What is Scamcoin?

The term “scamcoin” means a currency that is only there to enrich the people who created it by making anyone who holds it poor. When a new coin enters the market, there will always be those who label it as a scamcoin on public forums, thinking they’re doing a public service. This kind of thing goes on even with coins that have a proven pedigree.

Still, you can understand why people are cautious because there are plenty of scams out there. Tactics include launching a new coin and keeping a large number back for the developer. They then talk up its value through intensive marketing strategies and when they’ve sold enough they disown it. This leaves many investors holding coins which are now worthless.

One way to spot a scamcoin is when a disproportionate number of coins are launched. This kind of “instamining” became more popular when investors began avoiding coins that have a pre-mine. With these, the coin being released is given features that allow the developer to mine large amounts after launch before others have had a chance to set up their miners, so the scammers effectively give themselves a massive head start.

Another example is when someone releases a scamcoin in some obscure part of the web and then mines it for many days with virtually no competition. They then post all about it on a popular crypto site so that others notice and get involved.

The final type of scamcoin tactic is when a coin is launched but the client isn’t mentioned so the developer can mine coins for themselves with no competition.

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