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Author Topic: Altcoin - Scam or not ?  (Read 2527 times)
jzone23
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August 20, 2017, 03:29:06 AM
 #81

Investing on altcoin could be a good opportunity and investment to get profits but knowing the fact that lots of scammers are promoting investment in form of altcoins to scam people so before making any investment make a research first.

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September 04, 2017, 03:33:22 AM
 #82

I wrote about ACRN after seeing that it had a huge volume. The coin seemed new and looked interesting. I was onto a scoop, a coin getting lots of attention. Then I downloaded the wallet and realized it would not pass a specific block. Not much information on the coin and have to dig deep to even find the wallet.

Some lessons learned.

What you need to do...

Due dilligence.

  • 1. Find the wallet. Virus test it. Is it safe?
    2. Synch blockchain, does it sync fully (note ACRN probably would have been a great coin, but not fully sync of wallet says that it is pure shit)
    3. Is it on coinmarketcap (there are some that are new and so high risk/high reward, but coinmarketcap usually a good start. Lot's of shit coins will not bother with adding to coinmarketcap
    4. Is the code on github?
    5. Don't go by volume or sudden interest (yes, I did learn this from ACRN, I thought volume signified importance. In the case of ACRN, I think it was 50% premined, so owner offloading his coin for a quick buck)

All depends on your risk level really. If you are looking for some coin that is going to be big because of actual applicable uses, such as Ethereum, then you have to really dig deep and find out about the team, the roadmap and what is happening. In this case, getting into a coin slightly later can be more beneficial. Lot's of people say I wish I got into bitcoin earlier and many people did see bitcoin years ago, but it took time to notice, because it needed more time to develop. Same with all coins. Early may be great but later can still make great results without all the worry of if it is too early for a coin.

There are 2 sides to this research because some Dumb Coins as I call them can be big, think bitcoin, litecoin, dogecoin. Dumb because they don't have actual features. Whereas Smart Coins, such as Ethereum have a real world application outside of just being a way to account coins to users. Dumb Coins are important, and so are Smart Coins, and they both can make you rich, but if going into these coins from an investment perspective, the last paragraph about digging deeper can be very important to find the new winning coin for a particular usage as Ethereum is showing us.

the earth was a formless void and darkness covered the face of the deep, while a wind from God swept over the face of the waters.
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September 04, 2017, 03:44:49 AM
 #83

in my opinion not all altcoin scam. it's just that you have to be more thorough in investing. see from all prespektiv. The proof of ETH, LTC, even Doge still Survive.

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September 04, 2017, 03:51:42 AM
 #84

There many altcoins out there. Use its popularity as a basis, ethereum and litecoin are in my opinion, the best coins for investment as of today because of its great potential.

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September 04, 2017, 03:52:39 AM
 #85

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!!

Please take your standards a little higher and stricter when it comes to investing in ICOs. Carefully study their entire project, from the whitepaper, the objectives, the roadmaps, the actual plans on how to actually do their vision in reality, the people composing the team, and so on and so forth. There are so many ICOs that are scam although appearing great.

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September 04, 2017, 03:56:43 AM
 #86

Maybe yes, maybe no. Since there are also altcoins that is legit, having an existing business that is earning and on profit. Some really needs funds for expansion. But there are also fly by the night Altcoins and that what we should watch out.

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September 04, 2017, 04:21:44 AM
 #87

why altcoin can be said scam? I think not all altcoin is said to be a scam, indeed there are some kin that scam Smiley
and need a strong analysis to assess it

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September 04, 2017, 04:39:55 AM
 #88

An existing business generating revenue at the time of the ICO---this is the key thing. Otherwise, the Altcoin is only connected to a concept or a few lines of code never put into use.

Check out LakeBanker ICO. Our Crowd-Banking business model has been operating in Beta within long-standing crypto-exchange LakeBTC.com (top 20 in the world for Bitcoin trading volume). This is already a serious business generating revenue. Now it's ready for the world.

If you’d like to know more check out our ANN thread and formal whitepaper

Our Token Sale is in Phase 1 right now (2% of the tokens on offer at a big discount).

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