What I have noticed over the last 12-18 months is very alarming. The birth of something really nasty. This time it's all about speed. How fast can they steal your money, and it's not even physical money, it's digital money.
GREED GREED GREED !!!!
It's the same shit you see on old school scams like shady door to door salesman, handyman taking advantage of Elderly people, fake Donations drives, chain letters, MLM scams the list goes on.
Now it's just the same animal with a different head. We're taking about the boom of Crypto Ponzi Coins, slick salesman lure unsuspecting newbies into they're worthless Cyrpto coin Ponzi scam to make a quick digital buck.
How does it work?
Very simple, they put up a slick website. Get a bunch of people together to promote it by dangling the carrot with the offer of high commissions. Like flies to shit you will always get a pack of greedy people motivated by money, you don't have to look far. So they promote this useless Ponzi coin and get newbies to pay with Bitcoin in exchange for artificially and hyped up bullshit coin. The price is what they say it's worth, and Ladies and Gentlemen this is where the games begin. Problem is they win, you lose.
How can you spot a Ponzi Coin?
Easy, it has no intrinsic value meaning it doesn't standalone, it has no whitepaper, no blockchain, no core development team, no financial backing. It's usually promoted and held up by MLM backbone of greedy people. The price is grossly over inflated and it's not publicly traded on any reputable exchange like Polo, Bittrex, Kraken, Bitfinex. Infact they have they own scam exchange where people need to buy in at they're over-inflated prices.
What can you do?
Nothing, just avoid them if you don't want to lose your money. If it's fast money you most likely lose than win. Take example of Casino and the Lotto. Can you win yes, are you most likely to lose more times than you win, affirmative. The crypto currency space is not regulated. This is the latest breeding ground for the new sophisticated scammers blatantly selling something that it is not. Deception is they're weapon of choice. This new industry has sharks swimming around it really to eat you alive if you get sucked into they're scam or quick riches. Trust me been there done that over some 9-10yrs in the make money online space. It makes me vomit.
Conclusion:
If it's to good to be true it's probably is. Be careful who you listen to and get your information from. If they are doing it for they're own selfish needs before your selfish needs (lol) then think twice. You selfish needs come first haha. Just joking. All the points I toughed on earlier about the Coin must standalone, must have a whitepaper,a blockchain, a core development team, and financial backing, and it must have a plan and testnet for future growth and updates. If it doesn't ...... run
Now back to those selfish needs, please follow me on Youtube, Facebook and Twitter and of course follow me here.
You ROCK ;)
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I'm new to Steem trying to give out some value help others. Finding my Steemit feet.
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The amazing thing is that even offers of coins with terrible websites and written material littered with grammatical and spelling errors can get money.
lol that's funny, but your so right. People are blinded by greed.
Great video! if you have a chance to check my blog i also made video about these programs and showed a couple new ones that popped up in some of my blogs from earlier in the week! Keep up the great and informative content.
Yeah, I look at the viability of a coin. As I am checking out the white paper, I want to know if it is going fill a real need of is it a copy of something else with different packaging. Good to see you on steemit.
I hope this has given you enough so you know what to look for. Again do you own due diligence, ask multiple ppl who don't have a financial interested in the coin or trying to sell it to you, and the big on is it being traded on a reputable exchange like Polo or Bittrex, they screen coins and don't allow ponzi coins on their exchanges. Good luck Bruce.
This is incorrect. There are a LOT of "shitcoins" on Poloniex, Bittrex, Cryptopia, etc. They cant screen all coins to determine whether they are ponzi coins or useless arse coins. So just because they are on the major public exchanges does NOT mean they are cool beans. As a matter of fact, if you look at the latest "shitcoins" posing as cutting edge in terms of product/services via shiny glossy marketing material, you will be floored. These guys raise $66million in 4 hours or $25million in 4 days blah blah blah. The whales and investors do their Pre-ICO/ICO PUMP dance and then immediately afterwards, they do their Post-ICO party toilet DUMP! Sorry boys and girls, we took your money. Thank you for your cooperation.
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Thanks for the tips!! noted friend!!
Your welcome
Que buen post!
totally agree! great video! followed+up+resteemed
Alot of speculation. Sure, "any" coin can be listed on Coinmarketcap, but thats different than being "Top 20" on coinmarketcap. Also, just because a coin isnt traded on public exchanges that you see as okay to you doesnt mean that it isnt publicly traded on an exchange. If you go to that same coinmarketcap you'll see what public exchanges that coin is publically traded on. Oh, and I've never known a white paper to prove that a coin is valid or somehow has intrinsic value. This is all digital, bitcoin doesnt even have intrinsic value, the blockchain is where the value is. 5 years ago people were calling Bitcoin a ponzi scheme because it wasnt Gold/Silver/USD and the person who they thought was the developer got in front of a camera and emphatically stated that he WAS NOT the developer of that coin. Yet, 5 years later, bitcoin is still around and no one cares that we never found the actual developer of the coin. Why? Because the blockchain that the coin is on works. 5 years from now no one is going to care if a coin didnt come with a freaking white paper. Most of the people who talk about white papers never read the white papers of the coins they're currently invested in. If the service works it wont matter, if it doesnt work people will claim they knew all along. At the end of the day people will use a service no matter the criticism from people who dont see it as their cup of tea. People still invested in Bitcoin when it was 2 bucks and no one cared or laughed because they didnt understand it. There are people today who call Bitcoins price "inflated" and they have their share of reasons for it. At the end of the day the price is the price and people are willing to pay the price to have it. Bottomline. Great effort on the article. I dont have to fully agree with you in order to respect the effort put in. Upvoted! :-)
lots of BS pump and dump coin got white paper that still worth pennies. lol
point to be noted