Bitcoin Forum

on my opinion many erc20 turning to scams token what is your opinion ?

There are always a lot of scam. So why do you tell only about ERC20?

Because of great opportunity what internet is allowing us to do is to rise money faster in an simple way. It is simple but not easy, as still planing and marketing your ICO will take up resources but if done right you can get nice money in return. Because of this opportunity it is in human nature to see it and go for it because of their willingless to get rich out of this. Of course when there is some good method to earn money you will pull a lot of scams along side. Whenever you go there are scams happing and crypto is no exection to this.

Scammers exist in any sphere, and especially in such an area as the ICO, since there is no legislation that would regulate this activity.

Yes, that's because of it so easy to make a new ERC20 token, slap a few copypasta whitepaper with some twist and hola, people throw their money in your ICO. Dark time.

There are some ERC20 tokens that are already turning to scam, they have no intention of contributing.

Why do you say so?

Although the production of ERC20's tokens is fairly simple, that means the cost of fraud is low.
So in my opinion, most ERC20 tokens have no value at present.

ICO makes it possible to earn money quickly. This trend led to the fact that the products under the ICO were specially created - just just competently write white paper, find an original innovative idea and conduct an aggressive marketing company and have in your pocket several tens of millions of dollars. Where there is big money there will always be scammers. ERC20 markers are more common, possibly because of this, such statistics.

Yes, I agree with your point of view, after ERC20 algorithm is introduced, the characteristics of open source, reduces the create tokens of the threshold, the other with the improvement of encryption money fame and trading, let a lot of people who are not familiar with all joined in. For the above reasons, many fraudsters use simple means to create tokens and sell them to people who don't know the truth! Hopefully some of BBS's respected fans will be able to focus on these scammers and make the encryption industry healthy!

Because of the lack of regulation of the entire cryptocurrency market, the ERC20 tokens became the standard of the swindlers.
It is because people are greedy for high returns that the ERC20 token is so crazy.

a lot of scam projects, not only erc20. I agree with your opinion if a lot of erc20 turning to scam, it's because it is very easy to make token with erc20 basic and most finished ico they do not immediately listing in market and many also token erc20 which do not have value,,,but for me not all erc20 scam, there are still many good projects

yes it could happen if the ethereum foundation does not provide a policy that narrows the scammers to exploit the token ethereum as a fraud tool, should make the contract in the smart contract ethereum through more in-depth verification as for example kyc verification.

Its not about the type or standard of the coin which is getting scammed! Its all about the whole project which makes the dam thing go scam. Coin just representation of the ICO to know people that some xyz project exists out there.

However, if you checkout the forum then you will know people usually ask and comment about how ICO's or Bounty programs are getting suspicious a lot. So there is no question about the tokens itself (ERC 20 in your case) which becomes obsolete automatically later on! So there is difference between what you saying and whats exactly happening out there.

This really requires a lot of thinking, I must confess. You are absolutely entitled to your opinion though Erc20 might look like that for the fact that 98% of ICOs are from Erc20 and base on Ethereum network. Ethereum would have make some policies against that but we gonna wait and see

Many of them are turning scam, that's right but also you should know that many erc20 tokens will fail in the market, even they will be traded for profit in exchanges, when projects come to end, things will be interesting.

It's all gonna happen if the money is involve in any kind of business because many are too greedy to have it but in that thing not all erc-20 are scam if that project use erc20 and have a product it might be a sure legit because their erc20 is have a purpose.

I think there should be a sort of screening for ico projects before they allow to start their marketing because there are many ico investment projects and at the end most project can't do well the market , but for some projects they turn out to be scam.

Probably because ERC20-based tokens are in demand as of now and more and more projects are using blockchain technology similar to the famous coins. Nevertheless, there are several scams right now. Not just ERC20-based tokens. That is why we should all be cautious in out actions. The internet is full of tricksters.

Yeah i could see it too there are too many ICO nowadays literally fail just because of so many considerations among the situations on the implementing of the ICO. As we all know that there are too many ICO and that is the problem because the crowd fund may compromise as it will be invested among the choosen ICO and those ICO that will not be able to gather enough crowd funds will literally fail and it will be labeled by bounty hunters as scam.

I think due to market down it affects all erc-20 value is going down also thats why many investors had a lose on so that the developer disappointed to make their coin successful maybe they run away and never gonna goes back.