Too many project SCAMS - PLEASE CAREFUL

[Luffygroove]

indeed. Whether it's scam or exit scam or whatever the names, it's our responsibility to do our own research investing in cryptocurrencies. As more popular the crypto, then many parties try to bet their luck here. Intended or unintended scammer came because popularity of cryptocurrency. They're trying to trick the new adopters who haven't know much about this world. If it's possible, probably we can educate our closest who decide to dive into cryptocurrency. To warn them that they have to keep guard, invest as many as they can afford and keep safe.

[ahoenk]

Too many scam project but not all project are scam, there are also not scam project but failed to aquire people to use it, but i still believe then big thing is data management like xsl labs will do. Our data matters.

[Question123]

in every project  have risk and you do not if it's legit or scam, lately they have lot of project or investment turn into scam so many people lost their money because they investing to the project. Honestly it's hard to find out what is the scam project to the legit because out of 100 project now I think 5 percent only is the real and will gives you a lot of profit so be careful for of who you trust because anytime it has chance to lost it.

[Becky666]

Too many scam project but not all project are scam, there are also not scam project but failed to aquire people to use it, but i still believe then big thing is data management like xsl labs will do. Our data matters.

There are outright SCAM projects all around mate and there's no words to use for such that some of these projects suffers lack of patronizing that made them to folded up. There are very few projects that i personally know to be those without good financial background which lead the project to abrupt end but there are millions of SCAM projects be created everyday for the purpose to scam gullible.

[Yurkov]

Yes almost 60percent of projects now are scam,so we need to become more careful specially those  bounty hunters who promotes those projects,thats why as a bounty hunters we must be careful and make the good choice and earn more.

After all, bounty hunters don't want to promote scam projects. However, it is greed that blinds their eyes and they do not look at the fact that the project does not have a team or even a Whitepaper, but they look at the fact that the bounty pool is huge. Just like any investor, bounty hunters should thoroughly check the project first before promoting it, so as not to be scamed and waste time, and what is even worse expose investors to losses.

[CryptoLogo]

where there is big money spinning, of course there will be opportunities for people to commit fraud, including in crypto investment which does seem to be a pretty good land for scammers to get money, as a bounty hunter of course we have a big enough responsibility in promoting a crypto project. so of course we must always be vigilant and careful in choosing a project for us to follow so that we don't get caught up in a scam project that harms us and the investors later.

I think bounty hunters do not have a big responsibility in terms of viewing and participating in bounties, because each bounty participant is free to determine which bounty they will participate in and of course they also see it according to what they have analyzed by themselves.

Bounty hunters are just as responsible for participating in scam projects as are the managers who choose these projects. Often, hunters do not take their choice of companies too seriously, relying on the instinct of their usual manager. When a project turns out to be a scam, bounty hunters tend to blame the manager. But it is obvious that they are guilty just like the manager himself, because they did not conduct their own analysis, which means they potentially became accomplices of the scam.

[ecnalubma]

Its hard to label wether a certain project is legit or scam. Before you make any investment in crypto make sure you do background checking or the project should have a feasible product atleast. Don’t go all in a single project, as much as possible diversify your portfolio with valuable and with potential crypto assets.

[(o)(o)ilikeboobs(o)(o)]

That's the 2020 scam. Nowadays, projects are more sophisticated than when developers create IDO projects and organizations on decentralized exchange platforms. They list these projects and make a profit, keeping the money of those who add to the pool of liquidity. The next step is to disappear with the same amount of money.

[HanaTenun]

Its hard to label wether a certain project is legit or scam. Before you make any investment in crypto make sure you do background checking or the project should have a feasible product atleast. Don’t go all in a single project, as much as possible diversify your portfolio with valuable and with potential crypto assets.

when we can't do analysis and double-checking related to the project background and/or that's what you say. then the best solution is to join and invest in top market assets. it is safer for us to do than having to force ourselves to follow a new project which is not necessarily going to benefit us.
nowadays, scammers are increasingly creative in planning scam projects. without us knowing it, they have grown to be smarter. and we must continue to upgrade our abilities as well to avoid them.

[dotcoin.info]

Scama, as before, of course, a lot. However, now the scam has become more difficult. If earlier scammers could create a coin, collect money and disappear, now there are decentralized solutions that allow users to secure funds both during investment and during trading sessions on decentralized exchanges.

[ecnalubma]

Its hard to label wether a certain project is legit or scam. Before you make any investment in crypto make sure you do background checking or the project should have a feasible product atleast. Don’t go all in a single project, as much as possible diversify your portfolio with valuable and with potential crypto assets.

when we can't do analysis and double-checking related to the project background and/or that's what you say. then the best solution is to join and invest in top market assets. it is safer for us to do than having to force ourselves to follow a new project which is not necessarily going to benefit us.
nowadays, scammers are increasingly creative in planning scam projects. without us knowing it, they have grown to be smarter. and we must continue to upgrade our abilities as well to avoid them.

What I said is applied to all projects existing or new. Even top market assets have unclear future, what if the team will go rogue or failed. Investors should always assume these risks and manage their expectations, I’ve seen many projects that made their ICO’s but failed to deliver outputs some made it for few years now slowly dying.

[Skinny48]

This will keep happening every year, last year it was DeFi projects and this year it's Swap/DEX and NFT, I've seen some new NFT projects with anonymous teams and their social media sucks yet people are buying into these tokens, whatever is topping in crypto space will surely be attractive to investors and scammers will use that at their own advantage

[matchi2011]

Its hard to label wether a certain project is legit or scam.

Yes, until they runaway you'll see that you are already been scammed.

Before you make any investment in crypto make sure you do background checking or the project should have a feasible product atleast.

Deep analyze and follow all the possible channels where information about the project are available, from this point you'll be able
to update yourself.

Don’t go all in a single project, as much as possible diversify your portfolio with valuable and with potential crypto assets.

Splitting is the best thing to do, unless you are pretty sure about the asset that you are going to invest your money(Insiders, solid project)

[Farma]

Its hard to label wether a certain project is legit or scam. Before you make any investment in crypto make sure you do background checking or the project should have a feasible product atleast. Don’t go all in a single project, as much as possible diversify your portfolio with valuable and with potential crypto assets.

this point again emphasizes "research" before investing. however, scammers are also getting smarter at making things that catch people's attention. because of this, be a wise investor by knowing the information before making an investment. from the past until now, there have been quite a number of scammers who have managed to make a profit by defrauding new or existing investors.

[ivankoh]

Bounty hunters are just as responsible for participating in scam projects as are the managers who choose these projects. Often, hunters do not take their choice of companies too seriously, relying on the instinct of their usual manager. When a project turns out to be a scam, bounty hunters tend to blame the manager. But it is obvious that they are guilty just like the manager himself, because they did not conduct their own analysis, which means they potentially became accomplices of the scam.

Yes, I agree with you, if they don't check the project they are helping the scammers by promoting the scam project, I hope through this topic that what people write will help them to increase awareness and be able to uncover the project if it is fair or a scam.

Any aspect has the downside of an issue.  The crypto space is no exception, but even outside life, you often encounter fake names, scammers in the guise of intellectuals who are taking over people's property ... I don't  encourages any but each person to be self-conscious, doing methods of testing, testing thoroughly and prudently ... Scammer is not separate from us.  It is impossible to blame and blame all of the blame on anyone.  That is a pity!

[SaiyanSS3]

DeFi itself might be the scam too

I don’t get this wrapped coin, wrapped bitcoin, wrapped ethereum, wrapped tether but there are popping up like mushroom, most notably in the DeFi, all their coins are wrapped, they used it to cross chain among two non fungible coins, for example cross trading ethereum to wrapped bitcoin in DeFi.

It raise some concern
1. Doesn’t it inflating the coin supply? Bitcoin and wrapped bitcoin, does it have 21m supply?
2. It has locked up value TVL, there is risk of losing everything, in the event of hacking.
3. Trading on wrapped coin associated with exorbitant high gas fee, for example in uniswap trade eth for wrapped bitcoin the fee is very high.
4. The catch is you don’t need to trade on cex, everything would be conducted on dex with DeFi.

[Danslip]

Of course we can't stop another person to scam us, that's why we need to increase our knowledge so we can avoid to getting scammed.
Since 2017 i've been working and investing in this field, it's kindda hard for me to avoid scam but i think im better now to avoid that.

That is right we can not stop others to scam us, however, we should learn how to avoid our money, information from them. They are increasing their knowledge every day about scamming and hacking. It is not fair, but it is one of the bad sides of this world. We can not do anything, but as said there are some ways which we need them to avoid such scamming. Most investors can be victims so easily, that is why some investors invest in the project without making any research. But as you know we should make hard research before investing in any project, that is why there are a lot of projects and we have good experience about that, they can get shitcoin in the future and most projects are scammed. We have to try staying away from them.

[harapan]

Projects turning into scam isn't new anymore during the 2017/2018 there were so many projects that turned into a sacm, and scammers  are still keeping up the pace by entering every area in crypto space either NFTs, ICO, even scam IEO's on shitty exchanges, I urge everyone to be on guard and try not to fall for this thieves, unfortunately there's no way to stop them, because they keep evolving every day.

[forexandcryptoauditor]

Since the market is at its peak, many new investors have been turned towards crypto investments. And this is the golden opportunity for scammers. Just like the scam projects increase after the start of 2018, this has not stopped and increasing. We need to be very careful and need to be cautious before doing any investments in new projects. From my point of view, even if we see a good project, we should wait for some months and then can enter looking at the real value of that project.

[btc-facebook]

Scama, as before, of course, a lot. However, now the scam has become more difficult. If earlier scammers could create a coin, collect money and disappear, now there are decentralized solutions that allow users to secure funds both during investment and during trading sessions on decentralized exchanges.

I see Decentralized Exchanges (DEX) is also not very safe, because a lot of shitcoins are listed there easily, everyone can easily list their coins on DEX like pancakeswap,
this scheme is not much different from the ICO on their site then after that they leave their project when the bull market is over, this is a new type of scammer, and it's hard to avoid this, I think it's a safe way to trade on Binance, coins listed there are definitely good coins and have a bright future.