Cryptocurrency: Leading Scam Coins – Eastern Daily News

There are hundreds of Cryptocurrencies out there right now and its impossible to know all of them by name. With Cryptocurrency now known by people in every corner of the world, developers are coming with new digital currencies to try and convince the users that their coin offers something new or different to what is being offered by the current coins. This has led to many users and investors falling victims to scam coins. Just because a coin is popular, with a lot of followers, doesnt qualify it to be a genuine cryptocurrency.

A lot of cases involving scam in Cryptocurrencies have been reported. According to Cointelegraph, Solomon Barnabas came out bravely to speak of his experience at the hands of vendors of scam coins. Mr. Solomon is quoted as saying that these scam vendors not only caused losses in terms of money, but also in terms of his credibility. Mr. Solomon is one of the many who have lost their money due to these scam coins who sell referral programs to unsuspecting members claiming that crowdfunding is necessary for adoption. These scam coins are restricting the growth of Cryptocurrency, despite campaigns from the already established coins that Crytocurrency is a genuine and worthy investment.

Moving on to the leading scam coins according to Angelina Lazar, an economist and cryptocurrency revolutionary, OneCoin is number one when it comes to scam coins. Angelina has become a popular figure in the Cryptocurrency world due to herwarwith OneCoin. She claimsthat in a months time she will have conclusive information on OneCoins dealings. After a war between her and OneCoin, Angelina claims that she succeeded in getting all bank accounts belonging to OneCoin shut down. She also claims that Chinas UnionPay is not interested in working with OneCoin anymore. According to Cointelegraph, the main problemthat OneCoin faces is that it is not a Cryptocurrency yet. This is an issuethat always arises once they realize that their product doesnt possess the fundamental characteristics of a genuine cryptocurrency.

S-Coin is another coin that Angelina Lazar thinks is a pyramid scheme. S-Coin, just like OneCoin, offers promise of hope of releasing a Cryptocurrency in the near future. According toCointelegraph, the act of attaching the price of one Euro to it without considering the basics such as demand and supply, raises a lot of questions. Another thing is that they asked the public to pay Bitcoins for S-Coins and claiming to send the coins via mail to their clients.

Cryptocurrencies are digital coins and hence if S-Coin is a real digital currency transactions should be made in a real blockchain.

EarthCoin is the next coin with characteristics of a scam coin. Most of its coins initial supply were generated by the developer. This raises eyebrows because coins should be generated over time through a form of mining. Its website is poor and there is no real information on what the coin intends to achieve and its current volume. All these point to signs of pump and dump schemes. Remember its the responsibility of you the investor to conduct proper due diligence on the coins you want to invest in.

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Cryptocurrency: Leading Scam Coins - Eastern Daily News