The altcoin market has become scammer's playground - page 7.

StarKay

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We All Can Make It

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.

Vpice your opinion.

The "success" of Shiba Inu is the main motivation for many new projects like the ones you mentioned springing up on a daily basis. A lot of good projects have suffered from divestment because the investors are drawn to quick and high ROI.
Templates are almost the same, mint trillions, send half to VB to burn, list on DEX, pump it up, pay influencers to promote it on Social media, list on CEX, pump it some more thereby drawing away investors from solid projects, and finally dump and move on with good profit.
I hope they don't damage the Crypto-currency market beyond repair.

judeafante

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Scammers will not stop they will always find a way to scam people, the Cryptocurrency industry is decentralized and unregulated and scammers know that people are always on the hunt for a quick profit, HYIP and MLM are already here in Cryptocurrency, you just have to differentiate good and bad projects if you just follow the hype you are in danger of losing your money, real and legit projects are not pump and dump they grow steadily.

noorman0

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[Nope]No hype delivers more than hope

Most scammers launch their crypto on the DEX, meaning that asar defi opens up opportunities for scammers to steal profits without worrying about getting caught sooner. In fact, shitcoiners already know about the risks they are taking, so they don't actually blame anyone when it happens to them. Shitcoin trend will continue to grow as long as this understanding of risk is not changed.

TheUltraElite

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So anyway, I applied as a merit source :)

An unregulated market will become a scammer's breeding ground. Since there are people who make money by running these scams, they will get the rush whenever they get money like this and they will continue such schemes without having any remorse and sleep soundly at night.

Some fault also lies in the way common users depict the newly launched altcoins - they tend to be lenient towards them once a while and that is what the scammers want. For someone who understood the truth that 99% of the altcoins are copy-cat money grabs, this is not a problem.

Using one project's success to name a new scam is an age-old method of scam. Fact is that most red-pilled newbies dont do any background research on what they are putting money in. But they like to take risk and so they get into such projects.

jeungo

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All these coins work according to two worked out scenarios. The first is pumping money and creating a fast pyramid on attracting money with a small amount of money from shareholders, where at some point 3-5-7 wallets with a large number of coins hurt the rate and withdraw money. The second is a smart contract in which there is no withdrawal due to the lack of liquidity.

Silberman

legendary

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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.

As unfortunate as it may sound this is the truth, newbies excited about the possibility of earning money come to this market thinking about all the money they will make, unfortunately instead of concentrating on the solid projects that we have in this market they prefer to concentrate in unknown coins hoping to catch similar success to the one those that invested early in bitcoin got, but we know what awaits them, the majority of them end up investing in scams and bad projects, when will this end? I think it will never end, as the supply of newbies with no knowledge about the markets is almost infinite.

finaleshot2016

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Degen in the Space

Altcoins will always be a scammer's playground, especially in BSC and ETH, and there will be a lot of scam schemes out there with no use cases at all, which is why investing in meme coins is so risky. If you're good enough to join and take advantage of the hype, you can make money, but in these times, it's difficult to tell whether a project is a scam or not.

Really hate to say this but I know a lot of people who creates meme coins that doesn't have any uses cases at all and some people are just investing on it without doing any research.

livingfree

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Hire Bitcointalk Camp. Manager @ r7promotions.com

Despite that it's a known market that has a lot of scammers, crypto is already in the mainstream.

There is so much good news despite this bad news. Just as the mainstream, they also have bad news, scammers and frauds are there too. It's just that they're looking to the crypto market as a whole as a den of scammers but if they get to know more about it.

They'll see that there are those strong market for several cryptos and there's a partition for those scams and we're also avoiding those.

DeathAngel

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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.

isaac_clarke22

sr. member

Activity: 1610

Merit: 264

Not surprised about it, just how about anyone could just create their own coins and decide whatever they want after they got the attention of many.

Lately even here in Alt Discussion board, there are many shillers of that whatever Check project that is and it is really getting annoying, but if they shill that really bad, it just says on how bad or garbage the project is. I am not even bothering searching for that if that is a coin, an exchange or any sort of platform and I don't give any single crap about it. Cheesy

avikz

legendary

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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.

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