Scam of the Week: ShitCoin.me
Okay, we start easy this week with a very ironical one named “ShitCoin” — an obvious fake scam, a scam of a scam or a metascam to put it straight. Remove the name and a few obvious ironical statement and this project contains all the required elements to be a legit cryptocurrency:
- A Responsive website with some fancy buzzwords
- A WhitePaper
- An ICO
- A Team Description
- A Contact section
So how do you spot a scam?
1 An empty whitepaper
If the whitepaper contains some stupid trivialities about how the coin will make the world a better place or help the 2 Bn people who don’t have access to a bank account finally be able to spend the money they don’t have you should be suspicious.
No technical explanation should be an additional warning that this project smells bad, real bad.
In the case of shitcoin, the link to download the whitepaper…
Redirects you to… the blockchain wikipedia page!
2 A shady team
If the team is mainly composed of nobodies that do not have any online presence in the crypto-industry, you should hear your internal alarm ringing. Specifically, if it looks like of a gang-bang of 10 non-software-engineers people and one poor guy who barely wrote an excel formula query once in his life, you should run away & never come back.
Massive big up to Shitcoin.me for this surreal description of the most scammy team ever.
3 A simplistic ICO protocol
When it’s too good to be true, well… most of the time it is. A good ICO protocol will:
- Require you to pre-register & verify your information
- Provide a clear agenda on when will the ICO starts/ends, when will the token be released, when it will be transferrable
- Be advertised & explained on Bitcointalk, Twitter, Facebook, Slack, Telegram etc…
- NOT disclosed the deposit adresses before the actual ICO starts
A big THANK YOU to the shitcoin team for giving us this 101 class on how to avoid a crypto-scam. We hope this article will help you be more aware and avoid getting fooled by the crypto-bandits. If you have any doubts on a crypto-project, feel free to reach out to us at hello@ibbc.io. We’ll have a look into it!
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