The altcoin market has become scammer's playground - page 2.

OrangeII

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Quote from: Slow death on December 13, 2021, 05:31:51 PM

this market needs to have people giving talks about scam, it's not possible that people keep buying any shitcoin just because they think project Z worked so shitcoin that has a similar name to project Z will work, and to make matters worse the exchanges are guilty of listing shitcoins

well, we do need people like that, where they explain in advance the information about altcoins that new people are interested in.
however, I think, such information already exists on the internet, we just need to find out about it. I think many people are only concerned with profit rather than the legitimacy of a project. when they get profit, they already don't care if it's a scam or not.
however, the current system is a very good system, but with so many scammers, this seems to be a negative in the minds of people who are not very familiar with the crypto world.
well, we can only remind people around us about this, so they don't get trapped by the rug pull project, or scammers.

Sikinkato

newbie

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Cryptocurrency will not be regulated, so there are more and more deceptive projects. For traders who are new to the crypto market or lack knowledge, they always fantasize about making quick profits, but they end up falling into scams of various projects and causing economic losses.

lienfaye

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Quote from: Fatunad on December 13, 2021, 05:47:05 PM

If you dont really do your research on things then you would really be finding out a big problem since you would lost money most of the time.
Make yourself prepared and be aware on your actions. Anything could be searched up and verify everything before shelling out some money.

The problem is, these investors patronizing a scam projects are greedy to earn in a short period and disregarding the fact that it can be a scam and has a high risk to lose their money.

Projects with no real purpose are existing to fool the investors who are desperate to make money. So as long as there are people willing to take risk and can be easily fool then scam projects are going to stay forever.

Thats why ending up as a victim depends on our actions since we have a choice, there's an option to prevent them if an investor really want to.

valentine wheeler

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This situation has always existed. On the one hand, it is the temptation of huge returns from the project team, and on the other hand, people’s ridiculous perceptions are the reasons for this phenomenon. Money laundering is not a patent of digital currency, nor is it a product of the era of digital currency. This should be analyzed objectively.

magneto

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Quote from: Fatunad on December 13, 2021, 05:47:05 PM

Is this something new?

This had been a scammers playground since this market had established or running on.From ICO to other trends that do happen in the market.There would be always those
scammers who had been lurking around and waited up for those newbie investors who do keep on feeding them.

If you dont really do your research on things then you would really be finding out a big problem since you would lost money most of the time.
Make yourself prepared and be aware on your actions. Anything could be searched up and verify everything before shelling out some money.

Exactly.

There are plenty of gems and plenty of crappy projects in the altcoin market and it is impossible to generalize it into one category.

I think that you'd be stupid to be completely be invested in alts but also stupid to not invest in it at all because you think that all alts are useless and worthless. There are blue chip projects out there that are indeed useful, and have long term viability, the best example of which is probably ETH.

Fatunad

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Is this something new?

This had been a scammers playground since this market had established or running on.From ICO to other trends that do happen in the market.There would be always those
scammers who had been lurking around and waited up for those newbie investors who do keep on feeding them.

If you dont really do your research on things then you would really be finding out a big problem since you would lost money most of the time.
Make yourself prepared and be aware on your actions. Anything could be searched up and verify everything before shelling out some money.

Ryker1

sr. member

Activity: 1932

Merit: 442

Eloncoin.org - Mars, here we come!

Quote from: Slow death on December 13, 2021, 05:31:51 PM

this market needs to have people giving talks about scam, it's not possible that people keep buying any shitcoin just because they think project Z worked so shitcoin that has a similar name to project Z will work, and to make matters worse the exchanges are guilty of listing shitcoins

Well it could be the main reason is they want a short earning method of trading even though they know that the new project did not have a real use.
The pump and dump of a new project are very common so I did not surprise that those altcoins are a house of scammers and fraudsters because we feed them and they know that there are lazy investors that did not have further research.
Exactly, we should also blame those exchanges here that listed that obviously scam project, even did not really use. I don't know what is the standard requirements that you will list on decent exchange but I think the main criteria is that how good that new project is.

Slow death

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this market needs to have people giving talks about scam, it's not possible that people keep buying any shitcoin just because they think project Z worked so shitcoin that has a similar name to project Z will work, and to make matters worse the exchanges are guilty of listing shitcoins

tygeade

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Quote from: Argoo on December 13, 2021, 10:49:29 AM

After the current fall in prices, which has already dragged on for a bit, I think that many meme coins will no longer be able to rise to their previous price level. When the holders of such coins see that they not only do not grow in value, but also fell sharply and continue to lie, this is very sobering.
As for fraud, it was, is, and, unfortunately, will probably always be in the world of cryptocurrency. Confidentiality, relative anonymity, communication via the Internet, which makes it possible to be anywhere in the world, the concentration of significant funds in cryptocurrency, the presence of numerous newcomers with no experience in this market, all this creates a good environment for fraudsters.

Unfortunately, same things happened during 2018 as well. Things like BCH were seen as second coming of bitcoin, there were a ton of miners using it and it was just seen as the faster and better way bitcoin could have become, I never really cared for it at all but at least I do understand it, now look where it is, the coin that was third coin at one time, and now it is not even in top 20 anymore, and probably going to be a lot lower as well.

I do not think that Doge is any different, I believe that doge will be outside of top 20 in a few years, and if you made your profit already then it is great, but if you haven't and still holding then I am sorry but you should get out and get out quickly. I am not even getting into whole shiba or whatever other memecoins, they are not going to be even in top 50 if you ask me, it will take a long time but they will be down for sure.

israt1@

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https://imgur.com/yw8HFn9

I agree with you. Because at the present time some coins come in the market to increase their scam and give a lot of profit. The fall brings campaigns to run the campaign. From there many people buy again and see the profit. Lastly it goes down at once and disappears,But if it continues like this, one day people will not be attracted to crypto

Argoo

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Quote from: Wysi on December 03, 2021, 05:03:37 PM

This is what happens when people just behave like sheeps and I have seen hundreds of projects like these wherein a project will be hyped based on success of similar projects and we have reached a level where altcoin's name are created based on current trends like squid coin, etc. Only way to stop this scams are by educating people on crypto and how it works as these scam projects will eventually make crypto industry as a ponzi scheme or gambling Hut if these are not stopped.

After the current fall in prices, which has already dragged on for a bit, I think that many meme coins will no longer be able to rise to their previous price level. When the holders of such coins see that they not only do not grow in value, but also fell sharply and continue to lie, this is very sobering.
As for fraud, it was, is, and, unfortunately, will probably always be in the world of cryptocurrency. Confidentiality, relative anonymity, communication via the Internet, which makes it possible to be anywhere in the world, the concentration of significant funds in cryptocurrency, the presence of numerous newcomers with no experience in this market, all this creates a good environment for fraudsters.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: lvsca on December 03, 2021, 05:00:52 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.

More risks, more rewards is the way I see it. However it makes the grounds less forgiving to mistakes done commonly by newbies and the less tech-savvy. Now the investors in fiat markets also face a lot of risks, they are not free of it. But some types of scam projects would never dare to attempt to enter fiat markets because the SEC or any other regulatory body would wipe them out instantly.

The point is that scam altcoins and failed projects will always exist, but the investors need to learn how to skim off the good ones from the top and not looking down at the bottom trying to buy something that is new and less known.

We dont need more and more junk coins to clutter the aggregator sites. Hence it is better to just ignore majority of less known altcoins and focus on the ones on top.

Wysi

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This is what happens when people just behave like sheeps and I have seen hundreds of projects like these wherein a project will be hyped based on success of similar projects and we have reached a level where altcoin's name are created based on current trends like squid coin, etc. Only way to stop this scams are by educating people on crypto and how it works as these scam projects will eventually make crypto industry as a ponzi scheme or gambling Hut if these are not stopped.

lixer

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Quote from: avikz on November 23, 2021, 03:17:45 PM

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.

There is nothing that you can do in crypto to stop these people. If it was that easy to stop scammers then we would have done that long time ago. It is obvious that people are not really worried about the current situation, only because decentralization brings this part of the deal with it as well.

There is no figure that could reverse your situation and that means we are going to just have to face the fact that we are doing nothing wrong and it is the people who do the wrong thing that should be ashamed and our only job is to not fall victim. If you try to stop them, then you are going to end up working for nothing and will end up with nothing.

bosede1

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For me I think once beating, twice shy. If you fall victim of any scammed activity now you will be careful in chosen any other coin in your next investment.

Cling18

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Quote from: DeathAngel on November 23, 2021, 03:35:40 PM

It always has been a scammers playground. The alt market is full of scammers & fraudsters running centralised tokens & coins with massive supply caps. Stick to bitcoin & the main alts, way too many scum bags out there.

That's a sad reality that we have to accept because to be honest, most scammers are now using cryptocurrency platforms to scam and fool people. Even NFT games are being used to scam which is too disappointing that's why we have to be mindful each time we invest in a certain project or coin. Scammers are getting smarter but we have to be wiser than them.

geegaw

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Quote from: meanwords on December 03, 2021, 05:17:06 AM

Quote from: avikz on November 23, 2021, 03:17:45 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.

Even before Bitcoin was booming, the crypto world has always been a breeding ground for scammers and money launderings. Remember the ICO hype of 2017? it's almost the same here except there's a variety of smart chains to choose from.

Yes, the scam playground of 2017 is somewhat crude and lacks refinement, but because everyone's knowledge is still not optimized, it becomes a blind spot and turns into an opportunity for scammers while the scam playing field of 2021 is being optimized in many ways, investors can still make money in scams and scammers can also launder money through it more quickly and easily. Diversity of playing fields and scams will bring more fun, of course, a lot of garbage will be segregated and affect many people in the process but crypto is home to the strong and the scams, need more ingenuity to avoid loss and fraud, this is the law of nature

meanwords

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Quote from: avikz on November 23, 2021, 03:17:45 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.

Even before Bitcoin was booming, the crypto world has always been a breeding ground for scammers and money launderings. Remember the ICO hype of 2017? it's almost the same here except there's a variety of smart chains to choose from.

lvsca

sr. member

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👉bit.ly/3QXp3oh | 🔥 Ultimate Launc

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.

adiebitsler

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Quote from: Zamoh on December 01, 2021, 03:46:11 PM

I think that a huge number of newbies will suffer greatly from such actions.

So if any of the fanatics read this post, think about it) The main thing to remember is that greed is bad. Wink

Let them learn on their own even when they start to get greedy because with that they will also feel the consequences, so at another time or in the future they will be better off through a different mindset. Wink

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