Same questions when ICO's scams are scattered.
How can we prevent it?
It's not easy because we cannot reach all the buyers.
All we can do is create threads here and hope they will bump into them.
Social media is also a good tool but, you must identify where it should be shared with lots of investors in.
Finding facts and proofs also needs a lot of effort and you will not be paid to do the act.
Topic: Uniswap has made it easier for scammers? - page 5. (Read 819 times)
No one forcing people to buy a token in DEXs, all decision based from that's person. It's why you need to do own research first, study and learn about the token, check the website, whitepaper, team and roadmap.
Newbies only buy a token because of good news, FOMO or giving crazy return. That's why they usually got scammed, and we can't blame them since they're still young.
Precisely, they are afraid of being left behind, but they do not know that choosing and buying a token is something that should be carefully considered. Aside from the many fake tokens, many of them also end up with no value which means we can no longer sell or exchange them. This is not a new issue people can easily search for some news and article to ensure the risk they will be taking in buying a token from DEX. It can’t only affect the reputation of crypto, but also the views of people. However, it is unavoidable due to human greed. As scam exists even before DEX, the least we can do is to be extra careful and critical, we have to make our own way to avoid it. Newbies only buy a token because of good news, FOMO or giving crazy return. That's why they usually got scammed, and we can't blame them since they're still young.
You just have to deal with the outcome I guess, dex is supposed to be better than cex as a decentralize exchange which means anyone can do as they can unlike centralized exchange, since there is more freedom in dex there is hardly anyone can do but just apply caution when interacting with this platform.
I'm beginning to like Decentralized exchange, it's easy no need to login details like password 2 Factor Authentication, and there are no issues about withdrawal not coming and doing KYC, maybe we will see in the future where Dexes will rule the exchange, only users should take a precaution when dealing on DEX everything is in your hands, and in how you handle your keys.
You just have to deal with the outcome I guess, dex is supposed to be better than cex as a decentralize exchange which means anyone can do as they can unlike centralized exchange, since there is more freedom in dex there is hardly anyone can do but just apply caution when interacting with this platform.
You can't do anything to reduce the scam coins that are still being added into the dex. We have no control over the dex and what we can do to create a lot of awareness to make sure people will not go to buy such crap coin.
Uniswap has been giving the easiest way for scammers to listing his coin and adding small liquidity to lure people to buy the scam token.
I have seen so many fake tokens appeared on uniswap.
Uniswap has been giving the easiest way for scammers to listing his coin and adding small liquidity to lure people to buy the scam token.
I have seen so many fake tokens appeared on uniswap.
I suggest refocusing on crypto that is clear where it is positioned, and is decentralized quite strongly. indeed the fraud that the DEX did was a material for beginners to start failures at the beginning and subvert their first assets. This has the potential to be quite troublesome, how could it not be, someone who wants to start with high hopes is trapped in the DEX scheme. for that we need thoroughness and carefulness, not only with assets that are not necessarily clear which exchange will enter. very terrible indeed.
If you don't want to get a scam on Uniswap, it's better if you choose coins that are well-known and have a high reputation such as tokens that are already listed on CoinMarketCap and have a high trading volume, don't ever trade on Uniswap with tokens that are not well-known, don't have liquidity too, that's very You are at risk for scam avoiding trading on uniswap with unknown tokens is better.
DEX are 100% freedom haven for every crypto users, the freedom of listing coins and tokens yourself is why its a dangerous place for newbies, learn first earn later, let this be your first rule when meddling with anything crypto, avoid doing anything without proper analysis
Do not venture into something you know too little about, DEX giving the freedom is the true definition of decentralization, nothing is wrong with that, every crypto newbies must do research and ask questions around before going all in, crypto space isn't a place where you commit mistakes without biting hard on you.
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I think these scams could affect on crypto reputation, as many newbies, especially reach ones would like to make a house on firm and safe ground, I wonder how we can help to reduce scams on DEXes?I know with code analysis we can guess that more likely but what about those ones who don't know the coding that much? how we can find out potential scams before they pull the rug?
The only answer to your is to DYOR before investing to unknown project just like what others suggesting above. As you already mention, It's impossible to check the all the code of each project just to determine it as a scam because there are so many criteria to consider in coding for that since there are different ways to scam.
There's a basic principle on determining scam project.
If it's too good to be true, It's scam
Anonymous team, High chance of scam
Bullshit Whitepaper, Scam
Garbage website and half arse marketing, project will fail that result to exit scam.
You can just copy another projects name with a new token and list it on uniswap or other dex, newbies that come around to buy coin will eventually get caught in the trap, they will buy the fake coin thinking it's the original, this freedom that DEX gives will be its down fall.
Uniswap is now implementing a warning sign for traders to warn them about buying a fake token, and traders should always check the smart contract of the coin that they are going to trade.
If you've been trading in Decentralized Exchange before you should know this and when trading on DEX extra precaution is necessary
The essence of DEX and this crypto market is freedom, so everything you have to do is DYOR. Just like the ICO a few years ago, when creating tokens on the ETH network was too simple, then the scam also increased.
Yeah, when ICOs were so popular that time scam spread too but they figured it out, they created KYC, and then IEO concept borne by binance and binance made KYC mandatory from the participants from the very beginning and then made the numbers of scams less, maybe they should force people who want to create liquidity to pass KYC and make it mandatory? or just create a trust system like here that only high trusted members can create liquidity on uniswap or pool on bounce finance?
I indicated this thing when the defi trend was red hot and booming, some of my friends who were going crazy for these projects i always sufgested to be careful as this trend will bring a lot of scams.
Uniswap and other decentralized platforms need to come up with a comprehensive strategy so that no scammer can take advantage of their platform to scam people easily.
Uniswap and other decentralized platforms need to come up with a comprehensive strategy so that no scammer can take advantage of their platform to scam people easily.
Decentralized means its a free market that is why scammers take advantage of the freedom to list their project and let the newbies get trapped with no worries. If there is something positive then there will be some negativity get associated with it. So the users are responsible to gather enough knowledge to avoid getting scammed in my opinion.
No one forcing people to buy a token in DEXs, all decision based from that's person. It's why you need to do own research first, study and learn about the token, check the website, whitepaper, team and roadmap.
Newbies only buy a token because of good news, FOMO or giving crazy return. That's why they usually got scammed, and we can't blame them since they're still young.
Newbies only buy a token because of good news, FOMO or giving crazy return. That's why they usually got scammed, and we can't blame them since they're still young.
Those scam project will only affect the reputation of their exchange nothing more .
It is the same as etherdelta before where many people using it at first and then suddenly disappear when they found that the platform is being use by different scammers to sell their tokens . Thats what I think soon to happen in unisswap exchange, if there are no people use that exchange scammers that use it will also gone for good and they will find other alternative to move .
It is the same as etherdelta before where many people using it at first and then suddenly disappear when they found that the platform is being use by different scammers to sell their tokens . Thats what I think soon to happen in unisswap exchange, if there are no people use that exchange scammers that use it will also gone for good and they will find other alternative to move .
There is no way to stop them until everyone who goes into DEX knows what they are doing and are aware of the risk that any project can become a scam. If they aren't aware of what they are doing, they better just stick on CEX because there is support in those platforms and less risk there. I guess spreading the information on how to use DEX and swapping platforms will make a newbie well equipped.
Not really the downfall of DEX. It's still good to be on DEX. You may find yourself someday using DEX because you want to have the privacy of your details.
You can just copy another projects name with a new token and list it on uniswap or other dex, newbies that come around to buy coin will eventually get caught in the trap, they will buy the fake coin thinking it's the original, this freedom that DEX gives will be its down fall.
Not really the downfall of DEX. It's still good to be on DEX. You may find yourself someday using DEX because you want to have the privacy of your details.
The essence of DEX and this crypto market is freedom, so everything you have to do is DYOR. Just like the ICO a few years ago, when creating tokens on the ETH network was too simple, then the scam also increased.
You can just copy another projects name with a new token and list it on uniswap or other dex, newbies that come around to buy coin will eventually get caught in the trap, they will buy the fake coin thinking it's the original, this freedom that DEX gives will be its down fall.
Come to think of it, what would have happened if all that's happening around UNISWAP is from a centralized exchange, many would have ridiculed the exchange but this is dex, not every knew what's happening on the exchange, as good as dex exchanges are they are the perfect place for scammers.
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