The altcoin market has become scammer's playground

Kezacky

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Quote from: WannaCry on December 01, 2021, 04:06:24 PM

It's always been a playground for those scammers. Since I joined the crypto world last 2017 I saw so many projects that are scams. At that time ICO was on hype and there are so many investors that lost their money.

Also, don't be surprised if 2021 is the year of meme coin hype under the pretext - doge killer meme coin, doge replacement shiba coin, shiba replacement floki coin and so on.
I have noticed that many newcomers are attracted to meme coins which have a large supply and they think that they can earn many times over if they invest in such coins.
I'm talking meme coins - in huge supply: shiba inu guise coins, doge, floki etc.

TheUltraElite

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Quote from: Henrobakkara on January 20, 2022, 05:23:18 AM

It is what it is and will always happen like this because we the investors are the ones fuelling it all in the name of trying to make quick money, now most people coming into the cryptocurrency space are looking to invest in meme coins, and some new projects that they believe will jump a 1000+% in a couple of days and we have seen this too so, creators will continue to do it and rip off the desperate investors, the project dies once the take-off with your investment and the circle continues.

It is a type of survival for the fittest. Only those who understand this market and have been investing in those coins that have been worthy of putting money in for long term will survive. Same thing is seen in fiat markets too where penny stocks end up drawing newbie blood at high prices only to come down again. Those who go in for easy money only get ripped off their money.

The investors who go it when ICO market was booming have long left too. They were mostly putting in average of 100$ per project hoping it to become 10x and cover the losses from another - a type of a gamble. But it turned out that they all failed and now the investors cant even approach them legally.

Quote from: K4C on January 20, 2022, 11:20:56 AM

I think about this situation is that anyone said that the all altcoins market are scammer its absolutely rong and i accepted that point an that time many projects come to market and they are scam for people so i extremely said the project come and going to the scam so they are clearly market is people say bad.

The only one who is bad is the person making the decision to buy a shitcoin or be part of a shitcoin bounty. Nobody forced to join that but they did be it for the temptation of easy money or anything else.

You have to appreciate the scammers who fooled so many investors but got away without getting caught. It should be a lesson for everyone.

K4C

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I think about this situation is that anyone said that the all altcoins market are scammer its absolutely rong and i accepted that point an that time many projects come to market and they are scam for people so i extremely said the project come and going to the scam so they are clearly market is people say bad.

Henrobakkara

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Quote from: avikz on November 23, 2021, 04:17:45 PM

After the initial success of Shiba Inu coin, I am observing that the altcoin market has become a playground for the scammers in most literal sense.

There are multiple projects now, which are showing 28000% return within just few hours of launching and then showing a steady decline. There are multiple examples,

Squid games: Defunct
Shih Tzu coin: https://coinmarketcap.com/currencies/shih-tzu/
Solar energy: https://coinmarketcap.com/currencies/solar-energy/
Mini BTC: https://coinmarketcap.com/currencies/minibtc/

Etc.

There are many others as well. It is a money laundering heaven. Don't you think such gold rush has to stop at some point. Otherwise cryptos will never be able to make its way into the mainstream world. People are buying from craps to garbages in the name of cryptos.

Voice your opinion.

It is what it is and will always happen like this because we the investors are the ones fuelling it all in the name of trying to make quick money, now most people coming into the cryptocurrency space are looking to invest in meme coins, and some new projects that they believe will jump a 1000+% in a couple of days and we have seen this too so, creators will continue to do it and rip off the desperate investors, the project dies once the take-off with your investment and the circle continues.

Botnake

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Quote from: vermigerous on December 16, 2021, 04:06:47 AM

As many people tend to enter cryptocurrency business, also the scammers and fraudsters wants to see a spotlight and space on how they can manage to do fraud things in such business. They have many strategies such that many could fall into their trap and be one of their victims, like they do phising sites and other email hacking system that they can enter your crypto wallet. But now, we just have to deal from refraining from scammers so that we can't lose anything from what we invest.

Well, as years made us more smarter in dealing with scammers, i think they themselves too are also gaining more confidence in searching for people to fall as their victims. Indeed, this altcoin market has been the scammer's playground since when crypto has been recognized. But i admit, the scamming incidents right now are more controlled than those previous years as most of the investors particularly newbies are entering the market without even gaining deep knowledge on it. I can see that even newbies right now are more knowledgeable on how to handle their investments properly so they can avoid scammers as much as possible.

vermigerous

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As many people tend to enter cryptocurrency business, also the scammers and fraudsters wants to see a spotlight and space on how they can manage to do fraud things in such business. They have many strategies such that many could fall into their trap and be one of their victims, like they do phising sites and other email hacking system that they can enter your crypto wallet. But now, we just have to deal from refraining from scammers so that we can't lose anything from what we invest.

alisonwonder

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Quote from: eXtremal on December 16, 2021, 02:04:56 AM

It's even happened since I first entered cryptocurrency. Usually fraudsters will duplicate a successful project or trend, then sell their coins to the public and then run away by withdrawing the LP or bringing a lot of investor money. It's sad but we know this is the risk of playing with new coins. Have a high risk.

The risk will remain forever in cryptocurrencies so this is the main thing that must be understood by everyone who is already in cryptocurrency, including in choosing a coin even though it is an old coin with very strong fundamentals in the market, it is clear that the risk will still exist even if it is not will be equal to the risk of new coins born from a new project.

eXtremal

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It's even happened since I first entered cryptocurrency. Usually fraudsters will duplicate a successful project or trend, then sell their coins to the public and then run away by withdrawing the LP or bringing a lot of investor money. It's sad but we know this is the risk of playing with new coins. Have a high risk.

dataispower

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Quote from: Godwinpaul on December 15, 2021, 09:26:03 AM

The cryptocurrency space has always been thought to be a haven for money laundering and with the decentralisation feature of the market, scammers are bound to take advantage of the opportunity and deceive naive or ignorant investors. The onus lies on us to gain knowledge about the industry before investing.

Cryptocurrency we know that is been use for money laundering from rich people their is no argument for that from the starting, because since is decentralized currency it will be hard to notice that cryptocurrency is the easiest way of money laundering, that is the reason scammers find it very to deserve some people, many investors have lost their coins today due to scammers brainstorm directly to cryptocurrency, we have to be wise to know scammer is encroaching close to us

barbara44

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Quote from: nimogsm on December 15, 2021, 08:49:17 AM

altcoins have always been an ideal place for a different scam, a low entry threshold with small amounts and the opportunity to earn quickly always attracts people.This is a kind of lottery, but most often only the developers of these projects remain in the black.The problem is the people who carry their money there until they stop, this problem will not disappear.Coinmarketcap today shows 8,200 projects, of which no more than 1 percent are normal projects.

Some people are not as careful as they should be. Some of them come in with the mindset that they want to make quick money and they end up losing their money at that. So, they all have to be careful and learn to calm down in this kind of thing.

People who usually fall easily to scam are people who are greedy and lacks patience, because you will be blinded by your greed and you would forget to seek the knowledge that is necessary for you to understand what you’re taking yourself into and you would definitely fall into a scam. Despite that there are so many scam and fake projects, there are also a lot of them that are really good and reliable.

gabbie2010

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Quote from: fadil46 on December 15, 2021, 09:41:55 AM

Quote from: Godwinpaul on December 15, 2021, 09:26:03 AM

The cryptocurrency space has always been thought to be a haven for money laundering and with the decentralisation feature of the market, scammers are bound to take advantage of the opportunity and deceive naive or ignorant investors. The onus lies on us to gain knowledge about the industry before investing.

Being deceived by scammers is a risk or a recklessness that at first we were just negligent without seeing and analyzing it first so that everyone can immediately fall into the trap of scammers who always give very tempting offers, so the solution is only one, don't believe too much in everything the new one.

Improper research is one of the major cause of investors being scammed, imagine a shit coin pumped 2800% within some couples of hours that is red flag, however a lot of greedy and gullible investors whose mindset is to earn massive profits within the shortest time will always fall for this trick, no wonder Altcoins has become a breeding space of scammers who equally has victims to scam, a quick research will prevent a lot of investors from those fraudulent activities.

dbc23

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This is normal as scammers find it difficult scamming with Bitcoin they are switching attention to altcoin where the can capture people by their greedy appetite particularly those whose wants to earn massively from little investment. If investors can control their greed then scammers would have nothing to offer.

Snappycoco

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Quote from: avikz on November 23, 2021, 04:17:45 PM

After the initial success of Shiba Inu coin, I am observing that the altcoin market has become a playground for the scammers in most literal sense.

There are multiple projects now, which are showing 28000% return within just few hours of launching and then showing a steady decline. There are multiple examples,

Squid games: Defunct
Shih Tzu coin: https://coinmarketcap.com/currencies/shih-tzu/
Solar energy: https://coinmarketcap.com/currencies/solar-energy/
Mini BTC: https://coinmarketcap.com/currencies/minibtc/

Etc.

There are many others as well. It is a money laundering heaven. Don't you think such gold rush has to stop at some point. Otherwise cryptos will never be able to make its way into the mainstream world. People are buying from craps to garbages in the name of cryptos.

Voice your opinion.

The fact that its hard to sue someone who's at unknown places, then this schemes will still be happening. Its up to us investors to protect our hard earned money and spot those rug and pull shitty projects. Crypto market is indeed a safe havens for these scammers. I hope one authority body should act to atleast lessen the effects of this. L

fadil46

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Quote from: Godwinpaul on December 15, 2021, 09:26:03 AM

The cryptocurrency space has always been thought to be a haven for money laundering and with the decentralisation feature of the market, scammers are bound to take advantage of the opportunity and deceive naive or ignorant investors. The onus lies on us to gain knowledge about the industry before investing.

Being deceived by scammers is a risk or a recklessness that at first we were just negligent without seeing and analyzing it first so that everyone can immediately fall into the trap of scammers who always give very tempting offers, so the solution is only one, don't believe too much in everything the new one.

Godwinpaul

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The cryptocurrency space has always been thought to be a haven for money laundering and with the decentralisation feature of the market, scammers are bound to take advantage of the opportunity and deceive naive or ignorant investors. The onus lies on us to gain knowledge about the industry before investing.

Yamifoud

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Quote from: nimogsm on December 15, 2021, 08:49:17 AM

altcoins have always been an ideal place for a different scam, a low entry threshold with small amounts and the opportunity to earn quickly always attracts people.This is a kind of lottery, but most often only the developers of these projects remain in the black.The problem is the people who carry their money there until they stop, this problem will not disappear.Coinmarketcap today shows 8,200 projects, of which no more than 1 percent are normal projects.

I think we need some regulations to minimize (only) these things but can't totally eliminate them. Because as long as they are free to do scam projects, there are still a lot of people who become a victim. The problem is that people were still blind not to know about scams as they likely to invest especially when seeing such attractive words x100, x1000 returns...it suddenly makes them forget any possible scam.
Thus, research is very helpful, especially for new projects.

nimogsm

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altcoins have always been an ideal place for a different scam, a low entry threshold with small amounts and the opportunity to earn quickly always attracts people.This is a kind of lottery, but most often only the developers of these projects remain in the black.The problem is the people who carry their money there until they stop, this problem will not disappear.Coinmarketcap today shows 8,200 projects, of which no more than 1 percent are normal projects.

alisonwonder

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Quote from: kaka manteng on December 15, 2021, 05:15:36 AM

Because in cryptocurrency we don't have any protection agency like fiat has a bank. Here anyone who enters the cryptocurrency must be ready to win the risk of loss. I understand if you see a project that just entered their goal just to bring away the money investors some of them just want to cheat. However, we already see bitcoin that is really a public trust today.

Bitcoin is a very good example for others, but it should also be noted that coins developed other than Bitcoin are Altcoins that will continue to be under Bitcoin with different durability in cryptocurrencies and markets, so this also needs to be understood because it is also in line with Bitcoin another risk.

kaka manteng

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Quote from: avikz on November 23, 2021, 04:17:45 PM

After the initial success of Shiba Inu coin, I am observing that the altcoin market has become a playground for the scammers in most literal sense.

There are multiple projects now, which are showing 28000% return within just few hours of launching and then showing a steady decline. There are multiple examples,

Squid games: Defunct
Shih Tzu coin: https://coinmarketcap.com/currencies/shih-tzu/
Solar energy: https://coinmarketcap.com/currencies/solar-energy/
Mini BTC: https://coinmarketcap.com/currencies/minibtc/

Etc.

There are many others as well. It is a money laundering heaven. Don't you think such gold rush has to stop at some point. Otherwise cryptos will never be able to make its way into the mainstream world. People are buying from craps to garbages in the name of cryptos.

Voice your opinion.

Because in cryptocurrency we don't have any protection agency like fiat has a bank. Here anyone who enters the cryptocurrency must be ready to win the risk of loss. I understand if you see a project that just entered their goal just to bring away the money investors some of them just want to cheat. However, we already see bitcoin that is really a public trust today.

goldkingcoiner

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Quote from: avikz on November 23, 2021, 04:17:45 PM

After the initial success of Shiba Inu coin

Success? What success? Shiba Inu Coin is and always was a pump and dump doge clone failure that was never going to catch up to doge anyway. The entire premise of Shiba Inu Coin was that the "burned" part of the market cap, aka the part "given" to the Ethereum founder, was never supposed to be brought into rotation. But as we know, Vitalik showed everyone what he thinks of dogecoin ripoffs. Everything else was just hype.

If you want to stay away from scammers, you should look at the liquidity, age and market cap of a coin. I recommend coinmarketcap for that.

Topic: The altcoin market has become scammer's playground (Read 714 times)