Altcoin - Scam or not ?

[Botnake]

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 Doomed!!

First you need to choose the right exchanges and yobit is not a good exchanges based on the feedback that I read, if you want to
invest with legitimate coins and you do not have a lot of time to research then simply buy coins from poloniex.com.

[affandi]

In my opinion, yobit is not the best alternative to start trading. A lot of coins there that end the scam By just collecting some votes alone can put new coins to trade Better to use a sure market, such as bittrex or poloniex. There are plenty of altcoin options with good volume and clear credibility

[ethereumhunter]

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 Doomed!!

before you buy the coins, you need to find more info about the coins in many places so you know how good is the coins. in yobit, there are many cheap coins but we don't know how good are the coins. the only thing that we can do is make a little research while we can analyze other coins for better chance to reach profit.

[safari88]

In my opinion, yobit is not the best alternative to start trading. A lot of coins there that end the scam By just collecting some votes alone can put new coins to trade Better to use a sure market, such as bittrex or poloniex. There are plenty of altcoin options with good volume and clear credibility

Yeah right, most coins on yobit is shitcoin. trading in there the same as playing gambling. better to avoid yobit. at least trading in liqui better than in yobit. liqui has a good coin, let alone almost all coins based eth and certainly always have great projects.

[Ipwich]

In my opinion, yobit is not the best alternative to start trading. A lot of coins there that end the scam By just collecting some votes alone can put new coins to trade Better to use a sure market, such as bittrex or poloniex. There are plenty of altcoin options with good volume and clear credibility

Yeah right, most coins on yobit is shitcoin. trading in there the same as playing gambling. better to avoid yobit. at least trading in liqui better than in yobit. liqui has a good coin, let alone almost all coins based eth and certainly always have great projects.

Liqui is just new compared to yobit but it has gain the trust of the people and you can already see they have a great volume
and they are growing. But, the best part here is we can shot different coins in different exchanges so it's up to us what coins we will buy.
Just always buy with caution to minimize the risk.

[shams]

Before buying any coin first you need to do proper research on that coin on this forum only you can get so much information about any coin so before buying a coin first you need to check that is that coin has a good development team do they have a good road map do they really look good and many more important things to research then only buy the coin I do not recommend anyone to buy any coin without any information about that coin so be careful before investing in any coin.

[monetkyn]

You will never know is it scam or not. You should better collect information about the project, founders and their reputation. And save our money, The Great Crypto God

[jyotianand01]

Always do a study before buying any coin and yobit have many coins at 1 satoshi, if you buy them, in many 1 satoshi coins have even big wall of upto 200-300  btc. If you want to buy good coins with high liquidity, then go with top 10-15 coins at https://coinmarketcap.com/. They have big trading volume and high liquidity.                  

[pedrog]

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 Doomed!!

Pretty sure this 'coin' can be called a scam, I don't understant how it got listed in that exchange.

Only mention of this is by Yobit twitter account:

https://twitter.com/yobitexchange/status/879481061994098688

Announce at altcoin forum:

Algo Scrypt
PoW/PoS
Block reward   9999 coins
Total coin supply   8399160000
Premine percent   50%
PoS percentage   100% per year
Coinbase maturity   20 blocks
Target spacing   64 seconds
Target timespan   1 block
Transaction confirmations   6 blocks
RPC port   19010
P2P port   19009

Why did you bought some of this?

[jake zyrus]

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 Doomed!!

For me,  to know if it is a scam...  Be updated on altcoin that you have...  Because that is the easy way to know if ever that is a scam...  If there is something wrong about it,  then that is the time that you are scamed..

[Sedorikku]

Do some investigation or something like research about it then wait for the time that will something  happen on it...  If it something wrong happen,  then that is scam...

[bitcoinisbest]

Do some investigation or something like research about it then wait for the time that will something  happen on it...  If it something wrong happen,  then that is scam...

A good altcoin backed by good team and good promotional are the ones which will exists for the longer time. Also if you read whitepaper you may get the idea about the project and its future plan through which you know if they will have any value in future or not and accordingly you can take wise decision.

[Gens09]

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 Doomed!!

I think the best way to identify if it's scam or not is thru gathered information. Research,talk,even ask about it to your colleagues. Read reviews about it or watch testimonials.

[Bakemat]

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 Doomed!!

If an altcoin is so high but it has no buyers, theres a 70% that it is a scam. But if the altcoin is high but has a lot of buyers, then it has a 30% scam. Theres a difference about the two. The buyers has the instinct for that altcoin but it depends actually. Even high price altcoins today is already scamming their investors.

[neuralnet]

So far I've just been reading into everything I take notice of even going as far as talking to the devs. Usually works.

[LodisMcguire]

Why are you considering the shitcoin to make profit,use the big exchanger like poloniex and bittrex
In big exchanger,only trusted coin is listed and almost no scam is sighted,i know you can make quick profit with shitcoin,but the risk is not worth taking

[Oceat]

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 Doomed!!

If an altcoin is so high but it has no buyers, theres a 70% that it is a scam. But if the altcoin is high but has a lot of buyers, then it has a 30% scam. Theres a difference about the two. The buyers has the instinct for that altcoin but it depends actually. Even high price altcoins today is already scamming their investors.

It's not just about the price though, it's just about the team, projects/products, the development team. You can do some research about them if you already know their team members. Everyone on them.
Then you have to look for their past project if it is successful or not and especially by looking to their ANN Thread you can say so if you look carefully what the other people is up to.

[Pab]

More than 90% of alts are scams,hypes mostly created by the same devs,many people are aware that thay are hypes,buy low sell high,but it is risky game

[giveen]

That's your fault which idiot told you to buy some random coin from yobit , on yobit daily people pump the price by 1000 times and just setup sell walls then wait for idiot like you to buy and then dump it. If you see on yobit half of the coins are not even listed on coinmarketcap nor they have a basic ann thread on any forum. If you are serious about trading stop using yobit or trade carefully on the site with proper research of random coins.

[Joshapat]

More than 90% of alts are scams,hypes mostly created by the same devs,many people are aware that thay are hypes,buy low sell high,but it is risky game

Maybe you can detail the characteristics of the ICO scam, I noticed ICO here proved to be good and maybe no 90% is a scam. I've joined ICO several times and so far been very profitable.