Topic: Is it possible to avoid all scams? - page 9. (Read 1997 times)

That's a good step to consider but even how careful an investor is, chances of being scammed are always there. You are correct that it doesn't guarantee protection but at least users will have to lessen the risks that they are in the shit project.

But sometimes, even with a good project, they are eventually turned up into a scam. There's no 100% protection against this scam but at least we are not falling on the obvious ones.

It is not about the investment risk itself, because the risk in investing, and especially in cryptocurrencies, will always be there. It is more about the new ways that scammers use. If it was possible to predict how the scammers would try to deceive us, then it would be possible to avoid them. Unfortunately, we cannot predict the future, so scams will continue to happen.

You can avoid fraud if you carefully study each project and exclude greed when deciding to invest. But even this does not guarantee protection against the loss of investment. Crypto is a high-risk area.

People do make the mistakes that leads them to getting scammed and they just never know that. There’s no way that you can put an end to scamming at all, even if you should capture all of them that are scammers in the world and lock them up, there will still be other people that will come out and continue from where they stopped and that’s just it. So instead of hoe to stop scam, we should be thinking of how to avoid scam.

I once saw someone that complained of how he was scammed a few times, and even at that he still never learnt a lesson and continued to look for strangers online to do business with. Such would put him in a position of getting scammed over and over again, because he has never learnt his lesson. Until he realizes the mistakes that he’s making and corrects them, then it’s not going to work out at all. Just like you have said, people should only make use of reliable exchanges like Binance.com, and when they decide to use decentralized exchanges, they should make sure that they are trading with that has proven to be trustworthy.

I understand this formula of mutual compensation, instead of being afraid of a fire and avoiding it, we should rush in and extinguish it with all the water we have, create more conditions to escape the fire and protect the rest of the property but whatever this option is, the fire still has a high risk of breaking out and causing more damage and can attack us due to our bravery. Scams are the game and rules of the cheaters, to perfectly avoid these people it is better not to contact and increase relationships, acquaintance and reputation will be easier to work

Getting rid of scams completely is impossible. However, I do think there are some things you can do to try and help prevent them. Just look at the stock market as an example. Almost any company can get listed on the pink sheets (penny stocks) and that is where you find many of the scams. For a company to get listed on a big exchange like the NASDAQ or S&P 500 they have to go through extensive background checks and present tons of company/financial documents for proof..etc. Because of that, fewer companies listed on those big exchanges will turn out to be scams (aside from the occasional ponzi-scheme that will have virtually everyone fooled).

It's similar in the crypto market. If you want to try and avoid getting scammed you need to only trade tokens which are on established centralized exchanges like Binance or Coinbase. These exchanges won't just list anyone and because of that, the tokens on there are more likely to be legit. That doesn't mean the occasional one can't slip through, though.

If you want to take bigger risks you trade on the decentralized exchanges, such as PancakeSwap/UniSwap/SushiSwap..etc. This is comparable to the pink sheets of stocks in my opinion. You're taking a bigger risk, but if one of those tokens eventually gets listed on a big centralized exchange like Coinbase, you are going to reap much larger rewards - just like a penny stock moving up to the NASDAQ.

Only trade tokens that on the large centralized exchanges (Coinbase/Binance) if you want to try and minimize some risk when it comes to being scammed. That being said, you'll be giving up the opportunity to have big potential gains if you were to get in on a token while it's only on decentralized exchanges (Uniswap/Pancakeswap/Sushiswap) and then see it move to one of the large centralized exchanges. All comes down to how much risk you personally want to take as a trader/investor.

It depends on what coin you are investing. Not all coin that printing loss is a scam. Some of them are just underperforming that's why investors lose confidence. Maybe you are attracted on coin that has no fundamentals that's why you said that stats. Maybe if you purchase on IDO you might get scam but if you are buying only on reputable exchange such as Binance, There's only a small chance that a scam can enter there and you are aware of that since it will be controversial on crypto mainstream media.

Everyone hopes that they don't want to be scammed, but this is impossible for us to avoid, all we can do is minimize being exposed to a scam, when I invest 25 new coins or tokens then about 15 will die and 10 will skyrocket up to 10x or more, but with profit from 5 tokens that skyrocketed to 10x, I was able to cover the loss of 15 dead tokens, and this is what makes me never afraid of being scammed.

It's impossible to get rid of scam, they will always exist. But you are right regards avoid being scammed if you a careful investor. An investor who sticks only with bitcoin, few legit altcoins and take all the security protocols at his disposal is very likely to never be scammed. Although the same can't be told about the investor who is constantly looking for greedy earning methods and offers promoted on the internet.

ICO projects' participants aren't protected against scams also, because the bounty hunter job is all about the risk of not earning anything for the tasks done after weeks or months of personal effort and time invested, since hunters never know how much they are going to be paid in real values due to being paid in apparently priceless tokens.

It's been a long time since something like this made everyone restless and it was hard to get rid of it,
fraud will always have various ways and we do have to be extra careful,
maybe what we can do before joining the project is to do research and find information from various social media channels

The short answer: of course is that scams cannot be avoided. Wherever there is money, scams take place "unfortunately, such things happen even in families".
In my experience, I know that the more clearly a project tries to prove that it is not a scam, the more suspicious it is, so I will stay away from the project you are talking about.

I Don't think getting rid of Scams is Easy, But to avoid fraud we can still do that by being careful in doing so, whether it's investing in Cryptocurrency or being a Participant in an ICO Project.

unfortunately it is an impossible mission to be able to avoid all scams some investment proposals ico / ieo etc look good but even if they are not scams maybe they cannot succeed on the market but if it happen to take some scam is a hard lesson so next time before doing an investment we will better study the offer, the pros and cons and take all the possible information

It will be practically impossible to avoid falling for scam although with experience and mastery, you could reduce the possibility of falling. However, there are so many newbies out there who without any form of knowledge want to test the deep waters with both feet. And also, sometimes a dev may have very good intent but ending up failing, so it might not necessarily be a scam in this case but a failed project.
Bottom line is, one has to be really careful before investing in a project because some of these dev are not really your friend.

because of the many frauds carried out in the name of good projects, I think many investors are confused in determining the direction, not only other people, myself when faced with several good projects, I am sometimes confused in making choices. especially a new investor who has to spend their capital, of course anyone will feel anxious and afraid if there are many frauds committed.

Exactly, so it's very important that crypto will be regulated as it will result in the minimization of scams, without regulation, these scammers will continue to use crypto as their playground and they will continue making easy money without worries of getting punished legally. Whether we like to see it or not, there are still people who will invest blindly because they only see the success they can get in crypto, and that is without realizing the potential risk of investing, if they fail, scammers will succeed.

Cryptocurrency seems to be created for fraudsters. In any case, this gray, unregulated period of it is very convenient for their fruitful work. Like participants in the cryptocurrency market, all sorts of scammers work here anonymously and it is extremely difficult to establish their identity. Moreover, any fraudster can be in any country convenient for him, where no law enforcement agencies can reach him.
Even if the majority of states unite in the fight against cryptocurrency fraud, there will certainly remain opportunities for them.

Actually, I think that they will exist always until crypto world becomes regulated by government. As long as scammers don't have any punishment, they will continue their activity. Nevertheless, if we learn how to investigate projects and how to comply with risk management we will be more protected and there will be less people who lose money due to scams.

All scams are somewhat difficult, many who do the scams square them very well, they usually show documents that everything is under the relevant legality, and even real people are searched with KYC and everything in order, and even the best bounty hunters can fall, the reason is simple, if they want to leave with all the funds and steal all the people they want they can do it, and it is something that is very difficult to determine, everything is a risk, the only way that there is no risk is when they are projects that reach an Exchange, such as Binance, which is level 1A and its researchers are very specialized.

You can’t get rid of scams from the cryptocurrency market, but you can protect yourself from scammers. And how do you do that? For you to be able to protect yourself from scammers that are in the cryptocurrency market or anywhere online, you have to learn more on how these scammers operates, and you need to be wise enough and know when you are about to fall into their trap. That’s why everyone needs enough knowledge, because when people are educated and they are wise enough to realize when they are about to get scammed or figure out when something is fishy about a project, then they will be able to protect themselves from all these scammers. But, if you are trying to stop scammers from existing, you know that’s not going to be possible at all.