong language here lol.

The scammers you refer to see fuckong useless scum waste of space and embarrassments to their mothers. They have very low is and act like an uneducated person.

Why do I say this ?

Firstly their mind set is one of a total moron. They cannot think past their nose. "Let me eat all my food today and not plant more for tomorrow" Infact let me not even think of tomorrow. When there is no fppd the next day what will they do? They fucked that's what. So they run another scam .

Scammers like this will never be rich because they greedy and eat all theoryfopd in one day and starve the next. One minute they loaded the next they poor. If they had any brains at all they would realize it is better to have a well run coin that constantly makes profit then running of with piss all money. A few bitcoins ? Pathetic is that all they can do ? If you work hard on a coin you can become rich fpr the rest of your life bit these scammers do not think this way. Instead of feasting for the rest of their life they run with piss all pocket change. They give up just like they do with everything in life because they losers. Only losers give up. Most likely they do this because their mother Gabe up on them at birth.

The scammer takes and eats his pizza in a day while the wise man invests and eats 3 pizzas next weak. The scammers actually fuck themselves by running. There is way more bitcoin to make when you do not run. They can't even figure that out.

I hope these scammers get the shit beaten out of them one day and rot in prison.

[myparentsdisownedme]

oh thanks for this mate

is there something actually called scamcoins or did you just make it up

[dearbesz1219]

I already read this post from one thread I don't know if that's you,But like I commented from that post newbies and those who are into cryto currency should read this post,we should be aware on the movement of the coins whether the admin of the coins just want to steal out coins like the OP posted here or there is a natural adoption of the coin going..

Most member in this forum said that majority of the scamscoin they hype the investors most of the time for them to get the interest of others to invest in their coins then in the long run they will run away immediately.

[thebatletbet]

if you want not lost money in new altcoin, because scam coin
if you want buy ico selling in new altcoin you must use escrow
use escrow is save your money

scamer new coin ussualy not use escrow

[fortunecrypto]

I have seen and experience this on two coins Ubiquoin and Bigup,Ubiquion ICO was over in less than 24 hours but after three or 4 days,the coin value has become useless leaving investors at a losing end,Dev has a huge bitcoin to buy his own coin.

[Snorek]

Op, posted this info almost year ago, but the sad part is that mechanism of altcoin cloning it is very much correct and true even today.
It is possible only because people are full of pure stupidity fueled by greed - and they know perfectly well how most altcoins are created - they don't need the warnings like that.
If they lost their money invested in 'coin XYZ' then they will learn - no sooner.

[Dahhi]

oh thanks for this mate

is there something actually called scamcoins or did you just make it up

No, scam coin is just a general name given to coins that will rise and die off in one or two years with so many traders/investors losing their money alongside.

[Bitcoinsummoner]

oh thanks for this mate

is there something actually called scamcoins or did you just make it up

No, scam coin is just a general name given to coins that will rise and die off in one or two years with so many traders/investors losing their money alongside.

Even few months they will like other altcoin new release out there that we did not know if they can stay long but sooner or a month ago they will die.. i experience this before that i thought it can be the same as ethereum they are great in giving benefits but the truth is just like the same as scam coin..
That is why right now i am staying away from them and stay in  top 20 altcoin in coinmarketcap.