Don't put your full trust on exchanges regarding scam projects.

[QueenVera]

Welcome to my thread, I'll be putting some emphasis on not trusting an exchange to prevent you from investing in scam projects that'll surely result to you losing your funds. Exchanges {most especially centralized ones) have slowly won the trust of member newbies, they now relay solely on these exchange listing decisions to make conclusion on which projects aren't or are scam, basing their judgement on just the tradable privilege of the tokens. Without further researches, newbies now come to a conclusion, "If a coin is listed on an exchange (most especially reputed ones), The project isn't a scam and such project is worth their investment either through trading or holding" and this shouldn't be the case. We have incidents in the past and we'll have move in the future involving exchanges listing worthless scam related tokens either knowingly or unknowingly. The big reputed exchanges are also guilty of this crime therefore, trust no exchange.

Most (if not all) exchange aren't interested in the safety of your funds as you assume, they're only after their profit, don't relay on just the fact a project's coin or token is tradable that make it a legitimate project to invest in. Learn to carryout more research, don't put your trust on exchange to prevent you from losing your funds to scam projects.

Some of the useful links to carrying out this research includes;

• ICOEthics - scam list 2018-2019: https://bitcointalk.org/index.php?topic=5110020.0
• List of deadcoins: https://deadcoins.com
• 🔴💥 SCAMS of our bitcointalk 💥: https://bitcointalk.org/index.php?topic=4701035.0
• ⚠ List of SCAM ICO! [PROVED]: https://bitcointalk.org/index.php?topic=4981560.0

Use this link above and Google is always at your service for more research. Thank you for your time.

[Rikafip]

That is true, most exchanges don't really care how legit some project is. If you pay them enough, they will list just about anything.

Perfect example of that is HitBtc, well known exchange with big volume (whether its fake volume is another subject) and even bigger amount of listed shitcoins.
Even the biggest one, Binance, might not be too thorough when it comes to vetting potential listing.Example of that is recently listed Cocos-BCX. They might not be scammers, and perfectly legit project, but they obviously  are using some shady services, and i personally wouldn't invest  into something like that.

So yeah, you have to do due diligence, i go by the old saying "trust nothing you hear and only half of  what  you see".

[AB de Royse777]

There is a saying, "Not your private key, Not your coins".

I many messed up with exact wording but the statement is very similar. Good one OP.

[Bitcoin_Arena]

I remember making a simple write up back in Feb about money ruined everything.
I know that ICOs my now not have that much hype but i think IEOs do

In the write up. i tried it illustrate how the "coin/token investors" were getting ripped right and left by Exchanges, ICO creators or owners and ICO listing websites

Here is a snippet

Investors have been milked over and over again by these three.
- ICO and Coin Ranking Websites
- Crypto Exchanges
- ICOs and existing project Teams.

More details here: Current situation, how investors/traders are enriching these three.

You will understand why the exchanges and ICO ranking/review websites keep listing even scam ICOs... it always about greed and money.

[Rikafip]

I remember making a simple write up back in Feb about money ruined everything.
I know that ICOs my now not have that much hype but i think IEOs do

In the write up. i tried it illustrate how the "coin/token investors" were getting ripped right and left by Exchanges, ICO creators or owners and ICO listing websites

Here is a snippet

Investors have been milked over and over again by these three.
- ICO and Coin Ranking Websites
- Crypto Exchanges
- ICOs and existing project Teams.

More details here: Current situation, how investors/traders are enriching these three.

You will understand why the exchanges and ICO ranking/review websites keep listing even scam ICOs... it always about greed and money.

That is true, IEOs might end up the same way ICOs did. We have seen surge of those lately, even the smallest exchanges have launchpads are have IEOs running, everyone wants their piece of cake and they don't care much about quality of the project. Huge majority of them doesn't  bring any new value to the market, and we know how that ended for ICO investors.
For now it keeps on as people are making money, especially from IEOs on top exchanges, but eventually that will stop and investors will start loosing money left and right.

[bittraffic]

Experienced it myself that a token which recently just been listed to an exchange and was also been added in coinmarketcap still become a scam even after all the hard work they put into the project to make it appear like they are not. Right now they were delisted in exchange and was also deleted in coinmarketcap, I was surprise to know since I am still holding the coin.

[JeotQ]

Experienced it myself that a token which recently just been listed to an exchange and was also been added in coinmarketcap still become a scam even after all the hard work they put into the project to make it appear like they are not. Right now they were delisted in exchange and was also deleted in coinmarketcap, I was surprise to know since I am still holding the coin.

Every part of crypto is bleeding out for regulations,scammers are getting more smarter and they are taking scam strategy to a whole new level,gone are those days that you can rely on projects that finally made it to coinmarketcap but today not anymore,seriously we need regulation in crypto space to put a stop to all this madness

[Rikafip]

Every part of crypto is bleeding out for regulations,scammers are getting more smarter and they are taking scam strategy to a whole new level,gone are those days that you can rely on projects that finally made it to coinmarketcap but today not anymore,seriously we need regulation in crypto space to put a stop to all this madness

Don't think there was even a time best to relay on coinmarketcap, to guide you with your investment decision. There was never a time to trust coinmarketcap as the site doesn't carry-out proper research before listing a project. I remember when selfdrop scam were all over the community, coinmarketcap listed this project without verifying their authenticity. These projects raise hundreds of ethereum, listed on any useless exchange available, next apply to coinmarketcap, get listed after that, off they went with investors fund and abandon the project.

Regarding the CMC, if i remember correctly they advertised Bitconnect on their website.Maybe not willingly  but they could block their ads once it was certain that it is  a huge scam. They reacted later, but IMO reaction should have been faster, fewer people would loose money.

Trust no one.

[2double0]

I don't get it how blindly users of this forum trust IEOs.
Whenever one shows up and there is a bounty campaign or something, they go to it like a honeybee and then when that exchange-listed token does not give them a penny, they come to know that they lost all their time and words behind a project that was not trustworthy and come up with complains of unpaid bounties. This thread must serve to them as a lesson and they should understand that not all projects here are trustworthy but very, very few ones can turn out to be good. Don't fall in the money mud that is attracting you, it may look like chocolate but there's a saying:  'Everything that shines is not Gold'.

[Rikafip]

I don't get it how blindly users of this forum trust IEOs.
Whenever one shows up and there is a bounty campaign or something, they go to it like a honeybee and then when that exchange-listed token does not give them a penny, they come to know that they lost all their time and words behind a project that was not trustworthy and come up with complains of unpaid bounties. This thread must serve to them as a lesson and they should understand that not all projects here are trustworthy but very, very few ones can turn out to be good. Don't fall in the money mud that is attracting you, it may look like chocolate but there's a saying:  'Everything that shines is not Gold'.

This is just continuation of ICO craze, but with this people somehow think it is much safer just because it's been run on the exchange. Like we haven't seen enough of dodgy projects and scams being listed on exchanges so far, and this is similar thing. If you have enough money you can also start IEO, without having anything tangible to show, and if it is on the big exchange, people will buy it, without having any clue what they are buying.

[Herbet Fry]

I don't get it how blindly users of this forum trust IEOs.
Whenever one shows up and there is a bounty campaign or something, they go to it like a honeybee and then when that exchange-listed token does not give them a penny, they come to know that they lost all their time and words behind a project that was not trustworthy and come up with complains of unpaid bounties. This thread must serve to them as a lesson and they should understand that not all projects here are trustworthy but very, very few ones can turn out to be good. Don't fall in the money mud that is attracting you, it may look like chocolate but there's a saying:  'Everything that shines is not Gold'.

This is just continuation of ICO craze, but with this people somehow think it is much safer just because it's been run on the exchange. Like we haven't seen enough of dodgy projects and scams being listed on exchanges so far, and this is similar thing. If you have enough money you can also start IEO, without having anything tangible to show, and if it is on the big exchange, people will buy it, without having any clue what they are buying.

People like that deserve to lose money. At least with IEO there is a little bit of regulation so there is some safety. An exchange that offers only scam projects will soon find itself without users. YOu know how people can get so they may even accuse them when they not a scam just because they never made profits or they are too impatient to wait.

[Strongkored]

Usually Exchange puts the coin/token into their exchange because the project pays a fee.

If the exchange has good credibility then they will be more selective in accepting a project entering their exchange.

In crypto world we must be smart and must always be willing to carry out our own research on what project are good, not just based on where the coins/tokens are listing.

[hatshepsut93]

Under my definition, a scamcoin is any coin which was developed strictly for making quick profits for the team, without any goal of delivering on initial promises. If you think about like that, there's actually hundreds and thousands of scamcoins, and they were/are listed even on reputable exchanges. A project that looks like it will be the next big thing today can easily turn out to be a scamcoin in a year or two. There was a thread recently about how so many multi-million ICO's of the past are not worthless and how devs have long ago abandoned them.

[Lauren Smith]

It is not just exchanges. Never put your full trust anything. I think if you live by that advice you greatly reduce the risk of things going wrong for you.

Under my definition, a scamcoin is any coin which was developed strictly for making quick profits for the team, without any goal of delivering on initial promises. If you think about like that, there's actually hundreds and thousands of scamcoins, and they were/are listed even on reputable exchanges. A project that looks like it will be the next big thing today can easily turn out to be a scamcoin in a year or two. There was a thread recently about how so many multi-million ICO's of the past are not worthless and how devs have long ago abandoned them.

Yes people need to stop foolishly and blindly just supporting anything. Even people who just post for the sole purpose of making a post still support these scams simply by posting in the scammers Ann thread. Which is bad and makes the waters even muddier.

[nelson4lov]

That is True. Having full trust in Exchanges has led to loss of users funds. It has happened before and It will keep happening. The ways you can lose funds is more than one.

– A typical case scenario is if the exchange in question is hacked and all your funds are there. In such situations, The exchange immediately stop all deposits and withdrawals till they get to the root of the hack and it might take a while before operations are back to normal – And most times, It's not eady to get back up and running again. Cryptopia exchange was hacked and over $16M was stolen( link: https://cryptopotato.com/binance-announces-next-ieo-but-recent-ieos-roi-raises-some-concerns-for-investors/). Even a top exchange like Binance was hacked this year. Because funds were #SAFU this time doesn't mean It'll remain that way.

– The IEO Craze

With the IEO market hitting its peak, every tom and dick exchange wants to organize their own launchpad for tokens. Often times, These exchanges pick projects that aren't worth it on normal terms. What do they do? They hype and shill the hell out of it while unsuspecting users  get caught up in the whole saga and invests. Afterwards the value of the token goes below IEO price... Say 0.5x. What does the exchange do? They move on to shill another new IEO.  In recent times, Participating in Binance IEO has brought in more loss. Hodling BNB during the WIN, PERL and Band Protocol IEOs have resulted to more than –60% in value. Not to mention that the chances of you winning a ticket is super slim.


By the way, Thanks for an insightful thread as this.

[yazher]

Usually Exchange puts the coin/token into their exchange because the project pays a fee.

If the exchange has good credibility then they will be more selective in accepting a project entering their exchange.

In crypto world we must be smart and must always be willing to carry out our own research on what project are good, not just based on where the coins/tokens are listing.

That's why when they want to be listed on big exchange they need to wait longer because if this scam project will be listed on their exchange it will affect their reputation. they will end up getting some negative feedback from their community.

As you can see, you need to wait for long to get your coins listed in Binance exchange even some legit project will need to go to this procedure.
and in some other exchanges needs to have the community decides if the coins or tokens will be lists on their exchange. by making users vote for those coins or tokens.

[Taskford]

Usually Exchange puts the coin/token into their exchange because the project pays a fee.

If the exchange has good credibility then they will be more selective in accepting a project entering their exchange.

In crypto world we must be smart and must always be willing to carry out our own research on what project are good, not just based on where the coins/tokens are listing.

That's why when they want to be listed on big exchange they need to wait longer because if this scam project will be listed on their exchange it will affect their reputation. they will end up getting some negative feedback from their community.

As you can see, you need to wait for long to get your coins listed in Binance exchange even some legit project will need to go to this procedure.
and in some other exchanges needs to have the community decides if the coins or tokens will be lists on their exchange. by making users vote for those coins or tokens.

And that's the good thing in binance they make sure  to look carefully on coins background before they get added on exchange  but we shouldn't still  rely on this information only since there are  some instance that they will spend more money for extravagant exchange listing just to gather more traffic,traders and more  funds so a smart  move will always on our mindset and always take the profit as long  we hit the winning trade.

[evgenia_volkova]

Most (if not all) exchange aren't interested in the safety of your funds as you assume, they're only after their profit, don't relay on just the fact a project's coin or token is tradable that make it a legitimate project to invest in. Learn to carryout more research, don't put your trust on exchange to prevent you from losing your funds to scam projects.

I completely go with you on this. Everyone is after making money and there is no written confirmation or any rule that the coin listed on an good exchange needs to be great project. Probably the project might be paying a whole sum of funds for listing.

Two or 1 and 1/2 year ago there was a coin that dumped very hard over night for some scam done by the founder do not exactly remember the name. The coins was performing well till the news and that coin was also listed in almost all the exchanges.

[Taskford]

Most (if not all) exchange aren't interested in the safety of your funds as you assume, they're only after their profit, don't relay on just the fact a project's coin or token is tradable that make it a legitimate project to invest in. Learn to carryout more research, don't put your trust on exchange to prevent you from losing your funds to scam projects.

I completely go with you on this. Everyone is after making money and there is no written confirmation or any rule that the coin listed on an good exchange needs to be great project. Probably the project might be paying a whole sum of funds for listing.

Two or 1 and 1/2 year ago there was a coin that dumped very hard over night for some scam done by the founder do not exactly remember the name. The coins was performing well till the news and that coin was also listed in almost all the exchanges.

They are actually do that for a  sort of promotion since if they can list there coin on good exchange then it will benefit them to gain more money to scam since many people  will think that the coin have a potential  since it was listed on big exchange that's why I always put  a safety net on my investment and do some hit  and run on past ICO's and never go back on buying on  them since I mark all of them  as short term investment only.

[The Cryptovator]

To be honest, most of exchange just seeking for money form listing fees. No one looking at project backgrounds and how potential that project. They need just money and they will list token even with proven fake teams. What will do traders, they have to trust exchange and there is no other way. If you are trader then without trust you will not make deposite on any exchange. But main thing is, before choose a coin for trade you should research about that coin how its potential. Listing a coin on exchange doesn't mean project is potential. So there is also free responsibility for traders.