Reality of tokens - page 9. | Bitcointalksearch.org

ivakar

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Quote from: Apes on October 15, 2019, 12:40:56 AM

it turns out it's easy to make an ICO scam only with $ 50, with $ 50 you have got a complete package to start fraud, this work can be done by one person without having to mobilize a team, because it cheapness will be a lot of fake projects that use this service,
meaning it needs special supervision on the bounty. did anyone know how many are campaign that use this service.

the cheaper it becomes, the more projects appears and more people got scammed and as final result, less and less people will go into it.
seems like natural regulations. but that is also means that scammers will launch new HYIP project soon to scam people

gensol

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This is what we face daily for as little as $50, posts of funds are lost to scammers. Probably they should be a means of checking most of the ICOs or IEOs coming up because daily they abound in the space.

Bitbtc8

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new coins, new tokens and new exchanges have huge problems mostly, many projects are here to raise fund and new exchanges are here to conduct IEO to get big money, new projects and new exchanges can't be trusted, thank God that big exchanges are the third parties between projects and investors, if not the results will be more disastrous

Pearls Before Swine

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Quote from: HammadAli on October 14, 2019, 01:01:57 PM

Not saying that all of the tokens are of this type but most of them are of indeed.

You are on the money there. I already knew the barrier to entry into the ICO field was low, but this is just ridiculous, and doubtless the individuals/groups that take advantage of this sort of service are not going to be creating projects they think are going to be valuable in any way.

Anyone here besides myself think that ICOs have jumped the shark at this point? I mean I can just see them dressed up in a leather coat with slicked back hair on jet skis right now, and if I'm right this probably means that the days of bounty hunting are almost over. This kind of crap cannot go on forever, because I hold the fundamental belief that people are not *that* stupid and can't be tricked over and over indefinitely.

Quote from: J1mb0 on October 15, 2019, 12:32:59 AM

This is a fact and has existed for a long time, so fraudulent ICOs became popular and people lost faith in ICO projects. In my opinion, there is a need for close supervision from a professional organization

Yeah, but I've never seen anything like this. You know it's bad when services like this start popping up.

Apes

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it turns out it's easy to make an ICO scam only with $ 50, with $ 50 you have got a complete package to start fraud, this work can be done by one person without having to mobilize a team, because it cheapness will be a lot of fake projects that use this service,
meaning it needs special supervision on the bounty. did anyone know how many are campaign that use this service.

J1mb0

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This is a fact and has existed for a long time, so fraudulent ICOs became popular and people lost faith in ICO projects. In my opinion, there is a need for close supervision from a professional organization

monineklutak

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Quote from: HammadAli on October 14, 2019, 01:01:57 PM

So regarding the fact that what it takes to create a token for example an ERC 20, i ahve found a gig on Fiverr.
Check the link.
https://www.fiverr.com/wedowo/create-your-ico-website-and-erc20-token?context_referrer=search_gigs&source=top-bar&ref_ctx_id=34a69322-cdbf-40a4-98e6-b9f51a1be52f&pckg_id=1&pos=3&context_type=auto&funnel=657f18cb-30b9-4ede-a7f7-139b402768ed

Seller is creating an ICO website as well as the token for just 50$. So your basic invetsment is 50$, Now you just need to do marketing by just making a telegram group and launching a scam bounty scheme and give members greed to give 10% commissions. And you are ready to scam people.
People choose these scammers to scam them and thats all. Not saying that all of the tokens are of this type but most of them are of indeed.

it has been like this for a long time, people are trying to make fraud through ICO, but now the system is different, namely IEO and now much better,
because IEO was bought from an exchange not from the ICO website,
now what we have to examine is how the strength of the project itself, and who the members are in it, and certainly if they have a license that is also good,

Dewao

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Quote from: perla on October 14, 2019, 10:15:32 PM

That is why i look project from it's product. My perspective is, when they have no product yet, they create ICO to make their ideas get realized. It means they only rely on investor's money or maybe not have back up from their own money.

same with me no real product ready is look like they just want to raised funds the serious project should have a ready to use product and the fund the they will raised is just to help the project to be bigger.

CryptoBry

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Quote from: HammadAli on October 14, 2019, 01:01:57 PM

So regarding the fact that what it takes to create a token for example an ERC 20, i ahve found a gig on Fiverr.
Check the link.
https://www.fiverr.com/wedowo/create-your-ico-website-and-erc20-token?context_referrer=search_gigs&source=top-bar&ref_ctx_id=34a69322-cdbf-40a4-98e6-b9f51a1be52f&pckg_id=1&pos=3&context_type=auto&funnel=657f18cb-30b9-4ede-a7f7-139b402768ed

Seller is creating an ICO website as well as the token for just 50$. So your basic invetsment is 50$, Now you just need to do marketing by just making a telegram group and launching a scam bounty scheme and give members greed to give 10% commissions. And you are ready to scam people.
People choose these scammers to scam them and thats all. Not saying that all of the tokens are of this type but most of them are of indeed.

I am not surprised at all that it is now so easy to start an ICO project and with $50 starting cost, anybody can start the ball rolling and get people (a team) to make the project a little bit attractive and start promoting in social media perhaps first giving some free token airdrops to generate some buzz. However, I think that more and more people are already educated on how things here world and with many people who got burned in 2017 and early part of 2018, we are all discerning as to what constitute a real project and just a plain scam.

Of course, there will always be exemption to any rule or common understanding so some newbies and greedy personalities can still be enticed. This can be the reason why we always now dealing with new project under the auspices of a reputable crypto exchange -- the IEO way of crowdfunding. I already considered ICOs as dead as most people frown upon projects introduced that way. The message here is clear: No more ICOs, please.

Now, I am hoping that soon I can find a good Fiverr seller offering an IEO in a good exchange. At least, that can be better and not a bitter taste of a pill to swallow.

BlackFor3st

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Quote from: HammadAli on October 14, 2019, 01:01:57 PM

So regarding the fact that what it takes to create a token for example an ERC 20, i ahve found a gig on Fiverr.
Check the link.
https://www.fiverr.com/wedowo/create-your-ico-website-and-erc20-token?context_referrer=search_gigs&source=top-bar&ref_ctx_id=34a69322-cdbf-40a4-98e6-b9f51a1be52f&pckg_id=1&pos=3&context_type=auto&funnel=657f18cb-30b9-4ede-a7f7-139b402768ed

Seller is creating an ICO website as well as the token for just 50$. So your basic invetsment is 50$, Now you just need to do marketing by just making a telegram group and launching a scam bounty scheme and give members greed to give 10% commissions. And you are ready to scam people.
People choose these scammers to scam them and thats all. Not saying that all of the tokens are of this type but most of them are of indeed.

Yeah, this is the reason why plenty of scrap projects are launching everywhere because they can easily create their own token then they just do the rest like marketing,whitepaper,roadmap,team and etc.

Just to make their project a legit one even if their main purpose is to run away any investment money that they can gain from it's launch. This kind of wok will surely ruin the reputation of genuine projects.

nasipadang

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Quote from: HammadAli on October 14, 2019, 01:01:57 PM

So regarding the fact that what it takes to create a token for example an ERC 20, i ahve found a gig on Fiverr.
Check the link.
https://www.fiverr.com/wedowo/create-your-ico-website-and-erc20-token?context_referrer=search_gigs&source=top-bar&ref_ctx_id=34a69322-cdbf-40a4-98e6-b9f51a1be52f&pckg_id=1&pos=3&context_type=auto&funnel=657f18cb-30b9-4ede-a7f7-139b402768ed

Seller is creating an ICO website as well as the token for just 50$. So your basic invetsment is 50$, Now you just need to do marketing by just making a telegram group and launching a scam bounty scheme and give members greed to give 10% commissions. And you are ready to scam people.
People choose these scammers to scam them and thats all. Not saying that all of the tokens are of this type but most of them are of indeed.

Concepts and ways of thinking like that, why tokens that really have the quality of the development of blockchain technology are often not appreciated. Last year when the ICO trend was very high the concept emerged as you said it was, by attracting investors by making tokens that are quite easy and the benefits provided were large, and there was ICO scam. ICO is now much avoided by investors and is more inclined to IEO because its authenticity is guaranteed by the exchanger site.

Kyraishi

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Quote from: HammadAli on October 14, 2019, 01:01:57 PM

So regarding the fact that what it takes to create a token for example an ERC 20, i ahve found a gig on Fiverr.
Check the link.
https://www.fiverr.com/wedowo/create-your-ico-website-and-erc20-token?context_referrer=search_gigs&source=top-bar&ref_ctx_id=34a69322-cdbf-40a4-98e6-b9f51a1be52f&pckg_id=1&pos=3&context_type=auto&funnel=657f18cb-30b9-4ede-a7f7-139b402768ed

Seller is creating an ICO website as well as the token for just 50$. So your basic invetsment is 50$, Now you just need to do marketing by just making a telegram group and launching a scam bounty scheme and give members greed to give 10% commissions. And you are ready to scam people.
People choose these scammers to scam them and thats all. Not saying that all of the tokens are of this type but most of them are of indeed.

It's a pretty good example of how undervalued and scammy tokens nowadays are, and I think the entire community has found out the reality of that during the 2017-2018 ICO boom, where companies were able to scam for millions.

You are probably easily able to create a token, smart contract and website for less then 100 dollars, and then you can copy a whitepaper or pay someone to do, and then start promoting it via your tokens and bounties. Basically can get a scam up and running for less then 100 dollars.

Quote from: shinratensei_ on October 14, 2019, 09:58:07 PM

The hunters must try to educate themselves to know more about this. I found some services too. Even a freelancer website is being abused by scammer.

I would guess that most people on fiver understand they are providing a service to a scammer.

perla

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That is why i look project from it's product. My perspective is, when they have no product yet, they create ICO to make their ideas get realized. It means they only rely on investor's money or maybe not have back up from their own money.

shinratensei_

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Fiverr is not the only one and I have discovered so many kinds of services like this even in my local freelancer site.

The majority of people are offering this kind of crap service are coming from emerging countries. There are so many scam services that helped scammer.

I believe if those who are offering the service already know the mechanism of scam ico and this is the problem.
If we can report them all will be a good thing to be seen.

The hunters must try to educate themselves to know more about this. I found some services too. Even a freelancer website is being abused by scammer.

Quote from: HammadAli on October 14, 2019, 09:24:31 PM

Actually most of the newbies and simple people dont even realize that how easy it is to create a token and then creator just dumps on them once they get listed on exchanges. It takes too little to get on exchanges which want money to scam their own users. For example: A token named Roobee got listed on Yobit and guess what more than 98% of the supply is in first 10 accounts.
So what can any one expect in such a scenario?

It's actually a scam token. investor must be careful and try to invest in a trusted party but even some crap exchange sites are creating partnership with scammers.

zeze18

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That's why as an investor we have to be really careful about choosing which project to invest.
People like this are scamming newcomer to crypto and promising them a high profit in a quick time, those are got scammed also sometimes are greedy people who not doing research before investors and want a quick profits

lobat999

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Quote from: ashmodeus on October 14, 2019, 08:48:13 PM

what ?
just for 50 bucks u can make money 1-2 millions usd ?
did this why lately there are a lot of ico that doesn't make sense?
well well , good info bro.
this world must be crazy already,I hope from this discovery, people begin to study about ico if they want to be bounty participant or investor.
btw, are creating erc 20 token its easy like that ?

Most of these types of frauds had been going on for quite some time even before the advent of ICO's that is why we need to raise more awareness on this things to prevent people from getting victimized over and over again!

Fortunately, I think the cryptosphere is now getting more matured and most of its members are now well aware of this kinds of scam and should be equipped with necessary knowledge to detect it and avoid it accordingly not like before when mostly were victimized due to their naivety!

Periodik

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Quote from: HammadAli on October 14, 2019, 01:01:57 PM

So regarding the fact that what it takes to create a token for example an ERC 20, i ahve found a gig on Fiverr.
Check the link.
https://www.fiverr.com/wedowo/create-your-ico-website-and-erc20-token?context_referrer=search_gigs&source=top-bar&ref_ctx_id=34a69322-cdbf-40a4-98e6-b9f51a1be52f&pckg_id=1&pos=3&context_type=auto&funnel=657f18cb-30b9-4ede-a7f7-139b402768ed

Seller is creating an ICO website as well as the token for just 50$. So your basic invetsment is 50$, Now you just need to do marketing by just making a telegram group and launching a scam bounty scheme and give members greed to give 10% commissions. And you are ready to scam people.
People choose these scammers to scam them and thats all. Not saying that all of the tokens are of this type but most of them are of indeed.

Token creation nowadays is very handy even a little child could create his own token. And if you want to appear more professional and legit, there are hundreds of whitepapers out there in the internet and copy-paste some portions of those and you will have now a professional-looking scam. And if you have more than 50$ to start with, you could join crypto or blockchain conferences even as an audience only and you have already earned additional merit to blind investors.

bassbity

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Quote from: mhine07 on October 14, 2019, 07:50:50 PM

Quote from: HammadAli on October 14, 2019, 01:01:57 PM

So regarding the fact that what it takes to create a token for example an ERC 20, i ahve found a gig on Fiverr.
Check the link.
https://www.fiverr.com/wedowo/create-your-ico-website-and-erc20-token?context_referrer=search_gigs&source=top-bar&ref_ctx_id=34a69322-cdbf-40a4-98e6-b9f51a1be52f&pckg_id=1&pos=3&context_type=auto&funnel=657f18cb-30b9-4ede-a7f7-139b402768ed

Seller is creating an ICO website as well as the token for just 50$. So your basic invetsment is 50$, Now you just need to do marketing by just making a telegram group and launching a scam bounty scheme and give members greed to give 10% commissions. And you are ready to scam people.
People choose these scammers to scam them and thats all. Not saying that all of the tokens are of this type but most of them are of indeed.

This one of the reason why ICO now lost their credibility and legitimacy due to this. People now are quite smart to scam others , and mostly those who are new to crypto and wants an instant profits are the ones scammed by this kind. And even if the capital investments is low than $50 , people will grab this oppurtunity to make profits that they did not even know that this is scam.

With only $ 50 a fraudster can make millions of dollars profit, I am also worried about beginners if they want to invest and choose a project that turns out to be a scammer, if you want to invest it is better to ask the more experience in this forum also many experts in choosing good projects and don't decide for yourself if you don't want to be tricked by others.

Kotone

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Quote from: HammadAli on October 14, 2019, 01:01:57 PM

So regarding the fact that what it takes to create a token for example an ERC 20, i ahve found a gig on Fiverr.
Check the link.
https://www.fiverr.com/wedowo/create-your-ico-website-and-erc20-token?context_referrer=search_gigs&source=top-bar&ref_ctx_id=34a69322-cdbf-40a4-98e6-b9f51a1be52f&pckg_id=1&pos=3&context_type=auto&funnel=657f18cb-30b9-4ede-a7f7-139b402768ed

Seller is creating an ICO website as well as the token for just 50$. So your basic invetsment is 50$, Now you just need to do marketing by just making a telegram group and launching a scam bounty scheme and give members greed to give 10% commissions. And you are ready to scam people.
People choose these scammers to scam them and thats all. Not saying that all of the tokens are of this type but most of them are of indeed.

Imagine right 50$ investment then if youre a good in marketing and has some knowledge in blockchain you can easily fool many people. No doubt crypto always been scrutinize by SEC. These kind of people are no conscience and just doing a dirty work yo earn dime out of people who have deep pockets but no brain at all. I hope some solutions will be lay to avoid such scam activity.

HammadAli

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Actually most of the newbies and simple people dont even realize that how easy it is to create a token and then creator just dumps on them once they get listed on exchanges. It takes too little to get on exchanges which want money to scam their own users. For example: A token named Roobee got listed on Yobit and guess what more than 98% of the supply is in first 10 accounts.
So what can any one expect in such a scenario?

Topic: Reality of tokens - page 9. (Read 1190 times)