GEMS or Expand shit coin
I had invested about $10k in a shit coin called GEMS during the ico in 2017. They rebranded as expand later https://expand.org/. This was a scam but I had 100k of these coins allotted to me. They are probably worth $30 now. Is there anyway to claim this loss since this was not via an exchange like coinbase. I realize I have to sell them first for the loss. What is the best way to do this and what do I show as source for the cost basis ?#shitcoin #gems
Airbnb 888bnb Feb 15, 2021
They’re huge scammers. Read up on the brothers that created it — anyone who knows them closely will know they are always trying to make a quick buck. Sucks for the people that went in, and hope that all future investors are smart enough blacklist them
How was it a scam? If you don't mind sharing so we don't fall for something similar this crypto run.
The coin was hyped and they did a private sale and later denied having sold anything private. Then they said they would do an give it to folks who marketed their coins via social network and they changed it and decided to auction it. No more alt coins for me. The founders screwed it up. Considered it as a $10k lesson.
Lol, founded didn't screw up. This was their plan.