Bitcoin Forum

We are witnessing now all these erc20 scams. I actually participated in a couple airdrops cause i thought well i join a couple for fun and actually gained some. But its not right to be part of a scam and make money out of thin air i figured. 

With that said, if crypto becomes massive. What stops people to make all kinds of shitcoins and see like 100.000 shitcoins on cmc if  not more.


Another thing:

would it be likely we see all businesses have their own coin? Amazoncoin? Walmartcoin? (i use these  since these are internationally most known. Not an American..)

I don't know about the other "airdrop" things thats spreading here but the true airdrop I know is when a certain coin forks just like what happened on bitcoin whereas users received BCH and BTG's from just owning bitcoins before the specified block
 

Bitcoin is not that different from our money [cash; can hold physically] and just like it, even if the governments set tons of laws no one can stop someone if he wants to scam his people as we have our own will. In conclusion to that, No one can stop people from scamming one another but we can definitely prevent them from taking the fraudelent baits.


Most of them are not very fond of cryptocurrencies as of now but things can change in the next few years depending on what will happen so theres still chance.

I think ERC20 tokens are completely misused to create the virtual wealth by the owners of it and not the users of it. Because you see the money that flows into airdrop is coming from those early investors and it is not free money at all. Many of the big investors are looted form his kind of schemes by showing that they will earn huge money after the exchanger listing and shit like that. So better understand this system and how the money flows from one pocket to another. Whatever they get is just the free marketing so that later they will get even more user base and thus investment will increase like crazy. There are very few of them who actually introduce their own coins and stick to the project that they are making.

I participated some as well because who doesn't want free coins but there are some of them who are out to get some information but didn't really send coins and some would ask for donation before one can participate in the airdrop. Well it depends on you if you want to participate or not. No one can stop them in making those coins but we have a choice if we wanted to invest in that particular coin or not. Many are still in profit trading those coins because by just observing the percentage increase, some of them doubled in price in just few days so you just take advantage of the opportunity to have more ETH.

If you want make earnings with the erc20 tokens with the future potential means it is kind of luck in your pocket because the profit will be find with any coin periodically like waves or nem.
Not all that being successful. If want get the corporate to create a coin that really bad for crypto currency market and then they will only rue with the crypto market then.

I'm not too greedy though and I haven't joined these ERC20 token airdrops, I know it's a free money but with my simple act I have to stand what I believe. There are some projects or "very few" that are into development and true with what they are doing.

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Regulations.

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Very possible that this is going to happen but still all of them will be dependent to bitcoin.

I too was a participant on those token airdrops but not all really will pursue until the end. Only few of these tokens are legit and its like 80% of these tokens are ridiculous specially with the names. I always see strange names and even strange team members in these tokens and people are still buying the token. I dont blame them but i guess it can become a learning tool next time the would participate in tokens.

With Bitcoin becoming more mass adopted and popular, and all this because of the high price, different service that attract users all popisnog up all the time. And users often don’t even ask if those services are legal and legitimitet as long as they can get the chance for profit. But they often also get scamed because of the lack of due diligence.
To be honest I’m very sceptic for those airdrops, they look to me like some scheems to attract naive users. If someone has the opposite experience and could recommend some don’t hesitate.

These ICOs are becoming a big business now but don't say that all of them are scams, there are still projects that are good and legit for working with their plans. If you don't want to support such ICOs and you don't want to get some extra profit on it, just don't support and don't join them. There are companies that will totally make their own coin since they saw the success of bitcoin and they think it will be effective to their business.

I don't know what to comment on the part which is cut out from the post.As long as commercial services are concerned,yes they will adopt coins on a consensus by rest of the e-commerce trading platforms.Although it may look like it's all decentralised and public,these corporates would never ever want their transactions to be public.

Those kind of corporate whales only scratching our back in the whole society and stealing our money without sharing proper details to taxation department.
I think he is need to find the future currencies like a new coins owned by the Amazon, walmart or other e-store corporates.
To say frankly they will never do that to easy traceable in the wallet address or being hackable like hackers trying out with it.

Yeah i agree with you. Wjhats funny. I bought in with those scam tokens into Confido. Gues what? It was a scam and lost it all! Haha.

I believe if you are aware the coin is scam then you wont participate in the airdrop , some of the airdrop is legit so it is hardly your fault, just need to ne more  careful and conduct some research before accepting airdrop, all people can make their own coin, the effective way is through a regulation, but it will be difficult since until now crypto still decentralised, it is possible for the big company to set up their own coin because it is really easy to do, but will it be used and will it be giving  advantage to the users that need to be taken as consideration before starting making the coin

Yes you are absolutely correct. Everyday we are seeing new coins based on ERC20 and that's because it has become so easy to make them, some initial investment and you have got a coin ready. This is causing a big issue for genuine investors who want to invest in some good coin.

As far as I know, airdrops are meant to make their new coin popular, who will not want a free coin right? Also, if you really are reading some of their announcements and roadmaps and white papers, I think you can easily pinpoint what is the "scam" coin and which is not.

To those projects that are not too good to be true with their project, just check out the developers most of them are fake and even their pictures are just grabbed somewhere in internet.

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And because of those infamous ICO's that does only bring bad reputation to the whole cryptocurrency for scamming investors, the government of each country is now giving an eye to the whole crypto as well. Others are starting to ban it, thanks to those fake ones.

Better be always cautios and vigilant to all ICO's that are coming this days most of them are really scams and if they grab some money from the investors they will run away and they are even worst from those people who says bitcoin is a bubble, but actually most ICO's are the bubble one. If you want to invest in an ICO make sure not to put all eggs in one basket and don't risk of what you can afford to lose as always. Hope many would realize that now.

The problem is some people use this airdrops tactic to earn easy bucks. Create ERC20 tokens -> make a thread about airdrops -> etherdelta market -> the dev dump all the tokens -> easy bucks and repeat. This airdrops scam will repeated because so many stupid people join airdrops blindly. They always think free tokens = money.

But the thing is that people are really gullible and easily persuaded to join this so called airdrop and think that they are getting free money here. Its not. Initially, airdrops seem to be the next "IT" thing in marketing. But lately most airdrop become scam itself.

I don't think that people can stop developing all this kinds of shitcoins because there are a lot of individuals still falling for it.  And in my opinion, CMC will have to deal with and probably put ways to stop it ever the plans push through.

Maybe when they would mature more on investing if they experienced being scammed. Because newbie traders would tend to be amazed on how a site was created or even how the devs of the token are persuading in talking or even giving good news to users. Honestly, when i was in of the erc20 token telegram, their are many users who are participating yet it is so obvious that it is a scam. The name is garbage and even the team members are fictional. Yet somehow they are still participating.

Sadly that is the truth. This people are making this altcoin or airdrop a taken for granted to earn "easy" money. But the thing I hated the most if when people make their own currency so they can just get the attention of people and after they've invested in these currency, the developers and makers will run with the money.

They always think free tokens = money.  (http://They always think free tokens = money.)

thats exactly what it is. Cmc is polluted with bs tokens and some are worth more then legit tokens. Ethereum dark for example over $4... I read one guy wrote how much he lost on it. Sad. Preying on newbies who dont have a clue.

People who are looking harder to invest on altcoin ICO means they should take a time to invest their since we find the many scammers available in the forum in the name of ICO. Sometime once we bought the token later it added to coin list we will never find the some coins to reach the peak value.
If you read their white paper you will be able to understand that the project is legit or not.

1st: The only thing that can stop people from doing all this is authorities made for only this purpose, just like the CDA (Crypto Detective Agency) of Russia. Every major country having a good enough bitcoin users base should implement such things in future to make the people safe from such scams popping out of nowhere and running away with the money they get out of the pockets of everyone.

2nd: Some countries are already planning to release their own versions of digital coins. Some of them have done it already i guess. So it can possibly happen that every popular business start to make their own digital money in future, but i don't think that is needed at all when there business is having no problems running with the same currencies, but we never know what the future holds.

This makes every company look into cryptocurrencies and make them think that they have their own token or coin just for using it to their own service.

But I haven't seen some companies that are successfully using their own token creation because they are still depending to fiat / dollars and if there is a coin that they are accepting it's only bitcoin.

Amazon's acceptance of bitcoin is just a rumor and I don't even think that they will be helding their own coin just for their own advantage. They see cryptos as something that is really volatile and decentralized.

This is the sole purpose to expose any coin or being called altcoin exposure is the main reason why some altcoin managers gives airdrops or some easy task such as signing up or bumping other threads you cant do anything about it because it involves a huge amount of money to release to those who qualifies or given of for free.

It is better to use other more famous currency because of this reason. No one else would support and maybe they would start making their own promos and token hunters would just be the making profits rather than a company it self.