Thursday, June 5, 2014

How do you recognize or avoid a scam coin?

Scam - taste it. Makes you loose your apetite when you hear the word. If you have been trading new altcoins for a while you probably have come across a few of them, or even lost some of your money on them. The ones running them are poor bastards and I feel sorry for them. No honesty or soul. Lost people. Get yourselves a real life losers, you still have the chance before you get old and die!

There is no recipe to avoid a scam, but here are a few points to keep an eye on:


  • Premine or IPO - If they are legit, why do they need an IPO or a high premine? Skip it, no matter how tempting it sounds. There is no guarantee for where that money is going.
  • Activity on BTC-talk - If the coin is a few weeks old there should be a growing community and positive spirit if it's a good one. If not, don't buy it, because nobody seems interested anyway, scam or no scam. If the dev is harldy there and not answering to people it's also a very poor sign.
  • What are people saying about it on Twitter and BTC-talk.
  • Listen to the tone of the dev(s) - If they promise you the whole world and speak like bastards they gotta be bastards.
  • Wallets - Are all wallets available and working? Click the links, download.
  • Have they put hard work on the coin? - Are the texts well written and logical or did somebody throw it together just like that.
  • Ask other people you know what they think about the coin
My main tip is: if you smell something is not right, skip it. There are more coins than we need around. The next x 10 coin is waiting for you around the corner. Don't feed the losers!

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