To be honest this is a problem all over the world, after all it is not uncommon for a successful brand to have to fight imitations with similar names or even with the very same name, so while this is without a doubt illegal it is not as if the people behind those projects do really care at all about it because they are thinking on scamming their customers form the beginning, so if anything that is the smallest of their crimes and while this is a problem it is obvious that it is not going to disappear.
You are right buddy! But we are talking about a digital business [blockchain]. There is a big difference between copying a business name for a physical project and for a digital project. In DEX, I can just wake up today and create any token then name it the same as an existing DeFi token. But I can not do that in a physical business because most of the company names are registered by the government and can be used only by the registrant unless you use that name in another country.
It is really getting out of hand nowadays, and it is even far worst if the token is only listed on DEX like Uniswap or Pancakeswap, with mare searching of the token on bscscan or etherscan, many tokens of the same name pops up and if the user is not careful he ends up buying the fake one. Even before a project gets listed on those Dex, scammers can create a fake token with same name in order to scam uninformed Investors.
Yes, this happened to me many times but luckily I doubted the differences in prices and that saved me! Scammers are very active to track new projects and copy them, I think we should be very careful and if possible to get the contract address of a token directly from the project team.
I have been part of a project that had the same name with 2 other projects, so I can clearly say that it exists. It wasn't even just the short version, it was the long version as well, and it was basically the same. However you have to be very careful about it, you can't make a copy of a huge one, for example if the same name is not in the top 1000 then you can definitely do it, but if it is like for example "bitcoin" then no, you can't put the same name on a coin.
It doesn't have to be even like that, it could be anything in the top 200 and you will be automatically considered a scam, which is why you should not be there at all. I suggest finding a unique name though, it is a great part of branding and if you are big enough then you will be listed at the top of google, and people could find you a lot easier that way, and help you do ads all around a lot easier.
I see some new projects with unique names for their tokens but after they become popular scammers they will start taking advantage of copying and reducing the value of the project, lol. This is sad, sometimes investors will avoid even the real project that would have benefited them if the project had not been copied.
There is no agencies to monitor the crypto currencies and there is no restrictions for anyone to create a project with their desired name but they can't able to list the project on reputed exchange if they are creating a project with the same name of an existing project which makes the new clone project to be zero value but scammers just use the popular project name in the prefix or suffix to pretend that they also popular.
The developers of DEX should work on this matter then. They've made Dex limitless for anyone to create tokens as they want but trust me, scams will decrease the value of Dex if the devs will not start monitoring DeFi tokens at least to reduce fraud.
Sometimes I laughed when investors and others crying that crypto regulation is too tight but what happens to idiot who just sit behind their house doors and do things that can easily sweep people's money. How dare you create token and name it Elon tech, isn't that vision less and pointless?
If government finally put their eyes on crypto environment, it will put a stop to most of this shitcoins as many will fear going to prison. We need good project with something to hope into.
Lol, yeah! Sometimes it's funny and disappointing too, we work hard to earn money but some people just steal them easily with just a simple COPY & PASTE code!
I agree with you 100%, if the government will put their eyes on crypto, we will have good projects in more than 95% at least because we will have some regulations in creating new projects.
I don't think that's possible, in crypto world there is no limit for people to create a token, it can't be done as you mentioned, the best way to avoid this is to learn to know the real token, there is no blockchain upgrade to avoid scam tokens.
Moreover, limiting only one token, this actually does not provide the best chance of crypto stability, that's why we need knowledge if we intend to enter the crypto world, and it is not wise if blockchain only allows one token that lives in crypto itself.
I believe if the Dex devs discuss this matter they will find a solution! Tech can be upgraded though it may take time. I did not understand what you meant by "limiting only one token". I think it is meaningless to have 5 or more token with same name... Example; 5 different projects with different services but one token name! How will those tokens be listed in exchanges? how will investors trust such projects?! So I meant limiting one name per token but not limiting the token number per project. Tokens with the same names will give scams the opportunity to steal money, but a unique name per token will fight scams.
This would have been a great idea, the only issue with this is that the blockchain would seem centralized, cause in a decentralized world or blockchain anyone is free to create any token without any restrictions of not bearing the same name/ticker, i believe the des must have thought of this cause the rate at which scammers are trying to steal money lately is alarming, but there's not much they can do cause adding such restriction will only make their chain seem a bit centralized and not free for everyone.
Then we have to be more careful and educate beginners about this matter. We have too much freedom and it affects some people who do not know much about crypto!
The fact you pointed out about many tokens having the same name is quite true and aside myself and you, i believe that many enthusiast have lamented bitterly about that too. What i see there is that it will not be flexible for the Blockchain to say it will enforce naming uniqueness because that will entirely not be cool. So in as much as that is something we cannot avoid, its left for everyone to always do there due diligence on order to know the right assets they are seeking for.
Sure! I have seen a lot of such tokens and sadly they keep increasing every day. Of course, we just have to be careful and make good research to make sure we deal with the right token.
Some altcoins have similar name because they are created from a fork. But still, yeah shit fork with shitty features stealing the same names. Others are made just to scam people. Most of the altcoins that are complete clones of other coins are shitcoins. But if someone falls for the scam or invests in the wrong token, then he sadly deserves to lose everything. He probably invested to get rich quick. If he probably had intentions to make long term and reliable investments, he would have done proper research and avoid those shitcoins.
Trading shitcoins is like giving our money to scammers easily! Getting rich quick is another problem for many people to dive into a cloned coin and lose their money, so we just have to be careful so that we can invest in reliable investments just as you said.
Hi buddy, I meant the dex system allowed it [you can create a token with any name in less than 10 minutes in Ethereum remix, easily, and low cost].
Please enclose the source where you get the information, buddy.
DEX system didn't said
the same name, it only stated
any name. You cannot judge that statement agrees with clone tokens or tokens with the same names. You must have more strong proof to claim DEX system allows it.
Buddy, let's be honest! What does the word
any mean?
Obviously, it means
anything! And anything can be something similar or not similar to an existing thing! This means you can create your own token using the name of your project, then I may like the name of your token so I can use it to create my token too! Because Dex allows me to
use any name,
"not a unique name". So I don't think there is a difference!
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