Topic: Too many project SCAMS - PLEASE CAREFUL - page 3. (Read 3922 times)
With so many projects that we are witnessing at the moment, it is very easy to get confused when choosing an object for investment. Fraudsters are already so skillfully disguising their actions under the guise of successful projects that it is very difficult to understand where what is. You can't rush to make a choice and even more so invest more than you can lose without much damage.
Yes, you are right, there are many projects born almost all the time with different concepts, the same goal for success according to the initial plan. Well, in my opinion, some consideration is needed before joining and following it. I myself prefer to see the track record of the manager who handles the project that I will participate in plus independent analysis as another additional reference for me to determine the next step. Thats means. we don't waste our time and energy in vain.
Not only the number of scam projects is increasing. But also, the kinds of scam projects are also changing in time. Now, there are 11468 coins in the market according to Coinmarketcap. This is an amount more than we need. As the number of coins increases, scam projects are also seen more common. At this point, reading the whitepaper of a project is really important. You should understand first what kind of a project you are dealing with. After a deep research, you can make your own decision about whether to invest into it or not. Not all the investors are doing this unfortunately but I hope to see most of them doing it. This can help decrease the number of scammers like this.
Not all are doing this, but those who already experienced scam are taking their time finding the right project before investing. They are more careful now not to experience the same output from the last investment that they've taken.Not just by reading white paper, but carefully observe and analyse how the developers will bring the outcome that they are promising.
If there's realization and you see that most of it are doable, it's the right time to follow and keep chasing all the progress while you are supporting the project, your own understanding will lead you to gain success, be very careful in picking your asset to invest.
Even if you are careful, you will be deceived. The team of scammers is very mature now, and they don't feel anything on the surface.
Many newly issued coins are recommended not to invest a lot of money in the early stage. You can look at the market before making a decision.
Many newly issued coins are recommended not to invest a lot of money in the early stage. You can look at the market before making a decision.
There will be scam projects every now and then, what is most important is to safeguard yourself from falling victim of these scam. In Cryptocurrency, it's is very easy to detect scam coin except you are greedy. When you buy any Coin, try to find out who is behind the coin and decide if such coin is fully decentralized! These are few checklist for you to consider before investing in any coin!
true, Scam project will never die. they will keep appearing time to time. there are some websites and applications that can show us the details about the projects. it can help us a little. but still, there are some projects that have a high trust score but they turn into a scam or abandoned in the end after collecting some investors money. so choose the project wisely and DYOR carefully. 
It simply demonstrates that there are a large number of cryptocurrency users, which is why the number of failed and scanned projects is increasing at an alarming rate. Imagine there are a lot of scam projects being created every day, and the majority of them are executed so well at first that you don't recognize it as a scam project.
I knew a lot of coins that failed because the devs rug pulled it, and you can't really tell which is which without checking the mirror and your modern car. That's why always DYOR or do your own research, if you lose then it's your fault for not trusting yourself.
I knew a lot of coins that failed because the devs rug pulled it, and you can't really tell which is which without checking the mirror and your modern car. That's why always DYOR or do your own research, if you lose then it's your fault for not trusting yourself.
Not only the number of scam projects is increasing. But also, the kinds of scam projects are also changing in time. Now, there are 11468 coins in the market according to Coinmarketcap. This is an amount more than we need. As the number of coins increases, scam projects are also seen more common. At this point, reading the whitepaper of a project is really important. You should understand first what kind of a project you are dealing with. After a deep research, you can make your own decision about whether to invest into it or not. Not all the investors are doing this unfortunately but I hope to see most of them doing it. This can help decrease the number of scammers like this.
The more people and money will be poured into investments in cryptocurrencies, the more scammers will try to deceive you to take this money from you. Increasing your educational level and experience allows you to resist the actions of fraudsters.
the worst that hit so many and is still happening today is scammers creating fake token and asking people to pay small fees to claim airdrops. after which they made away with huge amount of money. so many were scam using this method. i was a victim and i decided not to and will never partake in any project that requests users to pay money to claim rewards. some even listed and once the claim is over, they rugpull.
No amount of trying to be careful that can prevent anyone from fall project, you may do your possible best to do a background check on a project, some still turned out to be a scam because any project can easily change.
There are many more investments in the market right now. Taking advantage of this, many scam teams are coming up with scam projects to grab their money. Many mistakenly fall into their trap and lose their money. So before investing in any Ieo, ico, Ido, you must check whether the project is real.
Every day, new projects enter the cryptocurrency market and it doesn't seem like there will be some kind of system which will differentiate promising ones from scams. So we have no other choice than doing our own research.
Thats why experience and knowledge verry important in cryptocurrency, with knowledge and experience so we can avoid the scam. So if we still don't really know about the project, better we just stay away and don't invest just because of the HYPE.
Agree, also not only scam, theres another term recently, its called Rugpull (https://coinmarketcap.com/alexandria/glossary/rug-pull).
Hype and Greed always hunt us as crypto investor, watchout.
Rugpull isnt accident, its a scam and the team usually who commited that action by withdrawing the liquidity of the token that they provide before.
There will be scam projects every now and then, what is most important is to safeguard yourself from falling victim of these scam. In Cryptocurrency, it's is very easy to detect scam coin except you are greedy. When you buy any Coin, try to find out who is behind the coin and decide if such coin is fully decentralized! These are few checklist for you to consider before investing in any coin!
I agree, that currently there are hundreds of scam projects with fraudulent schemes using the DeFi concept. what is clear is that you as an investor must be more observant in the selection. because right now there are so many scammers. I myself have decided to be more selective for the selection. if you really support a better project that is clear and has a large community and market
it's not bad to take some risk as long as you are doing your research there's still a good chance to earned using this venue.
There are so many scammers and it's no longer a secret but you can lessen your chance of participating to any kind of project if you are
well-informed in how those scam developers work, the more you investigate, the more you'll be able to sort out which project to invest your money.
Thank you very much for this information, I nearly fell for an airdrop that requires me to pay ETH to receive the token. I also fell for a token that’s worth thousands of dollars but doesn’t have an exchange to trade such token are used by scammers
Yeah I agree to you, there are many scam now a days they created project website that looks good and airdrop to convince investor to invest. I'm also experienced to get scammed, their token had already in exchange, their presale succeed and after 2 months they run. Today I'm careful, I look for website if they have team and link social media for less scam.
By the end of 2020, along with the strong growth of Bitcoin, some people used the trust of many to scam.
For example:
- Create virtual projects,
- Create virtual tokens,
- Create an investment website for the purpose of calling for investment,
- Create an airdrop that calls for people to deposit fees to pay tokens
- ....
Everyone should be careful when participating in projects like that.
Thank you so much.
For example:
- Create virtual projects,
- Create virtual tokens,
- Create an investment website for the purpose of calling for investment,
- Create an airdrop that calls for people to deposit fees to pay tokens
- ....
Everyone should be careful when participating in projects like that.
Thank you so much.
Thank you for the warning. It is very important for people here in the end. The ones who are participating in different projects (including me) are devoting their time here. If a project which a person participated in turns out to be scam, then all the effort goes for nothing.
For a few years many bad people used the popularity of Bitcoin and Ethereum to scams others people. I remember scam coin named Onecoin, which were alot of investors in my country got scams.
And currently i seen there are many fake tokens created by using smart contract of Ethereum or Binance, we need to double check the real of smart contract address before traded tokens on DEX like in Uniswap or Pancake. So before jump in to crypto investment, we have to keep learn about all risk on crypto and how to avoid it.
And currently i seen there are many fake tokens created by using smart contract of Ethereum or Binance, we need to double check the real of smart contract address before traded tokens on DEX like in Uniswap or Pancake. So before jump in to crypto investment, we have to keep learn about all risk on crypto and how to avoid it.
the most vulnerable I think at this time is BSC. because you can see how Binance's smart chain is currently being adopted for new projects. in fact, every day new tokens are created from the BSC network. the community calls them shitcoin that can be traded without a clear team and product.
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