Why be allowed to create tokens with the same names? - page 2.

Devifajarina

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Quote from: Jawadu on August 11, 2021, 01:12:02 AM

Very disappointing! I wonder why there are so many tokens with the same names on the blockchain network, I have seen so many scammers take advantage of new projects by creating a scam token using those new project names! Many people have already lost money because of this trick [mostly beginners]. If a new project creates its own token and becomes popular, scammers will create a fake token using the original name of the new project! So if beginners do not know how to do in-depth research then it will be easier for them to lose their money by buying fake tokens.

The creators of these blockchain networks have used great knowledge to create these technologies and so far they work perfectly, so why not make an effort to improve them so that they can limit only one name for new tokens to avoid fraud? I think if they can do that it will also help add value to the new project because scammers will no longer have the opportunity to create a fake token using the details of the new one.

What are your thoughts on this?

I don't think that's possible, in crypto world there is no limit for people to create a token, it can't be done as you mentioned, the best way to avoid this is to learn to know the real token, there is no blockchain upgrade to avoid scam tokens .

Moreover, limiting only one token, this actually does not provide the best chance of crypto stability, that's why we need knowledge if we intend to enter the crypto world, and it is not wise if blockchain only allows one token that lives in crypto itself.

Princejebs

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Sometimes I laughed when investors and others crying that crypto regulation is too tight but what happens to idiot who just sit behind their house doors and do things that can easily sweep people's money. How dare you create token and name it Elon tech, isn't that vision less and pointless?
If government finally put their eyes on crypto environment, it will put a stop to most of this shitcoins as many will fear going to prison. We need good project with something to hope into.

semobo

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There is no agencies to monitor the crypto currencies and there is no restrictions for anyone to create a project with their desired name but they can't able to list the project on reputed exchange if they are creating a project with the same name of an existing project which makes the new clone project to be zero value but scammers just use the popular project name in the prefix or suffix to pretend that they also popular.

jostorres

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Quote from: Jawadu on August 11, 2021, 01:12:02 AM

The creators of these blockchain networks have used great knowledge to create these technologies and so far they work perfectly, so why not make an effort to improve them so that they can limit only one name for new tokens to avoid fraud? I think if they can do that it will also help add value to the new project because scammers will no longer have the opportunity to create a fake token using the details of the new one.

I have been part of a project that had the same name with 2 other projects, so I can clearly say that it exists. It wasn't even just the short version, it was the long version as well, and it was basically the same. However you have to be very careful about it, you can't make a copy of a huge one, for example if the same name is not in the top 1000 then you can definitely do it, but if it is like for example "bitcoin" then no, you can't put the same name on a coin.

It doesn't have to be even like that, it could be anything in the top 200 and you will be automatically considered a scam, which is why you should not be there at all. I suggest finding a unique name though, it is a great part of branding and if you are big enough then you will be listed at the top of google, and people could find you a lot easier that way, and help you do ads all around a lot easier.

Shallow

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It is really getting out of hand nowadays, and it is even far worst if the token is only listed on DEX like Uniswap or Pancakeswap, with mare searching of the token on bscscan or etherscan, many tokens of the same name pops up and if the user is not careful he ends up buying the fake one. Even before a project gets listed on those Dex, scammers can create a fake token with same name in order to scam uninformed Investors. Not only that, there are many tokens which really doesn't look like scam having same name on coinmarketcap and coingecko, even same symbol, all these now shows that, before buying any token endeavour to visit the project's Telegram group, and get the contract address, the trading link, coinmarketcap link or coingecko link, so as to get the right exchange it is trading on or to buy safely.
Back in the days, If I remember vividly, there was a project that had a symbol right from the onset the project was created, but immediately it was listed and the team realizes there was another with same symbol, they had to change theirs to another symbol and perform a token swap, this shows a team that is serious but nowadays it isn't so.

South Park

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Quote from: Jawadu on August 11, 2021, 01:12:02 AM

Very disappointing! I wonder why there are so many tokens with the same names on the blockchain network, I have seen so many scammers take advantage of new projects by creating a scam token using those new project names! Many people have already lost money because of this trick [mostly beginners]. If a new project creates its own token and becomes popular, scammers will create a fake token using the original name of the new project! So if beginners do not know how to do in-depth research then it will be easier for them to lose their money by buying fake tokens.

The creators of these blockchain networks have used great knowledge to create these technologies and so far they work perfectly, so why not make an effort to improve them so that they can limit only one name for new tokens to avoid fraud? I think if they can do that it will also help add value to the new project because scammers will no longer have the opportunity to create a fake token using the details of the new one.

What are your thoughts on this?

To be honest this is a problem all over the world, after all it is not uncommon for a successful brand to have to fight imitations with similar names or even with the very same name, so while this is without a doubt illegal it is not as if the people behind those projects do really care at all about it because they are thinking on scamming their customers form the beginning, so if anything that is the smallest of their crimes and while this is a problem it is obvious that it is not going to disappear.

Jawadu

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Quote from: ?? on ??

This is exactly the question I asked when I was a victim of same name SCAM token. Real team will never choose a name which is founded before by others people/team. Only those who have bad intentions to steal people's money they will create token with similar name But important things is you can easily identify by smart contract address, Name can be same but smart contract address must be different between one and other.

So sorry friend. It is very confusing because a lot of people will start to be careful to check the contract address after they got scammed at least one time! I hope to see modifications on DEX system in the coming years, I hope this issue will be fixed as well.

Sterbens

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Quote from: ?? on ??

Based on my knowledge, the project you are judging is not a scam. Initially, two competing companies won a lot of market share, in the process of competition, one managed to grab a lot of market share and the other failed to reach the target market. so from that case it can be seen why the fraud token you mean fraud is given permission should not.

you are right, but what the OP said is also true, all projects that duplicate the original project often confuse beginners and think the project is original. As knowledge goes we will know where to find information that can be referred to as a guide.
For example, Token A duplicates the Token B project. While the implemented project is listed on several exchanges, you can refer to it at CMC by looking at the contact address listed.
So that it is quite easy for beginners to find out which Token is called genuine. Therefore, at this time we can't blame Blockchain with the system being organized quite well but some beginners often forget about it due to the lack of knowledge about the project.

geegaw

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Quote from: ?? on ??

This is also my concern as well, I don't know why they are allowing those scammers to create the same name token and scam people, beginners are commonly the victim for this scam, I am hoping that they will do an action for this thing and will not allow anymore the same name token to avoid scammers. Even though it has different contract address, beginners can still fall for this scam.

This is a decentralized environment and the functionality of the systems and tokens is not fixed, more precisely, the same name can apply to two separate fields and the government is not here to check for plagiarism or counterfeiting of documents, the token sector is not legal, once the law is out of control, it's very common for similar names to be created to cheat. New projects involved in similar cases are many, they are lacking in ways to protect their rights and users while old projects enhance this feature a lot and know how to notify to be alert

Golftech

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Quote from: ?? on ??

This is very inconvenient, lots of scams by selling fake tokens with the same name as other tokens.
This is happened to my friend few day ago but my friend are careful and check it first.
As a buyer we must be carefully to check a token from a seller.

Good for your friend to check information first, it allows him to verify the legitimacy of the project, can't deny the fact

that scammers will do everything for the sake of money. And if you are not careful you'll lose right away without knowing

that you are already being victimized, sad to say that you can't do anything once scammers get your money.

Jawadu

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Quote from: Psynthax on August 11, 2021, 12:23:45 PM

It will be better if etherscan or bscscan notify us that the name of a token is the same as the existed tokens then we can be more cautious.
most of people didn't try to recheck the contract and become careless but if the etherscan or bscscan can put some small red text or something like that, it can be very helpful, maybe in exchange sites too they should put that in their website too since there are many cases like this.

These suggestions would be very helpful to avoid fake tokens because every day new valuable tokens are being created and scammers keep copying them! If they will not do something about this issue, in the coming years some percentage of people will fear DEX system and it will be very bad for real DeFi projects.

Psynthax

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It will be better if etherscan or bscscan notify us that the name of a token is the same as the existed tokens then we can be more cautious.
most of people didn't try to recheck the contract and become careless but if the etherscan or bscscan can put some small red text or something like that, it can be very helpful, maybe in exchange sites too they should put that in their website too since there are many cases like this.

Teknisi88

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Quote from: aylabadia05 on August 11, 2021, 02:13:08 AM

This is a basic concern in my opinion. But this space seems to provide freedom for anyone who wants to innovate in the field of blockchain technology.
Therefore, any project that comes up with a good cause is bound to get something good in this space.

Yes, what you say is true.
But the opportunities for those who want to commit fraud seem bigger, especially if beginners don't understand how to do in-depth research then they will lose money by buying fake tokens.

Kez1817

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Quote from: Jawadu on August 11, 2021, 01:12:02 AM

Very disappointing! I wonder why there are so many tokens with the same names on the blockchain network, I have seen so many scammers take advantage of new projects by creating a scam token using those new project names! Many people have already lost money because of this trick [mostly beginners]. If a new project creates its own token and becomes popular, scammers will create a fake token using the original name of the new project! So if beginners do not know how to do in-depth research then it will be easier for them to lose their money by buying fake tokens.

The creators of these blockchain networks have used great knowledge to create these technologies and so far they work perfectly, so why not make an effort to improve them so that they can limit only one name for new tokens to avoid fraud? I think if they can do that it will also help add value to the new project because scammers will no longer have the opportunity to create a fake token using the details of the new one.

What are your thoughts on this?

That's really annoying but we can't avoid the fact that scammer is always everywhere, they are also upgrading themselves and developing to much more capable scammer. That's why we should be careful anytime. If you invest in a project, don't just look on their token names but be sure to check the right contract address of the project because fake/scammer can't make the same contract address with the original project. Always be cautious.

Jawadu

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Quote from: ?? on ??

This is also my concern as well, I don't know why they are allowing those scammers to create the same name token and scam people, beginners are commonly the victim for this scam, I am hoping that they will do an action for this thing and will not allow anymore the same name token to avoid scammers. Even though it has different contract address, beginners can still fall for this scam.

Absolutely right! Many people are saying that the contract address is different so we can avoid fake tokens! Yes, we can, but beginners will still be scammed because they are not yet good in differentiate the contract address when they want to trade the real token! I hope too that the DEX devs will do something about this issue, people are losing money.

Jawadu

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Quote from: ?? on ??

This is very inconvenient, lots of scams by selling fake tokens with the same name as other tokens.
This is happened to my friend few day ago but my friend are careful and check it first.
As a buyer we must be carefully to check a token from a seller.

Yes buddy! We have to be very careful because scams are copying real projects almost every day! Many people have lost money because of this problem, and the saddest thing is that scam projects keep rising day and night!

Jawadu

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Quote

The reason is simple, this ecosystem is unregulated which means anybody is free to do what ever they like which should not be happening, by the way i think this whole idea of open source is also one of the reasons why we having these problems of copy cats. It would be a good time to welcome regulation to cryptocurrency to have order here, if not cheaper scam coins will keep gaining while the real projects don't see the investment to help them grow.

Of course. Many real projects are failing to achieve their targets because of copycats. The idea of DEX is very good, but in this part, they'll have to do something in the future so that they can protect real projects and investors too.

roosbit

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The reason is simple, this ecosystem is unregulated which means anybody is free to do what ever they like which should not be happening, by the way i think this whole idea of open source is also one of the reasons why we having these problems of copy cats. It would be a good time to welcome regulation to cryptocurrency to have order here, if not cheaper scam coins will keep gaining while the real projects don't see the investment to help them grow.

Jawadu

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Quote from: BobK71 on August 11, 2021, 11:21:38 AM

After all, such projects are started mostly for scammers. To avoid it, should be careful about smart contract.

Sure! At least the smart contract for each token is unique and that is what saves us from scam tokens. Though scam tokens still benefit from beginners, I hope in the future, DEX developers will put an eye on this matter.

TopTort777

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Quote from: zasad@ on August 11, 2021, 10:21:13 AM

The ERC-20 standard allows you to choose any name of the token, only the address of the smart contract will be different.
I wrote about this for a long time, how not to become a victim of scammers

(GUIDE) How to trade on uniswap correctly
https://bitcointalksearch.org/topic/guide-how-to-trade-on-uniswap-correctly-5270415

Therefore, be careful when buying or selling tokens.

That is one of Ethereum disadvantages imho. Contract address is more important than combination of contract address+token name. Strange that deve did not forseeb that scammers will use that trick with names.
Im sure that a lot of people got scammed with BTC tokens on erc-20.

Topic: Why be allowed to create tokens with the same names? - page 2. (Read 526 times)