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Author Topic: ERC20 gives birth to too many shitcoins  (Read 1284 times)
qomariah95
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July 04, 2019, 03:44:34 AM
 #41

So does every token platforms. Creating tokens are easier than creating your own coin and everyone can easily do it.
It's not a fault of ERC20 or the Ethereum network. It's users who should be aware what they are putting on their wallet and what not.
Many of the currently popular coin were ERC20 tokens before they shifted to their own blockchain.
Very true, we can't blame Blockchain Ethereum (ERC20) with the many shitcoins. Because making a new token is certainly very easy on erc20. So what we can blame ourselves is why we want to invest or get the token. Blockchain ethereum is only a provider.

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July 04, 2019, 03:58:48 AM
 #42

In my opinion, it is not ERC20 error if there are too many shitcoins. one of the shitcoins was because the developers who made the concept were unclear, so that other people lacked interest in the coins they created. this is according to my understanding.

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July 04, 2019, 04:02:43 AM
 #43

So does every token platforms. Creating tokens are easier than creating your own coin and everyone can easily do it.
It's not a fault of ERC20 or the Ethereum network. It's users who should be aware what they are putting on their wallet and what not.
Many of the currently popular coin were ERC20 tokens before they shifted to their own blockchain.
Very true, we can't blame Blockchain Ethereum (ERC20) with the many shitcoins. Because making a new token is certainly very easy on erc20. So what we can blame ourselves is why we want to invest or get the token. Blockchain ethereum is only a provider.

Correct. If you blame ERC20 tokens, which do you consider to be good. EOS, Tron, BNB and Tether, all of them are ERC20 tokens. There have been no token platform as successful as Ethereum. Ethereum has redefined the whole of cryptocurrency. It's upto the investors where they want to invest there money and where not.

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July 04, 2019, 04:04:15 AM
 #44

unfortunately this is true :\
erc-20 standard give much opportunities to shitcoins
but how can we change it? is there a way?
The only way to put more requirements to issue a new token and this can be done only by the ether core dev. Binance has become the real example about how a lot of requirements will prevent scammers to issue a new crap coin. there's no way than this way.
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July 04, 2019, 04:25:57 AM
 #45

If we start counting all useless tokens in crypto space you will notice that most of this useless tokens are running on erc20 block chain ,many good altcoins ive came across have separate owned block chain and they are plain better, I guess the reason we have too many shit altcoins in crypto space is because of the flexibility of erc20 ,making it easy for unprofessionals to build there useless tokens.

We have some good altcoins that are running on erc20 but you will see then moving to their own block chain later on or it will be included in  their roadmap about the future swap.

The reason why I like tron block chain is the ability to get rid of fake tokens running on tron blockchain if ethereum can do this it will help a lot.

My answer is too many shitcoins are based on erc20.

Many shitcoin on erc-20 because ethereum is the most popular network. If calculated, maybe more than 80% of altcoin use the ethereum network and that makes a lot of perceptions that erc-20 gives birth to a lot of shitcoin
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July 04, 2019, 05:38:32 AM
 #46

A large number of shitcoins on Ethereum is not a problem, most of them will not even go to the Exchanges. If you think a little, and not blindly buy everything, then there will be no problems.
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July 04, 2019, 05:47:12 AM
 #47

The useless coins in ERC20 is made the the people who were riding the hype of cryptocurrency in 2017 or would really just want to scam investors. As such, personally I do not blame it for being such a platform as it is not the intention of the developers. Every product has advantages, disadvantages, positives and the negatives. And it is up to the consumer how will they use such product.
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July 04, 2019, 05:49:50 AM
 #48

On ethereum's blockchain platform, highly secure and without complicated procedures, it is also a popular and easy-to-use platform, many people can create and use coins on this platform.
This makes scammers take advantage of investors' money
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July 04, 2019, 06:18:21 AM
 #49

On ethereum's blockchain platform, highly secure and without complicated procedures, it is also a popular and easy-to-use platform, many people can create and use coins on this platform.
This makes scammers take advantage of investors' money
maybe it's a weakness of ethereum. when more and more project scams, it is possible that investor confidence will go down to the project with ERC platform. it will be one of the reasons why the value of ethereum does not develop much. decreased trust from the community, it will be bad. although the percentage is very little.

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July 04, 2019, 07:06:09 AM
 #50

If we start counting all useless tokens in crypto space you will notice that most of this useless tokens are running on erc20 block chain ,many good altcoins ive came across have separate owned block chain and they are plain better, I guess the reason we have too many shit altcoins in crypto space is because of the flexibility of erc20 ,making it easy for unprofessionals to build there useless tokens.

We have some good altcoins that are running on erc20 but you will see then moving to their own block chain later on or it will be included in  their roadmap about the future swap.

The reason why I like tron block chain is the ability to get rid of fake tokens running on tron blockchain if ethereum can do this it will help a lot.

My answer is too many shitcoins are based on erc20.
Honestly speaking, Ethereum is the major problem that we have in this cryptocurrency industry, and truth must be told. This is why I so much hate Ethereum, because they are the one that gave chances to some of these scam projects. They sold innocent investors out to scammers because of the little smart contract fee they are collecting from them, and i will say that ETHEREUM is really the biggest scam as regards their smart contract.

If only they were following this products up diligently like the way Binance is doing, but no, they will rather prefer to keep approved all manners of shitcoins that keep proposing to them without doing their due diligence first. I don’t know about the chain you mentioned here and I will look into it, but I still respect the tactics that Binance in using in accepting their own IEO projects, which is why you may never see any shit project coming from Binance chain.

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July 04, 2019, 07:59:03 AM
 #51

If we start counting all useless tokens in crypto space you will notice that most of this useless tokens are running on erc20 block chain ,many good altcoins ive came across have separate owned block chain and they are plain better, I guess the reason we have too many shit altcoins in crypto space is because of the flexibility of erc20 ,making it easy for unprofessionals to build there useless tokens.

We have some good altcoins that are running on erc20 but you will see then moving to their own block chain later on or it will be included in  their roadmap about the future swap.

The reason why I like tron block chain is the ability to get rid of fake tokens running on tron blockchain if ethereum can do this it will help a lot.

My answer is too many shitcoins are based on erc20.
Honestly speaking, Ethereum is the major problem that we have in this cryptocurrency industry, and truth must be told. This is why I so much hate Ethereum, because they are the one that gave chances to some of these scam projects. They sold innocent investors out to scammers because of the little smart contract fee they are collecting from them, and i will say that ETHEREUM is really the biggest scam as regards their smart contract.

If only they were following this products up diligently like the way Binance is doing, but no, they will rather prefer to keep approved all manners of shitcoins that keep proposing to them without doing their due diligence first. I don’t know about the chain you mentioned here and I will look into it, but I still respect the tactics that Binance in using in accepting their own IEO projects, which is why you may never see any shit project coming from Binance chain.
I believe you are one of those that always want to talk against regulation and decentralization.  Ethereum is a typical example of what decentralization is all about so why now do you hate it so much? I think you need a deep study of how ethereum works then you can rethink about you calling it a scam

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July 04, 2019, 09:00:54 AM
 #52

Erc20 has been the hub of shitcoins, it is easy to issue tokens on the ethereum blockchain, saw on a WhatsApp group recently where they are charging less than $10 to teach on how to issue erc20 tokens.
Vitalik should really do something about it, before ethereum loses its reputation.

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July 04, 2019, 09:12:27 AM
 #53

Erc20 has been the hub of shitcoins, it is easy to issue tokens on the ethereum blockchain, saw on a WhatsApp group recently where they are charging less than $10 to teach on how to issue erc20 tokens.
Vitalik should really do something about it, before ethereum loses its reputation.

And how should Vitalik solve this issue? It's a decentralized platform and everyone can easily create a smart-contract and actually that's very good... I don't understand how the reputation of Ethereum would be damaged just because some idiots are using the platform to create their shitcoins (=tokens).
By the way - you don't have to pay 10$ to some random who teaches you how to create a token... Just use Google and you'll find tons of guides on how to create your own token.

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July 04, 2019, 10:33:39 AM
 #54

I wonder if Ethereum is not existing and we only have Bitcoin and those clone of Bitcoin like Litecoin, what would be the scenario, I think there will be less scam in our community, ERC20 makes it easier for individual and groups to scam people in the community, but we never know the scammers will always find a way.



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July 04, 2019, 10:49:54 AM
 #55

If we start counting all useless tokens in crypto space you will notice that most of this useless tokens are running on erc20 block chain ,many good altcoins ive came across have separate owned block chain and they are plain better, I guess the reason we have too many shit altcoins in crypto space is because of the flexibility of erc20 ,making it easy for unprofessionals to build there useless tokens.

We have some good altcoins that are running on erc20 but you will see then moving to their own block chain later on or it will be included in  their roadmap about the future swap.

The reason why I like tron block chain is the ability to get rid of fake tokens running on tron blockchain if ethereum can do this it will help a lot.

My answer is too many shitcoins are based on erc20.

Because its the product of Ethereum project and we could not avoid it, as their project offers creating a token in their blockchain, so the best thing to do is we need to be aware of what project we are investing or engaging, i know that shitcoins really exist at this very moment but what we need to do is to increase our awareness of such projects.

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July 04, 2019, 11:12:20 AM
 #56

I wonder if Ethereum is not existing and we only have Bitcoin and those clone of Bitcoin like Litecoin, what would be the scenario, I think there will be less scam in our community, ERC20 makes it easier for individual and groups to scam people in the community, but we never know the scammers will always find a way.
ERC20 should only be used as one of the alternative solutions for good transactions, many parties misuse ERC20 for crimes such as making scam projects and others, this is not a mistake of ERC20 but this is purely a mistake of irresponsible people.

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July 04, 2019, 12:19:23 PM
 #57

If we start counting all useless tokens in crypto space you will notice that most of this useless tokens are running on erc20 block chain ,many good altcoins ive came across have separate owned block chain and they are plain better, I guess the reason we have too many shit altcoins in crypto space is because of the flexibility of erc20 ,making it easy for unprofessionals to build there useless tokens.

We have some good altcoins that are running on erc20 but you will see then moving to their own block chain later on or it will be included in  their roadmap about the future swap.

The reason why I like tron block chain is the ability to get rid of fake tokens running on tron blockchain if ethereum can do this it will help a lot.

My answer is too many shitcoins are based on erc20.
there are lots of shitcoin, but not all shitcoin!
you just need to choose it right, if you don't research first in your investment, I will guarantee that all your investments will only become shitcoin.

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July 04, 2019, 12:24:33 PM
 #58

It is true, many erc20 tokens are utterly useless and will never be used for anything as their ICO claims are never fulfilled. On the other hand it is good for everybody that it is so easy now to create a token. I can easily now launch a token for a personal project without any real cost and this token is secured by the ethereum network. This gives rise to a lot of innovation.

This flood of useless erc20 tokens also has a self healing mechanism as now people start to realise that it is not worth it to throw money at every dumb token ico project.

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July 04, 2019, 04:55:04 PM
 #59

Personally I felt its very alarming the rate at which shitcoins capitalized on the flexibilty ethereum smart contract ERC20 and anonymous transactions of cryptos  to create many of these coins is very outrageous thus gives room for scams to thrive on, I wish there should be regulations on these coins else investors fund will continually go down the drain due to failure and delisting of the worthless ones in an exchange.

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July 06, 2019, 06:57:15 PM
 #60

I believe you are one of those that always want to talk against regulation and decentralization.  Ethereum is a typical example of what decentralization is all about so why now do you hate it so much? I think you need a deep study of how ethereum works then you can rethink about you calling it a scam
Yeah, he really needs deep understanding of how Ethereum works, every company have their vision and one of the vision of Ethereum is to create a decentralized system like that of bitcoin, and when you call a system a decentralized one, it will surely give opportunity to different kind of people without segregating, but with the proof of stake that are planning to develop, I believe that it will make the system stronger.

Ethereum cannot reject any project that comes for its smart contract, which is why they do advise anyone that is participating in those projects too to do their own due diligence before investing in any of them,Ethereum smart contract will always be open to everyone. The only think Ethereum can do later is for them to implement KYC, and maybe through that, they will be able to be strict with any project that intends to scam, but if that is the case too, it will still be more of lik operating a centralized system.

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