How To Know if ALT Coin is a Scam

[VenusianLion]

My warning posts kept being deleted on this forum about a specific coin, until it became obvious the coin turned out to be a scam.  Here is a simple list that will teach you how to avoid them, and not feed the criminals:

1.  Big Premine.
2.  Owners/Devs have big wallets.
3.  Owners/Devs staking big wallets.  They don't  sell their coins, they only dump the staked coins.  Cornered Staking.
4.  Staking does not have WEIGHT setup properly and devs/support tells you to ignore that.  Staking is faked, in their favor.
5.  Daily trading volume way bigger than market cap (VUC few days ago).
6.  Dev/Owners from Greece.  Major red flag to me.
7.  Lack of website, or website down for days (end of ponzi run).
8.  Owners/Devs failed at one coin, created another.
9.  Coin uses same exact source code with same parameters like another coin.
10.  Scam warnings posts being deleted from the forum (major, major red flag).
11.  Lack of development especially when the team promises a lot.
12.  Masternodes with unrealistic reward, and very high node requirement.  Forces you to buy coins.
13.  Invisible team, No project.


All developers/owners/manager of a coin should have their passport scanned just like coin buyers at exchanges.  It should become public info. Exchanges should never list a coin without approving the owners.  The owners should put a huge coin bounty at the exchange in order to be listed.  That way the ponzi would have no chance to repeat.  I know 1 owner that repeated the scam 3 times already.

I will not be surprised if this post gets deleted.  

[joosep]

Good points, thanks.

[Children of Gaia]

I really like cryptofreedom, but...sad but true we need something like cryptopolice or better trust rating system, investigations and etc, because number of shitscampumpndump coins increases every day with a mad speed.

[PeterVerfen]

13. Dev/Owners from Russia.

[Twinkledoe]

13. Dev/Owners from Russia.

Sometimes this one is also true. lol The list is a good guide to spot a potential scam project. Maybe other institutional members can also share their thoughts on this matter.

But your thread should not be in the ANN section of this forum, maybe in the alt discussion section. So this one might be moved by the mod and not deleted.

[liotmaan]

They're all shit. You trade them to get more bitcoin.

[aleksus]

13. Dev/Owners from Russia.

You will need to remove Etherium from your list then.

[al7878]

you can add : invisible team, no project

Very nice post anyway, interesting
thanks a lot

[Jubgle Sven]

They're all shit. You trade them to get more bitcoin.

True

[dagoofman]

They're all shit. You trade them to get more bitcoin.

hear hear glad someone said it

[Andrey Ewink]

Background is the most important thing to recognize a scam project or not, if they have a team that is obviously most likely the project is not a scam, but if they use the name of the person as the team it is certainly a scam

[CryptoBry]

Scams can be unavoidable ever since the internet came into being because this is the best medium to spread the virus of victimizing innocent victims. These scammers can be the big ground why some governments are really intervening so that they can lessen the problem and supposedly to shield people from being victimized. We have to be careful in joining ICOs as the platform is very easy to use for purpose of scamming.

[jc12345]

You can add large stake %. Not necessarily a scam but any rational person will know that the coin will be short lived and just a quick pump and dump. The dev knows this and has no intention of building something big.

You should actually post “How to identify a coin is not a scam” because most coins are scams.

[bawlwedding]

I think project has great future, idea sounds cool. Looking forward to ICO

[italianMiner72]

13. Dev/Owners from Russia.

i'm not from russia..
but i think this is a bad sentence!!!
it the same to say "all the people who go to the stadium are hooligans"

not true!