Need Mrees opinion; PabyosiCoin... is it a scam?

Jim H
By Jim H on Mon, Apr 10, 2017 - 12:30pm

Mrees (or other commentators).... I have a Chinese friend who has made a non-negligible investment into this coin, aka PBC.  He bought them with the, "help" of a friend of a friend who sponsored an, "investment" meeting.. and the whole thing as the faint but acrid aroma of something MLM-like.  

They look to me to be essentially worthless;

     https://coinmarketcap.com/currencies/pabyosicoin/

Am I correct in my assessment?  Thank you, Jim

12 Comments

mrees999's picture
mrees999
Status: Gold Member (Offline)
Joined: Aug 16 2013
Posts: 372
Scam

Yes, this is another in a long, long, long list of scams.

At least 90% of coins are scams. I think 90% of the last 10% will probably fail at some point, even though they might have started with good intentions. Social consensus is the key. After that, the development team. They have to show a proven record of what they've done in the past. Nobody just 'appears' in this technology - they were all part of something before had and there needs to be proof.

So if people happened to know the right projects and get it right for investing, and know how to store it so it isn't hacked or stolen from an exchange - they still have to worry about trying to trade these without getting swamped by a whale.

Then investors must have steady hands that can wait out 80% drops in price based on rumor or unexpected law from dumb politicians. Then people shouldn't invest unless they know what it is they are investing in rather than just what has momentum as the pumps and dumps will kill them. 

You guys have it good on this forum as I try to keep you safe.

 

Jim H's picture
Jim H
Status: Diamond Member (Offline)
Joined: Jun 8 2009
Posts: 2379
Thank you Mrees..

I only wish I had had the conversation with my friend before they bought the scam coins...

On a happier note.. I have my Ledger Nano S in hand and am in the process of getting verified by Coinbase where I will make an initial purchase of BTC and ETH soon.     

thatchmo's picture
thatchmo
Status: Gold Member (Offline)
Joined: Dec 14 2008
Posts: 432
Lucky you, Jim H!  I have my

Lucky you, Jim H!  I have my Nano S as well, but with the "Hawaii law forbids (effectively) Coinbase from doing business in the state" option.  Still trying to figure out an entry method...Aloha, Steve.

outofusd's picture
outofusd
Status: Member (Offline)
Joined: Jun 23 2009
Posts: 2
CC Wild West

Mrees.

Recently joined this informative group. 

This is certainly the wild west when it comes to understanding -little lone investing- in the cryptocurrency game. I very much appreciate your expertise and advice. Looking forward to much more exploration in this evolving game changer.  

mrees999's picture
mrees999
Status: Gold Member (Offline)
Joined: Aug 16 2013
Posts: 372
Welcome to crypto-land

Hi OutOfUSD. 

 

I see you've joined the bitcoiner group and the blockchain group. This is a wise choice.

You've entered a rare and  special void of lands inbetween paradigms. One we are exiting was the "information age", we now transition to the "Trust Age". It promises to turn the world in upheaval as much as the internet did. 

More to come - but that nature of money is likely to change in some ways back to 'natural law' of supply\demand where gold and silver where independent of 'money and state' which is a relatively recent change in world affairs. As you probably know already as you are on this website - declaring fiat for your money is not sustainable.

From what I can see through thousands of hours of research is an amazing but potentially frightening future. I'll be your guide,

 

mrees999's picture
mrees999
Status: Gold Member (Offline)
Joined: Aug 16 2013
Posts: 372
You're half-way there!

The Coinbase on-boarding is is slow as it usually takes a couple of weeks from the time you first sign up before you are fully able to buy bitcoin \ ether in bulk. The nano s is a great device but it's a little tricky at first to understand. I think there's a youtube video that will help when you are ready.  

After a couple of money transfers you'll be more comfortable.  I always suggest as your first move - to write down with paper \ pen your 24 seed words it randomly assigns.  Never enter them into any device that will EVER touch the internet. Then transfer a tiny amount to the device.  Then enter the wrong pin number 3 times which will reset and erase the device.

Then you will need to set it back up.  Use recovery mode and enter your seed words just as you wrote them down. Then verify your records and balances are returned. That will likely remove that uneasy feeling that you can be storing a lot of money on the tiny device. It did for me and I've been doing this for a few years.

It should keep an entire history of all the different types of coins you've transacted using that device and all the transactions as they are stored on the various blockchain records. This makes it amazing as you in theory can move money to the device at any time and then purposely erase it so even if somebody got their hands on it - it would be no good to them.  All your funds are effectively stored on your paper storing the 24 words. 

Those words are your safe. You can write them into 'random thoughts' or as part of a diary entry or whatever (even make a qr-code from them?). Your wallet doesn't have to be connected at any time after it is set up and you know the public keys to send funds. You can send any amount you want at any time because the funds aren't stored on the hardware - only your keys to spend them. If you aren't spending - there is no reason to have it connected (or even formatted).

Once you are really comfortable with those concepts it's a good idea to get a second wallet to practice setting it up to pass the "$5.00 wrench" problem.  Which means that somebody threatening with a $5.00 wrench might 'beat' the password or pin from you if they know it's holding money. So use the feature that allows you to store "private' funds with a secret entry - and the 'cover' address that holds a small amount, but enough the wrench-holder will be satisfied he stole your goods. The secret stash will remain untouched and hidden from view.

As things can go wrong or complicated-  I wouldn't suggest using this feature with your main device at first and transfer just small amounts to practice this security feature on your 'practice' device when you've grown into it.

You've been watching this space for a few years and perhaps feel you are getting in late - but believe me, we are all still pioneers on the adoption curve. Amazing things to come.

 

 

 

Jim H's picture
Jim H
Status: Diamond Member (Offline)
Joined: Jun 8 2009
Posts: 2379
Not too late...

I agree with you wholeheartedly Mrees... 

You've been watching this space for a few years and perhaps feel you are getting in late - but believe me, we are all still pioneers on the adoption curve. Amazing things to come.

The same could be said for Silver and Gold, honestly.  Ethereum popped earlier today along with the metals.. interesting.  Thank you for all the detail in terms of Ledger Nano S operation and best practices.. awesome info Mrees.  I have been watching Bitcoin since it was $12... time to finally get my butt in gear and take some crypto positions.   

bowskill's picture
bowskill
Status: Bronze Member (Offline)
Joined: Mar 16 2012
Posts: 78
Nano

Yeh I got into bitcoin because of Jim and ethereum because of mrees.

Also got my Ledger Nano last week. I thought it was over the top the advice about how to store the wallet words in case the wallet ever needs to be recreated. That is, don't make any form of digital copy of them. Handwrite them.

But today I saw the movie "Snowden". Now that advice makes complete sense. (I have also taped up my laptop webcam.)

Ethereum certainly did pop today. Another reminder of why it is better to "hodl" than trade. These sudden short term leaps (and dips) are completely unpredictable.

mrees999's picture
mrees999
Status: Gold Member (Offline)
Joined: Aug 16 2013
Posts: 372
Security warnings on crypto currencies from John Mcafee himself.

I know I sound like a conspiracy theorist about all these things...unless you are a computer security person or spend any amount of time on hacker forums.  It's all part of the job,  Snowden just gave you a small taste. Check out this youtube video of John Mcafee talking about securing your crypto currencies. He's all over it - and gets hack attempts every day (all part of his job as the ultimate hacker \ virus protection man)

I do have a laptop camera cover - even disabling it in software isn't enough. I've downloaded free tools that will reactivate them and turn them on without the person ever suspect. It's trivial to do.

 

thatchmo's picture
thatchmo
Status: Gold Member (Offline)
Joined: Dec 14 2008
Posts: 432
Success!

Got my Nano S set up.  Got signed up to localbitcoins.com.  Contacted a local seller- but off-island so sale done by texting.  And made a purchase of a fraction of a BC.  Transfered, a few hours of worry later, to my Nano, after having done a reset successfully.  And there they sit (I trust).  Really not too daunting.  Going to set up an account on poloniex to do some exchange BC>ETH soon.  That interview mrees999 posted of John McAfee about security was troubling.  Should I buy a new laptop that's never been "anywhere", web-wise, to conduct these transactions?  All-in-all, kind of interesting/exciting.  Wait.....LOOK, a tulip!  ;^)  Aloha, Steve.

ps- thanks, Mark, for your guidance.

mrees999's picture
mrees999
Status: Gold Member (Offline)
Joined: Aug 16 2013
Posts: 372
Thatchmo is no longer a btc virgin

Nice Job... Now you're a man.

 

Now buy a little eth through Shapeshfit and that will put some hair on your chest.

 

The when you have eth you guy buy some SNGS and see it double overnight.  That's really fun for the few minutes until it drops by 100% two days later. Second guessing your one day pause wondering if you should trade out of a 24 hour 100% return - Welcome to Cryptoland.- where things get crazy.

 

mrees999's picture
mrees999
Status: Gold Member (Offline)
Joined: Aug 16 2013
Posts: 372
Thatchmo is no longer a btc virgin

Nice Job... Now you're a man.

 

Now buy a little eth through Shapeshfit and that will put some hair on your chest.

 

The when you have eth you guy buy some SNGS and see it double overnight.  That's really fun for the few minutes until it drops by 100% two days later. Second guessing your one day pause wondering if you should trade out of a 24 hour 100% return - Welcome to Cryptoland.- where things get crazy.

 

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