The altcoin market has become scammer's playground - page 5.

michellee

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Quote from: justdimin on November 29, 2021, 12:31:32 PM

Unfortunately every day we face with the reality that there are scammers who are smarter than some victims. I have seen so many silly stuff before in my life starting from the ICO period to this day we have seen so many weird things and everyone of those weird things got paid by some people.

I do not know why people fall for them but in the end they do and there is really nothing we could do to convince these people to not fall for those things neither. So in the end, we end up with a lot of people who lose money to scammers because those victims are not really very well versed in the crypto world. I hope that one day we could get rid of those scammers but even if we stop one method, they are going to end up with another method and it is not going to be that easy to stop them completely.

I think they do that because of wanting to make fast money by joining that programs. We know that some programs can really explode during a downturn in the market and make those people think that is their opportunity to participate and make money. Some people really make money, while others are getting a scam from that programs.

It is not easy to remind them not to participate in that programs because the power of making fast money will always be there and always tempt people to join with them. The only way to reduce the number of people who will get a scam is by always researching the project before they participate.

Natalim

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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,

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

Silberman

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Quote from: Quidat on November 27, 2021, 05:59:26 PM

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.

Vpice your opinion.

Still got surprised?

These things all starts with that ICO boom out back in the past on which lots of scammers had made out this gateway on scamming out millions out of their investors and the scamming didnt really stop and we do keep on telling out people to be careful but still ending
up on depositing and supporting those scammy projects

and now it did continue yet they do easily get hooked with the hype without even trying to realize on what they are dealing with.

What we are seeing is in fact a gold rush, back in those days people heard stories of miners finding a lot of gold and changing their life and they wanted the same for themselves, however the ones that made money consistently and in fact became rich are the ones that provided services to the miners, the ones that sold the shovels or sold them food for overpriced prices, and something similar is happening here, with scammers being one of the groups that are obtaining the most profits by selling all kind of dreams to newbies that they know are never going to become true.

justdimin

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Quote from: michellee on November 29, 2021, 09:32:18 AM

The scammers are too smart to use the trend for their own benefits by creating a new project related to the trend and successfully inviting many investors to their projects. People are too greedy to make big money from many projects and most of them do not research before they invest in the project.

That makes those people get scammed and many of them leave crypto once they get a scam. It is our job to always research before we invest in any project, whether it is a new or old project, to avoid getting a scam.

Unfortunately every day we face with the reality that there are scammers who are smarter than some victims. I have seen so many silly stuff before in my life starting from the ICO period to this day we have seen so many weird things and everyone of those weird things got paid by some people.

I do not know why people fall for them but in the end they do and there is really nothing we could do to convince these people to not fall for those things neither. So in the end, we end up with a lot of people who lose money to scammers because those victims are not really very well versed in the crypto world. I hope that one day we could get rid of those scammers but even if we stop one method, they are going to end up with another method and it is not going to be that easy to stop them completely.

michellee

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Quote from: gwdf1 on November 27, 2021, 11:20:19 PM

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.

Actually, crypto has always been subject to scams since Ethereum launched and it became easy to create tokens. There were a lot of scams connected with iCOs in 2017, there are a lot of scams connected with meme coins, NFT-projects, gaming projects and yeild farming platforms now, so as it is very easy to create tokens, scammers try to follow hype and use it to make money.

The scammers are too smart to use the trend for their own benefits by creating a new project related to the trend and successfully inviting many investors to their projects. People are too greedy to make big money from many projects and most of them do not research before they invest in the project.

That makes those people get scammed and many of them leave crypto once they get a scam. It is our job to always research before we invest in any project, whether it is a new or old project, to avoid getting a scam.

aioc

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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,

Even those people who do know anything about coding and programmer can launch a coin, all they need is to hire people on Fiverr and the service section, all they need is funds to hire create a fake whitepaper, shills, and marketers and website developer and pay people to be their face in the team and he has a project to sell to investors, they just pump it and broadcast and people will just follow it.

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Quote from: gwdf1 on November 27, 2021, 11:20:19 PM

Actually, crypto has always been subject to scams since Ethereum launched and it became easy to create tokens.

There were a lot of premine coins before ethereum that were indeed scams so I would not agree with the statment that ethereum tokens are the reasons why there are scams. It just became an easy route to shift the attention of impulsive gamblers to something that seemed legit but was a scam.

Quote from: oemar bakrie on November 27, 2021, 09:34:52 PM

because in crypto there is no security such as an anonymous identity that can make scammers always exist in any market and also always move widely they can freely do crazy things that can harm many people, the important thing is that the scamers themselves benefit.personal.

With the start of DeFi stablecoin pools the devs have become completely anonymous and this does not equate with legitimacy. Definitely something that people need to know and that they should do their own research before investing. It is worth noting that the SEC will not have your back when you lose money on such scams.

Godwinpaul

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It's rather unfortunate that we've gotten to the point when most new projects are baseless. Several people come to the industry without the right mindset, and due to the fact that the industry is decentralized Scammer are taking advantage of the ignorance and greed of users whose intention are to cash out huge from the industry. I only do wish that many more people would be willing to learn more about the industry before investing their resources.

gwdf1

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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.

Actually, crypto has always been subject to scams since Ethereum launched and it became easy to create tokens. There were a lot of scams connected with iCOs in 2017, there are a lot of scams connected with meme coins, NFT-projects, gaming projects and yeild farming platforms now, so as it is very easy to create tokens, scammers try to follow hype and use it to make money.

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Quote from: so98nn on November 27, 2021, 10:09:31 PM

Correct. A playground of investments and fun way to race against each other’s to see who makes the most money out there. It’s really sad to see this happening in the market like crypto currency’s which were supposed to be excellent hallmark for the Payment System around the globe. Bunch of idiots now making their safe heaven to earn extra by creating the tokens, publishing them over social networks and showing literal hopes other investors.

This dubious activity within the crypto space is one of the reasons why some governments still point reference to cryptocurrency as fraudulent, the rate at which some of these tokens are springing up is very alarming, how i wish there was a way to properly regulate things. The whole cryptocurrency thingy can become discouraging if one falls victim to the perpetrators and creators of such tokens.

coin-investor

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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,

It's been the playground of scammers ever since the ICO craze started we have so many schemes of scamming and projects that scammed their investors, so many fake projects, fake team fake roadmap, and fake white and lite paper if you are not good at doing diligence research you will fall victims to these scammers, they are good in making projects looks good, very deceptive and very cunning, the best way to protect yourself is to stay away with hype and FOMO.

uneng

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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.

Actually altcoins market and crypto market in general have been a playground for scammers since many years ago, from the moment bitcoin started becoming more recognized as investment on.

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.

Vpice your opinion.

Sooner or later those people who are scamming others are going to be busted. They may think they are smart by earning money like this, but in fact this money isn't going to make them thrive in life, because the source of the money isn't legit from any perspectives. Only legit money can proportionate happiness and prosperity to an individual at same time. That is an essential law easy to be observed in life.

I just think investors should have more respect for their own money avoiding such altcoins. The problem is that investors are greedy, so they believe in any lies which put them in a confortable position regards their financial goals. They don't want to wait some years to make financial progress, instead they want to become millionaires in a month or two and then they end being scammed...

Scam altcoins could exist without any issues if investors were conscious enough to totally despise them.

so98nn

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Correct. A playground of investments and fun way to race against each other’s to see who makes the most money out there. It’s really sad to see this happening in the market like crypto currency’s which were supposed to be excellent hallmark for the Payment System around the globe. Bunch of idiots now making their safe heaven to earn extra by creating the tokens, publishing them over social networks and showing literal hopes other investors.

The sad part is peeps around the crypto space are also enjoying this kinda investment because they just wanna make the quick bucks. So market is always manipulated, those who got the profits are actually the one who know the projects from beginning and make their way towards quick wealth. Such a scam-grim-reality.

oemar bakrie

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because in crypto there is no security such as an anonymous identity that can make scammers always exist in any market and also always move widely they can freely do crazy things that can harm many people, the important thing is that the scamers themselves benefit.personal.

vv181

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

~I am observing that the altcoin market has become a playground for the scammers in most literal sense.

It always has been.

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.

The cryptocurrencies spaces' scam-free is an ideal word. I don't think we will see it happen anytime now. I mean in many aspects of life, scam is still being done and people keep being deceived. Not to mention, the nature of cryptocurrencies pseudonym make people are enormously making use of peoples' ignorance and they can get away easily.

The stereotype of cryptocurrencies filled with scams might push people away. But as soon as people have a skin in the game, I believe they will see the potency of this space. So, I don't think it will stop the awareness and adoption of cryptocurrency.

nekorakoeora

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Things like this make crypto bad and its ecosystem unsafe. Many "inu" coins appear and some other characters that are branches of the main coin are just a scam. If this continues to be allowed will greatly impact the existing crypto ecosystem especially for new users who will enter the crypto.

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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.

Vpice your opinion.

Still got surprised?

These things all starts with that ICO boom out back in the past on which lots of scammers had made out this gateway on scamming out millions out of their investors and the scamming didnt really stop and we do keep on telling out people to be careful but still ending
up on depositing and supporting those scammy projects

and now it did continue yet they do easily get hooked with the hype without even trying to realize on what they are dealing with.

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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.

Of course it has to stop for altcoins to obviously move to the next level, but definitely you and I know it just wouldn't stop that way, the individuals who create this useless coins have found a way to make money by deceiving others and stealing from them, thus there is no way they will just stop. Investors and crypto users who still try to make money by investing in such (lottery) projects are the ones that need to stop, they need to do their research into the projects they are investing in, or much better they should just outrightly invest in projects that are somewhat popular and have an actual use case.

TravelMug

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What do you expect? I mean the market is open to everyone, so it will attract even scammers and criminals in crypto space and will exploit it. And then the thing is that we really don't know each other here, no names, except addresses and so transaction is irreversible and once you are trap by this scammers, there's no way to get your money back from them. So the best weapon for us is to really educate ourselves before entering crypto market and always think many times before trusting anyone or any project here.

Baofeng

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Quote from: aseprebel on November 27, 2021, 11:28:41 AM

lots of investors there are opening themselves up to this new and growing risk of fraud and fscam. there are so many people who want to invest here for the future, you have to be aware of the many incidents like this, never to invest in altcoins at the expense of saving for emergencies or paying off high-interest debt. take care of your money

Oh well, they know the risk in investing here, not saying that they are the one to blame, but it looks like they are not investigating enough on which altcoins they are going to invest. They are greedy and think that they can be rich here in short amount of time. So if you are a young investors, the first thing that you really need to learn is to be very very careful of where and what projects you are going to pour your money with. It's you hard earn money so make the best out of it.

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