Such a problem with fake coins having one name is found only on DEX and the presence of a contract in this case is mandatory. Therefore, when I do not find a contract for the coin I am interested in, I go to coinmarketcap or coingecko and there I will definitely find what I was looking for.
You are right buddy. I've seen this only in DEX projects. I agree with what you said, finding a coin from coinmarketcap and coingecko is really good because they list only original coins and tokens. I think we should recommend this to beginners, it will protect them at least. |
|
|
|
There is no limit in smart contract to choose any name. now it's just a matter of developer ethics. surely plagiarism or copy cat coin with the intention of deceiving others people or scam people will also not be listed on websites such as coinmarketcap or listing coin website. but actually the blockchain also provides clear details for the user to make sure of it all. such as contract addresses.
And it is very bad! Because of no limit, it's now the biggest trouble for a lot of people to lose their money by trading fake coins. Trust me, there are some exchanges that are listing those fake coins. Smart contract itself is not a solution because still some beginners do not know much about finding the real token using a smart contract. All in all, project owners must have good communication with their supporters so that they can help them to avoid fake news, fake product, fake service, and fake token! |
|
|
|
It would be best to reach out to the original project of whatever token it is and let them know that a lot of fake copycats claiming to be them are scamming or worst, phishing a lot of people.
Good advice! Sometimes we have to help some valuable projects by reporting scammers and phishing websites, if the project has a good team I believe they will work hard to inform its users about those who want to destroy their project. |
|
|
|
We can't do anything about it. I've seen some scams already you will just be surprise that you have some coins on your wallet with the same name as the legit cryptocurrency and sometimes there are some projects that copies the name of the existing project which if you failed to distinguished you might lose your money.
That's true, nothing we can do about it. I will never trade any token on Dex without receiving the contract address from the owners themselves because there are scammers who copy a token and they list it in exchanges that support fake tokens! Lol, we have to be careful. |
|
|
|
Who allowed it? Please don't misunderstand, clone tokens won't be agreed upon by the team members of the real project. If scammers use the same names for certain tokens, they use it to attract people to buy. Moreover, the names of top tokens, people sometimes just buy the tokens without any research because they are already trustable.
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]. Yep, we have to make good research so that we can avoid buying fake tokens because many scams are just copying and pasting solidity code for any good token and they benefit from it while traders are crying. |
|
|
|
Why not, right? Isn't it because we are in a decentralized system that no one can stop what you can do? That's just the disadvantage or the drawback with this system is that it make it easy for people to scam each other and those people who hack and destroy other people's lives are benefiting from it. That's why the best thing to do is to educate people on the possible scams that can occur.
This is a very BIG disadvantage of a decentralized system! But everything has a good and bad side... So you are right, we just have to educate as many people as we can so that we can help them to avoid scams. Because it's like every time when a new project is created, then a new scam will follow within a few days, lol |
|
|
|
I also think that this is kind of a flaw of blockchain projects that the names are not unique and can just be used again if u create a new token on a blockchain no matter ho many of these projects already exist.
Then maybe they could at least make something similar to domain names. I mean maybe one project can pay some amount to register a unique name and use it for unlimited projects so that other projects can not use that name again. But I do not think if this will be possible in blockchain, we just have to help beginners so that they can avoid losing their money by dealing with fake tokens. |
|
|
|
It's the smart contract address that you have to compare if you want to buy the right token. It's a common mistake when a newbie goes to a swapping platform like the Uniswap or pancake. The smart contract address will exactly pinpoint the right one. This is why you need to copy-paste it on the search box before swapping.
There is nothing that will regulate these Tickers but probably it should have been part of the smart contract codes of the swapping platform to avoid mistakes like this.
Sure! I remember I wanted to trade one token in Pancakeswap and I opened the official site of that token but there were no contract address or BSCscan link of that token! I searched that token on google but I saw other tokens "copied tokens" so I decided to contact their team through Telegram and they gave me the contract address for the right token! THIS IS VERY BAD!!! At least they should attach their token contract on their website so that we can easily copy it and paste it on DEXs. |
|
|
|
If me not wrong, smart contract every token is different. In crypto world, who can help us made us safety is ourself. In so many things and one of it what OP tell us, about fake tokens. Usually we can see token with same name and if we not sure it is the right coin or not maybe look on their website, try search their smartcontract and match it with our coin, same or not, if not it must be fake token.
I agree with you. The contract address is the important thing that saves us from fake coins. But I hope in the future only one name per token will be allowed because still some beginners are losing money with those fake coins. Maybe it would be good if each project will put their token contract on their websites so that it can be easy even for beginners to trade the right token. |
|
|
|
Projects can share the same name with different personalities, this isn't in the offline world where you can sue someone for sharing your company name, this is the blockchain and also even if you come up with a fresh name another project might later share the same name with yours but the only thing that will be different is utilities and of course smart Chain or smart contract
I don't know if you understood what I mean, buddy! I am not talking about the same company name, but the same token name. It does not make sense to have the same token name with another token that represents a different project! Blockchain is all about new ideas but not copy and pasting other ideas! Imagine if a developer copies a name from another token, do you think their services/products will be exclusive? |
|
|
|
I'm not sure how it was allowed but yes sometimes it is confusing and some people really do get victim by a lot of scams because of this. Maybe let's observe well especially to this kind of things since one mistake could cost you really huge amount of money. I've seen many coins that were alike of the original one I'm not sure how does it happen but if you managed to buy wrong coin it will be gone.
Yes, buddy! We should observe these things because one mistake can lead to unexpected loss. And it is very simple to create a custom token because it's just a copy and paste of one code! Very confusing, I wish they do something in the future to allow only one token name just like how they allowed one contract address. |
|
|
|
With cryptocurrency being decentralized it is impossible to prevent this from happening. Exchanges, block explorers and wallets could implement some safeguards but since they don't control your private keys it is ultimately up to each individual to check that they are interacting with the correct token contracts. When I add a custom token on Pancakeswap there is usually a disclaimer stating that it might be a fake token and you have to check a box to continue trading. If these measures aren't sufficient and you are still falling for scams then you probably should stay out of DeFi.
Good, but staying out of DeFi will still not be a solution for both beginners and project owners because imagine if 50% out of 100% traders will stay out of DeFi because of this issue! Maybe new projects should make sure to put the full details of everything that they officially own including their token(s) so that it can be easy for anyone to get important things like the contract directly from the project owners themselves. |
|
|
|
Anyone who will buy tokens or coins from a project will consider many things, such as the seriousness of the company that produced the tokens, the history of the teams involved in the project.
So, it will definitely be known whether it ends in a scam or not.
Sure! In-depth research is mandatory before diving into a new project. Investing in any new token without research of the company/team behind it would be risking of money 100%, and most people regret it in the end. |
|
|
|
Based on my knowledge, the project you are judging is not a scam. Initially, two competing companies won a lot of market share, in the process of competition, one managed to grab a lot of market share and the other failed to reach the target market. so from that case it can be seen why the fraud token you mean fraud is given permission should not.
Buddy! I think you have not understood what I mean. Follow this example; If you are using Coinsbit exchange just check their Telegram channel or Instagram account to see their new tokens which they list every single day! 50% of those tokens are completely fake! If you want to confirm that, track those tokens by searching them on google and you will find the original project which has been copied by many of those tokens. That is why after 1/2 months if you go back to coinsbit and check that token you will see it has 0 volume. |
|
|
|
This is a basic concern in my opinion. But this space seems to provide freedom for anyone who wants to innovate in the field of blockchain technology.
Therefore, any project that comes up with a good cause is bound to get something good in this space.
Absolutely! And that is why there should be something to protect the value of good projects. Because when a scammer copies some details of a good project including the token name, it's obvious that some percentage of the people who follow that project will buy the fake token which will lower down the original token slowly. |
|
|
|
Sometimes there are two companies that have been using the different name but it used the same ticker.
Yes, buddy! It's not bad to use a different name but the same ticker, it's just like using the same website name but a different domain for some reason. At least it would make sense to use the same ticker rather than using both the same name and ticker of another token because it may decrease the value of one project. |
|
|
|
you are perfactly right. This is very good concern. So now we are coming up with a fork of Tron . Public blockchain where no one can create a duplicate name . A coin or smart contract has been created once another won't be able to create same name . And most importantly this blockchain is for community. Whatever gas fees or transaction charges taken when assets transfer from one wallet to other . That fees goes to platform or miner. But we are coming up with an idea that fees should be distributed to platform yes miner yes and most importantly with contract creater a coin creater community. Coin creater community is actual benificier because if them all this transaction happen so here that fees wil be share with 3 part . 1 platform 2. Miner 3 smart contract creater community.
This would be great! For I have seen fake tokens have the same name as the tokens they copied but the contract is what becomes unique. But it will reduce fraud by a very large percentage if there will be improvements to make the token name the unique same as a contract address. |
|
|
|
|
Very disappointing! I wonder why there are so many tokens with the same names on the blockchain network, I have seen so many scammers take advantage of new projects by creating a scam token using those new project names! Many people have already lost money because of this trick [mostly beginners]. If a new project creates its own token and becomes popular, scammers will create a fake token using the original name of the new project! So if beginners do not know how to do in-depth research then it will be easier for them to lose their money by buying fake tokens.
The creators of these blockchain networks have used great knowledge to create these technologies and so far they work perfectly, so why not make an effort to improve them so that they can limit only one name for new tokens to avoid fraud? I think if they can do that it will also help add value to the new project because scammers will no longer have the opportunity to create a fake token using the details of the new one.
What are your thoughts on this?
|
|
|
|
|
I am using trust wallet to store my coins, and I use exchanges like binance, gate, and coinbase to store some amount of coins online. I do not recommend online wallets because many of them are not safe unless you store your money on payment gateways like Coinpayments because I am using it for buying goods and I did not do KYC.
|
|
|
|
|
Yes, buddy! We can live without BTC because it's just a coin and not a heart.
But I think BTC is not that bad to those people who will take some time to learn it, understand it, and invest in it. I am saying this because I had a very tough life back in 3 years before I started investing in Bitcoin, but since 2019 things started to change after I learned the basics of Bitcoin and decide to invest in it. That is why I believe BTC is a good source of income if you will decide to learn it then start investing.
|
|
|
|
|
Show Posts
