Don't be deceived!!

[dzungmobile]

A lot of altcoiners are always excited about the release of a new crypto currency that they rush into promoting and mining these altcoins which at the end of the day turn out to dip exponentially when they are listed on various exchanges or when they are lunched on their mainnets.

Those projects can have failures at launch and some days after that or they will get good pumps after their project launches. Calling pumps after launches and listings on exchanges or better Tier-1 exchanges, as successes or not, each person defines.

My reminder is, those projects will fail after some months and they mostly turn to dead blockchains and dead projects after about 2 to 3 years. So if you are very good at speculation, join and exit with good discipline to get profit, you will not be affected by those projects.

However, if you fall into their traps, promises and hold those coins, you will lose very big.

How many Bitcoin forks are there?
Two most famous Bitcoin forks are Bitcoin Cash and Bitcoin SV and you can see how their chains work, how prices drop with time.

[Upgrade00]

As the cherry on top, every now and then, there's an altcoin which shoots up in price ridiculously over a very short period of time. This is most likely manipulated and it motivates more people to store up as many shitcoins as possible, 'afterall, they are only a few cents each and could be worth thousands in the future'.

More of this would happen as the general cryptocurrency market begins to turn bullish and fomo sets in.

[lizarder]

To further trick people to buying these coins after the launch, the devs and creators make up articles and stock charts insinuating that Bitcoin was just a few cents during its launch but it now has a value of over $43k so people should endeavor to buy much of these coins and hold them for a long while hoping that it would eventually rise like Bitcoin over time which is a lie.

These are some of the tricks used to attract buyers to invest in the coins they launch, but this structure must be learned so as not to get trapped by launching a new coin that has no future. Generally it will be quite difficult to see the development of a newly launched coin because it requires analysis of the coin. Many people also have difficulty seeing the development of new coins because there are no things that can impact the coin in the progress process.

Why waste  your time and risk your KYC data on the shitcoins?  when you can actually easily understand and hodl Bitcoin which is safer and decentralized. Don't be deceived that such coins in the future will turn out to be like Bitcoin.
There are many scam projects out there so make sure to research and most importantly avoid KYC.
Remember don't forget to keep your keys safe!!

The importance of knowledge to see the development of coins and there are many people who are influenced by hype when they want to make a purchase, so that in the end they have to lose money trying to believe in such coins. In the past, I also tried to buy several coins that had just been launched even though the capital was not large, but I always failed to return the capital because the coins died. Avoid KYC if it is not needed, but there are many exchanges that require KYC, so the choice of KYC or not depends on each of us not because we are forced to do it.

[Outhue]

Your example of mining isn't really mining at all, that's like Ponzi cloud mining, any Proof of Work project that ask for KYC is a shitty project, the sad part is many can't even tell the difference, to mine Bitcoin you need Asic miner, to mine Kaspa ( alternative alt ) you also need Kaspa miner, these are legit proof of work mining.

Knowledge is power like they say, if anyone falls to scam they will learn, if you don't seek for answers first you will make every mistakes possible, every legit Poof of work requires a hardware to mine, CPU, GPU, a special build miner for the PoW algorithm, miners are meant to contribute to the network of the project, it helps security wise, solve blocks and help transactions too.

Anything different from these ideas are scam or Ponzi scheme proof of work, this nonsense is why I don't give Pi Network face till date, that's no real proof of work, they give their fans a software/app and a dashboard with miner button, smartphones hardware isn't the one doing the job, it's complete cloud.

[lovesmayfamilis]

It's up to them if they let those developers deceive them. They can create new crypto where they make people fall for it with their promises of earning money when you are investing in their project early on and also explaining that the price will go up since bitcoin's price is also going up but it's not going up when BTC price goes up. I would say that they are only doing it to get money from their investors and there's nothing they can do about it since they did it on their own will and not being forced by the developers of the shitcoins.

It’s quite a confident statement that the coin will grow, just like Bitcoin did. But we see a lot of people who believe in this, thinking that they were late in buying Bitcoin and counting on history repeating itself, only with a different coin. You noted correctly, and we all saw it already in the ICO season, when a lot of investors were deceived, believing beautiful advertising, and lost a lot of money on shitcoins at a time when there was an opportunity to invest in Bitcoin.

[Antotena]

Why waste  your time and risk your KYC data on the shitcoins?  when you can actually easily understand and hodl Bitcoin which is safer and decentralized. Don't be deceived that such coins in the future will turn out to be like Bitcoin.
There are many scam projects out there so make sure to research and most importantly avoid KYC.
Remember don't forget to keep your keys safe!!

There is a rise in mining of coins recently and what contributed to this stupid idea is because of illiteracy and improper knowledge and that is because people don't care and don't want to read either. Why will anyone told you that you can mine a coin with your phone and they will give you coin in return and you must also make sure that you do KYC before you will have access to the coins, that's a false. I don't even know who tell them that a phone can mine a coin, wasting their battery life and electricity for shitcoins. 

As for people that love investing into altcoins, I think they know the risk because everyday we seen how loads of coins that get dump everytime but people buy them despite this collapsed. They want altcoins not because they really but for the fast profits. I think if some of them have a way to invest in bitcoin they will do that but they don't because I don't expect any serious person to buy less than $100 worry of bitcoin and expect to have something significant in the future, they will rather go with altcoins that can give them 10x with huge potential risk with their $20 worth of investments.

[stompix]

I don't get it how these developers make a profit by referring people to mine their own developed coins?

You may be trying to say that developers mine some coins first before they publish it that's pretty common those coins are mostly churned and burn once the coins gain value on the market developers who mine lots of coins will sell all mined coins and eventually die.

Also, if it asks for KYC that's not a good project better avoid them because most of them are just collecting KYC data from people that can be used later not only for selling the data but also can be used for scamming purposes.

I don't get it either!
Yeah you could work a scam like this but it's really bad planning even for a scam.

these miners refer as much people as they can so they can increase their mining rate and their coins,

This means there is no actual mining, and more of a referral game, so why would anyone actually spend hashrate on it when they can just bot their ref numbers, then we have this:

a coin which during mining was said to have a value of over $10- $20  drops to just a couple of cents

If that thing had a value at 10-20 then it simply means somebody as buying it for that value, if it hits the exchange and it gets dumped to 0 means the ones who accumulated coins know it's a trick and their are dumping it as fast as they can, so not really dev scam material!
Furthermore , who was buying that coin for $20 in the first place?

Sorry op but this above won't result to anything!

You premine a coin, or you implement in the distribution an already known advantage , for example 1000 coins reward in the first 1000 blocks per blocks then 10 coins only, you purposely lock the coins to not be spent a number of blocks away, and then once accepted on an exchange you don't rush to publish the news but buy some coins to rise the price form the start and allow it to form walls, then you slowly start damping coin to match the volume knowing that you're the only one able to do so for like 90% of the coins.

Far simpler, far more effective, already seen in hundreds of shitcoins launches.
Your works better for a basic ICO premined token, but there are a ton of unneeded steps in it!

I don't get it how these developers make a profit by referring people to mine their own developed coins?

They use these tactics to cater traffic or attention for their scheme.  The bigger the number of people who are into mining/staking their coins to earn more coins, the higher their chance to attract whales into their schemes which means the bigger the money they can get if they do their scamming stunt.

It also means far more holders than can outrace you in a pump and dump scheme, more coins on the market, fewer possibilities to controls volatility, so you have two choices here, you either sell infinite coins to buyers and you don't care about it anymore or you don't sell and wait for it to be listed but you control the majority of coins and dump it on the buyers, the two don't work together!

[uchegod-21]

Snip~~

Most of the reasons why investors fall victim to these shitcoins is as a result of hypes maybe on social media platforms or YouTube channels so when they notice these hypes, they're always inquisitive to be the first to mine such shitcoins without having the knowledge that they're just mare pump and dump as the developers of this shitcoins are only interested in the profit they're gonna make from investors who are also desperate when a pump begins rather than monitor the activities of such coin whether it can be sustainable at the long run or not.
The reason why some investors are not interested in Bitcoin is because they feel that it's price has gotten to a point where they can't afford it hence their interest in investing on shitcoins with the hopes that they are gonna make some quick profit but in the end they mostly incur losses.

I am tired of hearing about many coins that will out perform bitcoin in the nearest future. When I hear these stories, I laugh at them. Even the king of Altcoins which is Ethereum does not have any ambition to compete with bitcoin, how come it is shitcoins that will out perform bitcoin.
Most times, I am persuaded by many people to start mining these coins and complete KYC. I see it as a complete waste of time and resources. If the coins are promising, I will wait for it on the exchange and buy.

[abel1337]

I just recently encountered an application that is for mining a certain altcoin. The term "mining" is widely misused nowadays, mining is for real computation work and it cannot be run on a mobile phone even if the phone is closed. I believe Pi network is the one who first introduced it to mobile phone which is an absolute BS, now there are new projects that are doing the same thing but shockingly there aren't really any complaints about this mining thing on their application. Newbies can misunderstood what mining on cryptocurrency really is if this becomes normalized especially on altcoin scene.

[DaNNy001]

As the cherry on top, every now and then, there's an altcoin which shoots up in price ridiculously over a very short period of time. This is most likely manipulated and it motivates more people to store up as many shitcoins as possible, 'afterall, they are only a few cents each and could be worth thousands in the future'.

More of this would happen as the general cryptocurrency market begins to turn bullish and fomo sets in.

These altcoins shoot up because of the steady manipulation that's been done on them by the owners of these projects so as to enrich themselves and I know this is just the beginning of such projects and lots more will fill up the market and I pity some crypto enthusiast that would actually buy or mine them because if you are careful you would be at the losing end when these projects starts dumping and you yourself fail to sell off because alot of persons will fall Because of the rate at which crypto lovers will be scavenging for different coins that could enrich their pockets.

[odunybiz]

Snip~~

The reason why some investors are not interested in Bitcoin is because they feel that it's price has gotten to a point where they can't afford it hence their interest in investing on shitcoins with the hopes that they are gonna make some quick profit but in the end they mostly incur losses.

This really happened to me when I started the crypto journey. It was later I observed I have lose alot on altcoin. If I have used this to invest in Bitcoin, I would be boast of having certain amount of Bitcoin even more than what I'm presently holding now. There is nothing like Bitcoin in this space, shitcoin coin is just an addictive.

[Myleschetty]

Any altcoiners that are yet to understand that most created shitcoin especially the meme coin is created to enrich the team purse and also provide them the benefit they missed from Bitcoin since they join early. The sad thing is that the team involved in the project always sold their bag and held it in Bitcoin because they also understood is the only true cryptocurrency that's always the reason behind the exponential dip of most released altcoins.

[Mr.right85]

It’s quite a confident statement that the coin will grow, just like Bitcoin did. But we see a lot of people who believe in this, thinking that they were late in buying Bitcoin and counting on history repeating itself, only with a different coin. You noted correctly, and we all saw it already in the ICO season, when a lot of investors were deceived, believing beautiful advertising, and lost a lot of money on shitcoins at a time when there was an opportunity to invest in Bitcoin.

This is so accurate. It’s extremely difficult or something I would term impossible for one to come into cryptos and not have this ideas of the possibility of just one altcoin going to the moon with its price. Having to buy 10,000 of a coin at $50 or less and after a short while, it becomes priced at $10 per coin or more.
Evidently, these are some hard to come by chances and in one out of a thousand, it never happens. So many failed triers and having to wait for a long time would make you break faith and eventually, you would see what potential Bitcoin truly offers.

I see it to be a part of the process in having a better understanding of what Bitcoin is about and that it doesn’t matter what the price of a Bitcoin costs but instead, you could always accumulate sats. Buy the volume you can, keep buying and have a strategy for increase. Either you trade them but, you’ve got to be very good at it or you just hold.

[CryptopreneurBrainboss]

Why waste  your time and risk your KYC data on the shitcoins?  when you can actually easily understand and hodl Bitcoin which is safer and decentralized. Don't be deceived that such coins in the future will turn out to be like Bitcoin.
There are many scam projects out there so make sure to research and most importantly avoid KYC.
Remember don't forget to keep your keys safe!!

Newbie's still won't hear, they want to make money so quickly that they'll believe everything they see online, just because few lucky project were able to list on top exchanges and made those that farm their airdrops some project doesn't just make every project you see to be worth claiming either through mining or whatever name they what to call it. Buying and hodling Bitcoin would always be superior to investing in any altcoins no matter how the altcoins are gotten whether free or through the so called mining and don't forget you're not getting those altcoins for free as you're trading your time for their piece of shit.

Here is the catch ;
these miners refer as much people as they can so they can increase their mining rate and their coins, which on the other hand brings more profit to the developers. Now the more people troop in to accumulate the coins the more KYC Data the developers can accumulate. These creators can later sell these data for their profit in the future.

The projects sell out their crowdfunding from the referrals buying the tokens in anticipation of making alot of profits when they get listed, at the end of the day it's the project that benefits more as they raise more fund and get to go away with millions of dollars without developing the project and they can do this continuously for as many projects as they want yet people keep falling for the same tricks.

[Mate2237]

That reminds me on the popular saying that " look before you leap". Those are greedy investors who do not care to check the project very well before investing in it but was interesting to make profit from the project. Many projects have come and gone with people's money. And upon all those scenarios that happened in 2022, people are still investing on shitcoins. Well the world is full with try your luck. If you win then you make it and if you lose then you're back to square one.

When a new project is launched make sure you cross check the project in the make and some exchange to see if the project will have value in the future and you can know that through the community support and other factors. If an investor consider those things before investing then to some extent he would have a protection in his investment career.

[oktana]

And then comes the dump period here the coin is eventually launched and listed on  few exchanges and boom a coin which during mining was said to have a value of over $10- $20  drops to just a couple of cents making the average adopters accumulated coins to be nearly useless.

It is always common, because almost every coin drops when launched. There is a higher probability that people who mined it will sell off in other not for the value to drop while holding. Just like when core dao launched at about $5 but now it is less than a dollar because the mimniers keep selling an selling in bulk untill dey sold all to new investors untill the investors loose the liquidity in that coin. They will be left with no choice to hold a coin without liquidity. But if the coin rises beyond imagination I think those that held it will have a smiling face.

Everyone wants to make money, but only a few out of the many projects plan their tokenomics well. That is just the root cause of most price drops. Some projects sell too much presale tokens, forgetting that once they list at their proposed price, these hungry investors will rush to sell off. Most time they sell off because they don’t believe in your project to hold it longer than the listing period.

[MFahad]

A lot of altcoiners are always excited about the release of a new crypto currency that they rush into promoting and mining these altcoins which at the end of the day turn out to dip exponentially when they are listed on various exchanges or when they are lunched on their mainnets.
Of course mining these coins isn't a bad thing but unfortunately most of these coins are  scam projects. A lot of these developers create these coins as a profit only scheme for themselves and the earliest adopters. so in order to make profit they carry out the famous pump and dump.
During the pump period of the coin the developers and creators of these coins give the coin a high value which would look very promising and therefore draw more people into the adoption circle. Alot of These people fail to understand that since these coins are on a testnet, they are some what of no value.

Now how do they trick these so called miners?

During this pump period people who troop into mining these coins per say are willing to do anything possible so they could acquire as much  of the coin as possible. Therefore these developers introduce a referral and KYC scheme.
Here is the catch ;
these miners refer as much people as they can so they can increase their mining rate and their coins, which on the other hand brings more profit to the developers. Now the more people troop in to accumulate the coins the more KYC Data the developers can accumulate. These creators can later sell these data for their profit in the future.

And then comes the dump period here the coin is eventually launched and listed on  few exchanges and boom a coin which during mining was said to have a value of over $10- $20  drops to just a couple of cents making the average adopters accumulated coins to be nearly useless.

To further trick people to buying these coins after the launch, the devs and creators make up articles and stock charts insinuating that Bitcoin was just a few cents during its launch but it now has a value of over $43k so people should endeavor to buy much of these coins and hold them for a long while hoping that it would eventually rise like Bitcoin over time which is a lie.

Why waste  your time and risk your KYC data on the shitcoins?  when you can actually easily understand and hodl Bitcoin which is safer and decentralized. Don't be deceived that such coins in the future will turn out to be like Bitcoin.
There are many scam projects out there so make sure to research and most importantly avoid KYC.
Remember don't forget to keep your keys safe!!

It looks like you are referring to ICE Coin (https://Ice.io) that is the project currently Running a Mining app. and also increase mining power when you refer someone to their app.
I understand your reasons and they happen to be true most of the tiem. but some time there can be good projects. I don't know what will be the Future of ICE coin. but so far they'are looking quite good, they just got listed in OKex. and everyone is happy to receive some free Coins while installing their app on their phone.
but what they did wrong was implementing the KYC requirement.. it was KYC less few days ago. but now started asking it's users to do a Facial verification in order to continue earning.

[Huppercase]

I just recently encountered an application that is for mining a certain altcoin. The term "mining" is widely misused nowadays, mining is for real computation work and it cannot be run on a mobile phone even if the phone is closed. I believe Pi network is the one who first introduced it to mobile phone which is an absolute BS, now there are new projects that are doing the same thing but shockingly there aren't really any complaints about this mining thing on their application. Newbies can misunderstood what mining on cryptocurrency really is if this becomes normalized especially on altcoin scene.

People love altcoins, bitcoin is not discuss that's why people don't even know what mining is about. Hardly you see proof of work coin that is having much people as proof of stake, even Ethereum that was once proof of work is now proof of stake, it's hard to see mining is been discussed and this is making people naive and illiterate about what mining is really about.

The first time I learned about mining scams was the days of cloud mining, the way it works is that they will tell to buy a mining packages, this ranges from lower package to a higher package but these scammers have affordable price to fit everybody in their list from lower package to higher package but the bigger the package you buy the higher rate of bitcoin you will get in return, they will even attached a picture of the mining farm to convince you, buy the package and start mining bitcoin and get withdrawal at the end of the month.

If you are lucky to be among the first set, you get paid to draw attention of the public and as a son as they gatther enough money, they stop functioning and zoom off, if they want to give investors some suspense they will give you excuse about maintenance before they run with the accumulated bitcoin. This scam today has gave other scammers some courage to modified theres to scam people and it's all because people don't read.

[doomloop]

The basic target for such projects and apps is people who are not well aware of the crypto space and how things work. They start their project by creating a mobile app that users can download and start mining tokens while they implement a referral program where users can invite other people to join the platform and those referring others will either get some tokens or have their mining speed increased, so those using the platform invite their friends and family and this chain continues until the project gets millions of users and most of these users are crypto illiterates.

When you tell a person that they can earn money by just downloading an app and opening it only once in 24 hours, they wouldn't refuse to do that because it's nothing, however, they don't know the fact that the coins or tokens they are getting might not even unlock and they might only be wasting their time referring people and doing all the required tasks, etc.

[Zaguru12]

This really happened to me when I started the crypto journey. It was later I observed I have lose alot on altcoin. If I have used this to invest in Bitcoin, I would be boast of having certain amount of Bitcoin even more than what I'm presently holding now. There is nothing like Bitcoin in this space, shitcoin coin is just an addictive.

That’s the beauty of bitcoin held on to for a long term. The Altcoins I will say are very volatile and it’s the volatility that actually gives them this hype which people invest in without them thinking that the higher the profit potential same thing with the risk too. The best way to invest has always been in bitcoin for a long period of time and with an amount you feel you can afford to lose. As for Altcoins, avoid them mostly on long term basis, fall today to any of them that you might see as retracement might be the final fall. Take profit of Any comes by