Bitcoin Forum

Diversification of Scam Techniques in Cryptocurrency

As the scammers have been informed that people are now being more sensitive about NFTs and the related scams associated to many of the meme tokens in cryptocurrency, they have now shifted concentration from NFTs to memecoins where they think people feels more secured than with tokens, their new target now is on memecoins just as they have been doing before and there's a need to raise this awareness for everyone investing in cryptocurrency.

The news came in after some research had been taken by people to find out that about twenty four (24) memecoins have been liquidated and rugpulled within the last 10 days, the warning is for you to open your eyes and know the kind of digital coin you will be investing on, make your research very well and know the risk involved, we don't know which coin, token or centralized exchange is next and in for rugpull, bankruptcy, got attacked or turn scam anytime.

Henceforth you're no more a slave to centralized digital currencies or share the risk of investing on scam tokens or memecoins that may put you into shame later, every beginners can start with bitcoin because it's reliable and decentralized.

Source:
https://coingape.com/24-rug-pulls-in-10-days-scam-tokens-ride-the-wave-of-meme-coin-mania/

If for anything else I think a good investors should know that he needs to do a thorough underground research and investigation about any digital asset he's to invest in. Anyone that jumps into any sort of investment without finding need to dig deep about it, such is responsible for his attitude.
Scammers are not slumbering at all in their gimmicks and so should we not too. I think most occurrence of scam victims are due to laziness of such fellows to taking time to do their own research.

Those memecoins are just ponzi schemes.

Although people can really make money out of them, they are dangerous and ponzi schemes are illegal all over the world.

The existence of those coins, which are clearly scams,  should make us all think about their in a moral point of view.  Do you really want to make money that way?  Invest in something which is clearly a scam?

Scammers using memecoins as rug pulls is not new, it has been an ongoing scam since memecoins came into existence.

No level of experience prepares one to handle altcoins. Beginners and old heads should stick to bitcoin cause it is reliable and decentralized, I cannot say the same for almost all other coins in the market.

- Jay -

The diversification of scammers has long been happening where the trend is that's their next target, the writing is already on the wall on this meme coin they have been warned thousand times by experts and those who know the trend in the ICO all of these meme coins rides on the trend Dogecoin started they don't have something to offer to the community, no usability, all have the same features, huge supply encouraging people to promote to get rewarded, its like a Ponzi scheme yet people come to invest because of the promise of huge profit.

Investors should learn to focus on projects that have long established themselves and if they are going to invest in new projects dig deep and forget about meme coin, go for use cases and developers who are true to their promise.

Meme coins.....you mean Ponzi schemes?. These scams have been around for a long time now, it nothing new. They're alot of threads on this topic already made on this forum so once again, it's nothing new.

Scammers use any tool that works for their scams. They don't mind what tools are: DeFi, NFT, GameFi, Metaverse, whatever it works, they use it.

💩DeFi scams [history]💩 (https://bitcointalk.org/index.php?topic=5268573.0)
[LIST] DeFi-Scams - Big All-In-One-Thread - LAST UPDATE: 26/11/2020 (https://bitcointalk.org/index.php?topic=5276012.0). If it was continued to be updated, the list would be much longer.

[Guide] Check honeypot scam tokens (https://bitcointalk.org/index.php?topic=5426750.0).

No surprise at all.

Whatever the hype currently is where the scammers are. ICO's are hype, scammers are there to scam newbies. DeFi projects are hyped, they are there as well. NFT's are hyped 2 years ago, they are also there, and now meme coins are now the hyped project, and they are there. It's like an Owner-Dog relation where the hyped project is the owner, and the dog are the scammers. Wherever the hype/owner is, the scammers/dog is also there. :D My apologies for that analysis.

Meme coins have been hyped a few years ago as well when SHIB was out of nowhere at the top already in terms of market cap, and has passed DOGE at that time.

Investors really don't learn from mistakes don't they? Whatever the hype is, investors will try their luck, and invest into some new memecoins out there hoping that they will earn money from it. 24 meme coins in just 10 days? It's just unfortunate to see investors losing money in these type of projects, but at the same time, I feel like they deserve to be scammed because they aren't learning. I just hope that those who lost their money investing into these meme coins learned their lesson already.

Just focus on the coins in terms of market cap.
Lesser stress, lesser risk. Yes lesser rewards, but that would be better than investing into some shitcoins out there that has the highest risk. I mean it's my own perspective to focus on the top market cap coins because I don't want to get stressed in terms of my investments.

You're all right and this aspect is not what is just being discovered now, it has been existing for quite long, the recent events happening with the rate which investors are being scammed by their tricks makes it a more needful act to alert the community that they (scammers) also understand that people are more afraid of investing on meme tokens nowadays due to the increasing rate of scam in them and some are giving the memecoins more attention to concentrate on considering the recent experience on Pepecoin hype and the likes and how more than 24 memecoins rugpulled within 10 days.

This is to alarm every newbies and intending investors to know and understand the risk associated in them and that doesn't change any fact that they are the best option for an investment since both NFTs and memecoins have almost same risk of probable attack when invested.

You can't say they shifted from NFT to memecoins because its not too hard to operate both and it just need as little effort and money which may give them huge money in return if they actually deceive atleast one of their 100 projects. New projects are always risky to invest and it's not the best time to analyse the potential cause it may sounds too good for the future but the person behind had no intention other than nothing then it's not going to save you from scammers with all the analysis. Atleast better wait for a couple of years to start real investment on a project but if you feel it's good and gonna spend few dollars like tip amount then it's okay.

Memecoin being targeted by scammers to scam victims have being in existence for a while now, thanks you raised the awareness for it once again. Memecoin are the most hyped coin and their possibility of being pumped within a short time is what is luring people into it especially the beginners in cryptocurrency and most of them are left to exit the market later after their aim is achieved.


There’s a need for this awareness in order to avoid beginners for continuously falling prey of this type of scam. These cases only bring bad names to the digital currency market. Also, some beginners have no patient of waiting for their investment to grow overtime when they buy bitcoin rather they prefer the pump and hyped coin that’ll expose them to high risk and they eventually regret it later.

Yes they are everywhere mate and doing an nft, fake airdrop or new memecoin are not new. Im a degen player but not a whale, so I am not blinking my eyes on possibility of potential rug cause degen is a risky move. You think those who bought shiba and pepe didnt realize that these could might be a scam at first? Every memecoin is a scam until they gone through a good path. So its reall up to someone how he can handle and avoid scammers.

Whether it was their plan or not, but can't deny that scammer is very smart. They can plan and take advantage based on the situation of the market and taking their opportunity with the NFT and meme coins during their hype is absolutely possible. That is why we should not pull ourselves into an investment that we have never done research. Honestly speaking, the current sentiment that happens to meme coins these days is gaining more attention and increasing demand which this gives a huge opportunity for the scammers to fool people and fall into their trap.

If I remember correctly, meme coins and NFTs blew up at the same time in the last bear market of 2018-2020, I don't believe this is something that has to do with scam techniques. In my own way, every tokens are pump and dump, some just stay longer than others.

If you can look at the chart of Bitcoin since 2009 to this day you will see how bullish the chart has been, the lower price of Bitcoin is always not completely down, unlike altcoins can always drop down to -98%, it's why many call altcoins scam because the bigger play is still pump and dump.  

Do you know how many altcoins are looking like this right now?

https://i.postimg.cc/4dKGFMtN/Pump-Dump-Draft2-1024x576.png

Yet some people still believe in those projects like Jasmy and VictoriaVR just to name a few, why isn't Bitcoin chart looking like that? Why can't we buy bitcoin at 500$ again since that's the lowest in 2015/2016? It only happens with altcoins.

it's very hard to accept this but, majority of all altcoins are pump and dump and they will never go back to their all time high again, if you are holding coins and tokens that already did well in 2021 you are deceiving yourselves.