Tag Archives: Prevention

Protecting yourself from getting scammed with Altcoins

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More and more scams are popping up in the altcoin world, it seems like today 1 in 10 are actually legit. The current trend with all these scams is causing the environment around altcoins to become toxic, this is not helping the future of altcoins making a place in accepted and widely used crypto currency. The best way to stop this from becoming worse and ending altcoins is to start protecting ourselves and trying not to support altcoins that put out a coin that can fully take advantage of you and your money. Now this isn’t 100%, scammers are smart and will try their best to get your money, so always remember the golden crypto rule:

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Scam Prevention in the Hands of the Community

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Current times in the Crypto World have been seeing an abundance of scams. Blame for these scams are being thrown around from blaming the exchanges who will put the coin up for trade to the devs that take advantage of people. As much as people don’t want to hear it though it boils down to the community needing to be responsible for themselves.

If the exchanges don’t put up the coins then people yell because they don’t have the latest thing, if they do and it turns out to be a scam they get blamed also.

The devs scamming you are baiting you by telling you what you want to hear, short POWs, high POSs, no IPOs or Premines and then turning around and either doing a ninja premine or changing the code after the POW ends.

We need to stop jumping on these coins and start having some standards for stability. Another great option has been presented on BitcoinTalk Forum, Premine Escrow – The Solution To Premine Dumping. This is a great chance for the community to start having altcoins with a future and┬ástop scammers.