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Author Topic: Not a Scam??  (Read 1193 times)
Cryptie
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August 10, 2014, 04:10:16 PM
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On what should I look for or what needs a Coin that I have can be pretty sure that it is not a Scam?
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SalimNagamato
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August 10, 2014, 04:12:42 PM
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look at the blockchain
try to look for insta-mine (many blocks on low difficulty)
try to check when was it announced and when was the first POW block

truth is right now i can't find any coin that is not a scam. maybe except bitcoin

not hashing, folding and curing (check FLDC merged-folding! reuse good GPUs)
V500
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August 10, 2014, 04:17:03 PM
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look at the blockchain
try to look for insta-mine (many blocks on low difficulty)
try to check when was it announced and when was the first POW block

truth is right now i can't find any coin that is not a scam. maybe except bitcoin

i hear ya, i know how it feels, but there are a hand full of alts that are no scam. LTC is one example, primecoin and Uno would be other examples. Find the non-scams and you'll be a happy investor. Most of the new coins are scams and they die faster than ever. You need to be careful these days.

lowest inflation in town: Unobtanium
https://bitcointalk.org/index.php?topic=527500.0
Learn from history: Unfair money always fails
Nick.Fury
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August 10, 2014, 04:18:52 PM
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I think this is very very important escrow
viafoto
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August 10, 2014, 04:19:48 PM
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On what should I look for or what needs a Coin that I have can be pretty sure that it is not a Scam?
Coin must have technologically provided advantages comparing to fiat money and have more of these advantages comparing to already existing coins. Or, another way, it could be as good as already existing coins, but provide far more better distribution.
V500
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August 10, 2014, 04:24:42 PM
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On what should I look for or what needs a Coin that I have can be pretty sure that it is not a Scam?

there is a lot of stuff that can be wrong. An answer to your question is hard to give. I'd recommend learning though reading a lot of old threads of failed coins. Never invest too much in one single new coin. New coins tend to be rollercoasters.

lowest inflation in town: Unobtanium
https://bitcointalk.org/index.php?topic=527500.0
Learn from history: Unfair money always fails
kryptologist
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August 10, 2014, 04:27:15 PM
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SYNC and THC I can verify have hard working people behind them who are not scammers.
joelpina
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August 10, 2014, 04:29:27 PM
 #8

Well if its instantly listed on trex then avoid!
kryptologist
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August 10, 2014, 04:32:15 PM
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2 things I noticed to be correlated with scam coins are:

1) premined (should be 0% but I would say up to 0.5% is okay)
2) Moderated BCT thread (deletes any negative post and don't allow freedom of speech)

Be warned some devs might come in here and try to tell you premine is all good and moderated threads are necessary. Don't believe them, make your own call. Also ninja launch is almost always scam.
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August 10, 2014, 04:34:26 PM
 #10

Well if its instantly listed on trex then avoid!

Yes, if it is strangely added to shittrex for no real reason, you can be 99% sure its a scam. Bittrex is known for taking money to allow scams to take place.
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August 10, 2014, 04:37:39 PM
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Don't look at premine % because it can easily be misleading. Look at total count of coins premined. Some devs will say 1% premine (but that is 1% of 5 years worth of mining), they take the 1% up front which might mean they own 50% of coins when added to shittrex and of course they dump.
hero18688
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August 10, 2014, 04:50:12 PM
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Don't look at premine % because it can easily be misleading. Look at total count of coins premined. Some devs will say 1% premine (but that is 1% of 5 years worth of mining), they take the 1% up front which might mean they own 50% of coins when added to shittrex and of course they dump.
Agreed.Premined coins with long pow phrase are quite risky.

TheStuhlman
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August 10, 2014, 07:29:08 PM
 #13

   In reality these days you should look for scams, that's what will make you money. If nobody will spend BTC to pump you won't make any money.
However, with that said, steer away from x11 coins as those are being secretly mined with special hardware/software at extremely low cost and only meant to be dumped at any price.

Legitimate coins there is a few and they are long term investments not a one or two day pump and dump.
Some good pumps and dumps may last two to three weeks.

I really want to give you examples, but I can not. Just play it safe and do not bet your life savings on any coin. Not even Bitcoin.

follow me on twitter and I will shoot you a coin every other day for short term investment that can make you money. I stress short term, or you will end up being a bag holder.  https://twitter.com/JStuhlman

cryptogoku
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August 11, 2014, 01:12:06 AM
 #14

coldcoin is scam Cry
Vlad2Vlad
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August 11, 2014, 01:14:32 AM
 #15

On what should I look for or what needs a Coin that I have can be pretty sure that it is not a Scam?

Look at the dev, if it's an a Anonymous or newbie dev then there's a really bad sign .

Add to that big premines or something like a 24 hour PoW phase and the odds of a scam go through the roof.

In the end experience will make you better at this but that means you'll have to lose some money.

The fact you're already asking the right questions is a good sign so hopefully you won't lose much.

Good luck!

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