How to Avoid Being Fleeced by Scam Coin Developers


One time I had over twenty wallets installed on my computer. I bought coins in the 1 to 500 Satoshi range, waited for them to do something, and sold them, usually too early.

Mid Post Ads

Mid Post Ads

Often enough, though, the coins never went anywhere. I won’t start naming names just yet, it’d be unfair to pick on any specific “alt coin” which should more rightly be called “scam coin.” It’d be more than unfair, since thousands, if not over 10,000 now, have come and gone.

Serial Pumper

At the same time, this past week on Facebook I witnessed a serial pumper give birth to his own coin, apparently, but likely not his first or his last. Is there a problem with this? Well, it depends on what you see the coins as. If you see them as a financial instrument, then the problem is that these are not meant to benefit anyone but the creator, solve no fundamental problem that Bitcoin itself doesn’t, and are done with the worst of intentions.


Read more ... source: TheBitcoinNews