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jimmyk
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May 05, 2013, 02:05:34 PM
Last edit: October 07, 2019, 05:18:39 AM by jimmyk
 #1

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drawingthesun
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May 05, 2013, 02:12:25 PM
 #2

I don't think alt coins are scams, if people pay for coins and that coin falters then is this not the risk playing out?

Alt coins carry a lot of risk and this risk is known by the miners and buyers. A scam normally wouldn't seem risky at all.

We all know a lot of the alt coins are worthless, we get on-board in case they take off or become valuable. If they become valuable enough to make a profit then we either sell, hold or buy more depending on where we think they are going.

Its like penny stocks, the companies may never take off but maybe 1 will, and in the meantime we can speculate to our hearts delight.

If the alt coins were really a scam everyone would be saying how rich they will make you and that they have guaranteed returns.
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May 05, 2013, 02:42:26 PM
 #3

LOL to many here if its not LTC or BTC, its a scam.

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May 05, 2013, 02:49:37 PM
 #4

The only non-scam coins, imo:
 - Bitcoin
 - Namecoin
 - PPCoin
 - Devcoin
 - i0coin
drawingthesun
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May 05, 2013, 03:06:38 PM
 #5

LOL to many here if its not LTC or BTC, its a scam.

If no one is being manipulated or lied to is it really a scam?

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May 05, 2013, 03:07:34 PM
 #6

The only non-scam coins, imo:
 - Bitcoin
 - Namecoin
 - PPCoin
 - Devcoin
 - i0coin

Hahahaha, there's so many things wrong with this post.

Are you from the BTC-E trollbox?
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May 05, 2013, 03:16:44 PM
 #7

The only non-scam coins, imo:
 - Bitcoin
 - Namecoin
 - PPCoin
 - Devcoin
 - i0coin

Hahahaha, there's so many things wrong with this post.

Are you from the BTC-E trollbox?

Nope, sorry to disappoint you.  Just wanted to hear some opinions about why people think new alt coins are scams.

I think add1ct3dd was talking about the list provided by Tittiez, and not your thread in general.

Smiley
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May 05, 2013, 03:18:55 PM
 #8

Surely a lot of it has to do with the intentions of the developers of a coin. If they are committed to their project with support and updates then surely it is not a scam, only ambitious.

If someone is launching a coin with the sole purpose of dumping all their coins if a markets ever exists and leave, then that is a scam.

The problem is that we cannot see into the mind of the developers so how do we know?

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May 05, 2013, 03:19:11 PM
 #9

The only non-scam coins, imo:
 - Bitcoin
 - Namecoin
 - PPCoin
 - Devcoin
 - i0coin

Hahahaha, there's so many things wrong with this post.

Are you from the BTC-E trollbox?

Nope, sorry to disappoint you.  Just wanted to hear some opinions about why people think new alt coins are scams.

I think add1ct3dd was talking about the list provided by Tittiez, and not your thread in general.

Smiley

Opps, my bad.   Embarrassed

I was. :p

Back in your box please Cheesy
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May 05, 2013, 03:20:56 PM
 #10

There are more scamcoins than legitimate coins. Citing the dictionary doesn't change the fact that most altcoins do nothing more than change some numbers in Bitcoin's code and add a logo.

.
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COINECT
██
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AI-based decentralized
arbitrage trading system
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May 05, 2013, 03:27:20 PM
 #11

The only non-scam coins, imo:
 - Bitcoin
 - Namecoin
 - PPCoin
 - Devcoin
 - i0coin


Lol guess who has an ASIC ?

Fail.

I said it a long time ago not one of the Sha256 alts will break 1 USD . And now Scrypt is taking over the market.

Its called inequity.  And humans do not generally like it. Therefore do not participate.

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May 05, 2013, 03:29:36 PM
 #12

The only non-scam coins, imo:
 - Bitcoin
 - Namecoin
 - PPCoin
 - Devcoin
 - i0coin


Lol guess who has an ASIC ?

Fail.

I said it a long time ago not one of the Sha256 alts will break 1 USD . And now Scrypt is taking over the market.

Its called inequity.  And humans do not generally like it. Therefore do not participate.

And when something like ASIC breaks into the scrypt area then people will make something else that is Asic resistant.

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May 05, 2013, 03:32:16 PM
 #13

Surely a lot of it has to do with the intentions of the developers of a coin. If they are committed to their project with support and updates then surely it is not a scam, only ambitious.

If someone is launching a coin with the sole purpose of dumping all their coins if a markets ever exists and leave, then that is a scam.

The problem is that we cannot see into the mind of the developers so how do we know?

Like poker, we have incomplete information, however actions of the players provide some more information from which we can deduce some reasonable expectation.

If the author of the coin discusses the concept and gives people information about it weeks or months in advance, and sets the starting difficulty way above 1, then its likely they are not after a quick pump and dump.

If the author releases the coin at difficulty 1 and allows mining the instant the world knows about it, then its likely they are here for a pump and dump.
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May 05, 2013, 03:33:13 PM
 #14

LOL to many here if its not LTC or BTC, its a scam.

If no one is being manipulated or lied to is it really a scam?


they are being manipulated and lied to if they creator states when he releases the coin that 1 block will be created every 10 minutes but in reality 1 block is created every 1 second or less. then the creator releases no information on how to mine the coin so after the first couple hours 90% of all coins that will ever be created are already mined and the creator owns nearly all of them. he released the coin with a lie and manipulation and did so in a way that no one else would be able to mine the coin until he already owned nearly all of them. that falls under the definition of a scam in the OP.
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May 05, 2013, 03:44:36 PM
 #15

LOL to many here if its not LTC or BTC, its a scam.

If no one is being manipulated or lied to is it really a scam?


they are being manipulated and lied to if they creator states when he releases the coin that 1 block will be created every 10 minutes but in reality 1 block is created every 1 second or less. then the creator releases no information on how to mine the coin so after the first couple hours 90% of all coins that will ever be created are already mined and the creator owns nearly all of them. he released the coin with a lie and manipulation and did so in a way that no one else would be able to mine the coin until he already owned nearly all of them. that falls under the definition of a scam in the OP.

This is true. I think releasing a coin with such a low difficulty is pre-mine. Its kinda tiring to wake up to another coin and give it a go and 20,000 blocks are already on the chain.

If you want to release a new coin at least set the difficulty super super high so it takes a few days to come down to expected levels, this will allow more people to hear about it.

(So set the diff so the first blocks take 30 minutes each, and the network will adjust eventually but by the time the blocks are coming at the expected rates its taken a few days or even a week and people know that a million coins were not already mined)
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May 05, 2013, 03:53:42 PM
 #16

Surely a lot of it has to do with the intentions of the developers of a coin. If they are committed to their project with support and updates then surely it is not a scam, only ambitious.

If someone is launching a coin with the sole purpose of dumping all their coins if a markets ever exists and leave, then that is a scam.

The problem is that we cannot see into the mind of the developers so how do we know?

Like poker, we have incomplete information, however actions of the players provide some more information from which we can deduce some reasonable expectation.

If the author of the coin discusses the concept and gives people information about it weeks or months in advance, and sets the starting difficulty way above 1, then its likely they are not after a quick pump and dump.

If the author releases the coin at difficulty 1 and allows mining the instant the world knows about it, then its likely they are here for a pump and dump.

Low starting difficulty allows for a large distribution of coins in a short time period. If launched at the right time you could have a broad user base with an invested interest. This is good for a coin to have.

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May 05, 2013, 03:58:49 PM
 #17

 Alot of these new alt-coins are scams because they are just a clone of litecoin with a new name, and their only purpose is to make the creators rich because they early mined tons of coins and will dump them when the coin gets on an exchange.
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May 05, 2013, 04:16:16 PM
 #18

Low starting difficulty allows for a large distribution of coins in a short time period. If launched at the right time you could have a broad user base with an invested interest. This is good for a coin to have.

I don't agree with this. A higher starting difficulty means more people have a chance to get a decent amount of coins relative to other people. A low starting difficulty will mint several months worth of coin in a day and the lucky ones and insiders will have large stashes. People coming into the coin will takes months or even a year to mine the same amount of coin that those lucky first day people got in the first few hours.

I might be naive and wrong, but that is the way I feel. You could be right but it smells of pre-mine way too much.
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May 05, 2013, 04:49:26 PM
 #19

Let's talk about the term "pre-mine". Literally, it is to mine BEFORE a coin is released, i.e., before other people can. It DOES NOT mean that early adopters get a lot of coins because the difficulty is set low. That is not a pre-mine. If I have my miner set to start the instant the "Post" button is pushed, it is not a pre-mine. I saw one member, a hero member too, saying "it's being pre-mined right in front of your eyes". THIS IS IMPOSSIBLE.

Your correct, technically its not a pre-mine. However its like a loop hole. Releasing a coin at diff=1 is the closest thing to pre-mine without fitting the exact definition of pre-mine. However diff=1 fits with the intent of pre-mine, to gain as much of the coin as possible in conditions that are not typical for the network. (1 seconds blocks for a entire day)

Because the diff is so low about a percent of the entire coin supply is minted in the first day and anyone hearing about it 8 hours later has to contend with the fact that a million coins already exist and now its getting hard to mine coins.

I'm not really interested in loop holes, the reason people release at diff=1 is because they want ownership of a massive amount of coin just for being on the forum at that right minute.

If someone wanted to make the coin release fairer, then a high diff is the way to go.
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May 05, 2013, 06:42:38 PM
 #20

One of the reason I suggested we use the term Prep-Mined instead of Pre-Mined.  Since the developer are prepared to mine it right when they post the auction and the difficulty is prep so that they can mine a lot fast. 

A lot of the coins release the last week have been pumped and dump coins.  Look at ChnCoin, there is zero information about the developer at all and was announce on Chinese forum 4hrs before alt Crypto.    BitBar, Zero information about the developers and multiple people prep to mine right at post.

The whole low difficulty, easy mining is a know thing, which is why no "developers" have step forward to claim these coins, since they are out to make a quick buck.

Really I feel the best way to do it is to have like a super high difficulty of like 50 to start, but offer a early adopter bonus like Junkcoin did. Where the first days blocks are worth more.

This will entice people to mine even at the high difficulty, but you won't have the problem Junkcoin did where all the bonus block where mined in mins and not days.

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