Bitcoin Forum

There are many scam tokens in the market and more and more scam tokens are getting into the markets now a days. Creators just spend 30$ to create the token and just drive a marketing campaign and earn millions. Neither these tokens are backed by any commodity nor any FIAT money.
My point is that either tokens should be backed by something (commodity or FIAT) or we dont need tokens.

Erc20 is the king of scamming tool for scammers, its easier to build tokens using erc20 blockchain and only very few existing tokens are good, most of them are scam projects, i can't blame ethereum for this though it will be better if eth can abandon scam projects just like tron does

We obviously didn't need a worthless token. I believe that you are pertaining to Security Token on tokens that backed with commodity/assets/fiat and utility token is backed by nothing, Just pure faith on the project success.  I believe in the future of security token. Many companies are starting to tokenized there shares since it's more transparent and has a fast transaction feature compared to the traditional way. I believe you are already suffocated on many scam projects that selling tokens with a whitepaper that created for the day. Just wait once ST market was already finalized.

Well, if it is backed by FIAT/commodity, its value will always be tied, which is similar to all the Stablecoins
It really depends how you want the token to work
If you want its value to be stable and not fluctuate, you can backed with anything that is fairly stable (Gold, Fiat)
If you want its value to be dynamic, don't back it with anything. Lets market discover its fair price

Before this is possible, they spend more with marketing, bounties, airdrops, etc. But now I don't think that this is still possible today, majority is now aware of these scammers and isn't willing to invest anymore. You might still see some bounty participants but there's no guarantee with their efforts.

For the stable coins, it really should be backed by fiat.

Are there actually any tokens worth owning?  I have to admit that I don't really follow the goings on in the ICO space, but it seems like every other scam accusation here pertains to some project promoting some sort of token that's supposed to change the world.  Have any of these projects really done anything useful?

Do we need tokens?  No.  But platforms like ETH and Neo have the potential to be very useful if the right project devs would use them, if they could come up with ideas that have real world value instead of trying to solve problems that cannot be solved with blockchain technology.

Stable tokens can be backed by FIAT. But others can be backed by any commodity like Silver or any other thing (By the way there are many gold backed scams like KBC and Au).
Why i am saying for sticking to the concept of backing?
Because it will create the worth of a token otherwise it is just a scam if no development goes on as it is in many cases.

My whole thinking is bringing fairness to crypto. Otherwise it is almost impossible to attract new traders or investors. This fairness will help crypto to get believe of people who just went through those scams.

Tron itself is a scam project. Justin only bagging your money and hyping his token to maintain the hype price. But soon it will be bitconnect v2.0.  lol

Yes we need tokens for real projects or with a real use case. We don't tokens which are just used in ICOs to raise money and later to speculate on exchanges.
ERC20 is a very good platform for creating tokens. Unfortunately it is only used in a bad way. It will cost way more than $30 to create these type of tokens.

We actually need some tokens but not in thousands of them. It's getting out of hand already. In 2017 ICO boom,so many tokens entered the market decentralising one thing or the other, alot were grossly unnecessary and today they have died out. Tokens should be backed by real solid projects with good FIAT backbone.

It is true that support in tokens is important and to maintain the stability of the price of tokens if there is no support then other people will think again this will be a fraud, to be honest I prefer by FIAT and GOLD because many projects supported by both are developing, but I am not trust again with projects that like to raise bonuses for buyers.

There are several gigs on Fiverr who make ERC 20 token for a small amount of money. Here is an example.
He is making it for 25$.
https://www.fiverr.com/blockchainguru/create-your-erc20-token-on-ethereum-blockchain?context_referrer=search_gigs&source=top-bar&ref_ctx_id=34a69322-cdbf-40a4-98e6-b9f51a1be52f&pckg_id=1&pos=1&context_type=auto&funnel=657f18cb-30b9-4ede-a7f7-139b402768ed&seller_online=true

This is a very disturbing issue facing the cryptosphere ''scam project''. Some project will just create token without any future plan of the coin whereby scamming investors.
I think many projects are losing the main idea why blockchain is created.

I know you can create an ABC token ERC20 for less than $30. Even I can create one like that. What I was trying to say is, we don't really need these type of tokens. We need a real working token which should not be used just for sending and receiving. For example: A small game on Blockchain with tokens being used.

Of course, this is true for SCAM projects. Otherwise, real projects can have serious expenses. Advertising, staff and development expenses. Even the money spent just for advertising is serious. These are not things to be taken lightly. But SCAM projects, even if they make promises, I don't think they have made any serious spending. Maybe a good bounty listing in here ...

They are just riding with how the market being appreciated, scammers are good hiding behind those good projects people are being robbed
when new projects is being introduced without real usage in the long run. We do have existing projects that we can use and explore why
need of new one that we aren't who's working at the back. Developments are slow since there's a lots of options which worries the entire
community.

Before you buy any token, read the company's product, if they have nothing and it is not worth investing. And in General such projects that have just appeared it is better to pass by

The reasons is they see that there are many investors in crypto currency ,that was the target to accumulate money from them . Since they see many project has been successfull and raised more money in ICO . They dicided to make thier own token also and make an ICO with Fake roadmap whitepaper to make it looks like legitimate.

Leave useless tokens as they are, bear market will always kill them one by one and leave the good ones, we don't need to worry about useless tokens, scammers are still taking advantage of newbies and i will never be a victim because i am not ready to invest money in new projects

Perhaps someday, tokens will be used perfectly, bypassing monetary relations. But do not blame the creators of the token platform&tokens, as they created opportunities for a huge number of scammers. It turns out that mankind is not ready for this mentally.

You reason selfishly. Before every shittoken dies, many will lose money again. Ultimately, this will scare away new people from crypto and will not lead to anything good.

It is true that most of the token turn to scam but there still some token that is useful. Like utrust (UTK), you can use utrust token to buy on an online merchant partnered with it and you will get a discount in you purchase.

It depends on every one of us because there are person who are really good when it comes to alts. Sometimes several people are used to pump and dump set ups so we can't blame them if they find tokens more valuable compare to btc. But for me, I don't need it at all to be honest simply because they got only a small chance of growth. I am only interested to btc so far and I think it will go in the long run ;D.

In the first place of it we dont need a token, The token thus not have value.
On what we need for now is the token that have value or a potential can go to higher prices. We all know their was a lot of new token coming but we cant expect that some of it are scam token or become a shitcoins in a future.

you are absolutely right and most likely we do not need 80 percent of the tokens that are currently on this market. no one knows when these tokens will disappear and therefore investing in them is very dangerous

It really depends on the project. Tokens make investing easily accessible by a large group of micro investors, who in traditional investing, would not be able to have the means to invest. Only there is a downside that in the blockchain era, you have many people pretending to open legitimate projects and they pose to solve problems but in effect, they are only creating a whitepaper and a pack of lies to lure innocent investors in. Also, Millennials tend to be impatient and want to go after fast money and making money more easily than their predecessors. So they pray on the psychological makeup of this fast food, fast money generation, which is quite sad really because this naivety is what is causing so many wolves to come into this niche market.

Speaking of ETH, good tokens  eventually will  push its price up in the same way  QE did it for dollar, that is why we need such tokens. Regrettably bad tokens drive people away from ETH thus undermine its value but unfortunately we cannot avoid them.

Not backing up with any commodity or price does not prove that project is a scam. The project does not need to be backed up by something to be legal. Also, it is almost impossible to apply it to most altcoins. With what you can back up ETH or BTC? It is better to have the expected product than to back it up.

If someone can be useful to the market, it does not matter he makes it with $30 or $30 million.

In my opinion, coins or tokens do not have to be supported by commodities or FIAT, but in terms of their functions and uses. If it has to be forced, then all coins or tokens will only become stablecoin because the price must follow the commodity or FIAT itself. These developer ideas should indeed be filtered before they launch the project. What will be later, it can be useful or just for mere profit.

I agree, it is not necessary for a coin to be backed by particular commodities or fiat or assets. Coins are made with a certain purpose. They are not made just to represent some valuable property. Others are designed that way, so be it. But it is not required that all cryptocurrencies should have such backing. Some coins are used to support certain type of services, or to be used within a certain ecosystem, or to be simply a general payment alternative. The best backing actually is an innovative, practical, and working product.

As far as I know, many cryptocurrency exchanges restrict the trading of security tokens. I heard that a year ago Binance announced a partnership with the Malta stock exchange. They wished to establish a new trading platform that meets the enhanced requirements which are compatible with the new KYC and AML policies. In general, security tokens are more strictly regulated by the authorities than utility tokens.

Nowadays people do not trust teams that hide their identities and they do not invest in such fraudulent projects, so in most cases useless tokens do not reach a soft cap and remain worthless.

That is the reason why they need to stay away from useless tokens. If they dont want to lose more then selling those token early is the best option to do, before another bear market came.

there are many merchant option in my country that you can use BTC than this token.

Those who already have dying altcoins in trapped. I meant new crypto investors. New investors can avoid losses if they are helped in this. It would be nice if there was a system that reduces the number of scam assets on the Ethereum platform.
We really don't need so many tokens, especially when these are poor tokens.

For sure every token should be based on something, huge investments, working product or business. Those times, when everybody could write a whitepaper and a smart contract to collect several million dollars have passed.

In a certain way it's true.
If you ask me to create a token on ERC-20 platform then I can definately create them for less than $30. Infact it is free (slight amount of ETH is needed) to create one and it isn't that hard in this age. Ofcourse it will be a basic token but it will work as 90% of other tokens.

Yes, many have accumulated a lot of empty coins, but tell me how will the evolution, development of the crypto market go if there are not a huge number of coins, and projects behind them?  I think so - the market will digest all the coins, and only really worthy ones will remain, so now the stage of development of the new market is going

Only stable currencies will receive FIAT support. Most investors will not invest in a stable project, because it is not profitable.

We just don't need them anymore,the applications of tokens were rarely found so all of them were he for bump and dump the market depends on the market condition.Backing up with the fiat value will make it more worse and there is no assurance that it won't turn into scam later.

When icos create utility tokens, why would they spend all the money just to back it up by usd instead of using it to actually build something?
I can't see any sense investing into something like that. Do you mean that if i invest into company that creates tokens that i must believe to be backed by something?
Why i wouldn't just invest directly to those commodities then, or just buy usdt if i want tokens backed by fiat?

Of course you are right. It’s very easy for fraudsters to create a useless token and try to capitalize on its promotion. However, as practice shows, thanks to the vigilance of the community, fraudsters are also quickly found and charged with a negative mark on the forum. I think this is a very good trend in identifying and exposing fraudsters. It also allows you to study projects more closely and find exactly those that really have a token or coin binding to a product or service. However, the availability of a product or service also does not guarantee 100% that this project will be successful. Other factors are already influencing here.

Do you have the list of $30 tokens and the developers that have received millions but aren't currently building something that is commensurate to the funds they received?

Well, I think it's better to have tokens that are backed by things that are decentralized, whether commodity or not.

Now the number of tokens that are scattered can number in the thousands, sad really useful is only a small part of it.
The rest is just rubbish, so you should stop making new tokens if in the future there will be more people who lost their
money. Because no different tokens are backed by a commodity / fiat scammers will still occur. Many of them appear
New tokens are indeed used by scammers to trap their victims, which I know making tokens is not too difficult to live
register on ERC20 capital is also enough with $ 30. Once again I think we do not need a token at all.