Bitqyck, newest iteration of Calorchi, is now scamming in USA and Canada

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Heard today from a friend they've invested money in Bitqyck, yet another blatant token-sale MLM.

While I work some crypto-knowledge and hopefully ensure they don't send them any more money, I will re-iterate some of the best tips to avoid scams that I know of:

Do they have open-source software?

If no-one can verify the inner workings of a "crypto", chances are they're hiding something

Do they allow public mining?

No public mining nearly always means no mining at all. No mining means this is almost certainly a central database system, as such the operators have total control of your assets at all times. Proof-of-stake may be an exception, but be extra careful as the stakeholders can easily be centralized.

Do they have blockchain explorers?

A private blockchain is a database. If you cannot ascertain transaction volume, there probably isn't any.

Do they support open exchange?

Are you able to buy these tokens on an open market? If you decide to get out, is there a way to sell your tokens?

Most scams will not support any manner of private-key wallet or allow you to move the tokens at will. If you cannot buy or sell them as you please it should be a giant red flag that this is not a legitimate cryptocurrency.

Can you "earn rewards" through referrals?

Very few legitimate business will pay you to do their advertising for them. If they are promising any manner of reward they are likely operating a pyramid scheme and now you are the scammer trying to recruit more suckers.

Hopefully these tips will help someone avoid being roped into a scam claiming to be a "cryptocurrency".

Questions and comments are welcome and discourse is always appreciated (and usually entertaining).

submitted by /u/Erumara
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1 Bitcoins

Bitcoin News and Search

1 News - 247 News - 247 Bitcoin - 1 Search

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