How to Protect Your Bitcoin & Cryptocurrency Essential Tips

Scam Scale Rating, auditing proposal

_trendspotter at /goodcoin brought up an evaluation we can use to at least measure, rate, or review cryptocurrency based on how good they are. Here at scamcoin I think we should come up the evaluation on how BAD these guys are, just the opposite of his scale. I suggest you should use this guide also as a reference when you are looking to INVEST in a cryptocurrency.
If you guys have suggestions/ideas feel free to bring it up. It is no way being objective but at least we can try. Power to the people.
The problem I still trying to sort out is to weight some features properly:
Anyway, the proposal
Scammy Scale Rating with simple Yes or No:
1) NOT de-centralize & Not open source 2) No open-source at the release 3) "Public offering" period where one has to pay to mine early 4) No fair launch announcement, unreasonable pre-mine and/or any insta-mine 5) Extremely low starting difficulty 6) No adoption among merchants/vendors/region/country. 7) No trading at big exchanges (e.g. not on BTC-e) 8) Not offer any new feature. Clonecoins or Litecoin forking 9) Bad developer supports, lack of community or forum 10) Releasing bad software that impedes certain users from using/mining the coin. Or "faulty" start, "nodes" problem 11) Slow transaction or confirmation time 12) Short block time when mining 13) Inflated to billion of shares/coins or unreasonable supplies 14) Pseudo mumbo jumbo descriptions of the cryptocurrency 15) Poor official website, hastily done 16) No anonymity support (no Zerocoin implementation) 17) Weak security, vulnerable to 51% attack (No POS or Proof of Stake) 18) Aggressive marketing campaign, hijacking forums and threads, tons of giveaways and faucets 19) Bloat future blockchain, e.g. 2GB-60-100GB wallet you have to update even though your wallet has 2 ABC coin. 20) Weak to ASIC,GPU,FPGA miners, BotNet, or does not give everyone at least a fair chance to mine
21) Reversible transaction -- Not sure if I should leave this out
22) Low mining profitability (vs mining Bitcoin)
23) Designed to be inflationary nature
24) No interest rate of earning coin per year
25) No Multi-hashing algorithms
26) Recent release
27) Pump and dump announcements (Twitter, Facebook, subreddits or forums) associated with said cryptocurrency
28) "Rebooting" the coin, or "coin makeover" to make it fair mining/distribution again
29) Shady developers' history and/or shady major fund backers' history/intention
30) No trendsetter or no noise around the web. Use Google Trend as a way to monitor buzzes.
Example:http://www.google.com/trends/explore#q=quark%20coin%2C%20bitcoin&cmpt=q 31) Not much liquidity and being dependent. How dependent of that alt-coin to that of Bitcoin? Meaning, if Bitcoin goes down 20% in value, will it also dip 20% or more?
32) Unknown or less coins' volume/share percentage jumped through the roof while other known coins have modest or small gain. Example: SexCoin jumped 1200% in a single day while Bitcoin gained 3.8%
33) "Pay first, deliver product [Bitcoin 2.0] later" - essentially investors are convinced they have to pay first in USD/bitcoin because they are promised by the developers/company to have an "EARLY START" or "EARLY SHARES" or "PRE-SHARES" on the best next-generation "Bitcoin 2.0" coin that will make Bitcoin obsolete and will be the next biggest thing in the universe. Except for the part where "the biggest thing in the universe" is nowhere to be seen.
34) Interoperability
35) Purely Proof-of-Stake (POS) coins
We then can further breakdown and give weigh point to each feature and start ranking them.
For example:
CrappyCoin : 10 yes, 15 No. A simple solution is each Yes = 1 point and each No = 0 point. However, subjectively some features should be weight more than others. I should point how to merchant adoption and trading/buy/sell at big exchanges, multi-hashing and fair mining for everyone should be scored higher. It goes hand-in-hand with its release date.
Feel free to discuss.
submitted by etparle to scamcoin [link] [comments]

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