This will be a very dangerous topic for me to discuss here especially as a new user but I think this is also the very best place to bring these issues up. It is likely that the majority of people who use this site are going to be invested in crypto currency in some way. So it is in our best interest to get to the bottom of these failed projects.
I was one of the many people who early on saw that Bitconnect was an obvious scam and so luckily when my family and friends started hearing about crypto around the summer of 2017 I was able to warn them about the dangers in Crypto. I was extremely vocal on social media and youtube calling out the promoters of this ponzi. Not all scams in the crypto space are as obvious as Bitconnect some seem like legit projects but if you take a closer look you can see dishonesty.
I think I am gonna try to make this a series so this blog doesn't just look like a giant wall of text and I will try to address one obvious sign of a bad project with one obvious example.
- My first sign of a bad project is " We have a deal with or are partnered with _______"-
This is one I see all the time and there are several examples of this within the crypto space. Anytime you see this you should be very skeptical about the organization it doesn't always mean they are being dishonest but you should examine these statements very closely. For example a currency may say that the developers are from _____ big important company and they leave it open to the interpretation that the company itself is involved when the truth is one of the developers at one time was just employed by the big company.
Another more specific example is with a coin called XP coin. This coin seems to have been abandoned by the original team and has since been taken over by someone else. Recently they made some very misleading claims like they have some sort of partnership with steam and Microsoft (They don't actually say it but it is very much implied) They say get paid to play your favorite game on steam and you can mine XP on Xbox. The truth is Steam and Xbox have nothing to do with this coin. Some guy has a website set up you go to it and sign up, give the site your ID info and every now and then when you are gaming the site sends you XP coin. I believe this can be misleading to a lot of people who might believe this means they are partnered with one or both of these organizations.
I am not looking to trash anyones favorite project so please don't be mad at me I am just giving my opinion about some projects that I think are very problematic and dangerous. If we as a community don't start to police this space someone else will and it might not be good for us. I have come to Steemit because I think this is one of the best opportunities in all of crypto. Everything about this platform is great and with other social media platforms facing congress and stock price collapses Steemit is in an incredible position right now.