Why be allowed to create tokens with the same names?

[Jawadu]

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.

[Jawadu]

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.

[Jawadu]

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

[nurilham]

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.

[Jawadu]

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.

[isaac_clarke22]

~

If the copycats just make a thread here, it would be better to just report it.
If it has its own website, better report it to the web service being used.

It is sad, but scammers will always be scammers regardless of their morals outside crypto. 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.

[dimonstration]

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.

Yeah. This is the current problem of smart contract since anyone can mint new token without approval of the blockchain owner, Scammer can easily copy the name of a trending coin to mislead newbie investor. IDO and AMM dex is very dangerous for beginner because they can easily purchase a fake token by using a fake contract address. I wonder if blockchain devs will address properly. I'm aware that they have a token verification for established coin but this feature is not available for startup that's why it's the common target of scammer.

[tvplus006]

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.

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.

[cryptoaddictchie]

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.

Thats correct. New people tend to forgot the basic of smart contract and some stuff about the network of chains. If someone copied a project it so easily to dessiminate and spread a fake one without even noticing the difference between the two. I usually encounter these scam tokens on telegram and twitter where they give some giveaway to follow or join them and people whom not checking can be blindly scam due to massive members they already recruited.

Too sad that these scammers can easily make it and do it all over and over again.

[Silver80]

What are your thoughts on this?

the more products there are, the more imitators, because they don't need to pay a lot of money to sell in the market, this is a form of creativity of their people to avoid plagiarism, if they are caught plagiarism they will lose big with big fines and the possibility of harming consumers, everything is up to you where you want to go

[$anounimus$]

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.

Fake coins that are copied the name of the real coins will not advance forever because they are made by irresponsible scammers, they deliberately make it in order to get money from others and then run away after they get money from investors

[Jawadu]

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.

[Cling18]

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.

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.

It's still every investor's part and prerogative to consider and check everything before investing or buying tokens. Scammers are everywhere and they could fake or copy everything just to fool people so we still have to be skeptical and do our parts. We should always be smarter than scammers.

[Dread Pirate Roberts]

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?

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 peole 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.

[Jawadu]

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.

[Jawadu]

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!

[Jawadu]

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.

[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.

[Jawadu]

Too sad that these scammers can easily make it and do it all over and over again.

Yep buddy! They copy an original token, they create their own token, they pay for promotions on Telegram groups, and finally they earn a lot of money from beginners! Very sad. I hope in the future, DEX system will have more protection about this issue!

[Jawadu]

Fake coins that are copied the name of the real coins will not advance forever because they are made by irresponsible scammers, they deliberately make it in order to get money from others and then run away after they get money from investors

Sure! And sometimes scammers are too clever because they will spend a lot of money to promote their fake tokens in Telegram groups, Twitter, etc... but in the end they will run with a very huge amount! So sad.