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Author Topic: Altcoin - Scam or not ?  (Read 2318 times)
hasmukh_rawal
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July 18, 2017, 11:16:03 AM
 #1

How to identify whether an altcoin is scam or not?
This happened with me today. I bought ACRN coin from yobit yesterday for 0.01btc and today morning its price was 1 satoshi Undecided Doomed!!

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July 18, 2017, 11:19:42 AM
 #2

Do research on it.
You must thoroughly look up it's price, how it reached that point and seriously consider why it will increase in the future.
Also look up the development team and all the people involved and how skilled, active and consistent they are with updates.

These are some general guidelines to follow when looking into investing a coin.

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July 18, 2017, 11:28:11 AM
 #3

How to identify whether an altcoin is scam or not?
This happened with me today. I bought ACRN coin from yobit yesterday for 0.01btc and today morning its price was 1 satoshi Undecided Doomed!!
I never heard about that coin, especially you bought it on yobit so i can say you bought one of dead coins. Be aware if you still wanna buy some altcoins in yobit, they have a lot of dead coins which got mostly dump and pump. Just open coinmarket and look at the top 10 or 20 for altcoins and you will be safe.

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July 18, 2017, 11:38:47 AM
 #4

How to identify whether an altcoin is scam or not?
This happened with me today. I bought ACRN coin from yobit yesterday for 0.01btc and today morning its price was 1 satoshi Undecided Doomed!!
I never heard about that coin, You are trapped by the shitcoin. What the hell just in a night and the price of the coin worth a satoshi. Do your own research but that will take a lot of the time. I think you must try to watch the miningbox on youtube to get the way how to do a research on altcoin.

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nicolas1979
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July 18, 2017, 11:45:03 AM
 #5

How to identify whether an altcoin is scam or not?
This happened with me today. I bought ACRN coin from yobit yesterday for 0.01btc and today morning its price was 1 satoshi Undecided Doomed!!

Scam or not is the risk we must deal with it, but we can identify coins become scam, it's just happening. That's why you need to read some books, join group with altcoin as a topic or make a demo account and test your strategy there. I suggest just hold your coin and see next month, but if you want to sell it tha's your call. Good luck.

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July 18, 2017, 11:48:57 AM
 #6

If something is solely on YoBit then it is a scam. About anything on Poloniex is safe according to me, except maybe Bitcoin Plus and the very low volume altcoins. On Bittrex this is a bit more the jungle, so see on Coinmarketcap if the altcoin you are buying is worth or not. The greater is its rank the safer it is according to me.

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July 18, 2017, 12:26:27 PM
 #7

To add to what the others have said...

1) Look for over hype, especially from multiple people in troll boxes saying all the usual noob stuff like "to the moon".

2) Watch for dev pumping and support, it's not hard to spot. Look at the buy orders, if there is 10 BTC of orders on a coin and 9 BTC of it is sitting at 1 or 2 sats (or any number that is so far away from ever being fulfilled that it's obviously just an order book prop up), don't touch it with a barge pole.

3) What are they offering? If the coin only has a basic windows qt-wallet and promises of everything else you can be pretty sure that the "team" behind it have just watched a "how to clone an altcoin" video on youtube. Again - avoid.

4) Have a look at the source code. If it's just a clone of litecoin or another alt with just the name and numbers changed (in some cases they don't even bother changing these) the chances are it's been knocked up in 30 minutes as a pump and dump coin.

5) Don't trade on yobit fullstop.
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July 18, 2017, 12:27:53 PM
 #8

There is no easy way. The best thing you can do is look at their whitepaper, the team behind it and the latest updates.
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July 18, 2017, 12:29:25 PM
 #9

Research on any coin you want to buy before you do that. spending some time to do the due diligence will save you that money. Dead coins are all over please dont fall victim to it

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July 18, 2017, 12:32:05 PM
 #10

If something is solely on YoBit then it is a scam.
Yes! Almost all coins on yobit are scam and shitcoin I have no idea why people still kept their money on that site and still buying coins from there. There are a lot of better exchange sites and they are even listed good coin only.

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July 18, 2017, 12:35:10 PM
 #11

How to identify whether an altcoin is scam or not?
This happened with me today. I bought ACRN coin from yobit yesterday for 0.01btc and today morning its price was 1 satoshi Undecided Doomed!!
There are lots of exchanges but you do end up on buying shitcoin on that Yoshit site. Im sorry for your loss and this should be a lesson learned for you. Dont be decieve on cheap coins that you see on exchange because you wont know if they would pump or dumped forever because mostly coins on yobit are being pumped and dumped and also been triggered by bots which if you do get in on the wrong time then you will surely end up on holding those shitcoin forever.

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July 18, 2017, 12:41:38 PM
 #12

It really depends on the altcoin that you bought if it is a scam or not and it is very advisable to DYOR or do your own research before buying a coin in any exchanges because there is a huge possibility that the coin will turn to scam if they don't have a great team and strong foundation on their market. Bitcoin is one of the best example that shows great foundation because of the community and the support so you need to find like those things in altcoin that you are buying so you can tell if it will last for a long time or not.

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July 18, 2017, 12:42:16 PM
 #13

Jesus just seen the chart for this coin on YoBit.

If you want a good laugh (not for the people that bought it sadly - but for the rest of us) check it out.

https://yobit.net/en/trade/ACRN/BTC

Went from 0.5 BTC to 0.00000001 BTC in 8 hrs lol.

Amazes me why people still trade on this site  Huh

But to answer the OP's question, yes this is without a doubt a scam coin. Sorry mate, you just lost your money Sad
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July 20, 2017, 03:55:42 AM
 #14

Yeah and i have decided to shift from yobit  to either polo or bittrex. I do like the investbox from yobit . So probably that will be the only thing i use in yobit.

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July 20, 2017, 04:09:50 AM
 #15

Trading those coins with very low volume is extremely risky. I'd suggest to trade on a major exchange with coins who have a much higher volume.

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July 20, 2017, 04:17:48 AM
 #16

Altcoins are not scams, they are quite a few good ones, of course those copy-paste coins are usually scams.

                                 
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July 20, 2017, 05:13:44 AM
 #17

I hope it is not a scam...  Because i already joined some campaign that is altcoin...  I hope not...

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July 20, 2017, 06:05:48 AM
 #18

Make a research before buying/investing in Altcoins read some news about coins you want to buy. Read the white paper also to know the roadmaps of the coins what is the roles if this coins in the community. what its used buy doing that you will have a knowledge about your coins planning to buy. Turn your failed Into lesson learned so for the next time you buy some coins you will be carefully

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July 20, 2017, 06:24:29 AM
 #19

Make a research before buying/investing in Altcoins read some news about coins you want to buy. Read the white paper also to know the roadmaps of the coins what is the roles if this coins in the community. what its used buy doing that you will have a knowledge about your coins planning to buy. Turn your failed Into lesson learned so for the next time you buy some coins you will be carefully

Yes that's true! before investing in some alt-coin you should research first! or invest only what can you afford to loose!
Alt-coins now is worth of investing, invest in known and already in exchange alt-coins.
I think you just hold your ACRN coin for now maybe because it will pump someday!


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July 20, 2017, 06:37:53 AM
 #20

Of course easy. You should be able to analyze the coin. And it is safer to buy a guaranteed coin such as eth and ltc. Even if its price falls but at least it reduces your doubts about the coin.
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