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Author Topic: How to avoid your altcoin being called a scam?  (Read 732 times)
sparkchain
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August 07, 2017, 05:38:36 PM
 #1

As an investor, what do you think legit altcoins should do to make sure to avoid being called a scam?

Here are a few of our ideas. You can read them all in the full article here: https://www.sparkchain.com/blog/how-to-avoid-being-called-a-scam/.
  • Develop written guides and video content to answer commonly asked questions.
  • Be transparent about what you will do with the money you raise from your ICO.
  • Find your biggest fans and encourage them to help other customers.
  • Make security a top priority! Even if your ICO is not a scam, there are scammers out there who will try to take advantage of your ICO.
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satoshforever
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August 07, 2017, 06:32:14 PM
 #2

People will call you a scam anyway but it'll be meaningless if you have a strong team, a real product, and validation from people in the industry, in addition to applying  security practices
CryptoGeneral
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August 07, 2017, 06:36:22 PM
 #3

You cannot stop FUD. As a matter of fact FUD is healthy for every project. It means someone is interested enough to drive others away from it. There is no coin that haven't been called a scam and this includes Bitcoin as well.

ceremonita
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August 07, 2017, 07:11:18 PM
 #4

You cannot stop FUD. As a matter of fact FUD is healthy for every project. It means someone is interested enough to drive others away from it. There is no coin that haven't been called a scam and this includes Bitcoin as well.

FUD is a real part of many ICO and project. But if you want to minimize this, you have to have a solid team, you need to update the investors regularly, you need to be transparent for your work, you need to attempt developing a real product for this.
sinner
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August 07, 2017, 07:14:45 PM
 #5

make it a scam lol.

If you don't want people to call your altcoin a scam, make it a 2012 BTC clone (a scam)  Grin

For some reason people spend much more energy slandering innovative coins rather than ripping actual shitcoins.
CrypticGambit
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August 07, 2017, 07:15:01 PM
 #6

Be always open to a discussion. Have a Nice team, have a product. Solid roadmap, good Bounty campaign, experienced ceo.  Thats the basics of an ico.

trumper
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August 07, 2017, 07:26:43 PM
 #7

There is no coin that was not called as a scam yet and if the claims have no proof, they are not important. Can you predict how many people called ethereum as a scam?

AuctusProject
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August 08, 2017, 01:15:35 AM
 #8

Be always open to a discussion. Have a Nice team, have a product. Solid roadmap, good Bounty campaign, experienced ceo.  Thats the basics of an ico.

Don't forget about code quality. I've seen some nice projects being ruined because of security flaws on their code.

acpr23
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August 08, 2017, 01:46:56 AM
 #9

basically they shouldnt be fooling people, they should do what they really promised to investors during their crowdfunding, many ico's after the end of their crowdfund had been gone and quite, if you want people to continue trust you weekly updates about the project's development is a must.

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gedor
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August 14, 2017, 06:54:02 AM
 #10

I think as a community we can't do something much because there will be always a lot of people making fud but the teams of projects can do something to avoid their projects being called scam.

jmigdlc99
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August 14, 2017, 07:04:05 AM
 #11

If you even need a guide on how to make your product not be called a scam, you shouldn't even have an altcoin anyway.
Study, go to school, and learn how businesses and tech work. You have no business making a coin/business if you don't know the basics.

WarrenP
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August 14, 2017, 07:07:05 AM
 #12

If you make an alt coin, people are going to call it a scam for sure. Be active and engage 24/7 and MAYBE you can hold the fudders off a little.

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August 14, 2017, 08:14:40 AM
 #13

if you dont want to call your coin a scamcoin, you should have good foundation in the business, know the how the business will go, direct investor to your path, be transparent to your investor and participant, be active always, should have well trained dev and team, concrete project and knowledge about marketing and tech. dont run an ICO is you dont have one of that traits for sure your coin will be one of the others..... good luck mate.
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August 14, 2017, 09:23:53 AM
 #14

Have active development, road map that you actually stick to, have active slack/telegram channels in which you give updates to your investors and a good marketing team


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RoommateAgreement
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August 14, 2017, 10:30:11 AM
 #15

nothing will prevent people from calling an altcoin as scam!
you can see many are still calling bitcoin scam. of course that in case of many altcoins is true but in case of many it is not.

in my opinion the only way to prevent it (reduce it at least) is to be as transparent as possible.
i see many coins with pre mines or with ICOs and a lot of weird things, and when these things happen, it is obvious that people are going to call your coin as "scam" because you have been acting shady.
remove the premine, remove the ICO and release a clean code with clean roadmap and fair distribution and nobody dares call your coin scam.


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orpel
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August 14, 2017, 01:43:50 PM
 #16

The community will always have people that will say any project is a scam.
Don't try to fight it.
Do your best.

Be transparent (with the product, with the funds you raised/raising, with the roadmap), be available 24/7, let your future investors know that you are always there for them no matter how stupid their questions might be.

EverumCasino
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August 15, 2017, 10:04:41 AM
 #17

Any token that is not confirmed by a working product, I view as an attempt at fraud. Any!
Better I once make a mistake and call an honest man a fraudster than give my money to the bandits 99 times.
carlisle1
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August 15, 2017, 10:10:52 AM
 #18

fud is part of any project that will be develop its just an indication that some interested parties are trying to shake the coin or they are
just wanted to bumped the thread and allow more members around here to read it and became curios in regards to that we really cant
say that a project is scam unless he did it.

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August 15, 2017, 10:17:28 AM
 #19

Premines are a sure-fire way to be called "scam" (even though that is not necessarily the case). So in order to avoid to be called scam for that, I would do no premine.

On the long run, you just keep not being a scam. Do not dump coins, do share some to people worth it and interested, solve user problems (no connections, transactions not working, etc.) and support the coin. That will make many think that, after all, your coin is not a scam.

JeffBrad12
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August 15, 2017, 10:28:31 AM
 #20

As an investor, what do you think legit altcoins should do to make sure to avoid being called a scam?

Here are a few of our ideas. You can read them all in the full article here: https://www.sparkchain.com/blog/how-to-avoid-being-called-a-scam/.
  • Develop written guides and video content to answer commonly asked questions.
  • Be transparent about what you will do with the money you raise from your ICO.
  • Find your biggest fans and encourage them to help other customers.
  • Make security a top priority! Even if your ICO is not a scam, there are scammers out there who will try to take advantage of your ICO.
It can't be avoided, you can see iconomi at the team has changed the decision about the dividend into the buyback method and what happened? A lot of people were blaming the team and called the iconomi token just a shit and scam token. but a lot of the iconomi holders already rich from there. because that doesn't have high accuracy. Too many people just want to make a troll.

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