Bitcoin Forum

I feel sorry for all the losses the investors have experienced while choosing a project to invest in crypto. The Crypto business is turning very ugly these days. A lot of projects make big promises and got rug pull or dirty scams like updating to a new contract(more than 50% of holders unaware of the new token migration) and lost all funds.
What can be done to avert or be kept to date with the latest information being passed to all the investors. I noticed that majority of investors hardly come online on telegram to know when there are changes in the project they invested

It is as simple as many altcoins are shitcoins when many are like gambling, there is nothing bad for most of investors to have most of their crypto worth in bitcoin which is most decentralized and all-time-high is more guaranteed than many altcoins that might not reach all-time-high again but remain as shitcoins or become dead. Out of many of news projects, many are scam or later lead to loss of money.

The main idea is that are you personally experienced in such? Do you conduct a proper research before investing? One of the required measure you're expected to take is the findings of those who are behind any new projects, do they have past worth recommending records, was it a successful one(s), some projects are under DEX while some CEX do you make enough findings on their differences and lastly, any project or new contract as you may call it is a total bid to taking a risk of 50 50 which means you can loose or gain just as gambling and to me i don't see gambling as scam because you're quite aware its a game of which one can win or loose.

It is a good question, but who should maintain the investments if not the owner? Charles Tim is right. Only investments in bitcoin can be safe, and if they are stored for a long time, you can forget about monitoring for a while.
But the one who trusts altcoins must surely understand that he is playing roulette. And without learning about any news in time, there are risks of losing everything that was invested.
Cryptocurrency is good because all the responsibility for its content lies on the shoulders of the owner, and if there is not enough knowledge, then you should not rush to spend your money on a "pig in a poke"

Unaware of changing smart contract to another always happens to holders the most, they have interest in a token and once they made our purchases they will lock the tokens away until in near future, it's wrong not to keep track of your tokens there are few crypto trackers that can notify you once any update or changes is coming, I use blockfolio for this.

It's hard to get the right project that would get your money multiplied by x1000, but it's just that those things come with the risk. That's why it's essential to make sure that you are investing in suitable projects that would benefit the future of crypto, not just selfish acts. Make sure that you are risking money that you wouldn't immediately need.

A new project comes into the market and put forward some false promises knowing the fact that some people who are greedy and don't have the market knowledge would fall in their malicious trap and end up losing the money to them.This is exactly what's happening with these shitcoins in the market and people putting their hard earned money into it with a hope to earn some get rich profits which are get to zero rich scheme in reality but they understand it late.

Bitcoin investment is safe in the longer perspective but people ignore it like they can't have sats stacked upon and getting one full btc is the last resort so they already have set excuses and dangerous future for them.I don't understand if you can deposit money to these fake projects with risk and shitcoins then why not btc who has given tremendous results and returns to the holders over past 10 years? But for our personal goal we need to determine the investment level and coin but most importantly to be safe from these scams out there.

It's unfortunate the scam coming from new contracts in altcoins will not seize from having victims and mostly the use ICOs and ECOs to lure victims into this and as far as altcoin investment is concerned only a few can be said to be reliable the rest could be likened to gambling acts and because most research still resolve in inconclusive analysis many still choose to risk it. Since the losses cannot be reduced then we can opt-in for risk management avoiding greed

It's the investors that have to be careful. They have experienced being scammed and many of us experienced it as well when we were a newbie and not aware of the surroundings.

Actually, the market has never gone with the scams and rug pulls. If you've been here for years, it's taught you a lesson to invest only on reliable projects. Avoid having the mentally of being rich overnight because that's what making people invest into the likely of scam projects.

Just like Charles TM said altcoin is just as same as gambling I view altcoin like Ponzi scheme many of those projects are just planned scams if they ever maintain any author presence in the market, that is because they're waiting for the right time to exit the market. Just like hit and run game.

If you want to have peace of mind in your investment then you need to focus more on stable and established coins such as ethereum, Bitcoin, and BNB anything outside this folks it's a no-go area for me.

It's been "turning ugly" since 2017. Remember when ICOs were still booming back in those days before IEOs?
ICOs were being discussed a lot in here, until slowly many of them disappeared from what I can recall ( I never bothered checking newer projects these days anymore not even those NFTs and Metaverse stuffs).
There's always going to be scammers, OP. That new token migration is one of the sneakiest stuff that I ever read, and good thing I did stop bothering buying in newer projects.

Losing money on things like this is avoidable if the investor will not catch all things what the dev say since if they get FOMO for the promise that the price will pump more and continue to hodl then for sure their views will be same as yours since they will never get a profit if they have that mindset. So its good sell once the hype still going on since for this you can gain a profit also buy again if many people are selling and the price is dumping since this could double up our profits if the pump occurs in future.

Now the crypto market has become so dirty that the language that cannot be expressed has become so dirty because there is no peace everywhere just by investing scams.  According to what I have seen, almost all the projects that have come between 2015 and 2017 have been successful and all the projects to invest have been successful.  Half of the projects that come up now are scams.

In general, scam websites will ask people to give their approval rights. I don't say non-scam websites don't require it because with some activities, it is mandatory. However, a scam website will requires it even it is not necessary because with this access, they will have full control of your wallet and can move your fund.

If by any chance, you give any third party sites with the approval rights, you should unrekt it as soon as possible when you finish your works. Using this site for Smart Contract Allowance Checker and Find & revoke all the addresses that can spend your tokens
https://app.unrekt.net/

I am afraid that case will still happen in the future because when one trend is booming, many people are interested in investing in a new project related to the trend. After all, they think that they will make a big profit.
But the fact is not like what they want as many new projects become a scam and run away with their money.
Updating a new contract may not be a new thing to trick the investors and steal their money secretly so the investors lose all of their funds in that projects.
The scammers are smart, but we can prevent it by carefully selecting the new project and always remembering not to put too big money to invest in their project before seeing if their project can survive for some time.

It is simple, don't buy shitcoins. If you don't want to listen then at least don't "invest" in them and only stick to trading where you only hold the shitcoin for a short amount of time and sell it quickly when you get a certain amount of profit. Like buying during a pump and selling before the pump ends instead of buying the shitcoin then bagholding it for months or years hoping it some day goes up!

Updating a Smart Contract is it a fraud if the project continues?
I still don't think it's necessarily a scam. Those or investors who are not aware of the new contract are certainly less active and have never seen the development of the projects they are participating in. Before changing to a new contract, there will usually be an announcement in advance, usually 1 month or more before the contract is renewed. and renewal of smart contracts, there will be several stages such as taking a snapshoot and with a minimum period of 3 months. All of this information will be sent to groups, social media and investor emails if they join. If information is actually missed it is the investor's own fault.
Scam or scam coins will not renew the contract, they will just leave it when they get a lot of money.

What do you mean by new contract scam in crypto?

What you have written basically means that most projects are updating the contract, which as per my understanding is a part of the development process and should not be termed as a scam. If investors are not active on the telegram channel of these crypto projects then they are to be blamed not the project owners.

Almost all altcoins are centralized at one point or another, and therefore it is better to trade them within the central platforms, since most of them have the feature of freezing coins/tokens inside the wallets, and thus:

 - Don't invest a lot of money in altcoins: or don't invest at all.
 - Keep some in centralized platforms: If the currency is centralized or has high fees, it is better to leave it in a centralized platform.
 - Stay away from buying it for cash: Try to buy it for a service or something that doesn't cost you a lot of money to lose.
 - Do not keep it for a long time.
 - Don't be greedy: most of them fail to return to old ATH

To invest in a project requires a good understanding of choosing it in order to get a profit. It is not easy to choose a project to invest in because there is a lot of competition between projects and not all projects run smoothly. So personally when choosing a project, I look at several aspects, starting from the team that handles it, the project concept, the allocation of funds, and also what the future plans are like. Don't forget, I will also continue to monitor the progress of the project. Usually, it can be seen from the Telegram group whether it is active and there is progress or not. They need to be seen and understood properly in order to find a good project and make a profit.

It is not a secret again if we see the fake smart contract and token sold in some DEX. Commonly they will concern with the new tokens released that are having more popularity and string team.
Additionally, there are also many DEX in which we can also find fake tokens old in the exchange, with fake smart contracts. And once they will convert it to the official exchanges, they cannot do it because the token is fake enough.
So, be careful with all new tokens, just check and crosscheck the smart contract in their official website or group

Your observation is apt, especially on the contract update and migration. I've missed out on a few projects like that whose tokens I was hodling because I wasn't aware a swap was happening. In some cases, the devs made other arrangements to accommodate me and others who also narrowly missed out. With that, I learnt an important lesson and that's to always stay in telegram groups of tokens I'm hodling. It helps a lot to place a check on what's happening with the token. I don't think it will be wise to put this blame on devs and their teams. Hodlers should take the responsibility. At least, be in a group until one feels the project has stabilized enough as not to swap any more.

Crypto currencies scam is like a business for the scammers. People are Falling everyday. Like me I have fallen plenty time because of my inquisitive to learn and know the currency and trading. Most time the scammers used different Ascent to scam their victims.

Scammers Also hacked people Facebook account and use the account to defraud people