The altcoin market has become scammer's playground

[avikz]

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.

Voice your opinion.

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[isaac_clarke22]

Not surprised about it, just how about anyone could just create their own coins and decide whatever they want after they got the attention of many.

Lately even here in Alt Discussion board, there are many shillers of that whatever Check project that is and it is really getting annoying, but if they shill that really bad, it just says on how bad or garbage the project is. I am not even bothering searching for that if that is a coin, an exchange or any sort of platform and I don't give any single crap about it.

[DeathAngel]

It always has been a scammers playground. The alt market is full of scammers & fraudsters running centralised tokens & coins with massive supply caps. Stick to bitcoin & the main alts, way too many scum bags out there.

[livingfree]

Despite that it's a known market that has a lot of scammers, crypto is already in the mainstream.

There is so much good news despite this bad news. Just as the mainstream, they also have bad news, scammers and frauds are there too. It's just that they're looking to the crypto market as a whole as a den of scammers but if they get to know more about it.

They'll see that there are those strong market for several cryptos and there's a partition for those scams and we're also avoiding those.

[finaleshot2016]

Altcoins will always be a scammer's playground, especially in BSC and ETH, and there will be a lot of scam schemes out there with no use cases at all, which is why investing in meme coins is so risky. If you're good enough to join and take advantage of the hype, you can make money, but in these times, it's difficult to tell whether a project is a scam or not.

Really hate to say this but I know a lot of people who creates meme coins that doesn't have any uses cases at all and some people are just investing on it without doing any research.

[Silberman]

It always has been a scammers playground. The alt market is full of scammers & fraudsters running centralised tokens & coins with massive supply caps. Stick to bitcoin & the main alts, way too many scum bags out there.

As unfortunate as it may sound this is the truth, newbies excited about the possibility of earning money come to this market thinking about all the money they will make, unfortunately instead of concentrating on the solid projects that we have in this market they prefer to concentrate in unknown coins hoping to catch similar success to the one those that invested early in bitcoin got, but we know what awaits them, the majority of them end up investing in scams and bad projects, when will this end? I think it will never end, as the supply of newbies with no knowledge about the markets is almost infinite.

[jeungo]

All these coins work according to two worked out scenarios. The first is pumping money and creating a fast pyramid on attracting money with a small amount of money from shareholders, where at some point 3-5-7 wallets with a large number of coins hurt the rate and withdraw money. The second is a smart contract in which there is no withdrawal due to the lack of liquidity.

[TheUltraElite]

An unregulated market will become a scammer's breeding ground. Since there are people who make money by running these scams, they will get the rush whenever they get money like this and they will continue such schemes without having any remorse and sleep soundly at night.

Some fault also lies in the way common users depict the newly launched altcoins - they tend to be lenient towards them once a while and that is what the scammers want. For someone who understood the truth that 99% of the altcoins are copy-cat money grabs, this is not a problem.

Using one project's success to name a new scam is an age-old method of scam. Fact is that most red-pilled newbies dont do any background research on what they are putting money in. But they like to take risk and so they get into such projects.

[noorman0]

Most scammers launch their crypto on the DEX, meaning that asar defi opens up opportunities for scammers to steal profits without worrying about getting caught sooner. In fact, shitcoiners already know about the risks they are taking, so they don't actually blame anyone when it happens to them. Shitcoin trend will continue to grow as long as this understanding of risk is not changed.

[judeafante]

Scammers will not stop they will always find a way to scam people, the Cryptocurrency industry is decentralized and unregulated and scammers know that people are always on the hunt for a quick profit, HYIP and MLM are already here in Cryptocurrency, you just have to differentiate good and bad projects if you just follow the hype you are in danger of losing your money, real and legit projects are not pump and dump they grow steadily.

[StarKay]

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.

Vpice your opinion.

The "success" of Shiba Inu is the main motivation for many new projects like the ones you mentioned springing up on a daily basis. A lot of good projects have suffered from divestment because the investors are drawn to quick and high ROI.
Templates are almost the same, mint trillions, send half to VB to burn, list on DEX, pump it up, pay influencers to promote it on Social media, list on CEX, pump it some more thereby drawing away investors from solid projects, and finally dump and move on with good profit.
I hope they don't damage the Crypto-currency market beyond repair.

[btc_angela]

This is really the sad state of crypto market. There are a lot of scammers are criminals plowing around the crypto sphere because they know that they can victimised a lot of individuals here. So it's easy for them, just created a hype token and then used social media to create more hype and then wait for noobs money to come to pump it so hard and then dump it.

So it's really up to us to warn those newbies, and that is the best thing we can do right now.

And hopefully those who become a victim will really learn their lessons here.

[Sayeds56]

It always has been a scammers playground. The alt market is full of scammers & fraudsters running centralised tokens & coins with massive supply caps. Stick to bitcoin & the main alts, way too many scum bags out there.

It has been scammers playground since 2017 when people lost their life saving in many scam ICOs. Currently you will find huge number of Meme coins with enormous supply and available at very low price which attracts new comers in crypto space who have no awareness about crypto but they make their entry with dream to get quick rich. Most of these coins will lose their value because their fundamentals are too weak.

[avikz]

It always has been a scammers playground. The alt market is full of scammers & fraudsters running centralised tokens & coins with massive supply caps. Stick to bitcoin & the main alts, way too many scum bags out there.

It has been scammers playground since 2017 when people lost their life saving in many scam ICOs. Currently you will find huge number of Meme coins with enormous supply and available at very low price which attracts new comers in crypto space who have no awareness about crypto but they make their entry with dream to get quick rich. Most of these coins will lose their value because their fundamentals are too weak.

This is a huge risk to be honest. People will be addicted to easy money and then loose everything overnight. In the meantime, the scam coin owners will make billions and exit market. Elon Musk should have been careful before promoting a meme coin which actually has opened this can of worms.

Now every government is worried about the current state of the crypto market and we will have to face heavier regulations. This is pathetic! Swap exchanges like Uniswap and Pancakeswap are actively promoting these meme coins, that needs to stop!

[RussianEnglishTranslation]

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.

If you invest in mineable coins with no pre-mine or dev wallet, no VC or ICO, you can't be dumped on or exit scammed. Only those types of projects are safe investments. Think BTC, RVN, 0xMR.

[bitzizzix]

Social media is a platform for verifying the credentials of various employees in the cryptocurrency team, but it is also the best platform for scammers and also their best place to commit fraud because that is where all kinds of people exist and become their main target.
The growing popularity of crypto becomes an opportunity for fraudsters to take advantage of this situation and their target is beginners who have no knowledge of crypto, and beginners are very gullible and just trying to convince the target and are promised big profits they will be tempted and involved.
So as long as crypto is getting more and more popular, scams will continue to exist and take advantage of its popularity to generate profits by justifying any means to get it.

[DapanasFruit]

Saying that the altcoin market which made up a big potion of the whole cryptocurrency market has become a plaything of the scammers and in extension of hackers and phishers is actually an understatement. And it is because it has been that way ever since I can remember. Back in the year of 2017, so many scams and frauds had been introduced into the market resulting into many investors who were then usually small just like me getting hit and they lost money. Sadly, this will go on all because this is actually no regulatory framework imposed for anyone to introduce a project...we are in the open market so scammers can always come up with something new after the last project they got which already went underground. That is the reason why I am always careful and is doing my DYOR before deciding on an opportunity.

[gurunanakji777]

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.

[Ararbermas]

Those coin you have mentioned above are totally a scam projects mate, i mean a copy paste project obviously just to get more attention in the market and once they successfully make a hypes they will suddenly collapsed as well and turn into shitcoin after all.. Lol and the best example on your list above is the squid coin. Just imagine how it makes strong momentum and how it skyrocketed but suddenly plunges back to zero in just a minutes. What a shame project. Totally scam..

[masterrex]

IMO, I think some of that observation is true, and I believe it was happening most of the time on meme tokens, the scammers nowadays can easily enter into, the market because of the increasing smart contract availability, and after it was deployed many speculators will fall for that trap buying and holding useless tokens that's why in the end many will be rigged.