Most Brazen Altcoin Scams?

[instacalm]

What has been the most brazen and outrageous altcoin scam/fraud that you have personally witnessed in your altcoin career?

What has happened? Have the scammers been debunked and/or caught?

Unfortunately I've witnessed many but I am not sure yet as to which one I should consider the worst...

[The Sceptical Chymist]

In the altcoin world?  There have been a few kind of generic scams, where the devs/lead con men just ran off with people's investment money.  I think candlecoin and some other ones did much the same thing.  Most of the really big scamming I've seen has come from people in the bitcoin space (Gox, Cryptsy, pirateat40, tradefortress).  Those were some legendary scams.  People just aren't into altcoins as much.

[StinkyLover]

Maxcoin

[o0o0]

Paycoin xpy homero Joshua Garza did outrageous claims about getting a free car from tesla owner elon musk for patent sharing... said amazon, target etc accepting it and got stuart fraser of cantor fitzgerald fired.

Its led on to the ion coin by team ionomy. Huey (adam matlack) lost money to Garza and now is trying his own coin with the same tricks. Nothing released yet and its got some major shills got check the site and topics here in announcement for alt coins its an amusing read. They've recloned the coin because it was broken and bittrex wouldn't list.

Its gotta be the biggest stuff up scam I reckon of them all the paycoin and ion (paycoin 2.0 or is it 3.0 now with the rebasing?)

[memequiserle]

if you want altcoin scamer gone to bitcointalk forum
1 if want buy ico selling must use escrow, addres is handle 100% in escrow, and reputable escrow
2 dont join bounnty and promote new altcoin, if ico selling without escrow

preventif in buy ico selling, scamer can gone

[Big Naturals]

Good to document every known scam in one place, give FBI some help to catch some crypto criminals, then they leave honest devs alone.

[Spoetnik]

Memory Coin is the first thing i thought of..

It was ingenious when it came out a couple years ago.

The user here FreeTrade was clever in what he made and how he launched it.
He had a coin rigged to send the mined coins to his address which later he claimed was for "charity"
It had a voting system that he failed to even mention in the ANN until way waaaay later after it was found out.
There was nothing in the standard copy & paste UI (about voting etc) in the wallet either.
And the name was deceptive..

Basically if you did not "vote" the coins by default were auto sent to HIS wallet  

Later we seen him lose his grip / centralized control of the entire coin..
Once he lost the majority control he announced he was closing the coin project.
Then he waited for some time to pass and SURPRISE the coin was back on !
LOL i bet he picked them up cheap or for free BEFORE that..
THEN...
He cancelled it again hahahah ..of course there was cheerleaders through all of that too.. crying FUD / Troll.

I was the first guy to figure it all out by accident.. looking in the log file of the wallet while mining.

Later he posted the Protoshares (PTS) ANN topic here and acting like it was his coin..
When i brought up his Memory Coin shenanigans looked bad he claimed he had nothing to do with PTS.
But it was far too late he had already been acting like he made it for 10 pages.
Funny enough the guy edited the topic title for the PTS ANN topic with..
MADE BY INVICTUS INNOVATIONS ..yes in CAP'S hahhahaha

Later the trail went to Bitshares and all that crap..
As far as i know he is still here pumping out bullshit.
And by the way Protoshares was VERY popular.. even after pointing out above the Investards here STILL supported it.
As well as many with MEM / Memory Coin.

Funny enough the main biggest supporter of Memory Coin was here mouthing me off the other day after a year long absence.

All these assholes do is change names and make more "coins"  
Because it works ..exposing them does not interest users here.. profits do !

[cryptohunter]

BRAZEN = dash - proven many times over and over.

Show me a larger + more proven alt coin scam.


I don't know why the OP even started this thread. He was here the other days claiming dash was not a scam at all. I have no idea what scam means to him since he seems very confused as to what constitutes a scam.

nouninformal
1.
a dishonest scheme; a fraud.

Like proclaiming fair POW launch and then captive instamining most of it themselves in the first 2 days on super low diff. Then just keeping it all and reducing the available coins to everyone else. Then making new rules up that you get more of the minting just for having most of the coins and make all the decisions.

DASH is the most brazen since they scam then magnify the scam then solidify the scam loot.

[X-ray]

Nope, I do not ever see it before, the scammers had caught by the police.
It gets Prevent by the regulation if the police can not opening the cases against the scammer (invalid reason = unlegitimate reason).

Ebitz, opair, decloud.

[johhnyUA]

BRAZEN = dash - proven many times over and over.

Show me a larger + more proven alt coin scam.


I don't know why the OP even started this thread. He was here the other days claiming dash was not a scam at all. I have no idea what scam means to him since he seems very confused as to what constitutes a scam.

nouninformal
1.
a dishonest scheme; a fraud.

Like proclaiming fair POW launch and then captive instamining most of it themselves in the first 2 days on super low diff. Then just keeping it all and reducing the available coins to everyone else. Then making new rules up that you get more of the minting just for having most of the coins and make all the decisions.

DASH is the most brazen since they scam then magnify the scam then solidify the scam loot.

It's will be good to ban you from Qtum signature. Maybe after that you stop to write such sh*t
Why it's scam? Would someone lost their money with Dash or what?
LISK, ETHEREUM and some others big coins also have big premine. Why you don't call them "scam coin" ? Ah?

[Rockie1234]

BRAZEN = dash - proven many times over and over.

Show me a larger + more proven alt coin scam.


I don't know why the OP even started this thread. He was here the other days claiming dash was not a scam at all. I have no idea what scam means to him since he seems very confused as to what constitutes a scam.

nouninformal
1.
a dishonest scheme; a fraud.

Like proclaiming fair POW launch and then captive instamining most of it themselves in the first 2 days on super low diff. Then just keeping it all and reducing the available coins to everyone else. Then making new rules up that you get more of the minting just for having most of the coins and make all the decisions.

DASH is the most brazen since they scam then magnify the scam then solidify the scam loot.

It's will be good to ban you from Qtum signature. Maybe after that you stop to write such sh*t
Why it's scam? Would someone lost their money with Dash or what?
LISK, ETHEREUM and some others big coins also have big premine. Why you don't call them "scam coin" ? Ah?

I think both of you are taking this way too seriously. Firstly, DASH had dodgy beginnings without doubt, but the premine was used by Evan to keep a large amount of money when the coin took off. Probably enough to put people off, but you can't just throw around words like "scam." Funny how half cryptohunter's posts are spent flaming DASH: if you don't like the coin, then don;t get involved!
However, johnnyUA completely misses the point (ignorance?) Ethereum and the like were created for completely different reasons (smart contracts etc). I don't think he knows enough about DASH or any of the other coins he talks about.

[chaser15]

What has been the most brazen and outrageous altcoin scam/fraud that you have personally witnessed in your altcoin career?

What has happened? Have the scammers been debunked and/or caught?

Unfortunately I've witnessed many but I am not sure yet as to which one I should consider the worst...

Not totally happening right now but I will say "THE BILLION COIN" shit scam.

It will be worst someday I believe of that. Right now there are still enthusiast of this coin and peer to peer transaction is active. Can't imagined how those sellers can do selling of it even they are already know what will be the future of this coin. People who buy it is not really a crypto enthuasiast since if they are, obviously they will not praise this coin.

Good luck to them.

[aleix]

It's will be good to ban you from Qtum signature. Maybe after that you stop to write such sh*t
Why it's scam? Would someone lost their money with Dash or what?
LISK, ETHEREUM and some others big coins also have big premine. Why you don't call them "scam coin" ? Ah?

Let me explain to you.... please review this post:

https://bitcointalk.org/index.php?topic=421615.msg4585185#msg4585185

This "hunter" was there, he is one of the first people posting in the DASH thread back in 2014. And he lost the boat. He was wrong. And I understand this is painful.  

I think both of you are taking this way too seriously. Firstly, DASH had dodgy beginnings without doubt, but the premine was used by Evan to keep a large amount of money when the coin took off. Probably enough to put people off, but you can't just throw around words like "scam." Funny how half cryptohunter's posts are spent flaming DASH: if you don't like the coin, then don;t get involved!
However, johnnyUA completely misses the point (ignorance?) Ethereum and the like were created for completely different reasons (smart contracts etc). I don't think he knows enough about DASH or any of the other coins he talks about.

Some people think the beginnings are the most important factor in order to estimate the value of a coin. I don't agree. This is just one variable you need to analize, but you have others. That's what this "hunter" and others don't understand.

[puremage111]

What has been the most brazen and outrageous altcoin scam/fraud that you have personally witnessed in your altcoin career?

What has happened? Have the scammers been debunked and/or caught?

Unfortunately I've witnessed many but I am not sure yet as to which one I should consider the worst...

Coins i invested

LetItRide = Personally, in my cryptolife, i lost almost 90% of my assets in this. $900 due to LIR scam.

It was my 2nd or 3rd crypto project which i trust? I didn't invest during the ico as i suspect this coin is dodgy.
I start to trade it when it promotes by free spin, the top players will receive Portion of LIR by just testing the platform.
This is when i start to buy $300, $100, $100, and when the price drop almost 50%. i Thought it is just some dump, and i spent 0.5 btc on it.
The next week, dev gone, everything is gone.

and
Opair = $200 on it, the thread design , the idea is genuine, everything is just too good.

What i can say is : I am mainly too blind to look at graphics and doesn't have a clear mind when invest.

Coins which i didn't invest
Ebitz
Decloud = This scam was huge tho. I was wanted to invest in the ico at first but end up not investing it

[cryptohunter]

BRAZEN = dash - proven many times over and over.

Show me a larger + more proven alt coin scam.


I don't know why the OP even started this thread. He was here the other days claiming dash was not a scam at all. I have no idea what scam means to him since he seems very confused as to what constitutes a scam.

nouninformal
1.
a dishonest scheme; a fraud.

Like proclaiming fair POW launch and then captive instamining most of it themselves in the first 2 days on super low diff. Then just keeping it all and reducing the available coins to everyone else. Then making new rules up that you get more of the minting just for having most of the coins and make all the decisions.

DASH is the most brazen since they scam then magnify the scam then solidify the scam loot.

It's will be good to ban you from Qtum signature. Maybe after that you stop to write such sh*t
Why it's scam? Would someone lost their money with Dash or what?
LISK, ETHEREUM and some others big coins also have big premine. Why you don't call them "scam coin" ? Ah?

If you had the capacity and open mindedness to understand then I will explain it to you.


Here have a read through... if you get stuck ask for assistance. Many here will offer you a hand.


I don't say ICO's are not for the most part scams. However proving it is the tough part with most of them. ICO's are conducted without you being able to witness the manipulation for the most part. If they are widely advertised and come through with their promises then it is much harder for devs and insiders to get an unfair advantage. There a variations on the ways to scam with ICO's .

I don't hold it against you to question my comments but do some reading then let it all sink in. There is little in the way of excuses. You have just one of the devs admitting he has 120, 000 dash/dark/xcoin after just a few hours. Whoops.... shall we restart the POW? nah lets cut the POW phase so that 120k is now like mining up 480k dash coins in a few hours. That is one of the developers. . Some of darkcoins most ardent protectors and enablers were even moaning about the captive instamine in the original thread.

Yes there are other scams worse than dash (probably), go ahead and prove one here and I will remove my comments. If not then return and post that you now agree there are no more worse (PROVABLE) scams than dash. POW leaves a trail that is easy to spot. ICO not so much.

Deal with facts not what you want to believe of what you are told. Go study up and get back to me here.


Below i add at the request of spot the evidence upon which I assert dash is a scam coin


Let's take a look at the first 5 h of Darkcoin (XCoin at that time)...

https://bitcointalk.org/index.php?topic=421615.msg4589219#msg4589219
Edufield said (after failed launch) that he will wait the next day to launch DRK (XCoin at that time) it is 11 pm.

https://bitcointalk.org/index.php?topic=421615.msg4591407#msg4591407
Edufield disregard windows wallet and daemon and hurry up his launch, presumably to not have windows miners on board.

https://bitcointalk.org/index.php?topic=421615.msg4592827#msg4592827
Edufield say he added four nodes for the launch at 4 am (5 hours later, despite his promise to wait). The 4 nodes from Edufield are 3 amazons AWS + another unknown (whois IP). Launch started at 3h54 am.

https://bitcointalk.org/index.php?topic=421615.msg4593601#msg4593601
Edufield said the github version was not updated, nobody could compile and only Edufield was able to mine until that time. It is 5.09 am and Edufield instamined alone 1153 block at 500 DRK + 60 block at reward 277 = 593120 DRK for him alone in about 1 hour.

https://bitcointalk.org/index.php?topic=421615.msg4593987#msg4593987
No windows wallet confirmed at 5h47 am, despite a user attempt to make one avaiable, that Edufield dismissed quickly.

https://bitcointalk.org/index.php?topic=421615.msg4594096#msg4594096
Illodin, understand dev has instamined alot of coin.

https://bitcointalk.org/index.php?topic=421615.msg4595573#msg4595573
From this list of nodes, at 8h34 am (4h40 after launch) there were 50 Amazon AWS node and 50 microsoft cloud computing instamining DRK (checked using IP whois service). This is 100/124 nodes using cloud computing to instamine DRK. We are at block 2870 and block reward is 500. From block 1153-1729 block reward is 277. After that it is 500 again hence 2294 block at 500 + 576 at 277 = 1306552 DRK (worth about 13M$ now) were instamined in less than 5 hour by Edufield and coworkers using about 100 cloud mining instances. Edufield himself instamined in not even 5 h from 600K to 1169K DRK ((1306K-600K)*100/124 + 600K) depending how many of the 100 cloud mining instance were its own. All this while having purposefully set the difficult ridiculously low and block reward 100 times what it is now.


SCAM = unfair and dishonest scheme = dash


This latest defence is so strange. Where are the victims ? what are you talking about it is there in black and white.

1. everyone who was told it was a fair launch LIKE ALL THE OTHER LAUNCHES AT THE TIME. - then prevented from mining fairly = scammed
2. everyone who was told there would be much more opportunity to mine ( then that got slashed by 75%) - prevented from mining the coins that were then taken away = scammed.

here are your victims.

3. everyone buying now thinking dash can go somewhere not knowing the scam it is will forever hold it back = being scammed.


Every dasher on here trying to scam others into supporting your scam = scammers.

I will be updating my scammers thread to add all of your names to it.

Denying a scam after it is proven time and time again to you in black and white = scam enabler and defender = scammer.


Threads examining the evidence of the captive instamine and reduction of the minting to magnify such instamining ...PROOF OF SCAM

https://bitcointalk.org/index.php?topic=999886.0

https://bitcointalk.org/index.php?topic=560138.0

https://bitcointalk.org/index.php?topic=559028.0

https://bitcointalk.org/index.php?topic=995710.0

https://bitcointalk.org/index.php?topic=999084.0

https://bitcointalk.org/index.php?topic=560138.0

[LiuYaoMaster]

NAUT soon be one of the scam coin. They have been dumping coins on every pump 

[Darkydank]

Krypton

Pumped to 35k+ sats and then dumped. All dev work halted after the dump, no updates from Covertress and multiple excuses for no work being completed.

Slack with 500+ users closed down after dump.

The community funded the Covertress's travel to multiple conferences which she did not attend, to the best of my knowledge no-one has been reimbursed for this.

No communication from Covertress since late November.

+ A lot more... Will update when on PC and not smart phone.

[TopT3ns]

from what i know maybe Paycoin ( XPY ) with Josh Garza that said it is price will be $20 with all is merchant, etc, and then just get away with investor's money , zenminer, paycoin everything dissapear

[Flipp0ut `]

IOTA has to be one of the worst.

3 1/2 years in development and they still havent got a working wallet no matter how they try and talk around it.

Latest crap from this shit coin, they have done a snapshot which means your wallet no longer shows your balance or transactions and you have to create new addresses within the wallet to hopefully get your old balance to show.

No fun when you have hundreds of addresses and transactions.

IOTA is broken at a fundamental level and investors need to avoid and holders need to dump.

[Spoetnik]

Worst ? How do we judge that ? 

What have we learned ?

This is scammy bullshit but it's ok because we make money off it..

..sometimes

AKA:
The ends justify the means.