Bitcoin Forum

After the initial success of Shiba Inu coin, I am observing that the altcoin market has become a playground for the scammers in most literal sense.

There are multiple projects now, which are showing 28000% return within just few hours of launching and then showing a steady decline. There are multiple examples,

Squid games: Defunct
Shih Tzu coin: https://coinmarketcap.com/currencies/shih-tzu/
Solar energy: https://coinmarketcap.com/currencies/solar-energy/
Mini BTC: https://coinmarketcap.com/currencies/minibtc/

Etc.

There are many others as well. It is a money laundering heaven. Don't you think such gold rush has to stop at some point. Otherwise cryptos will never be able to make its way into the mainstream world. People are buying from craps to garbages in the name of cryptos.

Voice your opinion.

Not surprised about it, just how about anyone could just create their own coins and decide whatever they want after they got the attention of many.

Lately even here in Alt Discussion board, there are many shillers of that whatever Check project that is and it is really getting annoying, but if they shill that really bad, it just says on how bad or garbage the project is. I am not even bothering searching for that if that is a coin, an exchange or any sort of platform and I don't give any single crap about it. :D

It always has been a scammers playground. The alt market is full of scammers & fraudsters running centralised tokens & coins with massive supply caps. Stick to bitcoin & the main alts, way too many scum bags out there.

Despite that it's a known market that has a lot of scammers, crypto is already in the mainstream.

There is so much good news despite this bad news. Just as the mainstream, they also have bad news, scammers and frauds are there too. It's just that they're looking to the crypto market as a whole as a den of scammers but if they get to know more about it.

They'll see that there are those strong market for several cryptos and there's a partition for those scams and we're also avoiding those.

Altcoins will always be a scammer's playground, especially in BSC and ETH, and there will be a lot of scam schemes out there with no use cases at all, which is why investing in meme coins is so risky. If you're good enough to join and take advantage of the hype, you can make money, but in these times, it's difficult to tell whether a project is a scam or not.

Really hate to say this but I know a lot of people who creates meme coins that doesn't have any uses cases at all and some people are just investing on it without doing any research.

As unfortunate as it may sound this is the truth, newbies excited about the possibility of earning money come to this market thinking about all the money they will make, unfortunately instead of concentrating on the solid projects that we have in this market they prefer to concentrate in unknown coins hoping to catch similar success to the one those that invested early in bitcoin got, but we know what awaits them, the majority of them end up investing in scams and bad projects, when will this end? I think it will never end, as the supply of newbies with no knowledge about the markets is almost infinite.

All these coins work according to two worked out scenarios. The first is pumping money and creating a fast pyramid on attracting money with a small amount of money from shareholders, where at some point 3-5-7 wallets with a large number of coins hurt the rate and withdraw money. The second is a smart contract in which there is no withdrawal due to the lack of liquidity.

An unregulated market will become a scammer's breeding ground. Since there are people who make money by running these scams, they will get the rush whenever they get money like this and they will continue such schemes without having any remorse and sleep soundly at night.

Some fault also lies in the way common users depict the newly launched altcoins - they tend to be lenient towards them once a while and that is what the scammers want. For someone who understood the truth that 99% of the altcoins are copy-cat money grabs, this is not a problem.

Using one project's success to name a new scam is an age-old method of scam. Fact is that most red-pilled newbies dont do any background research on what they are putting money in. But they like to take risk and so they get into such projects.

Most scammers launch their crypto on the DEX, meaning that asar defi opens up opportunities for scammers to steal profits without worrying about getting caught sooner. In fact, shitcoiners already know about the risks they are taking, so they don't actually blame anyone when it happens to them. Shitcoin trend will continue to grow as long as this understanding of risk is not changed.

Scammers will not stop they will always find a way to scam people, the Cryptocurrency industry is decentralized and unregulated and scammers know that people are always on the hunt for a quick profit, HYIP and MLM are already here in Cryptocurrency, you just have to differentiate good and bad projects if you just follow the hype you are in danger of losing your money, real and legit projects are not pump and dump they grow steadily.

The "success" of Shiba Inu is the main motivation for many new projects like the ones you mentioned springing up on a daily basis. A lot of good projects have suffered from divestment because the investors are drawn to quick and high ROI.
Templates are almost the same, mint trillions, send half to VB to burn, list on DEX, pump it up, pay influencers to promote it on Social media, list on CEX, pump it some more thereby drawing away investors from solid projects, and finally dump and move on with good profit.
I hope they don't damage the Crypto-currency market beyond repair.

This is really the sad state of crypto market. There are a lot of scammers are criminals plowing around the crypto sphere because they know that they can victimised a lot of individuals here. So it's easy for them, just created a hype token and then used social media to create more hype and then wait for noobs money to come to pump it so hard and then dump it.

So it's really up to us to warn those newbies, and that is the best thing we can do right now.

And hopefully those who become a victim will really learn their lessons here.

It has been scammers playground since 2017 when people lost their life saving in many scam ICOs. Currently you will find huge number of Meme coins with enormous supply and available at very low price which attracts new comers in crypto space who have no awareness about crypto but they make their entry with dream to get quick rich. Most of these coins will lose their value because their fundamentals are too weak.

This is a huge risk to be honest. People will be addicted to easy money and then loose everything overnight. In the meantime, the scam coin owners will make billions and exit market. Elon Musk should have been careful before promoting a meme coin which actually has opened this can of worms.

Now every government is worried about the current state of the crypto market and we will have to face heavier regulations. This is pathetic! Swap exchanges like Uniswap and Pancakeswap are actively promoting these meme coins, that needs to stop!

If you invest in mineable coins with no pre-mine or dev wallet, no VC or ICO, you can't be dumped on or exit scammed. Only those types of projects are safe investments. Think BTC, RVN, 0xMR.

Social media is a platform for verifying the credentials of various employees in the cryptocurrency team, but it is also the best platform for scammers and also their best place to commit fraud because that is where all kinds of people exist and become their main target.
The growing popularity of crypto becomes an opportunity for fraudsters to take advantage of this situation and their target is beginners who have no knowledge of crypto, and beginners are very gullible and just trying to convince the target and are promised big profits they will be tempted and involved.
So as long as crypto is getting more and more popular, scams will continue to exist and take advantage of its popularity to generate profits by justifying any means to get it.

Saying that the altcoin market which made up a big potion of the whole cryptocurrency market has become a plaything of the scammers and in extension of hackers and phishers is actually an understatement. And it is because it has been that way ever since I can remember. Back in the year of 2017, so many scams and frauds had been introduced into the market resulting into many investors who were then usually small just like me getting hit and they lost money. Sadly, this will go on all because this is actually no regulatory framework imposed for anyone to introduce a project...we are in the open market so scammers can always come up with something new after the last project they got which already went underground. That is the reason why I am always careful and is doing my DYOR before deciding on an opportunity.

Actually those who invest in such meme coins or projects already knew they are investing in highly risky coins even investors knows very well they can loose whole money too still traders are enticed by such projects and this is not good for the crypto market. This market should not be treated as gambling. Investment in good trusted coin should be the priority otherwise every now and then we will witness of rugpull and scammed projects. So every investor should do the proper research before buying.

Those coin you have mentioned above are totally a scam projects mate, i mean a copy paste project obviously just to get more attention in the market and once they successfully make a hypes they will suddenly collapsed as well and turn into shitcoin after all.. Lol and the best example on your list above is the squid coin. Just imagine how it makes strong momentum and how it skyrocketed but suddenly plunges back to zero in just a minutes. What a shame project. Totally scam..

IMO, I think some of that observation is true, and I believe it was happening most of the time on meme tokens, the scammers nowadays can easily enter into, the market because of the increasing smart contract availability, and after it was deployed many speculators will fall for that trap buying and holding useless tokens that's why in the end many will be rigged.

Number of such scam projects and useless projects are increasing every year because while the market grows there are scammers who wants to take advantage if it by coming up with legit ides then rugpull the entire project or come up with stupid ideas and create hype for it with the help of influencers and celebrities. So they never going to stop until the investors realizes about where they are investing their money.

Right!!!
So, in order to protect innocent cryptocurrency enthusiasts from falling for the same scam tactics in the future, the cryptocurrency community has created a list of red flags for all to see. These are not just the scammy signs that have been seen time and time again, but rather actual red flags one can look out for in order to protect themselves from becoming a victim of cryptocurrency scam.

That's not new, it has been a scammer's playground ever since, and even if some investors have learned their lessons in the past, we still have the new investors who are just hyped with the crypto market being bullish now and failed to do due diligence in choosing a project to invest. Verifying the project is very important and I think there's a lot of morons in the space as this project was able to steal millions of dollars from investors.

The bigger the demand, the higher number of scammers will be out there. This doesn’t apply just for crypto, but for every other field.
We saw numerous scam projects in 2017 but as it turned out, this was not even close to what we have now. Crypto is probably more interesting for them, because you can stay somewhat anonymous online while scamming people.

We must be wise in putting money to invest. Dicryptocurrency people who want to get rich quick will look very stupid. In fact they happily buy coins made just for once the hype promises greater returns within a few hours. But the proof is, they lost all their assets. They can only cry and regret. Cryptocurrency is indeed a very risky investment everyone who enters here must really bring the science of analysis.

Unfortunately people do not listen, and one of the reasons is that even if this forum is still relevant it is not as popular as it was during the previous bull run, now a great deal of the discussion about new coins has moved to social media, in which it is easier to manipulate the newbies into thinking that any coin is going to become the next bitcoin and they are scammed by projects that are obviously a scam, but since they do not have the tools to tell them apart from good projects they decide to invest in them, only to come to the forum and realize they could have avoided the loss if they had come here first.

Looks like you realized this too late. long before the frenzy of meme coins, defi, and NFT. scammers are already playing around in the crypto market through ICOs. And one thing I don't understand, those who are deceived know that what they are doing is wrong and risky. but they still choose to invest or buy. so it seems hard to stop this stupidity, while there are still many people who expect shitcoins to give big ROI. scammers will freely play with them.

As it is easy to create your own ERC20 token and you will not be punished then if you cheat people as you can just hide your money using Tornado cash, there are a lot of scammers who use this hype around crypto and launch their tokens.

Everything we can do is just be careful and do research before investing, and also we shouldn’t snub risk management. It means not to invest more than you can afford to lose. 

With the development of technology and the times, scammers also upgrade themselves so that they have many ways to run scam projects,
Of course in this way as you described we cannot realize and will be trapped,
it's true there's nothing we can do more than stay careful

lots of investors there are opening themselves up to this new and growing risk of fraud and fscam. there are so many people who want to invest here for the future, you have to be aware of the many incidents like this, never to invest in altcoins at the expense of saving for emergencies or paying off high-interest debt. take care of your money

Nah, there will always be crap for those that likes buying crap. There are lots of people who are pretty much aware of how bad these meme coins can be, but they would still invest in it because they feel that it is a game they would have to play to get a shot at getting rich quick. So, they would go ahead to invest in these coins with the aim that it would get pumped and they will quickly dump it and leave, but it never works out so well for some of them.

So, there will always be good coins and bad coins, it is up to you to know what you believe works for you and you just go for that and nothing much. I don’t invest in meme coins, not even Dogecoin, despite the hype and everything, I still knew what I wanted and I focused on that. But, there are still people who were able to make lots of money from the meme coins hype and trend that we have seen take place.

Oh well, they know the risk in investing here, not saying that they are the one to blame, but it looks like they are not investigating enough on which altcoins they are going to invest. They are greedy and think that they can be rich here in short amount of time. So if you are a young investors, the first thing that you really need to learn is to be very very careful of where and what projects you are going to pour your money with. It's you hard earn money so make the best out of it.

What do you expect? I mean the market is open to everyone, so it will attract even scammers and criminals in crypto space and will exploit it. And then the thing is that we really don't know each other here, no names, except addresses and so transaction is irreversible and once you are trap by this scammers, there's no way to get your money back from them. So the best weapon for us is to really educate ourselves before entering crypto market and always think many times before trusting anyone or any project here.

Of course it has to stop for altcoins to obviously move to the next level, but definitely you and I know it just wouldn't stop that way, the individuals who create this useless coins have found a way to make money by deceiving others and stealing from them, thus there is no way they will just stop. Investors and crypto users who still try to make money by investing in such (lottery) projects are the ones that need to stop, they need to do their research into the projects they are investing in, or much better they should just outrightly invest in projects that are somewhat popular and have an actual use case.

Still got surprised?

These things all starts with that ICO boom out back in the past on which lots of scammers had made out this gateway on scamming out millions out of their investors and the scamming didnt really stop and we do keep on telling out people to be careful but still ending
up on depositing and supporting those scammy projects

and now it did continue yet they do easily get hooked with the hype without even trying to realize on what they are dealing with.

Things like this make crypto bad and its ecosystem unsafe. Many "inu" coins appear and some other characters that are branches of the main coin are just a scam. If this continues to be allowed will greatly impact the existing crypto ecosystem especially for new users who will enter the crypto.

It always has been.

The cryptocurrencies spaces' scam-free is an ideal word. I don't think we will see it happen anytime now. I mean in many aspects of life, scam is still being done and people keep being deceived. Not to mention, the nature of cryptocurrencies pseudonym make people are enormously making use of peoples' ignorance and they can get away easily.

The stereotype of cryptocurrencies filled with scams might push people away. But as soon as people have a skin in the game, I believe they will see the potency of this space. So, I don't think it will stop the awareness and adoption of cryptocurrency.

because in crypto there is no security such as an anonymous identity that can make scammers always exist in any market and also always move widely they can freely do crazy things that can harm many people, the important thing is that the scamers themselves benefit.personal.

Correct. A playground of investments and fun way to race against each other’s to see who makes the most money out there. It’s really sad to see this happening in the market like crypto currency’s which were supposed to be excellent hallmark for the Payment System around the globe. Bunch of idiots now making their safe heaven to earn extra by creating the tokens, publishing them over social networks and showing literal hopes other investors.

The sad part is peeps around the crypto space are also enjoying this kinda investment because they just wanna make the quick bucks. So market is always manipulated, those who got the profits are actually the one who know the projects from beginning and make their way towards quick wealth. Such a scam-grim-reality.

Actually altcoins market and crypto market in general have been a playground for scammers since many years ago, from the moment bitcoin started becoming more recognized as investment on.

Sooner or later those people who are scamming others are going to be busted. They may think they are smart by earning money like this, but in fact this money isn't going to make them thrive in life, because the source of the money isn't legit from any perspectives. Only legit money can proportionate happiness and prosperity to an individual at same time. That is an essential law easy to be observed in life.

I just think investors should have more respect for their own money avoiding such altcoins. The problem is that investors are greedy, so they believe in any lies which put them in a confortable position regards their financial goals. They don't want to wait some years to make financial progress, instead they want to become millionaires in a month or two and then they end being scammed...

Scam altcoins could exist without any issues if investors were conscious enough to totally despise them.

It's been the playground of scammers ever since the ICO craze started we have so many schemes of scamming and projects that scammed their investors, so many fake projects, fake team fake roadmap, and fake white and lite paper if you are not good at doing diligence research you will fall victims to these scammers, they are good in making projects looks good, very deceptive and very cunning, the best way to protect yourself is to stay away with hype and FOMO.

This dubious activity within the crypto space is one of the reasons why some governments still point reference to cryptocurrency as fraudulent, the rate at which some of these tokens are springing up is very alarming, how i wish there was a way to properly regulate things. The whole cryptocurrency thingy can become discouraging if one falls victim to the perpetrators and creators of such tokens.

Actually, crypto has always been subject to scams since Ethereum launched and it became easy to create tokens. There were a lot of scams connected with iCOs in 2017, there are a lot of scams connected with meme coins, NFT-projects, gaming projects and yeild farming platforms now, so as it is very easy to create tokens, scammers try to follow hype and use it to make money.

It's rather unfortunate that we've gotten to the point when most new projects are baseless. Several people come to the industry without the right mindset, and due to the fact that the industry is decentralized Scammer are taking advantage of the ignorance and greed of users whose intention are to cash out huge from the industry. I only do wish that many more people would be willing to learn more about the industry before investing their resources.

There were a lot of premine coins before ethereum that were indeed scams so I would not agree with the statment that ethereum tokens are the reasons why there are scams. It just became an easy route to shift the attention of impulsive gamblers to something that seemed legit but was a scam.

As people understand this, they will soon become aware and be cautious the next time they invest. It has made a bad name for crypto true, not something we as legitimate users can address on our own.

With the start of DeFi stablecoin pools the devs have become completely anonymous and this does not equate with legitimacy. Definitely something that people need to know and that they should do their own research before investing. It is worth noting that the SEC will not have your back when you lose money on such scams.

Even those people who do know anything about coding and programmer can launch a coin, all they need is to hire people on Fiverr and the service section, all they need is funds to hire create a fake whitepaper, shills, and marketers and website developer and pay people to be their face in the team and he has a project to sell to investors, they just pump it and broadcast and people will just follow it.

The scammers are too smart to use the trend for their own benefits by creating a new project related to the trend and successfully inviting many investors to their projects. People are too greedy to make big money from many projects and most of them do not research before they invest in the project.

That makes those people get scammed and many of them leave crypto once they get a scam. It is our job to always research before we invest in any project, whether it is a new or old project, to avoid getting a scam.

Unfortunately every day we face with the reality that there are scammers who are smarter than some victims. I have seen so many silly stuff before in my life starting from the ICO period to this day we have seen so many weird things and everyone of those weird things got paid by some people.

I do not know why people fall for them but in the end they do and there is really nothing we could do to convince these people to not fall for those things neither. So in the end, we end up with a lot of people who lose money to scammers because those victims are not really very well versed in the crypto world. I hope that one day we could get rid of those scammers but even if we stop one method, they are going to end up with another method and it is not going to be that easy to stop them completely.

What we are seeing is in fact a gold rush, back in those days people heard stories of miners finding a lot of gold and changing their life and they wanted the same for themselves, however the ones that made money consistently and in fact became rich are the ones that provided services to the miners, the ones that sold the shovels or sold them food for overpriced prices, and something similar is happening here, with scammers being one of the groups that are obtaining the most profits by selling all kind of dreams to newbies that they know are never going to become true.

The sad reality for now. It could be hard to accept that we are now surrounded by these shit and useless projects but can't stop scammers to create their joke projects. They certainly want attention and we respond nothing, I hope that is what we see. However, the influence of some known personalities brings some hypes and gives the chance for these scammers to scam people in front of them. I believe that they are aware of the situation but they choose to become blind.

I think they do that because of wanting to make fast money by joining that programs. We know that some programs can really explode during a downturn in the market and make those people think that is their opportunity to participate and make money. Some people really make money, while others are getting a scam from that programs.

It is not easy to remind them not to participate in that programs because the power of making fast money will always be there and always tempt people to join with them. The only way to reduce the number of people who will get a scam is by always researching the project before they participate.

Completely agree.

The gold rush has really gotten out of hand and there are a ton of fraudsters that are just capitalizing on this opportunity.

There is really no excuse for people to be investing in these coins. You are not just risking your own capital, but encouraging this type of behaviour from scammers.

Here's a tip that will keep you safe from scams, only invest in minable tokens that didn't hold and ICO, like RVN, 0xMR, Bitcoin and a few others.

We can make people aware of the same but we cannot thwart the ways of the scammers. After all people are free to invest in what they wish to, it is their own money they are spending.

Hype based projects run on attention from investors. Dont give the the attention they crave but there will be a lot of people trying to market it so you should have your own counter methods to reveal the truth to your friends and family whom you should try to save.

It is not usually the celebs who promote them in every case. Sometimes they only promote one coin and the scammers launch coins named on something else but related to that celeb, like for instance ElonCoin for Elon and Shiba for Doge, while it is actually DOGE that was promoted by Elon and these are only hyped coins.

Scamming will always be around if investors keep investing in those shit projects that will always make them losing in the end. There is nothing new with this altcoin market as more and more projects are created every year and so the number of scammers have becoming very huge too.

However, we can do something to change this trend by always making DYOR before choosing a project to put in your capital. And if we always invest for main alts that are always solid, and avoiding those new projects who have no clear goal, then we can minimize scamming cases and this altcoin market won’t have to deal anymore with a lot of scam activities.

This was done a long time ago when crypto became known and probably more and more when ICO's started popping up around 2016-2017, and so far it can't be stopped.
It is the investor who must be smart in choosing coins to invest and understand how much loss he can afford, but unfortunately investing in new coins is the fastest way that many crypto lovers choose to make quick and huge profits and exclude the possibility of huge losses.

The decentralisation feature of the market has given so much power to the community which has led to the increase of scam cases because people are striving to take advantage of the ignorant and naive in the industry. There's always a desire to take advantage of the market situation and this has prompted several people to set up their own tokens,  pump it and expect to attract more greedy people who would become their victims.

There are many coins that have good products but end up being fraudulent, Bitpaction Exchange, Nauticus Exchange and several other altcoins such as CIBUS which offers P2P Technology for payment systems from Merchant to owners of food products such as vegetables and fruit, this is the link of the coin https: //www.coingecko.com/en/coins/cibus/news?page=2 looks like the developer had planned a scam by listing the tokens on the exchange then they disappeared

Nothing new this has been the same thing in the past and I guess it's much worse on 2017 when we see the whole crypto craze of these ICOs. This time I think people are much aware on where they'll put their money, I don't know if it already lessen but for us whose been here on 2017 and even those who got early, I can say I already got the learning I need especially with this shitcoins popping out being shilled across social media, most of it are just for show no real use cases.

I guess even if we tend to get on that huge adoption level there will be still scammers playground that may arise but I'd say the circle they'll be in will be getting narrower and shallow.

That's right, let the children develop by themselves because after all in childhood we need to guide them,
both in taking knowledge and making money from playing games must be balanced

This is what happens when greed takes over reason. So many new small investors entered crypto verse which don’t really care about project behind the coins or maybe don’t even know they exist. They will throw money to everything that offers high gains and this is the best environment for scammers, greed + unexperienced investors = certain failure.

Sorry OP,,, I do not mean to make fun of your words but altcoins were already a scammer playground when I arrived in 2017,,, I did not know it at the time or I did not pay heed to the warnings I should have seen from some old timers, I went into it happily thinking I could circumnavigate the waters full of sharks and paid the full price.

ICO days were the worst,,, but defi days will soon take over as the total scam era.

Yeah it is. And most of them are in the bsc platform, using low transaction fees to their advantage. Scams are now everywhere, much worse than before and it is mainly because of all the available tools online to either create a coin/token, website, then launch a project at low efforts and low fees. Most scam projects dev nowadays are not even developers and I believe they barely even know how to code. They know nothing about blockchain technology, like how it works and etc. that's why majority of scams are a copy of something and are just memes.

It is the technologies, platforms and developers itself that allows scam in this crypto world, because they are the ones building the playground. And they're not going to do anything about it, because that what makes them popular. If you've been to shitcoins you know what I mean.

Not only now scammers make altcoins their playground, since 2017 many scam projects have sprung up. So I'm not surprised if now many
new projects end up being scams or becoming shitcoins, because scammers have always used altcoins as their playground to take investors money.
Therefore, we must be careful if we want to invest in new projects. Do good research and analysis, to be able to distinguish which coins are potential
and which coins are scams. So I agree with your suggestion to be more secure, we should focus on Bitcoin and some of the top altcoins. That way
we can avoid becoming victims of scammers, because scammers do use a lot of new projects to deceive investors.

Anyone can play there. Just like traditional market, anyone can come (good people or bad people) without any prohibition from the parties concerned. Everyone who comes to the market has a different purpose, his intentions were pure from within one's heart without anyone being able to guess his purpose. If you are a good person and bring large amounts of money to the market, you should always be careful and don't be careless because thieves will always be watching you. The same is true in the cryptocurrency market, anyone can fall victim to a scammer if not careful.

as we see the big influence is that when the market is unregulated, it will become a breeding ground for scammers, but it will not stop that they will look for ways to find ways to deceive people and try to launch their crypto, scammers know that people are always looking for profit fast, like HYIPs and the like and already in Cryptocurrencies.

If they are addicted to games and money, then their study time will definitely be disturbed by it because besides the child doing this, there are other things that are more important for them to understand in their youth, because time is always valuable to be used for other things.

The altcoin market is undoubtedly a scammers’ playground since forever. I believe it is among the top reason why people doubt the cryptocurrencies in the first place, since many illicit and skeptical transactions has been happening since the beginning, for which the features of crypto has been used to take advantage  of other people’s level of familiarity with such. Today, it is not surprising that the market is bombarded with such kind of people and projects since everyone has the freedom to enter the market. So, it is up with us how to handle and overcome these scammers and their schemes.

This is not new and surprising at all scammers are ruining this industry for a long time we can see many example if we explore the history of cryptocurrency projects those people who have already spent many years in cryptocurrency space have better understanding to find the difference between genuine and scam projects but the problem is with new people who are being greedy and become victims of scam projects they need to do research before investing in any project other than believing in false news and hype.

I agree with that thought. nowadays many people see crypto as just a place to duplicate, or launder money. invest without a scientific basis, or research without the project. as long as they see a low-priced coin, it could be an opportunity for them. while they are making profits, a rug pull occurs, and makes them lose their assets. after that another meme coin will appear that has the same movement. well, it really is like a playground for scammers. if not stopped, this could potentially make people think negatively about crypto.

The cryptocurrency market is virtually uncontrolled. Anyone can create their own empty token and easily propagate it using even the most primitive methods. There are a lot of money-hungry, "not frightened" newbie investors who do not want to waste their time studying the essence of the project. And this is just a godsend for any scammers.

The thing I'm worried about in the future if there are no more valuable projects will ever be created. And aside from that, this gives a reason why people will never trust crypto anymore if that they only see worthless projects coming and they feel that they are just scammed.

That is why I'd like to have regulations and strict rules regarding crypto projects and before its final release on the market for selling, it should be tagged as legit already so people will be sure that they don't lose their money but instead, to have assurance for returns. In this case, this helps the crypto in general to grow, not to become devalued.

Sadly, it has always been the scammers playground. It's a decentralized market, so there is nothing much anyone can do other than just ignoring them. Yet, people still invest in those coins, even if they know its going to be a scam coin. They expect that they will be able to exit the market early and take the profits before the developers scam them. And this is how they encourage more scammers to come up with those scam coins. But this doesn't mean all altcoins are scam coins. There are (few) altcoins are has very good use cases and are being well developed.

So far, if there is a new hype coin, there will be followed by many more scammers with similar concepts of the altcoins itself.
We are likely to see how memecoins are very booming and many scammers there after the big pump of Doge coin and also Shiba Inu.
And this also happens in every hype or pump altcoins. Like DeFi project, gaming, NFT  and maybe next is Metaverse.

It would be wrong to think of all scammers to be a part of a big network. Their motive may be same but they are defenitely not related to each other in every case scenario. The point is that a criminal can sleep soundly at night and that is why they need to be punished. If there is a method to easily fool people and steal their money, some people will attempt to take advantage of that and therefore become a scammer in the eyes of another.

We can do only this much and keep out close ones aware, keep reminding them from time to time about possibly security measures and how to deal with people on the internet. Beyond that cyber-security is something that every persons should learn in a bit of detail specially in the sector of cryptocurrency where the lack of regulation has lead to rampant scams.

Just listen to what your folks have taught you: Never get greedy about money and listen to your conscience. That one line is enough to protect most people from scams too, if they have presence of mind.

Tighter rules mean stronger government regulation. All of this will weaken decentralization and anonymity. In addition, tight guarantees reduce the speculative opportunities of the crypto investor, and hence the amount of income.

It's always been a playground for those scammers. Since I joined the crypto world last 2017 I saw so many projects that are scams. At that time ICO was on hype and there are so many investors that lost their money.

I think that a huge number of newbies will suffer greatly from such actions.

So if any of the fanatics read this post, think about it) The main thing to remember is that greed is bad. ;)

Yeah, those were the years before ICOs started to disappear one by one. It was becoming a scam pit and almost everyone would just see ICO as another term for scams that time. Regardless of what trend or what type of offering, scammers are there anyways.
Let alone that any forms of market would always be infested with scammers, and even outside crypto while within government's regulation, they still exist.

They're for the hype and they see that others have made a lot of gain with meme coins. So that's the case with choosing meme coins.
They're taking the advantage as much as they can because they think that it will make them a fortune if there's a lucky meme coin that they invest in and becomes big.

It will always be a scammer’s playground as the crypto community hasn’t yet regulated. So management can easily go away with investors’ money if they wanted to. What we can do about this to mitigate the risk of getting scammed is to know the project deeply before investing. If you plan on investing for a long term, make sure the team is solid and transparent on their identity.

blockchains can't be regulated so such scam projects will appear regularly. many people just want to receive easy money and such projects is the result of demand.

It's sad that things like this will continue to happen and will not be destroyed due to greed which is a pure human instinct.
No matter how hard it is eradicated in the end it will only always increase not decrease.
 
But things like this are also unstoppable because freedom is here and we can do whatever we like, including these scammers who do do something to their advantage even though it's against the norm.

Because of greed, a lot of people have been scammed because they believe crypto can make them rich overnight. Where in fact, crypto is risky particularly if you are investing into projects that seem legit and even offering high returns, only to find out in the end that you are scammed. With this, altcoin market has always been the scammer’s playground since most of the new projects fall into scams. And for newly investors who lack knowledge because they are more concern on the profits they might gain, they are mostly the target of scammers.

this action has been there for a long time, they use altcoin to make profit. but, there are many people still try to have their value, because, maybe they get luck. we never know who the true and the scam coin.
thats why, if someone ask about altcoin, just say about popular coin, or back to bitcoin. its hard to take newcomer in crypto, but there are many popular that give you profit.

Unfortunately most people do not care, they care about one thing and one thing only and that is the profits they can get, and this means that for people like that a project is as good and legitimate as the profits they get, so if they lose money the coin was a scam, which is why we have so many people claiming bitcoin is a scam, and if they earn money then it is a legitimate project, they do not understand that even if they earn money that money came from other people that were scammed and they were just lucky to avoid the same fate, and if they keep doing this then sooner or later they will be scammed as well.

It’s the usual strategy of scam projects that will give you good amount of profits at first, but later on, once you have put more funds on the project, then the team behind the project suddenly gone out in the market and bring all your funds. That’s when you realized you have been scammed. I think this is very common in altcoin market as this has become the very own playground of most of the scammers. So if you want to risk investing in altcoins, be careful in choosing out from thousands of projects as only few of them are legit and the rest are just scams. If you want to play it safe, better invest in main and solid altcoins as they are proven legit and reputable.

I think there’s no excuse in scamming because even if you have done a long and wide research, you can’t guarantee that you’ll never be scam. Scammers are even smarter than us because it’s their only job so they should be good at it. And when it comes to crypto, the altcoin market are mostly seen as lot of scamming incidents as most of the projects nowadays are more scams rather than real and legit projects. And I believe since altcoins are cheaper than bitcoin, newbies get attracted to them and usually invest in those projects without even making a  proper research at first. As a result, they end up being scammed and lose all their capital.

Yes basically everyone assumes initially cryptocurrency was just garbage. That's right. Some in cryptocurrency is junk therefore investing here has a high risk. But on the other hand we see like bitcoin, ethereum, BNB has become public and many people already believe that cryptocurrencies have a good change.

Nah! I don't think it will ever stop. It's the same way one would ask if prostitution will ever stop. Scamming, robbery and prostitution are about the oldest vices. Someone will even argue that they're the oldest kinds of jobs. We witnessed a lot of scams in 2017. Some people got scammed and learnt from it, and then moved on. It's the same way a lot of people will get scammed now and we hope they too will learn from it and move on. No matter how one wants to sound this note of warning, there are people who won't want to heed to that warning. They think every token is going to be a banger, especially those ridiculously cheap ones. People want to invest $10 and earn $100,000 from it. That's why a lot rush to memetokens in their quadrillion supply. Nothing else.

When the cryptocurrency can get its popularity, those people will open their eyes that crypto is not garbage and will try to find out more and involve deeper in the crypto world. Cryptocurrency becomes bigger when some altcoins such as ethereum, bnb, litecoins and other old coins can lift the price and makes people see and not underestimate the existence of the altcoin. So they are starting to use altcoins to give them more profit and many of them are really making a big money from crypto.

Let them learn on their own even when they start to get greedy because with that they will also feel the consequences, so at another time or in the future they will be better off through a different mindset. ;)

Because in cryptocurrency we don't have any protection agency like fiat has a bank. Here anyone who enters the cryptocurrency must be ready to win the risk of loss. I understand if you see a project that just entered their goal just to bring away the money investors some of them just want to cheat. However, we already see bitcoin that is really a public trust today.

Even before Bitcoin was booming, the crypto world has always been a breeding ground for scammers and money launderings. Remember the ICO hype of 2017? it's almost the same here except there's a variety of smart chains to choose from.

Yes, the scam playground of 2017 is somewhat crude and lacks refinement, but because everyone's knowledge is still not optimized, it becomes a blind spot and turns into an opportunity for scammers while the scam playing field of 2021 is being optimized in many ways, investors can still make money in scams and scammers can also launder money through it more quickly and easily. Diversity of playing fields and scams will bring more fun, of course, a lot of garbage will be segregated and affect many people in the process but crypto is home to the strong and the scams, need more ingenuity to avoid loss and fraud, this is the law of nature

That's a sad reality that we have to accept because to be honest, most scammers are now using cryptocurrency platforms to scam and fool people. Even NFT games are being used to scam which is too disappointing that's why we have to be mindful each time we invest in a certain project or coin. Scammers are getting smarter but we have to be wiser than them.

For me I think once beating, twice shy. If you fall victim of any scammed activity now you will be careful in chosen any other coin in your next investment.

There is nothing that you can do in crypto to stop these people. If it was that easy to stop scammers then we would have done that long time ago. It is obvious that people are not really worried about the current situation, only because decentralization brings this part of the deal with it as well.

There is no figure that could reverse your situation and that means we are going to just have to face the fact that we are doing nothing wrong and it is the people who do the wrong thing that should be ashamed and our only job is to not fall victim. If you try to stop them, then you are going to end up working for nothing and will end up with nothing.

This is what happens when people just behave like sheeps and I have seen hundreds of projects like these wherein a project will be hyped based on success of similar projects and we have reached a level where altcoin's name are created based on current trends like squid coin, etc. Only way to stop this scams are by educating people on crypto and how it works as these scam projects will eventually make crypto industry as a ponzi scheme or gambling Hut if these are not stopped.

More risks, more rewards is the way I see it. However it makes the grounds less forgiving to mistakes done commonly by newbies and the less tech-savvy. Now the investors in fiat markets also face a lot of risks, they are not free of it. But some types of scam projects would never dare to attempt to enter fiat markets because the SEC or any other regulatory body would wipe them out instantly.

The point is that scam altcoins and failed projects will always exist, but the investors need to learn how to skim off the good ones from the top and not looking down at the bottom trying to buy something that is new and less known.

We dont need more and more junk coins to clutter the aggregator sites. Hence it is better to just ignore majority of less known altcoins and focus on the ones on top.

After the current fall in prices, which has already dragged on for a bit, I think that many meme coins will no longer be able to rise to their previous price level. When the holders of such coins see that they not only do not grow in value, but also fell sharply and continue to lie, this is very sobering.
As for fraud, it was, is, and, unfortunately, will probably always be in the world of cryptocurrency. Confidentiality, relative anonymity, communication via the Internet, which makes it possible to be anywhere in the world, the concentration of significant funds in cryptocurrency, the presence of numerous newcomers with no experience in this market, all this creates a good environment for fraudsters.

I agree with you. Because at the present time some coins come in the market to increase their scam and give a lot of profit. The fall brings campaigns to run the campaign. From there many people buy again and see the profit. Lastly it goes down at once and disappears,But if it continues like this, one day people will not be attracted to crypto

Unfortunately, same things happened during 2018 as well. Things like BCH were seen as second coming of bitcoin, there were a ton of miners using it and it was just seen as the faster and better way bitcoin could have become, I never really cared for it at all but at least I do understand it, now look where it is, the coin that was third coin at one time, and now it is not even in top 20 anymore, and probably going to be a lot lower as well.

I do not think that Doge is any different, I believe that doge will be outside of top 20 in a few years, and if you made your profit already then it is great, but if you haven't and still holding then I am sorry but you should get out and get out quickly. I am not even getting into whole shiba or whatever other memecoins, they are not going to be even in top 50 if you ask me, it will take a long time but they will be down for sure.

this market needs to have people giving talks about scam, it's not possible that people keep buying any shitcoin just because they think project Z worked so shitcoin that has a similar name to project Z will work, and to make matters worse the exchanges are guilty of listing shitcoins

Well it could be the main reason is they want a short earning method of trading even though they know that the new project did not have a real use.
The pump and dump of a new project are very common so I did not surprise that those altcoins are a house of scammers and fraudsters because we feed them and they know that there are lazy investors that did not have further research.
Exactly, we should also blame those exchanges here that listed that obviously scam project, even did not really use. I don't know what is the standard requirements that you will list on decent exchange but I think the main criteria is that how good that new project is.

Is this something new?

This had been a scammers playground since this market had established or running on.From ICO to other trends that do happen in the market.There would be always those
scammers who had been lurking around and waited up for those newbie investors who do keep on feeding them.

If you dont really do your research on things then you would really be finding out a big problem since you would lost money most of the time.
Make yourself prepared and be aware on your actions. Anything could be searched up and verify everything before shelling out some money.

Exactly.

There are plenty of gems and plenty of crappy projects in the altcoin market and it is impossible to generalize it into one category.

I think that you'd be stupid to be completely be invested in alts but also stupid to not invest in it at all because you think that all alts are useless and worthless. There are blue chip projects out there that are indeed useful, and have long term viability, the best example of which is probably ETH.

This situation has always existed. On the one hand, it is the temptation of huge returns from the project team, and on the other hand, people’s ridiculous perceptions are the reasons for this phenomenon. Money laundering is not a patent of digital currency, nor is it a product of the era of digital currency. This should be analyzed objectively.

The problem is, these investors patronizing a scam projects are greedy to earn in a short period and disregarding the fact that it can be a scam and has a high risk to lose their money.

Projects with no real purpose are existing to fool the investors who are desperate to make money. So as long as there are people willing to take risk and can be easily fool then scam projects are going to stay forever.

Thats why ending up as a victim depends on our actions since we have a choice, there's an option to prevent them if an investor really want to.

Cryptocurrency will not be regulated, so there are more and more deceptive projects. For traders who are new to the crypto market or lack knowledge, they always fantasize about making quick profits, but they end up falling into scams of various projects and causing economic losses.

well, we do need people like that, where they explain in advance the information about altcoins that new people are interested in.
however, I think, such information already exists on the internet, we just need to find out about it. I think many people are only concerned with profit rather than the legitimacy of a project. when they get profit, they already don't care if it's a scam or not.
however, the current system is a very good system, but with so many scammers, this seems to be a negative in the minds of people who are not very familiar with the crypto world.
well, we can only remind people around us about this, so they don't get trapped by the rug pull project, or scammers.

Success? What success? Shiba Inu Coin is and always was a pump and dump doge clone failure that was never going to catch up to doge anyway. The entire premise of Shiba Inu Coin was that the "burned" part of the market cap, aka the part "given" to the Ethereum founder, was never supposed to be brought into rotation. But as we know, Vitalik showed everyone what he thinks of dogecoin ripoffs. Everything else was just hype.

If you want to stay away from scammers, you should look at the liquidity, age and market cap of a coin. I recommend coinmarketcap for that.

Because in cryptocurrency we don't have any protection agency like fiat has a bank. Here anyone who enters the cryptocurrency must be ready to win the risk of loss. I understand if you see a project that just entered their goal just to bring away the money investors some of them just want to cheat. However, we already see bitcoin that is really a public trust today.

Bitcoin is a very good example for others, but it should also be noted that coins developed other than Bitcoin are Altcoins that will continue to be under Bitcoin with different durability in cryptocurrencies and markets, so this also needs to be understood because it is also in line with Bitcoin another risk.

altcoins have always been an ideal place for a different scam, a low entry threshold with small amounts and the opportunity to earn quickly always attracts people.This is a kind of lottery, but most often only the developers of these projects remain in the black.The problem is the people who carry their money there until they stop, this problem will not disappear.Coinmarketcap today shows 8,200 projects, of which no more than 1 percent are normal projects.

I think we need some regulations to minimize (only) these things but can't totally eliminate them. Because as long as they are free to do scam projects, there are still a lot of people who become a victim. The problem is that people were still blind not to know about scams as they likely to invest especially when seeing such attractive words x100, x1000 returns...it suddenly makes them forget any possible scam.
Thus, research is very helpful, especially for new projects.

The cryptocurrency space has always been thought to be a haven for money laundering and with the decentralisation feature of the market, scammers are bound to take advantage of the opportunity and deceive naive or ignorant investors. The onus lies on us to gain knowledge about the industry before investing.

Being deceived by scammers is a risk or a recklessness that at first we were just negligent without seeing and analyzing it first so that everyone can immediately fall into the trap of scammers who always give very tempting offers, so the solution is only one, don't believe too much in everything the new one.

The fact that its hard to sue someone who's at unknown places, then this schemes will still be happening. Its up to us investors to protect our hard earned money and spot those rug and pull shitty projects. Crypto market is indeed a safe havens for these scammers. I hope one authority body should act to atleast lessen the effects of this. L

This is normal as scammers find it difficult scamming with Bitcoin they are switching attention to altcoin where the can capture people by their greedy appetite particularly those whose wants to earn massively from little investment. If investors can control their greed then scammers would have nothing to offer.

Improper research is one of the  major cause of investors being scammed, imagine a shit coin pumped 2800% within some couples of hours that is red flag, however a lot of greedy and gullible investors whose mindset is to earn massive profits within the shortest time will always fall for this trick, no wonder Altcoins has become a breeding space of scammers who equally has victims to scam, a quick research will prevent a lot of investors from those fraudulent activities.

Some people are not as careful as they should be. Some of them come in with the mindset that they want to make quick money and they end up losing their money at that. So, they all have to be careful and learn to calm down in this kind of thing.

People who usually fall easily to scam are people who are greedy and lacks patience, because you will be blinded by your greed and you would forget to seek the knowledge that is necessary for you to understand what you’re taking yourself into and you would definitely fall into a scam. Despite that there are so many scam and fake projects, there are also a lot of them that are really good and reliable.

Cryptocurrency we know that is been use for money laundering from rich people their is no argument for that from the starting, because since is decentralized currency it will be hard to notice that cryptocurrency is the easiest way of money laundering, that is the reason scammers find it very to deserve some people, many investors have lost their coins today due to scammers brainstorm directly to cryptocurrency, we have to be wise to know scammer is encroaching close to us

It's even happened since I first entered cryptocurrency. Usually fraudsters will duplicate a successful project or trend, then sell their coins to the public and then run away by withdrawing the LP or bringing a lot of investor money. It's sad but we know this is the risk of playing with new coins. Have a high risk.

The risk will remain forever in cryptocurrencies so this is the main thing that must be understood by everyone who is already in cryptocurrency, including in choosing a coin even though it is an old coin with very strong fundamentals in the market, it is clear that the risk will still exist even if it is not will be equal to the risk of new coins born from a new project.

As many people tend to enter cryptocurrency business, also the scammers and fraudsters wants to see a spotlight and space on how they can manage to do fraud things in such business.  They have many strategies such that many could fall into their trap and be one of their victims, like they do phising sites and other email hacking system that they can enter your crypto wallet. But now, we just have to deal from refraining from scammers so that we can't lose anything from what we invest.

Well, as years made us more smarter in dealing with scammers, i think they themselves too are also gaining more confidence in searching for people to fall as their victims. Indeed, this altcoin market has been the scammer's playground since when crypto has been recognized. But i admit, the scamming incidents right now are more controlled than those previous years as most of the investors particularly newbies are entering the market without even gaining deep knowledge on it. I can see that even newbies right now are more knowledgeable on how to handle their investments properly so they can avoid scammers as much as possible.

It is what it is and will always happen like this because we the investors are the ones fuelling it all in the name of trying to make quick money, now most people coming into the cryptocurrency space are looking to invest in meme coins, and some new projects that they believe will jump a 1000+% in a couple of days and we have seen this too so, creators will continue to do it and rip off the desperate investors, the project dies once the take-off with your investment and the circle continues.

 I think about this situation is that anyone said that the all altcoins market are scammer its absolutely rong and i accepted that point an that time many projects come to market and they are scam for people so i extremely said the project come and going to the scam so they are clearly market is people say bad.

It is a type of survival for the fittest. Only those who understand this market and have been investing in those coins that have been worthy of putting money in for long term will survive. Same thing is seen in fiat markets too where penny stocks end up drawing newbie blood at high prices only to come down again. Those who go in for easy money only get ripped off their money.

The investors who go it when ICO market was booming have long left too. They were mostly putting in average of 100$ per project hoping it to become 10x and cover the losses from another - a type of a gamble. But it turned out that they all failed and now the investors cant even approach them legally.

The only one who is bad is the person making the decision to buy a shitcoin or be part of a shitcoin bounty. Nobody forced to join that but they did be it for the temptation of easy money or anything else.

You have to appreciate the scammers who fooled so many investors but got away without getting caught. It should be a lesson for everyone.

Also, don't be surprised if 2021 is the year of meme coin hype under the pretext - doge killer meme coin, doge replacement shiba coin, shiba replacement floki coin and so on.
I have noticed that many newcomers are attracted to meme coins which have a large supply and they think that they can earn many times over if they invest in such coins.
I'm talking meme coins - in huge supply: shiba inu guise coins, doge, floki etc.