The altcoin market has become scammer's playground - page 4.

liqidoxgen

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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 cryptocurrency market is virtually uncontrolled. Anyone can create their own empty token and easily propagate it using even the most primitive methods. There are a lot of money-hungry, "not frightened" newbie investors who do not want to waste their time studying the essence of the project. And this is just a godsend for any scammers.

Farma

legendary

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Leading Crypto Sports Betting & Casino Platform

I agree with that thought. nowadays many people see crypto as just a place to duplicate, or launder money. invest without a scientific basis, or research without the project. as long as they see a low-priced coin, it could be an opportunity for them. while they are making profits, a rug pull occurs, and makes them lose their assets. after that another meme coin will appear that has the same movement. well, it really is like a playground for scammers. if not stopped, this could potentially make people think negatively about crypto.

Kunnu

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This is not new and surprising at all scammers are ruining this industry for a long time we can see many example if we explore the history of cryptocurrency projects those people who have already spent many years in cryptocurrency space have better understanding to find the difference between genuine and scam projects but the problem is with new people who are being greedy and become victims of scam projects they need to do research before investing in any project other than believing in false news and hype.

bislom

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The altcoin market is undoubtedly a scammers’ playground since forever. I believe it is among the top reason why people doubt the cryptocurrencies in the first place, since many illicit and skeptical transactions has been happening since the beginning, for which the features of crypto has been used to take advantage of other people’s level of familiarity with such. Today, it is not surprising that the market is bombarded with such kind of people and projects since everyone has the freedom to enter the market. So, it is up with us how to handle and overcome these scammers and their schemes.

Google+

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Quote from: globalpain on November 30, 2021, 02:29:14 AM

That's right, let the children develop by themselves because after all in childhood we need to guide them,
both in taking knowledge and making money from playing games must be balanced

If they are addicted to games and money, then their study time will definitely be disturbed by it because besides the child doing this, there are other things that are more important for them to understand in their youth, because time is always valuable to be used for other things.

nurulhmani1280wat

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XEGGEX

as we see the big influence is that when the market is unregulated, it will become a breeding ground for scammers, but it will not stop that they will look for ways to find ways to deceive people and try to launch their crypto, scammers know that people are always looking for profit fast, like HYIPs and the like and already in Cryptocurrencies.

mamesso

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Anyone can play there. Just like traditional market, anyone can come (good people or bad people) without any prohibition from the parties concerned. Everyone who comes to the market has a different purpose, his intentions were pure from within one's heart without anyone being able to guess his purpose. If you are a good person and bring large amounts of money to the market, you should always be careful and don't be careless because thieves will always be watching you. The same is true in the cryptocurrency market, anyone can fall victim to a scammer if not careful.

BuNga_cute

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Quote from: ?? on ??

Altcoins have long been a garden for everyone in trading as well as a garden for scamers. Someone is looking for a way to be able to make their own coin by giving a lot of hope and special attention so that they are interested in the coin they make, many beginners play with the scamers that are created while I stick to the principle of holding bitcoin and other top altcoins.

Not only now scammers make altcoins their playground, since 2017 many scam projects have sprung up. So I'm not surprised if now many
new projects end up being scams or becoming shitcoins, because scammers have always used altcoins as their playground to take investors money.
Therefore, we must be careful if we want to invest in new projects. Do good research and analysis, to be able to distinguish which coins are potential
and which coins are scams. So I agree with your suggestion to be more secure, we should focus on Bitcoin and some of the top altcoins. That way
we can avoid becoming victims of scammers, because scammers do use a lot of new projects to deceive investors.

uelque

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Yeah it is. And most of them are in the bsc platform, using low transaction fees to their advantage. Scams are now everywhere, much worse than before and it is mainly because of all the available tools online to either create a coin/token, website, then launch a project at low efforts and low fees. Most scam projects dev nowadays are not even developers and I believe they barely even know how to code. They know nothing about blockchain technology, like how it works and etc. that's why majority of scams are a copy of something and are just memes.

It is the technologies, platforms and developers itself that allows scam in this crypto world, because they are the ones building the playground. And they're not going to do anything about it, because that what makes them popular. If you've been to shitcoins you know what I mean.

leea-1334

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Temporary forum vacation

Sorry OP,,, I do not mean to make fun of your words but altcoins were already a scammer playground when I arrived in 2017,,, I did not know it at the time or I did not pay heed to the warnings I should have seen from some old timers, I went into it happily thinking I could circumnavigate the waters full of sharks and paid the full price.

ICO days were the worst,,, but defi days will soon take over as the total scam era.

matjas

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This is what happens when greed takes over reason. So many new small investors entered crypto verse which don’t really care about project behind the coins or maybe don’t even know they exist. They will throw money to everything that offers high gains and this is the best environment for scammers, greed + unexperienced investors = certain failure.

globalpain

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The OGz Club

Quote from: ?? on ??

Scammers are there where they think they can get a lot of money. They are looking for what is the new hot topic crypto coins platforms and they are copying it to be able to victimize more. I don't think this can be stopped until crypto is regulated in every country. The only thing we can do now is be careful and not seek short-term big profits.

That's right, let the children develop by themselves because after all in childhood we need to guide them,
both in taking knowledge and making money from playing games must be balanced

rhomelmabini

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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.

Nothing new this has been the same thing in the past and I guess it's much worse on 2017 when we see the whole crypto craze of these ICOs. This time I think people are much aware on where they'll put their money, I don't know if it already lessen but for us whose been here on 2017 and even those who got early, I can say I already got the learning I need especially with this shitcoins popping out being shilled across social media, most of it are just for show no real use cases.

I guess even if we tend to get on that huge adoption level there will be still scammers playground that may arise but I'd say the circle they'll be in will be getting narrower and shallow.

Pelana vreo

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Syntrum.com

There are many coins that have good products but end up being fraudulent, Bitpaction Exchange, Nauticus Exchange and several other altcoins such as CIBUS which offers P2P Technology for payment systems from Merchant to owners of food products such as vegetables and fruit, this is the link of the coin https: //www.coingecko.com/en/coins/cibus/news?page=2 looks like the developer had planned a scam by listing the tokens on the exchange then they disappeared

Godwinpaul

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The decentralisation feature of the market has given so much power to the community which has led to the increase of scam cases because people are striving to take advantage of the ignorant and naive in the industry. There's always a desire to take advantage of the market situation and this has prompted several people to set up their own tokens, pump it and expect to attract more greedy people who would become their victims.

Strongkored

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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.

This was done a long time ago when crypto became known and probably more and more when ICO's started popping up around 2016-2017, and so far it can't be stopped.
It is the investor who must be smart in choosing coins to invest and understand how much loss he can afford, but unfortunately investing in new coins is the fastest way that many crypto lovers choose to make quick and huge profits and exclude the possibility of huge losses.

Finestream

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Quote from: timerland on November 29, 2021, 08:43:37 PM

Completely agree.

The gold rush has really gotten out of hand and there are a ton of fraudsters that are just capitalizing on this opportunity.

There is really no excuse for people to be investing in these coins. You are not just risking your own capital, but encouraging this type of behaviour from scammers.

Scamming will always be around if investors keep investing in those shit projects that will always make them losing in the end. There is nothing new with this altcoin market as more and more projects are created every year and so the number of scammers have becoming very huge too.

However, we can do something to change this trend by always making DYOR before choosing a project to put in your capital. And if we always invest for main alts that are always solid, and avoiding those new projects who have no clear goal, then we can minimize scamming cases and this altcoin market won’t have to deal anymore with a lot of scam activities.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: Natalim on November 29, 2021, 07:01:42 PM

The sad reality for now. It could be hard to accept that we are now surrounded by these shit and useless projects but can't stop scammers to create their joke projects.

We can make people aware of the same but we cannot thwart the ways of the scammers. After all people are free to invest in what they wish to, it is their own money they are spending.

Quote

They certainly want attention and we respond nothing, I hope that is what we see.

Hype based projects run on attention from investors. Dont give the the attention they crave but there will be a lot of people trying to market it so you should have your own counter methods to reveal the truth to your friends and family whom you should try to save.

Quote

However, the influence of some known personalities brings some hypes and gives the chance for these scammers to scam people in front of them. I believe that they are aware of the situation but they choose to become blind.

It is not usually the celebs who promote them in every case. Sometimes they only promote one coin and the scammers launch coins named on something else but related to that celeb, like for instance ElonCoin for Elon and Shiba for Doge, while it is actually DOGE that was promoted by Elon and these are only hyped coins.

RussianEnglishTranslation

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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.

Here's a tip that will keep you safe from scams, only invest in minable tokens that didn't hold and ICO, like RVN, 0xMR, Bitcoin and a few others.

timerland

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Completely agree.

The gold rush has really gotten out of hand and there are a ton of fraudsters that are just capitalizing on this opportunity.

There is really no excuse for people to be investing in these coins. You are not just risking your own capital, but encouraging this type of behaviour from scammers.

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