The altcoin market has become scammer's playground

[jrrsparkles]

snip~

There are many others as well. It is a money laundering heaven. Don't you think such gold rush has to stop at some point. Otherwise cryptos will never be able to make its way into the mainstream world. People are buying from craps to garbages in the name of cryptos.

Vpice your opinion.

Number of such scam projects and useless projects are increasing every year because while the market grows there are scammers who wants to take advantage if it by coming up with legit ides then rugpull the entire project or come up with stupid ideas and create hype for it with the help of influencers and celebrities. So they never going to stop until the investors realizes about where they are investing their money.

[Ulven]

Actually those who invest in such meme coins or projects already knew they are investing in highly risky coins even investors knows very well they can loose whole money too still traders are enticed by such projects and this is not good for the crypto market. This market should not be treated as gambling. Investment in good trusted coin should be the priority otherwise every now and then we will witness of rugpull and scammed projects. So every investor should do the proper research before buying.

Right!!!
So, in order to protect innocent cryptocurrency enthusiasts from falling for the same scam tactics in the future, the cryptocurrency community has created a list of red flags for all to see. These are not just the scammy signs that have been seen time and time again, but rather actual red flags one can look out for in order to protect themselves from becoming a victim of cryptocurrency scam.

[Russlenat]

That's not new, it has been a scammer's playground ever since, and even if some investors have learned their lessons in the past, we still have the new investors who are just hyped with the crypto market being bullish now and failed to do due diligence in choosing a project to invest. Verifying the project is very important and I think there's a lot of morons in the space as this project was able to steal millions of dollars from investors.

[wissy]

The bigger the demand, the higher number of scammers will be out there. This doesn’t apply just for crypto, but for every other field.
We saw numerous scam projects in 2017 but as it turned out, this was not even close to what we have now. Crypto is probably more interesting for them, because you can stay somewhat anonymous online while scamming people.

[kojektea]

We must be wise in putting money to invest. Dicryptocurrency people who want to get rich quick will look very stupid. In fact they happily buy coins made just for once the hype promises greater returns within a few hours. But the proof is, they lost all their assets. They can only cry and regret. Cryptocurrency is indeed a very risky investment everyone who enters here must really bring the science of analysis.

[Silberman]

Actually those who invest in such meme coins or projects already knew they are investing in highly risky coins even investors knows very well they can loose whole money too still traders are enticed by such projects and this is not good for the crypto market. This market should not be treated as gambling. Investment in good trusted coin should be the priority otherwise every now and then we will witness of rugpull and scammed projects. So every investor should do the proper research before buying.

Right!!!
So, in order to protect innocent cryptocurrency enthusiasts from falling for the same scam tactics in the future, the cryptocurrency community has created a list of red flags for all to see. These are not just the scammy signs that have been seen time and time again, but rather actual red flags one can look out for in order to protect themselves from becoming a victim of cryptocurrency scam.

Unfortunately people do not listen, and one of the reasons is that even if this forum is still relevant it is not as popular as it was during the previous bull run, now a great deal of the discussion about new coins has moved to social media, in which it is easier to manipulate the newbies into thinking that any coin is going to become the next bitcoin and they are scammed by projects that are obviously a scam, but since they do not have the tools to tell them apart from good projects they decide to invest in them, only to come to the forum and realize they could have avoided the loss if they had come here first.

[aprilnot]

Looks like you realized this too late. long before the frenzy of meme coins, defi, and NFT. scammers are already playing around in the crypto market through ICOs. And one thing I don't understand, those who are deceived know that what they are doing is wrong and risky. but they still choose to invest or buy. so it seems hard to stop this stupidity, while there are still many people who expect shitcoins to give big ROI. scammers will freely play with them.

[Pahom]

As it is easy to create your own ERC20 token and you will not be punished then if you cheat people as you can just hide your money using Tornado cash, there are a lot of scammers who use this hype around crypto and launch their tokens.

Everything we can do is just be careful and do research before investing, and also we shouldn’t snub risk management. It means not to invest more than you can afford to lose. 

[judaspriest]

After the initial success of Shiba Inu coin, I am observing that the altcoin market has become a playground for the scammers in most literal sense.

There are multiple projects now, which are showing 28000% return within just few hours of launching and then showing a steady decline. There are multiple examples,

Squid games: Defunct
Shih Tzu coin: https://coinmarketcap.com/currencies/shih-tzu/
Solar energy: https://coinmarketcap.com/currencies/solar-energy/
Mini BTC: https://coinmarketcap.com/currencies/minibtc/

Etc.

There are many others as well. It is a money laundering heaven. Don't you think such gold rush has to stop at some point. Otherwise cryptos will never be able to make its way into the mainstream world. People are buying from craps to garbages in the name of cryptos.

Vpice your opinion.

Scammers are just trying to use the weakness of decentralization for their purpose. Anyone can create a coin and launch them at dex. With fake groups and followers on social media, they attract newbie investors who are not well aware of the market. You can not prevent it but you can spread social awareness about them before they spread too much. What we can do it be careful and warn others.

With the development of technology and the times, scammers also upgrade themselves so that they have many ways to run scam projects,
Of course in this way as you described we cannot realize and will be trapped,
it's true there's nothing we can do more than stay careful

[aseprebel]

lots of investors there are opening themselves up to this new and growing risk of fraud and fscam. there are so many people who want to invest here for the future, you have to be aware of the many incidents like this, never to invest in altcoins at the expense of saving for emergencies or paying off high-interest debt. take care of your money

[TheGreatPython]

After the initial success of Shiba Inu coin, I am observing that the altcoin market has become a playground for the scammers in most literal sense.

There are multiple projects now, which are showing 28000% return within just few hours of launching and then showing a steady decline.

Nah, there will always be crap for those that likes buying crap. There are lots of people who are pretty much aware of how bad these meme coins can be, but they would still invest in it because they feel that it is a game they would have to play to get a shot at getting rich quick. So, they would go ahead to invest in these coins with the aim that it would get pumped and they will quickly dump it and leave, but it never works out so well for some of them.

So, there will always be good coins and bad coins, it is up to you to know what you believe works for you and you just go for that and nothing much. I don’t invest in meme coins, not even Dogecoin, despite the hype and everything, I still knew what I wanted and I focused on that. But, there are still people who were able to make lots of money from the meme coins hype and trend that we have seen take place.

[Baofeng]

lots of investors there are opening themselves up to this new and growing risk of fraud and fscam. there are so many people who want to invest here for the future, you have to be aware of the many incidents like this, never to invest in altcoins at the expense of saving for emergencies or paying off high-interest debt. take care of your money

Oh well, they know the risk in investing here, not saying that they are the one to blame, but it looks like they are not investigating enough on which altcoins they are going to invest. They are greedy and think that they can be rich here in short amount of time. So if you are a young investors, the first thing that you really need to learn is to be very very careful of where and what projects you are going to pour your money with. It's you hard earn money so make the best out of it.

[TravelMug]

What do you expect? I mean the market is open to everyone, so it will attract even scammers and criminals in crypto space and will exploit it. And then the thing is that we really don't know each other here, no names, except addresses and so transaction is irreversible and once you are trap by this scammers, there's no way to get your money back from them. So the best weapon for us is to really educate ourselves before entering crypto market and always think many times before trusting anyone or any project here.

[Coyster]

There are many others as well. It is a money laundering heaven. Don't you think such gold rush has to stop at some point. Otherwise cryptos will never be able to make its way into the mainstream world. People are buying from craps to garbages in the name of cryptos.

Of course it has to stop for altcoins to obviously move to the next level, but definitely you and I know it just wouldn't stop that way, the individuals who create this useless coins have found a way to make money by deceiving others and stealing from them, thus there is no way they will just stop. Investors and crypto users who still try to make money by investing in such (lottery) projects are the ones that need to stop, they need to do their research into the projects they are investing in, or much better they should just outrightly invest in projects that are somewhat popular and have an actual use case.

[Quidat]

There are many others as well. It is a money laundering heaven. Don't you think such gold rush has to stop at some point. Otherwise cryptos will never be able to make its way into the mainstream world. People are buying from craps to garbages in the name of cryptos.

Vpice your opinion.

Still got surprised?

These things all starts with that ICO boom out back in the past on which lots of scammers had made out this gateway on scamming out millions out of their investors and the scamming didnt really stop and we do keep on telling out people to be careful but still ending
up on depositing and supporting those scammy projects

and now it did continue yet they do easily get hooked with the hype without even trying to realize on what they are dealing with.

[nekorakoeora]

Things like this make crypto bad and its ecosystem unsafe. Many "inu" coins appear and some other characters that are branches of the main coin are just a scam. If this continues to be allowed will greatly impact the existing crypto ecosystem especially for new users who will enter the crypto.

[vv181]

~I am observing that the altcoin market has become a playground for the scammers in most literal sense.

It always has been.

There are many others as well. It is a money laundering heaven. Don't you think such gold rush has to stop at some point. Otherwise cryptos will never be able to make its way into the mainstream world. People are buying from craps to garbages in the name of cryptos.

The cryptocurrencies spaces' scam-free is an ideal word. I don't think we will see it happen anytime now. I mean in many aspects of life, scam is still being done and people keep being deceived. Not to mention, the nature of cryptocurrencies pseudonym make people are enormously making use of peoples' ignorance and they can get away easily.

The stereotype of cryptocurrencies filled with scams might push people away. But as soon as people have a skin in the game, I believe they will see the potency of this space. So, I don't think it will stop the awareness and adoption of cryptocurrency.

[oemar bakrie]

because in crypto there is no security such as an anonymous identity that can make scammers always exist in any market and also always move widely they can freely do crazy things that can harm many people, the important thing is that the scamers themselves benefit.personal.

[so98nn]

Correct. A playground of investments and fun way to race against each other’s to see who makes the most money out there. It’s really sad to see this happening in the market like crypto currency’s which were supposed to be excellent hallmark for the Payment System around the globe. Bunch of idiots now making their safe heaven to earn extra by creating the tokens, publishing them over social networks and showing literal hopes other investors.

The sad part is peeps around the crypto space are also enjoying this kinda investment because they just wanna make the quick bucks. So market is always manipulated, those who got the profits are actually the one who know the projects from beginning and make their way towards quick wealth. Such a scam-grim-reality.

[uneng]

After the initial success of Shiba Inu coin, I am observing that the altcoin market has become a playground for the scammers in most literal sense.

Actually altcoins market and crypto market in general have been a playground for scammers since many years ago, from the moment bitcoin started becoming more recognized as investment on.

There are many others as well. It is a money laundering heaven. Don't you think such gold rush has to stop at some point. Otherwise cryptos will never be able to make its way into the mainstream world. People are buying from craps to garbages in the name of cryptos.

Vpice your opinion.

Sooner or later those people who are scamming others are going to be busted. They may think they are smart by earning money like this, but in fact this money isn't going to make them thrive in life, because the source of the money isn't legit from any perspectives. Only legit money can proportionate happiness and prosperity to an individual at same time. That is an essential law easy to be observed in life.

I just think investors should have more respect for their own money avoiding such altcoins. The problem is that investors are greedy, so they believe in any lies which put them in a confortable position regards their financial goals. They don't want to wait some years to make financial progress, instead they want to become millionaires in a month or two and then they end being scammed...

Scam altcoins could exist without any issues if investors were conscious enough to totally despise them.