The altcoin market has become scammer's playground - page 6.

TheGreatPython

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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.

Nah, there will always be crap for those that likes buying crap. There are lots of people who are pretty much aware of how bad these meme coins can be, but they would still invest in it because they feel that it is a game they would have to play to get a shot at getting rich quick. So, they would go ahead to invest in these coins with the aim that it would get pumped and they will quickly dump it and leave, but it never works out so well for some of them.

So, there will always be good coins and bad coins, it is up to you to know what you believe works for you and you just go for that and nothing much. I don’t invest in meme coins, not even Dogecoin, despite the hype and everything, I still knew what I wanted and I focused on that. But, there are still people who were able to make lots of money from the meme coins hype and trend that we have seen take place.

aseprebel

full member

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cogwise.io

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

judaspriest

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C O M B O

Quote from: ?? on ??

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.

Vpice your opinion.

Scammers are just trying to use the weakness of decentralization for their purpose. Anyone can create a coin and launch them at dex. With fake groups and followers on social media, they attract newbie investors who are not well aware of the market. You can not prevent it but you can spread social awareness about them before they spread too much. What we can do it be careful and warn others.

With the development of technology and the times, scammers also upgrade themselves so that they have many ways to run scam projects,
Of course in this way as you described we cannot realize and will be trapped,
it's true there's nothing we can do more than stay careful

Pahom

sr. member

Activity: 356

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FRX: Ferocious Alpha

As it is easy to create your own ERC20 token and you will not be punished then if you cheat people as you can just hide your money using Tornado cash, there are a lot of scammers who use this hype around crypto and launch their tokens.

Everything we can do is just be careful and do research before investing, and also we shouldn’t snub risk management. It means not to invest more than you can afford to lose.

aprilnot

full member

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Looks like you realized this too late. long before the frenzy of meme coins, defi, and NFT. scammers are already playing around in the crypto market through ICOs. And one thing I don't understand, those who are deceived know that what they are doing is wrong and risky. but they still choose to invest or buy. so it seems hard to stop this stupidity, while there are still many people who expect shitcoins to give big ROI. scammers will freely play with them.

Silberman

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Quote from: Ulven on November 24, 2021, 08:15:33 AM

Quote from: gurunanakji777 on November 24, 2021, 06:55:43 AM

Actually those who invest in such meme coins or projects already knew they are investing in highly risky coins even investors knows very well they can loose whole money too still traders are enticed by such projects and this is not good for the crypto market. This market should not be treated as gambling. Investment in good trusted coin should be the priority otherwise every now and then we will witness of rugpull and scammed projects. So every investor should do the proper research before buying.

Right!!!
So, in order to protect innocent cryptocurrency enthusiasts from falling for the same scam tactics in the future, the cryptocurrency community has created a list of red flags for all to see. These are not just the scammy signs that have been seen time and time again, but rather actual red flags one can look out for in order to protect themselves from becoming a victim of cryptocurrency scam.

Unfortunately people do not listen, and one of the reasons is that even if this forum is still relevant it is not as popular as it was during the previous bull run, now a great deal of the discussion about new coins has moved to social media, in which it is easier to manipulate the newbies into thinking that any coin is going to become the next bitcoin and they are scammed by projects that are obviously a scam, but since they do not have the tools to tell them apart from good projects they decide to invest in them, only to come to the forum and realize they could have avoided the loss if they had come here first.

kojektea

sr. member

Activity: 2296

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SecureShift.io | Crypto-Exchange

We must be wise in putting money to invest. Dicryptocurrency people who want to get rich quick will look very stupid. In fact they happily buy coins made just for once the hype promises greater returns within a few hours. But the proof is, they lost all their assets. They can only cry and regret. Cryptocurrency is indeed a very risky investment everyone who enters here must really bring the science of analysis.

wissy

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The bigger the demand, the higher number of scammers will be out there. This doesn’t apply just for crypto, but for every other field.
We saw numerous scam projects in 2017 but as it turned out, this was not even close to what we have now. Crypto is probably more interesting for them, because you can stay somewhat anonymous online while scamming people.

Russlenat

hero member

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That's not new, it has been a scammer's playground ever since, and even if some investors have learned their lessons in the past, we still have the new investors who are just hyped with the crypto market being bullish now and failed to do due diligence in choosing a project to invest. Verifying the project is very important and I think there's a lot of morons in the space as this project was able to steal millions of dollars from investors.

Ulven

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Quote from: gurunanakji777 on November 24, 2021, 06:55:43 AM

Actually those who invest in such meme coins or projects already knew they are investing in highly risky coins even investors knows very well they can loose whole money too still traders are enticed by such projects and this is not good for the crypto market. This market should not be treated as gambling. Investment in good trusted coin should be the priority otherwise every now and then we will witness of rugpull and scammed projects. So every investor should do the proper research before buying.

Right!!!
So, in order to protect innocent cryptocurrency enthusiasts from falling for the same scam tactics in the future, the cryptocurrency community has created a list of red flags for all to see. These are not just the scammy signs that have been seen time and time again, but rather actual red flags one can look out for in order to protect themselves from becoming a victim of cryptocurrency scam.

jrrsparkles

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Hire Bitcointalk Camp. Manager @ r7promotions.com

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

snip~

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.

Number of such scam projects and useless projects are increasing every year because while the market grows there are scammers who wants to take advantage if it by coming up with legit ides then rugpull the entire project or come up with stupid ideas and create hype for it with the help of influencers and celebrities. So they never going to stop until the investors realizes about where they are investing their money.

masterrex

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IMO, I think some of that observation is true, and I believe it was happening most of the time on meme tokens, the scammers nowadays can easily enter into, the market because of the increasing smart contract availability, and after it was deployed many speculators will fall for that trap buying and holding useless tokens that's why in the end many will be rigged.

Ararbermas

sr. member

Activity: 1988

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Those coin you have mentioned above are totally a scam projects mate, i mean a copy paste project obviously just to get more attention in the market and once they successfully make a hypes they will suddenly collapsed as well and turn into shitcoin after all.. Lol and the best example on your list above is the squid coin. Just imagine how it makes strong momentum and how it skyrocketed but suddenly plunges back to zero in just a minutes. What a shame project. Totally scam..

gurunanakji777

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SOL.BIOKRIPT.COM

Actually those who invest in such meme coins or projects already knew they are investing in highly risky coins even investors knows very well they can loose whole money too still traders are enticed by such projects and this is not good for the crypto market. This market should not be treated as gambling. Investment in good trusted coin should be the priority otherwise every now and then we will witness of rugpull and scammed projects. So every investor should do the proper research before buying.

DapanasFruit

member

Activity: 1218

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Binance #Smart World Global Token

Saying that the altcoin market which made up a big potion of the whole cryptocurrency market has become a plaything of the scammers and in extension of hackers and phishers is actually an understatement. And it is because it has been that way ever since I can remember. Back in the year of 2017, so many scams and frauds had been introduced into the market resulting into many investors who were then usually small just like me getting hit and they lost money. Sadly, this will go on all because this is actually no regulatory framework imposed for anyone to introduce a project...we are in the open market so scammers can always come up with something new after the last project they got which already went underground. That is the reason why I am always careful and is doing my DYOR before deciding on an opportunity.

bitzizzix

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SOL.BIOKRIPT.COM

Social media is a platform for verifying the credentials of various employees in the cryptocurrency team, but it is also the best platform for scammers and also their best place to commit fraud because that is where all kinds of people exist and become their main target.
The growing popularity of crypto becomes an opportunity for fraudsters to take advantage of this situation and their target is beginners who have no knowledge of crypto, and beginners are very gullible and just trying to convince the target and are promised big profits they will be tempted and involved.
So as long as crypto is getting more and more popular, scams will continue to exist and take advantage of its popularity to generate profits by justifying any means to get it.

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.

Vpice your opinion.

If you invest in mineable coins with no pre-mine or dev wallet, no VC or ICO, you can't be dumped on or exit scammed. Only those types of projects are safe investments. Think BTC, RVN, 0xMR.

avikz

legendary

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Quote from: Sayeds56 on November 24, 2021, 02:14:19 AM

Quote from: DeathAngel on November 23, 2021, 04:35:40 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.

It has been scammers playground since 2017 when people lost their life saving in many scam ICOs. Currently you will find huge number of Meme coins with enormous supply and available at very low price which attracts new comers in crypto space who have no awareness about crypto but they make their entry with dream to get quick rich. Most of these coins will lose their value because their fundamentals are too weak.

This is a huge risk to be honest. People will be addicted to easy money and then loose everything overnight. In the meantime, the scam coin owners will make billions and exit market. Elon Musk should have been careful before promoting a meme coin which actually has opened this can of worms.

Now every government is worried about the current state of the crypto market and we will have to face heavier regulations. This is pathetic! Swap exchanges like Uniswap and Pancakeswap are actively promoting these meme coins, that needs to stop!

Sayeds56

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Eloncoin.org - Mars, here we come!

Quote from: DeathAngel on November 23, 2021, 04:35:40 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.

It has been scammers playground since 2017 when people lost their life saving in many scam ICOs. Currently you will find huge number of Meme coins with enormous supply and available at very low price which attracts new comers in crypto space who have no awareness about crypto but they make their entry with dream to get quick rich. Most of these coins will lose their value because their fundamentals are too weak.

btc_angela

hero member

Activity: 2660

Merit: 551

This is really the sad state of crypto market. There are a lot of scammers are criminals plowing around the crypto sphere because they know that they can victimised a lot of individuals here. So it's easy for them, just created a hype token and then used social media to create more hype and then wait for noobs money to come to pump it so hard and then dump it.

So it's really up to us to warn those newbies, and that is the best thing we can do right now.

And hopefully those who become a victim will really learn their lessons here.

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