Bitcoin Forum

If you know how effortless it is to create new tokens this days you will assume very deeply before investing money on new projects, I used to reproach developers, saying they are all identical but what about people that create and run scam projects? Are they deserved to be called developers?  I don't think so.

There are few crypto platforms that have accomplished all the essential things about tokens in one niche, all you have to do is click one button and viola, you become the master. How do you feel about this?

Not all developers are real developers, and it's not that easy to become a real developer, fake nobodies only know how to copy codes of another project, change the name and deploy. Before you invest..

• Be cautious around new projects.
• Do diligent research.
• Make sure the teams are up to the standard they are claiming to be.
• Do not rely on the promises of developers.
• Develop your routine of thinking.  
• Promised quick return is most likely a scam.
• Do not rush a thing, careful analysis always opens the eye.

Is it true that people are actually interested in completely new random projects? Once they were in 2017/18 but all those golden days for scammers ended and now they are taking their efforts to next level to scam people.

Anyway don't invest in a new project at all unless they have a record of data to make some analysis of one year or two.

Whenever a new technology comes out there are certain people who find a way to scam people such is the senerio of these developers. But I don’t blame many of them because gullible or rather greedy people pounce on this projects just to make excess profits even if there are many red flags around the project. Investors who are in to make profit think bitcoin is already pass the point where they could make 100% profit in short time span.

This also doesn’t guarantee the quality of a coin. Some coins could take close 4 years before they ultimately crash

In practical terms, your words are the most accurate but the reality is that it is complicated to follow them in your personal life. In our personal lives, we are a large number of people who can work according to routine life, the reason is that due to various problems in our life, we go out of our dreams or routine and because of not being able to solve the problems, so we cannot follow the routine.

The problem with victims of scammers are numerous, but the very most vital one is their quest to earn huge quick returns. In other words, impatience is the problem to many of the victims of scammers. People should learn to rely on trusted and reliable projects, stay focus and imbibe the spirit of perseverance, they will get what they deserve accordingly. Thanks

This is absolutely correct it's hard to distinguish between genuine projects because fake tokens are so rampant. When you can spot a legitimate project, investing in altcoins can be quite beneficial, however these days, the majority of new projects are either scams or fakes. Why take the chance of being conned when bitcoin is completely legitimate? Bitcoin investment is by far the most reliable.

OP, you are again giving general concepts without going into details. Can you tell us what standards the team should have? Do you really understand the meaning of the expression "routine thinking"? As for a thorough investigation, it's about the same thing again. https://bitcointalk.org/index.php?topic=5436327.msg61634511#msg61634511

I'm actually wondering: do you know that in addition to opening a bunch of unnecessary topics daily, you can also spam other threads if you can't do anything else? So at least you will blend in with the crowd, and sooner or later you will not get the nickname of a spammer.

You have said it all and why would anyone even care about a new project that only replicates the previous project concept? Even if the team is a real developer the project will live in the shadow of the previous project that releases the exact concept. An example is ETH its introduced dApp and every project that imitates the concept lives in the shadow of ETH even when ETH was experiencing network congestion.

Greed let people invest in a new project with no unique and real value. People should avoid involving in new projects for some quick double return but where they get scammed instead.
You are right, when we have the choice to invest on a much much safer asset why take the unnecessary risk for some quick returns.

I think you've gotten a point -- but I was expecting something more explicit,... atleast making references to those imposters that will do everything they can just to emulate,spin, attach a new pattern and create just the same thing but in a different way as you said. You would have made more specificities on that -- especially those few crypto platforms that have accomplished all the essential things about tokens -- that would automatically make your thread more interesting.
Secondly, you need to avoid repetitions, it unnecessary -- it only makes your post crappy, like some bunch of garbage.. (I'm afraid, any average OP would see nothing wrong with it), but that's not exactly how solutions are created. I understand you really wanna grow; merge up with the standards to avoid being tagged as a bad brand

Sandra 🧑‍🦰

I think that the crypto market of today is very dangerous, especially for people that have just joined the space and did not take the time to get familiar with it's unique characteristics. It is extremely hard to find a source out there for the crypto space that is really trying to give people a neutral and genuine help in order to make profit. All those influencers are just acting in order to increase their own bag, by shilling projects that they already have invested in and then dumping on their followers.
So it is very much possible, that a newbie follows a crypto influencer that is shilling the 10000th useless meme-coin to him and the newbie then buys it and after 2 weeks all of his money is gone because obviously it was just another shit-coin again.

People just started wrongly. Bitcoin is a biggest cryptocurrency and how did they fall into other cryptocurrencies, not into Bitcoin?

Maybe greed is most important reason and I can not get any different solid reason to start with altcoins and be scammed with misleading whitepaper, presentations, tweets and misconceptions.

Because they are greed, always greed and always close their eyes, stay blinded, they will be scammed repeatedly. Even if they read your topics, they will be scammed in future if they won't change themselves.

We can do nothing to the person who is greedy as they are literally blind not to say the truth about worthless projects.
High rewards are somewhat attractive that could influence new investors but they neglect the scam risk and could lose their money in an instant.

What we need I guess is proper education, I'd see this as a very effective way to stop spreading fake news and information about Bitcoin. And this could create clear views for those who are in doubt about Bitcoin as it was too different from what we heard and read online, especially in social media platforms.

They develop scams so technically they are. Kidding aside, it is indeed really easy to create a scam token, as well as market it to people using social media influencers that are dumb enough to market it for some reason. If you guys want some examples, go watch some of Coffeezilla's videos about crypto scams and the like, great watch and break down the projects and why they're a scam basically.

Tbf though, some real developers out there can still scam the hell out of you, so whether they are a dev with experience or not, if the project stands to be good then I reckon all is fine. Their creativity stands to negate their inexperience anw.

I have talked about how it is easy to build a new project before, it is incredibly easy, I could literally make one in a single day. If that is so easy then that means it should be very very tough to invest into a new project, because that project could be like one I could make, or it could be a great one. I rather not invest into anything that hasn't been around for a while.

When you are trying to make any type of research into any project, all the things you look in them would be obvious after 6 months, so why try to "guess" something when you can invest later on. If a project won't go up much after the first 6 months, then it wasn't worth it investing before that neither.

One-click smart contract is tantamount to script kiddie. No one can stop them, and the scheme itself won't stop. The degree that token or altcoin popped out is way higher than any useful and serious project that has real utility. I always said many times, that finding a gem in cryptocurrency scenes is very similar just like separating the wheat from the chaff.

Your suggestion is also a general one that doesn't address the root causes, one of them is, a truly beneficial project that has real utility. Utility as in solving specific problems, not just a made-up word to hype the project up.

The points mentioned by the OP are all good but still there will be people taking risks with hyped projects that dont have a proper team or vision. It is because of the human nature to take risks and the high associated with it.

I think the major reason why newbie investors fall out if because they fall for this human nature, which if controlled can yield a lot of fruitful results. Imagine buying bitcoin at the lows and then selling at the high - not so difficult in real either way. This is a confirmed profit but few people actually do this properly. Rather they want the return fast of they want to buy large number of shitcoins.

Investing and trading in crypto are not easy but can be done if you are willing to play it safe.

It is sad that in the cryptocurrency industry, a token user who is a deceived investor cannot bring charges against the creators of the project. Even if they are real people, and not fakes, they can always pretend that they believed in their idea, but that it failed and the token could not reach the top. Although they always assumed this when making their scam. And of course they will not return the money.

Many do since it is cheap. Back in 2017, people are like fond into pre-sales of ICOs allowing them to buy a lot of those worthless tokens and hope for the best that the ICO would even get listed in an exchange, only to end up in a landslide due to short-term hype. It is not just the scammer that was the problem during those years, it was also those low-value projects and they were soooooooooo many that I can't even believe that people are willing to risk their money to something either worthless or just dud.

Great one for your input in those salient information you supplied there. However, you missed the one which encompasses them all and that's "Patience". Anyone who's patient and takes things slowly will hardly fall prey to the modern day scam. Most of these scammers adopt almost the same format to dupe their victims. Once anyone isn't in a hurry, they will eventually discover those hidden gimmicks scammers use. So, we just have to prefix "patience" to all the points you listed and see how they turn; nicely, right?

And why not? We can always do something and as they say, as long as there is a will there is always a way. Even if we can't catch them alive, we can at least give a warning to others, to the crypto exchange so that they will block access to those coins and there is still a possibility that you can recover your money.

If they are doxed and looks like they are legit, I guess the only way to avoid being scammed big later on is to not give your 100 percent confidence about them and stick only to your investment limits no matter what happens or what promising updates they are publishing. Remember there is only one coin that we can trust 100 percent and that is Bitcoin.

That is the reason why these token developers are bold enough to create new projects even if they have no expertise.
As it is hard to run after these people when the project goes down the drain and you have no way of recovering your investments.
How many projects have we seen that people just move on because they couldn't do anything about the abandoned project?
Sad to say, it is countless already and more crap projects are still in the making, this is why people always go back to bitcoin.

• Promised quick return is most likely a scam

This is what you should really be putting into your mind that its never something that ideal for you to engage on things which does offer something good or something that is unrealistic.
If you do make use of your own common sense then you could really be able to avoid up on possible losing money due on being scammed.Always make some in depth research
and even how many shit projects in the market but still there are some hidden gems but there's no easy way on finding out the right spot.
This is why it do always mind about risk taking.

The bad thing is that even though we have warned many times about this possibility, potential victims, especially beginners, will not believe us and believe more in the sweet promises of scammers. Indeed, sometimes developers are very neat and seem real in preparing their project scams. So it's not only newbies who are affected by the scams project but also old players. In this case, sometimes even though we have analyzed it, it turns out that they are unexpected and become scammers at the end of the day when listing. So they just kind of give shit tokens that will never get listed on any exchanges.

Have description or some sort of explanation of either your assumptions or some other way to make this concept really useful. Obviously for us this is general point, but it's always good to get improvised to achieve your thread goals.

People can learn easily without general concepts like this, there is a lot of room to learn them both with blog content and videos. Even they can find a lot of explanations from Binance academy or other platform to keep these people well educated, but in the end you will really know that bitcoin is the best. There's nothing wrong with you, but improvisation is needed instead of just a general concept.

I'd always consider developers are those that have experience in developing project by quite literally do some engineering things like programming that has real contribution towards betterment of their project or even humanity, the thing with scammers is that they too could do that and do some underhanded method like rugpulls when they've built their reputation, for the scammers that only created tokens with one click, i'd say they are just pure scammers nothing more.

Project creators if doesn't know codding they hire good guys that can work for them so I don't give to much weight on this since the most important is the team presence and how they deal with certain problems that they encounter during they start operating their project. But in the case of cryptocurrency especially with new created tokens many is not good in the long term since some of them just start good but end up shit because they only want the money that's why to many scams happening in crypto scene.

The desire to make money quickly, without having enough knowledge and experience, usually leads to the loss of the deposit. And when you see a promise to increase your deposit very quickly, caution and understanding that this is a scam disappear.

I have that experience when I'm rushing to buy an altcoin that I don't even know whenever I see it pumping within the day. I'm thinking that I may miss its run and that's why I'm not really doing my research well on it.
It's that without thinking, I am buying in losses and didn't do proper research because I thought that it was the right thing to do. Not until I'm verged with losses and made I realize that my approach was totally wrong.