Topic: BSC is advantage for scammers (Read 130 times)
I do not think any forward thinking investors will choose a project to invest in just because it is adopting BSC consensus. It is no more news that many scam project target forward and successful project to create an imitation just as we have seen during the Defi token popularly call YFI. variants of yearn token were developed by other project with almost all of them ending in scam. Now alot of project are considering BSC basically due to the low fee compare to current ETH blockchain
Wake the hell up investors, binance smart chain (BSC) could be the next ICO part 2 I've been expecting, investors hearing the name binance smart chain can cause FOMO, thinking that any project that runs on BSC will be huge because it has binance to the name, mind you it's a big advantage for scammers over you
Not all projects running on BSC are real, there will be more rug pulls and I don't want many to get caught
I guess most of the old investors know about that caution that even in BSC, there can be scam projects. But thank you anyway because there will really be those investors that upon hearing that the project is built on BSC, they will have no hesitation of buying it and forgets about researching entirely. Not all projects running on BSC are real, there will be more rug pulls and I don't want many to get caught
BSC makes it all the more easy for scammers to scam because now the barrier to entry is so low and there's much less scrutiny by community. Almost every day you see some scam or rug pull in this space. Just yesterday I saw a project (Meerkat Finance) scam their investors out of $30 million USD worth of BUSD/BNB. This morning someone mentioned about another scam.
If you're investing in no name projects especially on BSC, you're an idiot.
If you're investing in no name projects especially on BSC, you're an idiot.
Not all projects running on BSC are real
One could argue that none of the projects running on BSC are real. Well, some of those are real but those are just copy of ETH projects.Scammers are developing their skill and use new techniques. So does not matter, which Blockchain are use.
I disagree. Scammers are not developing their skills or using any sophisticated techniques to scam. It's just the average person in the crypto currency space has now gotten dumber. Years ago scammers would put a lot more effort into their schemes, now they just clone a smart contract, pay some freelancer 50 bucks for a website, do an ICO or UniSwap/PancakeSwap listing, make money, and leave investors with their losses and sometimes outright pull liquidity out and leave bagholders with nothing. 
Same opinion with me. But before BSC hype come, the DeFi things is already like ICO part 2, when you buy this coin you get this airdrop coin.
Its creating loophole hype which makes many people who even didnt know about DeFi want to invest on it.
you are right the trend from DeFi was popular first. recently the market got to know BSC and many have benefited from projects joining the binance smart chain. it makes the adoption of the project with the BSC will be even greater. and everyone should know and do not close their eyes that not all of this project will be truly successful and profitable. most of them will eventually grow and some will end up scam. Its creating loophole hype which makes many people who even didnt know about DeFi want to invest on it.
Scammers are developing their skill and use new techniques. So does not matter, which Blockchain are use.
copper member
Activity: 2758
Merit: 1163
Leading Crypto Sports Betting & Casino Platform
Wake the hell up investors, binance smart chain (BSC) could be the next ICO part 2 I've been expecting, investors hearing the name binance smart chain can cause FOMO, thinking that any project that runs on BSC will be huge because it has binance to the name, mind you it's a big advantage for scammers over you
Not all projects running on BSC are real, there will be more rug pulls and I don't want many to get caught
Not all projects running on BSC are real, there will be more rug pulls and I don't want many to get caught
Just like what many disclaimer stated, invest at your own risk BSC is not exempted from the eye of scammer even on there launchpad though so what more on there decentralized platform which anyone can start there project permission less.
Wake the hell up investors, binance smart chain (BSC) could be the next ICO part 2 I've been expecting, investors hearing the name binance smart chain can cause FOMO, thinking that any project that runs on BSC will be huge because it has binance to the name, mind you it's a big advantage for scammers over you
Not all projects running on BSC are real, there will be more rug pulls and I don't want many to get caught
Not all projects running on BSC are real, there will be more rug pulls and I don't want many to get caught
Same opinion with me. But before BSC hype come, the DeFi things is already like ICO part 2, when you buy this coin you get this airdrop coin.
Its creating loophole hype which makes many people who even didnt know about DeFi want to invest on it.
Wake the hell up investors, binance smart chain (BSC) could be the next ICO part 2 I've been expecting, investors hearing the name binance smart chain can cause FOMO, thinking that any project that runs on BSC will be huge because it has binance to the name, mind you it's a big advantage for scammers over you
Not all projects running on BSC are real, there will be more rug pulls and I don't want many to get caught
You do have a point but also you are missing a part, I believe the reason why BSC is more attractive right now isn't it because the chain is from binance but because ethereum gas fee is very high, few projects have moved away from eth because of this issue with transactions already Not all projects running on BSC are real, there will be more rug pulls and I don't want many to get caught
Not all projects running on BSC are real, there will be more rug pulls and I don't want many to get caught
Agreed, i have heard that if there's a project that was doing rug pull and this is already happened since the creation of BSC. Did you remember that?even binance was getting fooled by the scammers. Any new project can't be trusted but people are betting their life into the project with the hope to make a lot of money in short time.
This will become the next concern for BNB to clean its ecosystem from the scammers.
Binance name is a big plus here so can't be compared to what ETH was all about, I mean investors that know too less about crypto knows how big binance exchange is so seeing a project move to binance smart chain will surely looks more attractive to newbies, it's a good point honestly, there will be high demand for BSC projects all in the name of binance
Scammers are everywhere, no matter which blockchain the project is running. As the projects can be created without any clearance or license there is always chance of scam, fraud, rug pulling or cheating so there is always a chance and risk here.
But BSC has a clear advantage in this scenario because the fee that is needed to run a single transaction is small compared to ethereum or the others.to successfully create a project and to scam people, the developer needs to run a few round of test to make sure the smart contract works as expected.
so this is not wrong to say it this way, be careful in choosing a DeFi project because it is an upgraded scheme of ico scam using a high roi as the bait.
Scammers are everywhere, no matter which blockchain the project is running. As the projects can be created without any clearance or license there is always chance of scam, fraud, rug pulling or cheating so there is always a chance and risk here.
Not all projects running on BSC are real, there will be more rug pulls and I don't want many to get caught
It's the same as ETH. Scam will always be everywhere, what we need to do is to be more careful in choosing a project.I agree with the OP that BSC platform may soon be proliferated by scammers, just like eth network. Since it is new to the community, a lot will really think that since it is under Binance, most projects will be promising and valuable in the market. Users should also do the same homework here even if it is under binance, because binance has nothing to do with the actual developments of every project that will be built under their network. Just like eth projects, it doesn't depend on the eth network if they will be successful or not.
Wake the hell up investors, binance smart chain (BSC) could be the next ICO part 2 I've been expecting, investors hearing the name binance smart chain can cause FOMO, thinking that any project that runs on BSC will be huge because it has binance to the name, mind you it's a big advantage for scammers over you
Not all projects running on BSC are real, there will be more rug pulls and I don't want many to get caught
Not all projects running on BSC are real, there will be more rug pulls and I don't want many to get caught
Jump to: