Dear Community.
There is nothing new to people working in the Blockchain Industry, but for newbies we should point that out:
The world is full of lies, fraud, greed and scam. Nearly everything you know is a lie and this also applies to Blockchain industrie.
What are Scamcoins? (Quick answer)
Digital Coins/Token based on lie, fraud or greed to steal the money you invest.
Whats the difference between COINS and TOKEN?
COINS use own Blockchains and TOKEN are created with a Smart Contract on existing Blockchains like Ethereum.
How to identify Scamcoins? (Red Flags)
Before you invest your money you should be aware what you are doing. To get a good overview about the Coin you would like to invest, you should check the following:
Visit https://www.coinmarketcap.com and look at the charts
- Is there very big price increase or decreases? (Pump and Dump scheme)
- Check the if you can find any strange values. (Price, Market cap, Volume. Supply)
- How do you feel and what was your first impression when you look at the logo?
Visit the Coin-Website
- Can you easily find a mission statement and a __whitepaper
- Who is behind the project? Can you find a team page? (Red FLAG)
- How do you feel when you look at the team pictures? (Trust your intuition)
- Impress? Any information if it is a company, a foundation, outlaws or whatever?
- Does the Website provide beneficial and helpful content to get started?
- Do they have there own Wallet to download for Linux, Windows and Mac...?
- Is there a Roadmap for future development and does that fit to the mission statement?
- Check if you can find claims like "big profits", "secure invest" (Red FLAG)
Other Questions and investigations
- Search "Coin+Fraud" and look whats popping up
- Search if you can find anything suspicious about the Founder or Team members.
- Make sure the coin is not highly pre-mined. (It only benefits a few, centralization)
- Is the Wallet stable and are the providing installation tutorials?
- Check if there are regular news and technical updates provided.
List of Scamcoins (in progress, more is coming with further information)
- Bytecoin
https://bitcointalk.org/index.php?topic=740112.0 - Digibyte
https://steemit.com/digibyte/@ascakan/digibyte-is-a-scamcoin-and-a-ponzi-meant-to-trap-kids-while-the-devs-and-whales-cash-out
This Article is in progress,
i will provide further information as soon as possible.
If you like to tip, you are welcome:
Bitcoin --> 1EjL7rfaHZmbvxQGiLzqToj5UR553hYh4V
Litecoin --> LRaxpcU61i6f1wtSQeq8BYyBjDMFocMMNL
Ethereum --> 0x5e2ae7852832ce61d7278d5e634e7e1ef10c2653
DASH --> XyTxbmWQeLDN52vogDSpmgpktocwydnqFH
DOGE --> DB3KcpkVXKy34c6ai2uxrELpqpzZoHA64M
If you have any questions, leave me a reply.
Have a great day,
Roland