Scams in a row ...

[Nxtblg]

Joining a new coin isn't always a bad decision...but lately, in 95% cases - it is :/

So it's finally come to that point. In the end, of course, disillusionment and plain exhaustion is what'll clean up this town. When scammers see that the easy $$$ have become hard, they'll jet off without a moment's second thought and leave the rest of us in peace.

Think of this board as a quiet small town that's invaded by a veritable flood of college-age drunken rowdies in the summer - enough so that the population goes up 5x from its earlier level, overwhelming the modest police forece. When the weather gets cold, the rowdies eventually get the idea that it's time to head for warmer pastures - and the town's population shrinks back to the regulars. Much smaller, but the ones that are still living there aren't troublemakers.

If this goes on...we might even see a hint of the good old days when this board was full of hobbyists and techies, with the ones still around to make a buck a lot sadder but much wiser.

In the broader sense, this here Wild, Wild West is a social experiment or field-testing of the laissez-faire ideal. As with many field tests, you find out a lot of truths you'd never have even guessed at while in the study or lab - and some of them are unpleasant. 

[kingscrown]

PZR not exactly a scam - price dropped and dev disappeared but said he wont do ATM with such prices but delivered the coin itself.
CLSTR and USE on the other hand.. pure scams! but remember of others - ELITE, USB etc.

[JimminyCricket]

Sorry to break the news, but there is absolutely nothing guaranteed about bitcoin. It could drop back down easily, all it would take would be for the huge ASIC miners to sell the BTC they've mined (and stashed) in their efforts to manage the markets and pump the price. Apologies if this is a shock to you.

[CryptoHeaven]

Exchanges like bittrex should be more careful now. They need to verify all claims by dev before any ICO or take some security money a guarantee.

[crimealone]

shit just got real

https://twitter.com/scammerdie/status/503736924758999040

scammer confirmed

[GangkisKhan]

Joining a new coin isn't always a bad decision...but lately, in 95% cases - it is :/

There were more than 3 consecutive scam coin IPO just not too long ago. Each IPO raised around 300 btc, so a total of around 900 btc went in to the hand of scammers.

This could also explain the price dropped on btc, since the scammers need to sell to cash it out.

[Amph]

shit just got real

https://twitter.com/scammerdie/status/503736924758999040

scammer confirmed

and there are still people investing in that crap? are they retarded? just suck poppets i guess

[cryptozim]

I had pretty hard month with altcoins....

Payzor Coin

I suggest that we should stop those scams.

Well... about Payzor Coin - devs wanted a game which I developed for them, so automatically I joined PayzorCoin community as my reward for a game was some amount of PayzorCoins.

I don't know anything about the other coins, but I can't feel bad for you about this one. Payzor was making ludicrous claims for hype/marketing effect (first crypto-ATM, partnering with Lamassu...). It cost him how much for the game to add more hype? 500PZR? 1000? Since he premined 45,000 (3%!!), that was nothing for him. And it kept the hype going while he slowly dumped his coins on the market.

PZR not exactly a scam - price dropped and dev disappeared but said he wont do ATM with such prices but delivered the coin itself.

It is a scam. Check the explorer. Dev finished dumping his 45,000PZR the same day he said he won't do the ATM and disappeared.

[roslinpl]

I had pretty hard month with altcoins....

Payzor Coin

I suggest that we should stop those scams.

Well... about Payzor Coin - devs wanted a game which I developed for them, so automatically I joined PayzorCoin community as my reward for a game was some amount of PayzorCoins.

I don't know anything about the other coins, but I can't feel bad for you about this one. Payzor was making ludicrous claims for hype/marketing effect (first crypto-ATM, partnering with Lamassu...). It cost him how much for the game to add more hype? 500PZR? 1000? Since he premined 45,000 (3%!!), that was nothing for him. And it kept the hype going while he slowly dumped his coins on the market.

PZR not exactly a scam - price dropped and dev disappeared but said he wont do ATM with such prices but delivered the coin itself.

It is a scam. Check the explorer. Dev finished dumping his 45,000PZR the same day he said he won't do the ATM and disappeared.

Erhm... about PayzorGame, he spent more than that but whatever

At the end he became a scam cause he run away. .  And he dumped his coins.

[cryptozim]

Erhm... about PayzorGame, he spent more than that but whatever

PM'd you...

[kingscrown]

ive posted some time ago about avoiding scams: http://fuk.io/elite-usb-and-other-scam-coins-whos-responsible-how-to-avoid-other-dumps-and-hidden-premines/

[ProGamer]

Careful, I suspect some of these scams may be "honey pots".

[Spoetnik]

scams by same dev groups? typical

Pray and spray and overwhelm with force.. they flood this place with so much fighting it wears us down

i counted 9 topics with scam in the title yesterday in the first page or two here LOL
I almost never even look in the ANN section anymore.. why bother ?

[HashFarmer]

I had pretty hard month with altcoins....

After I joined Banksy Coin community which was a good decision...
After that I joined:

Payzor Coin
Cluster Coin
Use Coin

3 scams in a row.
Now I feel terrible and I will perhaps never again join into any altcoin community.

Too many scammers around..


I suggest that we should stop those scams.

The only way is to never join any new altcoin's community.

With our money scammers are getting more wealthy.
We must stop this.

That sucks, we need to stop people from investing new altcoin and stick with the major one..

[kerimk2]

Remember to only invest what you can afford to lose.

[Sumo]

At least you got a refund on Cluster. Now take what you learned and make a better choice next time. Buy something that has a proven track record while it is cheap. Sell when it goes up. Rinse and repeat. Or cut your losses and realize crypto world might not be for you. Good luck

[TheMage]

Define scam?

Ive seen the word used a number of times inappropriately. Now I really dont know anything about those coin OP, but Ive seen "scam" applied to a number of coins that are certainly not scams. One thing that everyone should consider, what is really a scam and what is really just a bad investment.

As smoothie said, its best to do your own research. Alt coins (and even BTC) are much like the stock markets in a sense. The older the coin the more trust is should have. Newer coins are more risky, and should be planned appropriately. Just like a newer company in the market should be viewed with scepticism.

[SamedamnBTC]

Joining a new coin isn't always a bad decision...but lately, in 95% cases - it is :/

There were more than 3 consecutive scam coin IPO just not too long ago. Each IPO raised around 300 btc, so a total of around 900 btc went in to the hand of scammers.

This could also explain the price dropped on btc, since the scammers need to sell to cash it out.

Well, if you really believe dumping 900BTC gonna lower the price.... then I praise you, my lord

[barabbas]

There's only one way, only one, in which an ICO, IPO, whatever is NOT a scam: When all the coins are sold to investors OTHER than the developers or their "private investors". Or the ones not sold, destroyed. Demonstrably. As in who owns each and everyone of the twenty (or more) richest list wallets. Otherwise, it is ALWAYS, no exceptions, a scam. By definition and by design.

And even in that scenario, there's still margin to scam: Through mining. Unless it is guaranteed that only a maximum of coins can be mined per day, and that guaranty is kept, you can still be the victim of scam for it is quite possible to mine huge amounts in the first days of a coin if you are adequately informed and prepared for it. The case of SEED is blatant. The case of BYC is just another evidence... peculiarly, in both cases, accepted by at least a small part of the investors, as "normal". Which goes to tell you how twisted the crypto community itself, as a whole, has become.

OP, it has been an expensive and utterly unnecessary lesson. Just stay away from any ICO, IPO, etc. Follow the one's you are interested in closely. Learn to see the reality behind the sock puppet induced kool-aid. Be patient and I guarantee you that you will be able to buy ANY AND ALL coins way below their launching price, I don't care how promising or not the projects are. Jump in only when you feel there's going to be a potential rebound -it's never a sure thing, mind you-, or, for better security, just stay in BTC. You will do MUCH BETTER, short and long term, than investing in any altcoin in which the only absolutely sure thing is that they will be priced in the future much lower than they are in the present. ALL of them.

For, until any of them is actually USED for anything in the real world, all of them are basically speculative scams.

[spacehopper]

I would steer clear of any cut and paste shit coin with an IPO. If it's basically bitcoin with nothing much different besides the logo and name then it has nothing going for it.