Scam Coin On PANCAKESWAP - page 6. | Bitcointalksearch.org

DaMut

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Quote from: FIFA worldcup on March 27, 2021, 07:26:04 AM

Quote from: DevilSlayer on March 27, 2021, 05:43:26 AM

Actually I'm not a fan of pancakeswap even though I earned a total of 30 bnb there by just participating in the hype of new listed coin. Usually the coin listed on pancakeswap have a good movement in its first few hours then suddenly the hype will die that will lead the coin to die where its developers and team behind will officially abandoned it. There is also a term which is the "rug pull".

This happens in every exchange and not just in pancakeswap. How many times we see a coin being listed in binance and it dumps right after the pump.

This is completely different, on binance the chance for them to do rug pull is almost zero because the exchange holds the asset centrally while on pancakeswap it is handled by smart contract. as long as the liquidity is provided, people can pump and even dump it to zero.
it is not about pump and dump but rather it is more into getting scammed.

FIFA worldcup

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Quote from: DevilSlayer on March 27, 2021, 05:43:26 AM

Actually I'm not a fan of pancakeswap even though I earned a total of 30 bnb there by just participating in the hype of new listed coin. Usually the coin listed on pancakeswap have a good movement in its first few hours then suddenly the hype will die that will lead the coin to die where its developers and team behind will officially abandoned it. There is also a term which is the "rug pull".

This happens in every exchange and not just in pancakeswap. How many times we see a coin being listed in binance and it dumps right after the pump.

Quote from: DevilSlayer on March 27, 2021, 05:43:26 AM

I do not consider the coin listed on pancakeswap as trading because it is a pure luck where there is a double edge sword. I'm a trader but I do not use any technical analysis whenever I trade coin listed on the pancakeswap because usually the coins are illiquid.

You cannot use technical analysis for the coins which are fresh and newly listed. They have no prior data which can be used for the technical analysis.

DevilSlayer

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Activity: 1428

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Actually I'm not a fan of pancakeswap even though I earned a total of 30 bnb there by just participating in the hype of new listed coin. Usually the coin listed on pancakeswap have a good movement in its first few hours then suddenly the hype will die that will lead the coin to die where its developers and team behind will officially abandoned it. There is also a term which is the "rug pull". I do not consider the coin listed on pancakeswap as trading because it is a pure luck where there is a double edge sword. I'm a trader but I do not use any technical analysis whenever I trade coin listed on the pancakeswap because usually the coins are illiquid.

leea-1334

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Temporary forum vacation

Quote from: Bttzed03 on March 27, 2021, 02:54:31 AM

It is an added assurance to a token's use case. If their code is properly audited and the results show it's good, the chances of hacker exploits/attacks is less. You also don't have to worry about the team minting unlimited tokens that they will dump on exchanges in an instant. We've seen those cases before especially by anonymous teams.

Agree,,, I know certik audits do not guarantee anything and we all know many hacks have now happened on audited codes done by certik for example, BUT it is one added assurance. I know nothing about code but I am fairly sure Certik knows a little and if they can audit it this is one less route of hack to the code.

CAPT.DEADPOOL

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PHORE

Quote from: Kongxx on March 24, 2021, 12:34:03 AM

PANCAKESWAP is a fairly new crypto exchange. Many new cryptocurrencies are introduced there everyday.

Are you any scam coins on this site? Anybody faced any scam coins there before?

It is inevitable to have a scam project with other listed exchangers every day there is a new defi project and some of them are scams because there are scammer who take other information from other projects so that they can put the other exchangers on their website because they are only after money so even if the project is a scam they accept it.

Kitaiev

sr. member

Activity: 1064

Merit: 300

Personally i haven't encountered any scam on this exchange but i didn’t try to buy something risky that i don’t know. Mostly i use staking cakes and this is enough for me. I know that my friends didn't have any problems with fraud on this site either.

Bttzed03

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https://bitcoincleanup.com/

Quote from: Mpamaegbu on March 26, 2021, 11:18:27 AM

Quote from: Bttzed03 on March 24, 2021, 03:16:10 AM

To lessen your risk of ending up with scam tokens, always check if their code has been audited by a reputable third party.

That's a nice insight you just gave there. Honestly, I haven't been checking on project audit but I have been fairly lucky not to have invested in any scam token yet. I hope it stays that way too.

In Code, we trust.....but you don't want to blindly invest in codes written by some random people.

It is an added assurance to a token's use case. If their code is properly audited and the results show it's good, the chances of hacker exploits/attacks is less. You also don't have to worry about the team minting unlimited tokens that they will dump on exchanges in an instant. We've seen those cases before especially by anonymous teams.

masulum

legendary

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Merit: 1603

hmph..

Quote from: larus on March 26, 2021, 10:50:11 AM

Defi is one big field of scam coins, sorry

There is no differents between defi or non-defi coin, every project can be go out anytime they wants. Thats why every investor need to do research before invest in any financial service. today you says defi is easy to enter a scam, as well as when ICOs and IEOs are booming, people think all this will only end up in a scam, but it is not the case. Where there is money-making potential, there will be scammers. Whatever the type of business and offer.

BChydro

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Quote from: MishaSER on March 26, 2021, 12:40:51 PM

I remember 2 months ago I was involved in farming Bamboo spent 0.6 BNB, but after a couple of hours the token fell to the very bottom, I did not understand what happened, but I managed to return only 0.3 BNB. Therefore, guys, keep an eye on what projects you invest in, there are no guarantees.

If you jump into the hype you should anticipate there will be a lot of scams, you are lucky you did not loose everything and i am yet to jump into this mess as i am not too confident on most of the projects listed and as i have gone through the mud loosing a lot of money in the process but farming is another risky prospect which i might do if there is transparency in the team, if not i will pass.

MishaSER

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BIB Exchange

I remember 2 months ago I was involved in farming Bamboo spent 0.6 BNB, but after a couple of hours the token fell to the very bottom, I did not understand what happened, but I managed to return only 0.3 BNB. Therefore, guys, keep an eye on what projects you invest in, there are no guarantees. Now this token is designated as old https://bscscan.com/address/0x2eb5ecc40e403b12ee4428d70fddf34e2c2c27b0

Mpamaegbu

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Once a man, twice a child!

Quote from: Bttzed03 on March 24, 2021, 03:16:10 AM

To lessen your risk of ending up with scam tokens, always check if their code has been audited by a reputable third party.

That's a nice insight you just gave there. Honestly, I haven't been checking on project audit but I have been fairly lucky not to have invested in any scam token yet. I hope it stays that way too. My method has been to go through the token write up and check if it has a use-case or just some dude building a castle in mid air. If it's the latter, I instantly know it's a no-no and I stay out, no matter what ROI is projected. Another thing I look out for is error on the write up. If I find silly school boys error, I take that the dev and its team aren't a serious bunch. I like seriousness when it comes down to business. That's the major thing that can make me part with my hard earned cash.

larus

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Defi is one big field of scam coins, sorry

jaberwock

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Quote from: Kongxx on March 24, 2021, 12:34:03 AM

PANCAKESWAP is a fairly new crypto exchange. Many new cryptocurrencies are introduced there everyday.

Are you any scam coins on this site? Anybody faced any scam coins there before?

Scam coins are something that is available all around the crypto world, yeah crypto space is much newer than most markets in the world so it is not really defended against that well nor educated enough to prevent it from many people. However we live in a world where some guy sold the eiffel tower...twice, so please remember that all the scams you have seen here has been 100x in the same period of time at fiat world as well.

Crypto could have scammers stealing a million dollars, and at the same time some guy could be stealing 10 million dollars in fiat money somewhere around the world, not to talk about all the scams that happened in the past as well. There is a 71 page long wikipedia page talking about each scam and most of them also have their own pages as well, so scams are quite common in the world.

Cappex

member

Activity: 571

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do not invest in everything listed without having done the right research, it is already very difficult to find the right project with real potential let alone if one has to check all the tokens that are launched.

coinmaster241

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Quote from: Kongxx on March 24, 2021, 12:34:03 AM

PANCAKESWAP is a fairly new crypto exchange. Many new cryptocurrencies are introduced there everyday.

Are you any scam coins on this site? Anybody faced any scam coins there before?

Indeed, the coin scam still exists, whether in the eth chain, bsc chain, tron chain and others. but we better be more careful, because we still bear the risk ourselves.

Restmand

sr. member

Activity: 979

Merit: 258

Quote from: Kongxx on March 24, 2021, 12:34:03 AM

PANCAKESWAP is a fairly new crypto exchange. Many new cryptocurrencies are introduced there everyday.

Are you any scam coins on this site? Anybody faced any scam coins there before?

Yes a lot of scam coins coming to pancakeswap, I have even experienced this, buying new coins for this is new listed to coinmarketcap yes it can be profitable if you buy this early but when you are late in buying this coin you can lose your money. This coins are hyped by developers they will market coins having social medias and marketing their promos and offers but in the end if they will get the money they want, they will run out in the air, they will close their social media account and the price will dump till the coins has no value. So be watchful in choosing coin to buy.

TelolettOm

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Leading Crypto Sports Betting & Casino Platform

Indeed, for now there are so many scam tokens on the Binance Smart Chain network. The ease of making and the relatively cheap fees make many people make tokens every day with the aim of cheating. but there are also a lot of enthusiasts right now because when we find tokens that have a good concept the increase we get is up to 5-20X. So now it is only natural that many tokens are scam. During these 2 months thousands of tokens were created on the BSC network

Ararbermas

sr. member

Activity: 1988

Merit: 283

In such new exchange it's not possible to have a scam coins within after months or more, so you better be careful when choosing where to put your money!. Because it's so hard to find out mate to be honest, wherein no one can tell unless someone will gonna try to figure it out. That's why i suggest always to choose those popular coins in the market if you want to trade or you want to invest your money..because you can assure that your money is in safe place.. However if you really see it good to make profits than other coins or let say you really want to try it.. then make some research first for your safety even we says you are in a trusted exchanges because that's not how you can avoid scam coins..

WalkerIVIV

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Cryptocasino.com

Quote from: Cappex on March 24, 2021, 06:22:37 PM

do not invest in everything listed without having done the right research, it is already very difficult to find the right project with real potential let alone if one has to check all the tokens that are launched.

The problem is the swap service was an open platform and any coin can be listed on there instantly. I do agree with you if people should do a lot of research before try to buy any coin but i think thyere will be more and more scam coins will be coming to this service. The scammers are always looking for the opportunity.
They can't afford the fees on ethereum and that's why they were migrating to the platforms that gained massive popularity

Rexler

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The Standard Protocol - Solving Inflation

Yes there are scam coins there, Pancakeswap is just like Uniswap, they are both DEX's although they are running on two different blockchain, since DEX are the easiest place to list any token without paying an exchange listing fee or anything, scammers will certainly take that opportunity to list their shit token there, so be careful try not to buy those worthless scam tokens, it's a whole different world out here, try not to get scammed.

Topic: Scam Coin On PANCAKESWAP - page 6. (Read 936 times)