Why be allowed to create tokens with the same names?

[Princejebs]

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.

[Devifajarina]

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 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.

[Traderbtcc]

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.

[zasad@]

The ERC-20 standard allows you to choose any name of the token, only the address of the smart contract will be different.
I wrote about this for a long time, how not to become a victim of scammers

(GUIDE) How to trade on uniswap correctly
https://bitcointalk.org/index.php?topic=5270415

Therefore, be careful when buying or selling tokens.

That is one of Ethereum disadvantages imho. Contract address is more important than combination of contract address+token name. Strange that deve did not forseeb that scammers will use that trick with names.
Im sure that a lot of people got scammed with BTC tokens on erc-20.

This is not a drawback of Ethereum, but a drawback of decentralized trading. Although probably not. An illiterate user will still lose money.
You can hardly buy fake tokens on a centralized exchange
The decentralized market is not subject to control, so you need to be doubly careful.

[satsmainman]

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.

[retnoanjani]

This is exactly the question I asked when I was a victim of same name SCAM token. Real team will never choose a name which is founded before by others people/team. Only those who have bad intentions to steal people's money they will create token with similar name But important things is you can easily identify by smart contract address, Name can be same but smart contract address must be different between one and other.

and it's been booming lately. suddenly a coin or token goes into the wallet with a ticker similar to other successful projects. the price that looks promising will definitely make ordinary people think it's a lucky gift, even though we have to be careful, sometimes if you want to sell it there must be certain conditions, for example logging into a website by connecting your wallet. don't do that or the asset of your wallet can be taken by fraudsters.
even though there are many names and tickers that can be used to name a coin, so we have to be careful and don't be easily fooled, check the address contract. to good to be true, we have to think logically here, where would someone give out free money when we didn't do anything?

[adzino]

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?

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.

[nurilham]

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.

[Jawadu]

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!

[sirminesalot]

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?

New people who got tricked by this cheap trick will learn an experience that they always have to be careful doing transaction in crypto space. We all know creating new coins is really easy and the name could be similiar but the contract address won't be the same and must be unique. This kind of scam is easy to avoid, sometimes there are more rude scam like hacking or pasteing wrong address because we've got virus on our computer. So stay safe because bad guys are everywhere in crypto

[Lordshiva]

This is exactly the question I asked when I was a victim of same name SCAM token. Real team will never choose a name which is founded before by others people/team. Only those who have bad intentions to steal people's money they will create token with similar name But important things is you can easily identify by smart contract address, Name can be same but smart contract address must be different between one and other.

Yes exactly agree with the op. This is a very valid point and not one but many peoples has faced Scams just because of this thing. Yes it can easily be identified with the smart contract address but not every one know about this specially there are new traders coming each day and this make then getting trapped in scams.

[Sithara007]

A few years ago, I lost some amount in a similar scam. After that I am more careful and transfer the tokens only after confirming the smart contract address. But at the same time, I don't want to blame anyone. I should also take a part of the blame. Should have confirmed the address before making the transaction, as everyone knows that there is no dearth of scammers in the cryptocurrency sector. And the worst part is that I made the mistake despite having so many years of experience with cryptocurrency.

[Jawadu]

It's clear that easily creating new tokens with rising token names makes it inconvenient when we want to buy these tokens, there should indeed be an update to prevent duplicate token names to avoid cases of this kind of scam.

Yes, buddy. This is very bad because still many people are losing their money on fake tokens. Dex will be amazing if the devs can update their system and solve this problem.

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.

If it's completely the same, I don't think so, it's just that there are many altcoins that have similar names, even though they only differ by one letter. therefore we must be more careful so as not to make the wrong transaction on the coin that we mean.

There are some tokens with completely the same names! You can check some tokens from Coinsbit exchange then search them on Coinmarketcap and the original token will appear [same name + original website]. Yes, we have to be careful when making a transaction so that we can protect our money.

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?

New people who got tricked by this cheap trick will learn an experience that they always have to be careful doing transaction in crypto space. We all know creating new coins is really easy and the name could be similiar but the contract address won't be the same and must be unique. This kind of scam is easy to avoid, sometimes there are more rude scam like hacking or pasteing wrong address because we've got virus on our computer. So stay safe because bad guys are everywhere in crypto

Trust me bro, this type of scam is cheap to senior traders only but not to beginners! It's true that the contract address must be unique, but that can't help a beginner 100%. Because some coins may be cloned 3x - 5x so there will be 5 tokens with the same names but different contract addresses, which means this will still be hard for a beginner to find the real token. I still recommend that each project should attach the contract address of their token to their websites or Telegram so that it can be easy for beginners to deal with the real contract.

[aylabadia05]

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.

To anticipate this, I say you have to pay attention to a few things before deciding to buy a coin. I think we are lucky as active participants in the bitcointalk.org forum, because in this forum we are also reminded about scam projects. A recent example is BetKing.io

[BigBos]

Well, nowadays, quite a lot of scammers use the same name to trick potential investors. however, this doesn't just happen to coins, even phishing sites use the same method. however, nowadays scammers are very easy to imitate something, or even make something convincing, because of this, we as investors need to do research to avoid choosing the wrong coin.

however, in addition to having extensive education, a good investor needs to really do some research on it. however, this kind of thing happens a lot to new investors who are in a hurry.

[aioc]

I received a lot of fake tokens through airdrops these are tokens are created to deceive investors, if you are a true Cryptocurrency investor you know that the only way to differentiate from a real to a fake one is through their smart contract, because the smart contract is the issuer of the coins if the coin was created through a smart contract, if not download the official wallet from the coin's official site.

[nurilham]

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!

I know what you mean, but I am trying to let you know another view. Look below carefully!
Implicitly, yes Dex allows the same name. But Dex never said, "yes you can create the same name", right? What Dex did is a bit tricky, so people cannot blame them. It is what exactly I want you to know from my explanation before. Do you get my point?

[Rengga Jati]

I also think so.
There are several similar tokens or coins with similar names or symbols.
However, it must be different smart contracts and also projects.
That is why before choosing one of them, always ensure that we pick the right token, by doing deeper research on the token or coin and undertaking whether that is the correct token to pick or not.
we can see it in CMC or COinGecko although sometimes, many new tokens are not listed yet there.

[bocyaj]

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?

The coin won't have entire name in same words.We had Ethereum, Ethereum classic.We had Bitcoin, bitcoin cash, bitcoin gold. All this similar name not affected the original coin. The rest will had some good response as compared to some individual project.Disadvantage is some fake coin use this strategy.

[Brus123]

Such tokens and projects are designed for those who are inattentive or in a hurry. I know a lot of stories when investors mix up only one letter and buy a scam instead of what they really want. One more terrible situation is with fake projects. I came across such a project once. But fortunately I bit through them on time, so I didn't lose money. Please be careful as everywhere there are those who can scam you.