Congratulations Scammers, you've killed the altcoin market

[obocaman]

Once BTC rises to the mega mainstream status GOD LIKE coin, the alts will rise as well but the difference will still be abyssmal.

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[Bfljosh]

When Bitcointalk want to be the leading cryptocurrency forum they should take responsibility. With millions of Dollars involved you can not let this be wilder than the wild west ever was.

[Ultros]

Yes SCAMS are a plague but the market is far from dead. Infact...is there was no more scams, that would be the best sign of a dead-end.

What we see now are just normal fluctuations in a very volatile environment. When you feel such despair it's probably a proper time to buy if you still believe in the fundamentals of your cryptocurrency. Take a good breath and remember the market's state 1 year ago. It's moving extremely fast, and it's probably only the beginning.

[poornamelessme]

As others have stated, the btc price drop + summer months probably are more responsible for the altcoin market's state than scams. Although of course scams aren't exactly helping matters much.

What I'd like to see happen is a respected dev or devs do a code review for new coins.  Unfortunately most devs here, even oldbies, probably wouldn't be considered 'respected' as they have released their own shitcoins in the past. All of the 'trust' programs regarding identity may help somewhat, if run correctly that is, but code reviews probably would be of greater help to people.

Exchanges could be a lot stricter about their own code reviews + limiting new coins, but unless people simply make them pay for their mistakes (meaning not using that exchange as much), it won't matter.

As for forum moderation/limiting coin announcements... don't think it'll happen nor be as effective as people may think.

We'll see how the market goes... if btc goes up a couple of months from now, I expect many alts to follow. Ethereum has an awful lot of btc to cash out though...

[MisO69]

As others have stated, the btc price drop + summer months probably are more responsible for the altcoin market's state than scams. Although of course scams aren't exactly helping matters much.

What I'd like to see happen is a respected dev or devs do a code review for new coins.  Unfortunately most devs here, even oldbies, probably wouldn't be considered 'respected' as they have released their own shitcoins in the past. All of the 'trust' programs regarding identity may help somewhat, if run correctly that is, but code reviews probably would be of greater help to people.

Exchanges could be a lot stricter about their own code reviews + limiting new coins, but unless people simply make them pay for their mistakes (meaning not using that exchange as much), it won't matter.

As for forum moderation/limiting coin announcements... don't think it'll happen nor be as effective as people may think.

We'll see how the market goes... if btc goes up a couple of months from now, I expect many alts to follow. Ethereum has an awful lot of btc to cash out though...

I also believe its the summer months. Vacations, spending money, outside is better than inside. I think it will pick up again in September.

Devs reviewing code? I don't think that will ever happen. With 5 or more alts released daily who has the time to go through all that code? Maybe it can be automated or something that is partially automated?

I believe that Exchanges are in on it. Some coins just make it to the exchanges without voting or anything like that. X13 coin is an example. From day 1 on Polo. Price went only down hill. No pump and dump just a dump. Like someone had most of the coins and dumped slowly.

[mimsx11]

Are we all talking about etherium scam i havent been following that

[poornamelessme]

I also believe its the summer months. Vacations, spending money, outside is better than inside. I think it will pick up again in September.

Devs reviewing code? I don't think that will ever happen. With 5 or more alts released daily who has the time to go through all that code? Maybe it can be automated or something that is partially automated?

I believe that Exchanges are in on it. Some coins just make it to the exchanges without voting or anything like that. X13 coin is an example. From day 1 on Polo. Price went only down hill. No pump and dump just a dump. Like someone had most of the coins and dumped slowly.

It's impossible to review code for all new coins, or at least I assume it would be. Some coins, however... perhaps. At least it could help a little bit.

As for exchanges being in on scams... honestly no idea, but I wouldn't think so necessarily. They make money from fees, so if they see a coin that looks potentially popular or has a high mining rate, they may just grab it immediately. Which of course is a mistake, but they tend to think short-term. Bittrex has sort of killed their old golden goose with running ICOs out there weekly, as another example of short-term thinking. Only way to improve that situation is for investors to simply not invest at that exchange as much, or at least wait for new coins to establish themselves before sinking money into them.

People complain a ton about scams, but in many cases a lot of blame has to go to the investors as well. People throw money at brand new coins with grand promises, don't do any research, go along with hype/positive trolling and obvious scammy behavior -- so long as they think it benefits them. And when it doesn't, they cry scam.

[KeyserSozeMC]

BS.

Summer,
BTC's price went down, it took alts down as well. Someone dumped ~BTC7.5k 4-5 hours ago.

Whatcha trying to achieve? Suggest us a "altcoin section mod"? rofl

Altcoin world will be much better if you and other coin makers stop providing services to scamers.

I am sorry, but we don't know who's a "scammer". People come to us to order a product.
We deliver what they ask. Not that we don't care about scams, but we can't prevent them.
Nor I'd ask personal information of any of my customers, because it wouldn't be profitable for us anymore. Even legit "founders" wouldn't give their personal information. It's the internet.

[Lucky Cris]

I, for one... Have grown to be extremely cautious of the altcoin market because of all the scam/shit coins. Literally, the market is saturated with them. This makes it challenging to have confidence in even the coins that appear to be above the rest.

[darkota]

I don't believe it's the scammers.

It's stupid shits of people buying and mining any damn altcoin they see. Idiots, don't fucking mine new scammy altcoins, especially if the dev is a newbie himself. And the scammers realize this, they realize they could make any altcoin(yellowcoin, whitecoin, really?) and stupid fucks that we call the altcoin community, will buy that coin.

It's useless trying to stop it, there are too many stupid ass people, buying and mining Every new coin, in an attempt to become rich overnight. Those people are the ones ruining the altcoin scene, not the devs no matter how scammy they are.

[Bfljosh]

I, for one... Have grown to be extremely cautious of the altcoin market because of all the scam/shit coins. Literally, the market is saturated with them. This makes it challenging to have confidence in even the coins that appear to be above the rest.

There are more scams than non scams last weeks. Anybody who says it is the summer or whatever should take a good look at the altcoinsection.

[gjhiggins]

What I'd like to see happen is a respected dev or devs do a code review for new coins.

I recall a time, back in the mists of February, when this was a regular practice . I believe this was the last post:

https://bitcointalk.org/index.php?topic=457575.msg5204471#msg5204471

“Caveat emptor” is irreducible.

Cheers

Graham

[kelsey]

I don't believe it's the scammers.

It's stupid shits of people buying and mining any damn altcoin they see. Idiots, don't fucking mine new scammy altcoins, especially if the dev is a newbie himself. And the scammers realize this, they realize they could make any altcoin(yellowcoin, whitecoin, really?) and stupid fucks that we call the altcoin community, will buy that coin.

It's useless trying to stop it, there are too many stupid ass people, buying and mining Every new coin, in an attempt to become rich overnight. Those people are the ones ruining the altcoin scene, not the devs no matter how scammy they are.

agree, however if people want to play the blame game alot of the weight would have to goto these exchanges, if they didn't blindly list (for their own gain) then scammers would have hard time.
so ALL these exchanges (and many have gone the legit legal registered route so their current practices will bite them hard soon enough), are no better then the scammers.

[smoothie]

Alt coin market has now dropped below 200 million USD. Discuss.

Price_Goes_Down != Scammers_At_Fault 

[Spoetnik]

BS.

Summer,
BTC's price went down, it took alts down as well. Someone dumped ~BTC7.5k 4-5 hours ago.

Whatcha trying to achieve? Suggest us a "altcoin section mod"? rofl

ya me so i can ban you

and comparing what happened before is not a fair comparison.. apples and oranges
that is like the ole compare Bitcoin to <insert name> Altcoin routine ahhaha

I am pretty sure you are a key regular in making them and pumping them jumping around with numerous accounts so i blame YOU (i seen all the crap you say here)
I wouldn't be surprised if you live in and broke Detroit too.. do you trade real-estate by chance pro trader ?

Everybody say thanks to Keyser"Recession"SozeMC  

[Spoetnik]

It would be great if Bitcointalk did something to prevent scams. But sadly they do not care at all. The moderators here do not even care to close a topic with a virus in a wallet.

The bar needs to be raised big-time! We should do something as a community.

Maybe it is time for a new forum that takes altcoins more serious.

they may or may not care but the mods do what they are told by the Boss man i think.

also Mods do in fact close and remove topics with a virus in them i have watched them do it more than once.

[Spoetnik]

This is what happen when using stupid bots and stop loss orders.

or guys that support blatant scams like Memory coin (Freetrade / Bitshares guy) no matter how much dirt was laid out on it..
then when it was killed lead the charge in resurrecting it so he could dump on it and run AGAIN.

i see guys talking and not taking responsibility.. predictable finger pointing.

[TaunSew]

Scammers did not kill the alternate market.  Developers, whales and greedy participants killed cryptos.

For me the only real released alternate in 2014 was NXT.  NXT was looking good in early 2014 when it hit a peak of $110 million..   then the public became aware of its' distribution where 8 wallets took 40% and 65 took the remaining 60% and NXT has been sinking ever since.   I'm sure Evil Dave  will come racing in but this is all public knowledge on James' (developer) blog and it can be observed on coinmarketcap history.

http://nxtcoin.blogspot.ca/2014/06/how-nxt-changed-our-lives-james.html


 Whales can be good if they hold but, in practice, they're never happy with $millions and need to pump and dump to squeeze as much as they can from a crypto.   There's a hilarious blog from a former Doge whale (who titled his PDF "GOD") who best exemplified that (imagine if Eliott Roger, that lunatic in California, traded Doge and you get an idea on what this PDF is like)

http://cryptofrenzy.files.wordpress.com/2014/02/god.pdf

[btcshop]

Yes, congratulations!

[nutildah]

I really think Bitcointalk is the major problem here for not doing anything to prevent scams. They even allow topics for account selling/buying. It's ridiculous!

Spot on.

The only reason they aren't changing anything is because things are immensely profitable for them the way they currently are. Much like the exchanges and scammy devs, BTT admins are too engrained in bad habits of easy profit and they cannot change their behavior at this point even to prevent the entire system from collapsing.

Its like a heroin addict with a neverending supply of heroin - eventually they will kill themselves - its kind of a given.

In the time I was here there went from being LITTLE faith in the potential of the alts to NO faith. This is the fault of this forum, no question about it. They regulate all the wrong things and none of the right things. In that respect, BTT is just another centralized institution hung up on its own greed and now represents the old way of doing things more than the new way.