Newbies: 40 Scamcoins for you to avoid

[darksoft]

a noob warning noobs... only on the internets

[oxxymoronn]

I can hardly hear what the OP is saying, that red shit next to his trust rating is too loud.

[damnation]

lol.. its an impressive... kind of a copy and paste of coinwarz really...

So here's my query.

So what if it fits your definition of a scamcoin? So what, if it gets on an exchange and dies? Miners make their money by trading on an exchange in lieu of mining ltc and btc which just aren't profitable unless they have the hardware for it.

In the real world there are thousands of companies getting listed on their respective stock exchange.. and at least half will likely die inglorious deaths through mismanagement, theft, natural disasters and a thousand other reasons. Investors who bought in on their shares are gonna lose out. How is it any different than what we see on the cryptocurrency exchange.

That's the free market for you .. some will win and some will lose.. The whole idea is to get in quick and get out quick.. even at this stage something might go wrong with BTC and LTC and its value will drop. Right now, i could declare BTC as a scam, The Chinese sold @ USD 1000.. prices dropped to usd 550 and now guess whose buying them up again right up-to the current level at $880.If they do it a few more times the rest of the world might decide "Ok this aint working lets try something else". LTC is on the cusp of ASIC specific hardware and it might drop out of the market if that happens cos the world might think "why would we need a clone of BITCOIN". Fact is there is a niche/demand for a viable cryptocurrency and whether it be BTC, LTC or even SXC there's gonna be a constant tug of war between all of them. If the porn industry and every lady/gentleman of the night were to except only SXC for their services you can bet the demand for SXC will be a hell of a lot more than BTC ever experienced.     

if your looking for long term investments  go buy land. Even if it gets nuked it will still be there and it will be safe to build on one day..... Otherwise everything is subject to risk..

I'm new.. Damn new in fact... so new that i am only at the "Ne-" part of new...but i understand the risk involved why because its posted everywhere... Every forum has a scammer alert.. every thread announcing a new coin has at least one experienced miner who will state a reason why it will fail. Why do i continue because its fun and if it fails its no-one's fault but mine as i should have got out earlier but got greedy and stayed. Greed controls the law of supply and demand.

Are you worried about punishment and culpability? As in its easy for a dev to be anonymous and therefore run after he pumps and dump. Well, there's not lot a lot of culpability in real life either.

Or do you propose we introduce a little Marxism into the cryptocurrency world everyone gets 1 coin at a time.. quick everybody return your coins to "EXTORTION" and he will equally distribute it out to everyone.. But please be advised due to such a massive undertaking there are certain overheads to be met. I'm sure your overheads wont be more than 3 coins for every coin disbursed.

Leaving aside your "Untrusted" rating. How do you expect anyone to take someone called "Extortion" seriously on the issue of what is and what is not a scam. Do you propose we pay you for your insight? I am pretty sure that fits the definition of extortion.

By the way... Your signature while impressively ominious makes you sound like a child that had his/her favorite toy taken away. But, good job, the red color of the sig matches the Red warning under your name quite well..

[damnation]

This is an excellent thread! Actually I could summarize your first post to :

"ALL CRYPTOCURRENCY ARE ESSENTIALLY UNFAIR AND HENCE SCAMS".

Which I think is a far more valid statement than picking a random group of coins that exclude Litecoin, Bitcoin and Dogecoin (coincidence much? ).

You would not happen to own a lot of Dogecoin now would you? You do? What! you naughty boy!

Disclaimer : I own a lot of dogecoin....but that does not mean it doesn't belong on this list Just because it's obviously not serious does not mean Reddit is not trying to capitalize on it with every inch of leverage they can muster  

Eh, i don't even have the client yet. figure it will die out soon enough. basically people mining as much as they can thinking it will be another IFC

True or not that might be, essentially your arguments invalidate *all* cryptocurrencies. Just because Bitcoin/litecoin happen to be the biggest due to sheer chronological and novelty momentum does not make them any less unfair or scamcoin. Their markets are controlled by bots, slowly emptying the big wallets of the initial miners/investors, manipulating the price effectively.

The only difference between Litecoin and Bitcoin with all other coins is that they are more widely accepted as a form of payment. And again, this comes down to volume and age, not quality. The fact they are subject to wild changes in price make them completely unsuitable as a serious payment method for the wider public. They remain a mostly speculative asset in the hands of a few extremely wealthy early adopters.

If you discredit the majority of altcoins, there is no way you cannot claim that the whole concept of cryptocurrency itself is in essence a scam. One big Dutch-Tulip mania, but now in the digital realm.

I accept that notion : All cryptocurrency is unfair, and in essence a major plot of a few people to get rich on the expense of others.
I do not discriminate between one coin or the other...they are all more or less equally unfair or worthy of the title 'scamcoin'.
I post critique on coins, irregardless if I own them or not. I do not care - it would be hypocrisy not to.
I mine and at times purchase coin because I have a background in the stockmarket. I enjoy the thought of some profit and risk.
I hold on to a part of my coins because I see a potential and unavoidable future for Cryptocurrency, once it gets out of it's infancy. Short term failure or success of one coin is irrelevant. Once maturity is reached there will be some kind of equilibrium between freedom and regulation. But until that time, I can assure you every single coin will be monopolized and abused by a few to get wealthy from. It's that simple. Claiming other wise is naive or just plain a lie in your own benefit.

That said, the only thing that annoys me is people who have hidden agendas and go on obvious FUD propaganda campaigns. And I think your hatred against most coins except a few here and there is obviously only initiated by you to further your own interests. I think that is obvious to the majority of this forum..or at least, I hope so^^

Seems kinda silly quoting the entire thing... But i agree

[damnation]

I believe extortion would prefer we all go back out.. dig a garden and plant potatoes.

*edit* oh and leave the mining to him... after all he will intelligently mine only coins which aren't scams..

[combo]

thank you @ peterlustig
for sorting that.
and sorry if i did mix-up things.

[Wilhelm]

Who cares if it's a scam .... mine and dump ...

[ajax3592]

Hey OP, how are you so sure Quarks are a scam coin. If only did you mine them in their early days would you have realized how much valuable they turned into now.

[TheMightyX]

Hey OP, how are you so sure Quarks are a scam coin. If only did you mine them in their early days would you have realized how much valuable they turned into now.

Well that's a pretty ignorant statement.
Just because something is valuable doesn't mean its not a scam.
Your broken english seems to be a fairly accurate indicator of the type of person investing into quarks.

[darksoft]

Hey OP, how are you so sure Quarks are a scam coin. If only did you mine them in their early days would you have realized how much valuable they turned into now.

Well that's a pretty ignorant statement.
Just because something is valuable doesn't mean its not a scam.
Your broken english seems to be a fairly accurate indicator of the type of person investing into quarks.

Someone for whom English is a second language?

[TheMightyX]

Now I'm going to play the devils advocate here about one of your scam coins.

Frozen

(Surprise surpise, I'm holding frozen coins)

There was no premine, so I can only assume it's on your list because it is a quarkcoin clone?
They improved upon the quarkcoin model by giving it a fair distribution model (7,777,777 coins, no instamine).

I do have to mention. A new car is just a clone of an old car with various modifications and improvements. Many good games are just clones of a popular genre (shooter, platformer, etc) with improvements.

They took the quarkcoin model and improved upon it.

Unfortunately that is the only coin I know enough about. That is because I did research before deciding to support it. I like the new 9-of-6 hashing model and the fair start sealed the deal.

Unless you know something about FZC that I don't, it shouldn't be on that list.

[TheMightyX]

Hey OP, how are you so sure Quarks are a scam coin. If only did you mine them in their early days would you have realized how much valuable they turned into now.

Well that's a pretty ignorant statement.
Just because something is valuable doesn't mean its not a scam.
Your broken english seems to be a fairly accurate indicator of the type of person investing into quarks.

Someone for whom English is a second language?

Yes, someone who would otherwise not have trouble reading the information on the coin and all the god damn warning signs and shady practices. Yes, exactly.
Don't try to pidgeonhole me.

[Reece523]

lol

research research research 

Who cares if it's a scam .... mine and dump ...

[renodaret]

this post is just fucking stupid.

buy 1000 of each coin on this list. hold until 2015. you will be rich.

[Netnox]

Hey OP, how are you so sure Quarks are a scam coin. If only did you mine them in their early days would you have realized how much valuable they turned into now.

Well that's a pretty ignorant statement.
Just because something is valuable doesn't mean its not a scam.
Your broken english seems to be a fairly accurate indicator of the type of person investing into quarks.

What an ignorant post, generalazing a whole community. I would like to see you speak another language smartass. The fact that you speak better english doesn't mean you are smarter than him.

[iGotSpots]

A scammer calling out scamcoins. Bookmarked

[BitcoinFX]

Original poster has incorrectly listed Securecoin which had a fair launch and no pre-mine and uses an economic model similar to Bitcoin and the added security features from Quark (which was pre-mined).

~ Yet has ommited say Goldcoin: http://cryptolife.net/goldcoin-the-scam-that-keeps-on-giving/

and Feathercoin: http://cryptolife.net/an-in-depth-look-at-feathercoin-the-coin-that-started-it-all/ - or example.

  

[peterlustig]

Original poster has incorrectly listed Securecoin which had a fair launch and no pre-mine and uses an economic model similar to Bitcoin and the added security features from Quark (which was pre-mined).

QRK was NOT premined.

[BitcoinFX]

QRK was NOT premined.

My bad ? https://bitcointalk.org/index.php?topic=366779.msg3916845#msg3916845  

http://cryptolife.net/quark-is-it-worth-buying/

[Reece523]

If this would have been implemented a month ago, you'd be rich already... Seriously, Sexcoin is up like what... 200x or something in the past week. Practically every coin on CoinMarketCap.com has seen a surge at one point or another. I don't think the average altcoin investor gives a rat's ass whether an altcoin was premined or not and why should they -- all that matters is that their investment increases in value and that it ideally does so at a quicker rate than alternatives. Some consideration for risk, of course. And since we're not an Omniscient Being, we really don't have very good odds of predicting the next big winner but by spreading the money around... 2015 should be interesting indeed  

this post is just fucking stupid.

buy 1000 of each coin on this list. hold until 2015. you will be rich.