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Author Topic: Fee Mining - Scam?  (Read 122 times)
Trofo
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June 28, 2018, 11:37:59 AM
Merited by Daniel91 (1), RegulusHr (1), denis-z12 (1)
 #1

For those of you who find this post too long just read following 2 sentences and move on:
Be very careful when investing in exchange tokens for unknown low volume exchanges. Most of them are scam and you should stay far away from them.


I have recently watched a video from Data Dash https://www.youtube.com/watch?v=85D9dyUytwY about Fee Mining. IMHO he is very down to earth crypto youtuber and I would recommend that you watch some of his videos if you are interested (granted his channel is more for beginner audience, but this video I recommend for everyone).

In short Fee Mining has no connection to classic mining. It just means that an exchange is giving back a part of transaction fees to holders of their token/coin. This has become a next big thing in crypto. It seems that every exchange, no matter how small or obscure, has to have it's own token. I am not buying it, they will just perish in flames.

I am not saying all the exchange related tokens are scam, but keep in mind, there is one Binance and there is a shitload of unknown exchanges with very small volume of trading. In the video I linked above CoinBene has been used as an example of this bad practice. You can easily see that they have artificially pumped their volume (market makers volume - check this link of my previous post if you need explanation) just to incentivize a lot of people to invest into their token which has very quickly lost a lot of its value.

There is quite a lot of similar cases out there. If you have been burned by some of them please post so I can add it to OP with due credits.


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Philip Ruby
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June 28, 2018, 01:54:24 PM
 #2

I just ran into it myself as well. Good that people are posting warnings.
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June 28, 2018, 03:22:32 PM
 #3

Definitely an interesting video by Nicholas.

But take note that he says that not every fee-mining exchange token isn't a scam, some just are. An example would be KuCoin and COSS' fee-mining tokens. They're pretty legit(for now, at least) and do give you access to your coins that you earned. You really just have to watch out the fee-mining tokens from shady exchanges.

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September 13, 2018, 08:51:19 PM
 #4

This is not very right , a little people can get money . However the amount is very low and just join in the beginning .
you mean like in ponzi schemes?

For most people is just the safest thing to say to just stay away.

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