Timeline of the ChainCoin Scam – Massive Cryptocurrency Pump and Dump Scheme

Timeline of the ChainCoin Scam – Massive Cryptocurrency Pump and Dump Scheme(storeofvalue.github.io)

78 points by notlikethis1994 8 years ago | 16 comments

koolba 8 years ago |

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.

notlikethis1994 8 years ago | |

Daly City, San Francisco, Cali

ahallock 8 years ago |

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.

jcfrei 8 years ago | |

> 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.

Same reason people buy deep out of the money call options or do leveraged FX trading - they just like to gamble. The whole FX brokerage business (and that includes crypto) is basically run like a casino.

placeybordeaux 8 years ago | |

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?

JohnJamesRambo 8 years ago | | |

From what I understand, SiaCoin has almost no customers.

jlittel 8 years ago | | |

For those that didn't pick it up, this is sarcasm - playing on someone giving pithy reasons for stock tips.

hanklazard 8 years ago |

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.

meowface 8 years ago | |

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

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.

spiralx 8 years ago |

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...

horsecaptin 8 years ago | |

"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.

celticninja 8 years ago | | |

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.