The way things are going with new crypto is worrisome - page 6.

xSkylarx

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Quote from: Daodex on February 25, 2022, 02:30:07 AM

Almost everyone I knew now creates their own tokens Grin

these guys aren't even crypto developers to begin with, they have no coding experience or knowledge now this makes me worry, imagine how many crypto tokens that are created by inexperienced personal, I think we need to buckle up for there will be huge rain of scam tokens upon us than what we've seen before...... Sigh! I wish that only few qualified people knew how to build blockchain projects.

Yeah, this is going to turn into a scam. A lot of developers have already created coins in the hopes that someone will fund them; however, they are all serious developers who understand the importance of creating a coin but have refrained from doing so because they recognize that it would be a huge burden on them and they do not have the funds to do so. Now, those who are inexperienced are almost certainly creating it for the purpose of scamming, as evidenced by the large number of scam coins and the fact that the whitepaper is a sham that they did not prepare.

bounceback

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Quote from: makishart on February 27, 2022, 08:10:18 PM

No doubt. Im also feeling worry caused by the total tokens in the market increased drastically without any control. This is another problem in the crypto that has no or even will have no solution until the developers willk be realize if restricting the token issuance to be more difficult to be done by entity will be help new people in the crypto avoid the scam token. I personally think that when you are also seeing so many scammers in the crypto and newbies are always become the victim from these scammers. We have so many people with almost zero knowledge about crypto but they are interested with crypto.
This is also disrupting the image of crypto as one of investment instrument.

There is no solution that can stop these scammers because they are in Blockchain technology so it gives them the freedom to create tokens as they like and with the amount they want, usually scammers when they want to launch their tokens will do FOMO with the lure if the tokens they want launches can provide returns of x100 or more, hearing that makes beginners tempted to invest with those junk tokens, right as you said avoiding them is the only way we don't lose everything.

GowithMi_GMAT

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woww who is someone you know, are they familiar with you, are they your co-workers? whoever it is I hope none of them incited you to compromise a fraudulent project and bring it to this forum. I see there are many beginners trapped in investments that offer quick wealth,beginners do not bother to check the projects that matter most to them is profit but with poor observation.

makishart

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No doubt. Im also feeling worry caused by the total tokens in the market increased drastically without any control. This is another problem in the crypto that has no or even will have no solution until the developers willk be realize if restricting the token issuance to be more difficult to be done by entity will be help new people in the crypto avoid the scam token. I personally think that when you are also seeing so many scammers in the crypto and newbies are always become the victim from these scammers. We have so many people with almost zero knowledge about crypto but they are interested with crypto.
This is also disrupting the image of crypto as one of investment instrument.

Luqman

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Yes, actually this is a very unpredictable amrket. Moreover, it is added with war situations. We still don't know the exact impact of the war on Bitcoin especially. It may drop right now, but hopefully, the price can pump as soon as possible after the war ends.
During this worrying market situation, what we need to do is be patient, not being panic because of the dropped market. I always believe that if we can control ourselves during this market situation, we can manage the risks better. And on more, never do more hopes in hype coins moroever who tell about the very promisiing new coins or projects

TimeTeller

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Quote from: 7788bitcoin on February 27, 2022, 07:00:08 PM

Quote from: istiak2277 on February 27, 2022, 04:14:39 PM

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There were huge number of scam token between 2018 to 2019. Too many token mostly deflationary were created that time. There were hype about low supplied token that time. All those project is dead right now. All those token were created by non developer people. But right now the situation is better than that. IDO platform gives investors some security.

May be conducting in a launchpad has created some sense of security as they will be holding collateral to conduct the IDO and the scammers will not run away soon after collecting the money. The idea of ICO where you collect money directly is not used now a days and that is a fact but if you look at the number of projects that were dead despite being conducting their IDO in launchpads are high.

The concept of IDO is also not spare when it comes to dead projects.
Particularly, if the IDO was launched in a substandard exchange.
Most of them are just after for the profits, but no progress when it comes to developments.
ICO, IDO, IEO or any other type of crowdsourcing campaign, it is the responsibility of the investor to do his homework before sending money to them.

7788bitcoin

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Quote from: istiak2277 on February 27, 2022, 04:14:39 PM

~
There were huge number of scam token between 2018 to 2019. Too many token mostly deflationary were created that time. There were hype about low supplied token that time. All those project is dead right now. All those token were created by non developer people. But right now the situation is better than that. IDO platform gives investors some security.

May be conducting in a launchpad has created some sense of security as they will be holding collateral to conduct the IDO and the scammers will not run away soon after collecting the money. The idea of ICO where you collect money directly is not used now a days and that is a fact but if you look at the number of projects that were dead despite being conducting their IDO in launchpads are high.

crzy

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Quote from: istiak2277 on February 27, 2022, 04:14:39 PM

Quote from: Daodex on February 25, 2022, 02:30:07 AM

Almost everyone I knew now creates their own tokens Grin

these guys aren't even crypto developers to begin with, they have no coding experience or knowledge now this makes me worry, imagine how many crypto tokens that are created by inexperienced personal, I think we need to buckle up for there will be huge rain of scam tokens upon us than what we've seen before...... Sigh! I wish that only few qualified people knew how to build blockchain projects.

There were huge number of scam token between 2018 to 2019. Too many token mostly deflationary were created that time. There were hype about low supplied token that time. All those project is dead right now. All those token were created by non developer people. But right now the situation is better than that. IDO platform gives investors some security.

IDO is a great platform where you can invest on a legit project, yes many can easily create their own token but nowadays, you can easily spot a legit one compare to a scam tokens. Though newbies are still vulnerable to this as they are the main target of those scammers, we should always remind newbies not to invest easily on a new project without doing any analysis.

jc12345

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I think it is just going to increase, however this is not something new. Back then you could see many coins were just copies of other coins and a few parameters were changed like blocktime, algo etc. and find and replace done on the coin name. Happened all the time and will always happen, so what you are experiencing has always been the norm. One thing that has appeared and is more established now are audits. Audits help at least to check for basic serious issues with contracts. In a way it has become easier to land new projects/tokens because the devs have to worry less about code like C++ and compiling it on different platforms but can use more simpler code in contracts on platforms like ETH. There are also templates available and code for contracts that less knowledgeable people can use as a base. In my view it is become more difficult to spot real vs non-real projects in the DeFi world.

istiak2277

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Quote from: Daodex on February 25, 2022, 02:30:07 AM

Almost everyone I knew now creates their own tokens Grin

these guys aren't even crypto developers to begin with, they have no coding experience or knowledge now this makes me worry, imagine how many crypto tokens that are created by inexperienced personal, I think we need to buckle up for there will be huge rain of scam tokens upon us than what we've seen before...... Sigh! I wish that only few qualified people knew how to build blockchain projects.

There were huge number of scam token between 2018 to 2019. Too many token mostly deflationary were created that time. There were hype about low supplied token that time. All those project is dead right now. All those token were created by non developer people. But right now the situation is better than that. IDO platform gives investors some security.

wheelz1200

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Quote from: Daodex on February 25, 2022, 02:30:07 AM

Almost everyone I knew now creates their own tokens Grin

these guys aren't even crypto developers to begin with, they have no coding experience or knowledge now this makes me worry, imagine how many crypto tokens that are created by inexperienced personal, I think we need to buckle up for there will be huge rain of scam tokens upon us than what we've seen before...... Sigh! I wish that only few qualified people knew how to build blockchain projects.

This has been going on forever nothing new here. People were cloning bitcoin for years. Now it's just tokens. If people stop chucking their money at everything that pops up people will stop cloning coins. Greed rules and where we have greedy markets scammers will pile in.

eaLiTy

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Quote from: Daodex on February 25, 2022, 02:30:07 AM

Almost everyone I knew now creates their own tokens Grin

these guys aren't even crypto developers to begin with, they have no coding experience or knowledge now this makes me worry, imagine how many crypto tokens that are created by inexperienced personal, I think we need to buckle up for there will be huge rain of scam tokens upon us than what we've seen before...... Sigh! I wish that only few qualified people knew how to build blockchain projects.

Literally anyone could create their own token or cryptocurrency, all you need to know is to edit a few lines of codes and run them and you are live. When it comes to investment you have the power to take decisions on what they are trying to implement with a project like that and the feasibility of having that project and then take your decision on investing in them.

You could find thousands of projects dying every year and still there are more coming out as well, the project that are created just for pumps and dumps will eventually die and you should know the difference between them before investing in anything in the cryptocurrency space.

fullhdpixel

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Quote from: Daodex on February 25, 2022, 02:30:07 AM

Almost everyone I knew now creates their own tokens Grin

these guys aren't even crypto developers to begin with, they have no coding experience or knowledge now this makes me worry, imagine how many crypto tokens that are created by inexperienced personal, I think we need to buckle up for there will be huge rain of scam tokens upon us than what we've seen before...... Sigh! I wish that only few qualified people knew how to build blockchain projects.

Right now, there are now platforms that allow non-techy people to create their coins or tokens. I don't know how this works but I think you are only going to write what concept do you want or choose on their pre-created concept and then pay them. Some people claim that they can create crypto for you.

Coins that came from these platforms or came from the mind of ordinary people, should not be marketed in public because those people have lack knowledge. Coins that they created are strictly for personal use only. Don't say that they are a scam because it is the same as telling your friends that they are scammers.

Teraboy

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I know this and some people have said that about this before. The only problem is when people didn't know how to make sure if token or coin that will be used as their investment didn't a scam token or coin.
The newbies will not aware about this and sometimes they are also getting eaten by trend that happened in the crypto. im also feeling worry about this but it doesn't mean all of tokens issued will always alive but im sure that this is also increasing the total scammers in the crypto ecosystem. No solution for this and education is the only answer to prevent so many tokens that keep coming to the market.
It's better to create more and more awareness.

sumant

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Absolutely we are facing probl should comes withems and might give huge loss in future. Crypto has been always risky and with no one can control it, makes it very risky. This crypto project should have some criteria before it comes to people of world. Government officials make some adjustment or useless crypto to this society can't exist. Without doing anything it can be big losses for someone or others. First we make things better and then invest.

asyakashi

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I feel what you feel. In my environment they don't even have a background in cryptocurrencies, but have names like artists who create their tokens and sell them to the public. I think it's very sad, because ordinary people who buy are their targets.

Jackl87

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Quote from: Daodex on February 25, 2022, 02:30:07 AM

Almost everyone I knew now creates their own tokens Grin

these guys aren't even crypto developers to begin with, they have no coding experience or knowledge now this makes me worry, imagine how many crypto tokens that are created by inexperienced personal, I think we need to buckle up for there will be huge rain of scam tokens upon us than what we've seen before...... Sigh! I wish that only few qualified people knew how to build blockchain projects.

I absolutely agree with this and i also think that this trend is harmful for the whole crypto space, as is takes away liquidity and also attention of course from real projects with a use case and functionality. It all started with the tweets of Elon Musk about Dogecoin, which made it's price pump. Of course then a lot of people wanted to make quick and easy money too and created their own shit-coin, which can be done in literally 1 hour. Once Dogecoin copies like ShibaInu where also successful and made the very early investors rich we saw even more copycats and then we had like 100 new shit-coins each and every day.
The good thing is though that i am pretty sure that this trend is slowly fading away now and 99% of all those shit-coins are already dead again now or will be dead in a few months.

cryptoaddictchie

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Quote from: Daodex on February 25, 2022, 02:30:07 AM

I wish that only few qualified people knew how to build blockchain projects.

Why is that? You want to limit only to those who knew it? How about those aspiring who wanted to learn it? I think they deserved chances too. Yes there are swarming of scammers who already knew how and they are using it to scamming however we cant just say that due to that reason. There are ways which we can do to limit those but it will bypass the decentralized aspect of some entwork if they will have a barrier for those who wanted to create their own.

yazher

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Quote from: Daodex on February 25, 2022, 02:30:07 AM

Almost everyone I knew now creates their own tokens Grin

these guys aren't even crypto developers to begin with, they have no coding experience or knowledge now this makes me worry, imagine how many crypto tokens that are created by inexperienced personal, I think we need to buckle up for there will be huge rain of scam tokens upon us than what we've seen before...... Sigh! I wish that only few qualified people knew how to build blockchain projects.

This has happened when the way of creating tokens has been published and there are lots of tuts out there but the problem is, those who don't have anything with them or anything like sponsors or supporters, wanted to promote their tokens by posting it in bounty section. they made the choices hard for the hunters and if you are unlucky you will gonna promote such a project and get some rewards tokens from them but the worse part is, they don't have any value even though you hold them for years. I have huge numbers of them in my old wallet.

judeafante

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Quote from: Daodex on February 25, 2022, 02:30:07 AM

Almost everyone I knew now creates their own tokens Grin

these guys aren't even crypto developers to begin with, they have no coding experience or knowledge now this makes me worry, imagine how many crypto tokens that are created by inexperienced personal, I think we need to buckle up for there will be huge rain of scam tokens upon us than what we've seen before...... Sigh! I wish that only few qualified people knew how to build blockchain projects.

Why not wish that people learn how to look if a coin or token has potential if all of us knows how and what to invest these people will stop creating new tokens and confuse the community, the code is opensource anyone can create a token or someone to create a token for them, you don't have to worry if there are new tokens coming up what you should worry is people blindly invest on these shitcoins, lack of knowledge on how and what to invest in is what ruining investors and makes them lose money.

Topic: The way things are going with new crypto is worrisome - page 6. (Read 898 times)