
Timeline of the ChainCoin Scam – Massive Cryptocurrency Pump and Dump Scheme - notlikethis1994
https://storeofvalue.github.io/posts/timeline-of-the-chaincoin-scam/
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koolba
What country is this guy from? This is exactly the type of thing that the SEC
would go after. Replace ChainCoin with any penny stock and this story has been
told countless times. Only new angle is YouTube videos and Slack channels
instead of boiler room call centers.

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notlikethis1994
Daly City, San Francisco, Cali

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ahallock
ChainCoin has no value proposition, nothing to differentiate it, and the dev
team abandoned it a long time ago, so why would anyone purchase this crypto?
It's the same with stocks; you have to be able to understand the financials,
product, roadmap, etc. of the company you're investing in.

I've purchased a few altcoins with differentiation and solid dev teams behind
them. And it's still a gamble; I expect most to die off.

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placeybordeaux
My current picks are siacoin (devs seems smart, but had a few missteps,
storage could be a real market in the cryptocurrency space), monero (seems
like they're doing anonymity right), litecoin (potential for LN first mover
advantage) and bitcoin (pure network effect). Care to share any of yours?

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JohnJamesRambo
From what I understand, SiaCoin has almost no customers.

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rothbardrand
Yes. To put it in startup terms, SiaCoin has an MVP and is post Series-A but
is still building out the product.

Storj, which is in the same space, is a couple year ahead and is just starting
to try and get traction (but had a management shake up)

The most serious alt coins are very much like startups.

Factom, which is sort of a digital notary service, seems to have been working
for several years on their platform and only just recently picked a market-
Mortgages- Claiming they want to prevent the problems that happened in 2009 by
making auditing and verifying mortgage documents better. They closed their
Series A last year, but did their ICO a couple years before that.

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hanklazard
I noticed the huge price swings of this orphaned coin over the last month ...
looked very suspicious for a coordinated pump and dump. What I didn't know was
that this was being done by a youtuber who basically stole money from his own
followers through this scam. What a scumbag.

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meowface
There was a not-dissimilar scam orchestrated by some popular Youtube channels
last year, also mostly targeted at their own followers and fans:
[https://www.youtube.com/watch?v=_8fU2QG-
lV0](https://www.youtube.com/watch?v=_8fU2QG-lV0)

They created a Counter-Strike "lottery" website and uploaded a lot of videos
of themselves winning big, while never disclosing that they were the secret
owners of the site. Of course, their supposed recorded lottery winnings were
staged as a way to drive traffic and money to the site.

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spiralx
Cryptocurrencies are best described as being like penny stocks - they don't
represent any underlying value or investment, meaning that prices are low and
large gains can be realised through a small change in price - making them
vulnerable to people manipulating investors as part of a pump and dump scheme.

From the Willy bot through to the latest ICO craze, the whole cryptocurrency
scene is riddled with people engaging in pumping prices - which means that any
reverses in price hit sentiment hard and cause price shocks, something I think
we're going to be seeing a lot more of over the next year or so...

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horsecaptin
"they don't represent any underlying value or investment" \- You should try
sending money to a friend or relative in a foreign country. You'll love the
cost of what should be nothing more than a basic electronic transaction.

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celticninja
People who say there is no use case for bitcoin or they have no value tend to
be in places where there is a somewhat reliable banking system and they do not
use that banking system to transfer money internationally, because even a good
banking system has a very high charge for international transfers, and as this
is usually a flat fee it makes it very expensive for small transfers. However
I have seen some places that charge a flat fee plus a %age of the total, which
means large transfers are also relatively expensive.

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gwbas1c
Bitcoin is volatile and transactions are slow. This means it's not really
fungible for general purpose money.

You bring up a good niche that it can fill, though.

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averagewall
I wouldn't call the whole of China a niche. International transfers from there
aren't expensive but they're mostly impossible by official means. Banks don't
allow citizens to send money overseas except for a few specific and verified
reasons, which importantly don't include gifts to family members or buying
things (eg real estate).

