Since the launch of Quarry, I've received a lot of questions from individual Quarriors about the validity of certain programs and giveaways, and I've done my best to determine the validity of each one. At times, it can be very difficult to determine whether an offer is real or not on the internet, and when pressured to ACT NOW or that TIME IS LIMITED our fear of missing out can sometimes get the better of us.
So, this segment / post / topic is dedicated to the discussion of these so-called offers and whether or not they're doing what they claim to be doing, ie: Paying out.
Real or Fake: Free-Litecoin.com
Well, at first glance the site seems okay, but any time someone is offering something 'free' -- the question becomes: How? Unless it's some sort of non-profit or government funded agency, revenue and operational costs always apply. So, how is this website benefiting?
The obvious answer here is through transaction fees, but my fear is that something more sinister lurks beneath the surface. Am I the product? Or... am I the prey?
PLEASE CONSIDER THE FOLLOWING:
🛑 Red flag #1
FORCING REGISTRATION
I absolutely HATE having to create an account just to see what something is all about, and here we have this website doing exactly that. No proof, no nothing on the main page, and all links go straight to home. This is a bad sign.
⚠️ Yellow flag #1
RECOMMENDS SPECIFIC HOT WALLET
Hot wallets are breach-able, and knowing where your wallet is located is half the battle. There are a number of fishing techniques that can work out your login and password for hot wallets. The only reason I don't consider this a red flag is that the website is suggesting a relatively well-known wallet.
I must mention though, it is my opinion they've chosen LiteVault for the speed in which setting up a new wallet is possible, and certainly not for the security.
🛑 Red flag #2
TERRIBLE ENGLISH
I'm not confident they're even trying to have good English. The main site, before login, is okay -- minor mistakes here and there -- but once you create an account and login it gets pretty bad. At this point in the discovery process I'm feeling like the front-end section of the site was purchased and then customized the member's section.
⚠️ Yellow flag #2
NO SEARCH INFORMATION
Can't find a lot of information about this website, so not many people are talking about it... meaning not many people are making any money. There is some payment proof out there, and this forum discusses it in some small detail, but the best exit scams have significant payment proof.
🛑 Red flag #3
NO READILY AVAILABLE PROOF
The biggest worry I have is the fact that this system is not decentralized. You're forced to have faith in the system, and can't checkout their code or contract until you've gone through all the work trying it out.
The cynic in me says that this website is designed to gather Litecoin addresses, emails, and potential logins via LiteVault & registration while simultaneously promoting a snowball effect to get more Litecoin via gambling into the system with a main goal of exit scamming.
It does payout, at least for now -- and fees do apply.
TL;DR: 3🛑 + 1⚠️ -- PROCEED WITH CAUTION
What do you guys think?
Cross-Posted from using SteemPress : https://tokenblockfriends.com/2018/11/29/scam-or-not-free-litecoin/