The altcoin market has become scammer's playground

[coin-investor]

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,

It's been the playground of scammers ever since the ICO craze started we have so many schemes of scamming and projects that scammed their investors, so many fake projects, fake team fake roadmap, and fake white and lite paper if you are not good at doing diligence research you will fall victims to these scammers, they are good in making projects looks good, very deceptive and very cunning, the best way to protect yourself is to stay away with hype and FOMO.

[Rruchi man]

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.

This dubious activity within the crypto space is one of the reasons why some governments still point reference to cryptocurrency as fraudulent, the rate at which some of these tokens are springing up is very alarming, how i wish there was a way to properly regulate things. The whole cryptocurrency thingy can become discouraging if one falls victim to the perpetrators and creators of such tokens.

[gwdf1]

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, crypto has always been subject to scams since Ethereum launched and it became easy to create tokens. There were a lot of scams connected with iCOs in 2017, there are a lot of scams connected with meme coins, NFT-projects, gaming projects and yeild farming platforms now, so as it is very easy to create tokens, scammers try to follow hype and use it to make money.

[Godwinpaul]

It's rather unfortunate that we've gotten to the point when most new projects are baseless. Several people come to the industry without the right mindset, and due to the fact that the industry is decentralized Scammer are taking advantage of the ignorance and greed of users whose intention are to cash out huge from the industry. I only do wish that many more people would be willing to learn more about the industry before investing their resources.

[TheUltraElite]

Actually, crypto has always been subject to scams since Ethereum launched and it became easy to create tokens.

There were a lot of premine coins before ethereum that were indeed scams so I would not agree with the statment that ethereum tokens are the reasons why there are scams. It just became an easy route to shift the attention of impulsive gamblers to something that seemed legit but was a scam.

so as it is very easy to create tokens, scammers try to follow hype and use it to make money.

As people understand this, they will soon become aware and be cautious the next time they invest. It has made a bad name for crypto true, not something we as legitimate users can address on our own.

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.

With the start of DeFi stablecoin pools the devs have become completely anonymous and this does not equate with legitimacy. Definitely something that people need to know and that they should do their own research before investing. It is worth noting that the SEC will not have your back when you lose money on such scams.

[aioc]

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,

Even those people who do know anything about coding and programmer can launch a coin, all they need is to hire people on Fiverr and the service section, all they need is funds to hire create a fake whitepaper, shills, and marketers and website developer and pay people to be their face in the team and he has a project to sell to investors, they just pump it and broadcast and people will just follow it.

[michellee]

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, crypto has always been subject to scams since Ethereum launched and it became easy to create tokens. There were a lot of scams connected with iCOs in 2017, there are a lot of scams connected with meme coins, NFT-projects, gaming projects and yeild farming platforms now, so as it is very easy to create tokens, scammers try to follow hype and use it to make money.

The scammers are too smart to use the trend for their own benefits by creating a new project related to the trend and successfully inviting many investors to their projects. People are too greedy to make big money from many projects and most of them do not research before they invest in the project.

That makes those people get scammed and many of them leave crypto once they get a scam. It is our job to always research before we invest in any project, whether it is a new or old project, to avoid getting a scam.

[justdimin]

The scammers are too smart to use the trend for their own benefits by creating a new project related to the trend and successfully inviting many investors to their projects. People are too greedy to make big money from many projects and most of them do not research before they invest in the project.

That makes those people get scammed and many of them leave crypto once they get a scam. It is our job to always research before we invest in any project, whether it is a new or old project, to avoid getting a scam.

Unfortunately every day we face with the reality that there are scammers who are smarter than some victims. I have seen so many silly stuff before in my life starting from the ICO period to this day we have seen so many weird things and everyone of those weird things got paid by some people.

I do not know why people fall for them but in the end they do and there is really nothing we could do to convince these people to not fall for those things neither. So in the end, we end up with a lot of people who lose money to scammers because those victims are not really very well versed in the crypto world. I hope that one day we could get rid of those scammers but even if we stop one method, they are going to end up with another method and it is not going to be that easy to stop them completely.

[Silberman]

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.

What we are seeing is in fact a gold rush, back in those days people heard stories of miners finding a lot of gold and changing their life and they wanted the same for themselves, however the ones that made money consistently and in fact became rich are the ones that provided services to the miners, the ones that sold the shovels or sold them food for overpriced prices, and something similar is happening here, with scammers being one of the groups that are obtaining the most profits by selling all kind of dreams to newbies that they know are never going to become true.

[Natalim]

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.

The sad reality for now. It could be hard to accept that we are now surrounded by these shit and useless projects but can't stop scammers to create their joke projects. They certainly want attention and we respond nothing, I hope that is what we see. However, the influence of some known personalities brings some hypes and gives the chance for these scammers to scam people in front of them. I believe that they are aware of the situation but they choose to become blind.

[michellee]

Unfortunately every day we face with the reality that there are scammers who are smarter than some victims. I have seen so many silly stuff before in my life starting from the ICO period to this day we have seen so many weird things and everyone of those weird things got paid by some people.

I do not know why people fall for them but in the end they do and there is really nothing we could do to convince these people to not fall for those things neither. So in the end, we end up with a lot of people who lose money to scammers because those victims are not really very well versed in the crypto world. I hope that one day we could get rid of those scammers but even if we stop one method, they are going to end up with another method and it is not going to be that easy to stop them completely.

I think they do that because of wanting to make fast money by joining that programs. We know that some programs can really explode during a downturn in the market and make those people think that is their opportunity to participate and make money. Some people really make money, while others are getting a scam from that programs.

It is not easy to remind them not to participate in that programs because the power of making fast money will always be there and always tempt people to join with them. The only way to reduce the number of people who will get a scam is by always researching the project before they participate.

[timerland]

Completely agree.

The gold rush has really gotten out of hand and there are a ton of fraudsters that are just capitalizing on this opportunity.

There is really no excuse for people to be investing in these coins. You are not just risking your own capital, but encouraging this type of behaviour from scammers.

[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.

Voice your opinion.

Here's a tip that will keep you safe from scams, only invest in minable tokens that didn't hold and ICO, like RVN, 0xMR, Bitcoin and a few others.

[TheUltraElite]

The sad reality for now. It could be hard to accept that we are now surrounded by these shit and useless projects but can't stop scammers to create their joke projects.

We can make people aware of the same but we cannot thwart the ways of the scammers. After all people are free to invest in what they wish to, it is their own money they are spending.

They certainly want attention and we respond nothing, I hope that is what we see.

Hype based projects run on attention from investors. Dont give the the attention they crave but there will be a lot of people trying to market it so you should have your own counter methods to reveal the truth to your friends and family whom you should try to save.

However, the influence of some known personalities brings some hypes and gives the chance for these scammers to scam people in front of them. I believe that they are aware of the situation but they choose to become blind.

It is not usually the celebs who promote them in every case. Sometimes they only promote one coin and the scammers launch coins named on something else but related to that celeb, like for instance ElonCoin for Elon and Shiba for Doge, while it is actually DOGE that was promoted by Elon and these are only hyped coins.

[Finestream]

Completely agree.

The gold rush has really gotten out of hand and there are a ton of fraudsters that are just capitalizing on this opportunity.

There is really no excuse for people to be investing in these coins. You are not just risking your own capital, but encouraging this type of behaviour from scammers.

Scamming will always be around if investors keep investing in those shit projects that will always make them losing in the end. There is nothing new with this altcoin market as more and more projects are created every year and so the number of scammers have becoming very huge too.

However, we can do something to change this trend by always making DYOR before choosing a project to put in your capital. And if we always invest for main alts that are always solid, and avoiding those new projects who have no clear goal, then we can minimize scamming cases and this altcoin market won’t have to deal anymore with a lot of scam activities.

[Strongkored]

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.

This was done a long time ago when crypto became known and probably more and more when ICO's started popping up around 2016-2017, and so far it can't be stopped.
It is the investor who must be smart in choosing coins to invest and understand how much loss he can afford, but unfortunately investing in new coins is the fastest way that many crypto lovers choose to make quick and huge profits and exclude the possibility of huge losses.

[Godwinpaul]

The decentralisation feature of the market has given so much power to the community which has led to the increase of scam cases because people are striving to take advantage of the ignorant and naive in the industry. There's always a desire to take advantage of the market situation and this has prompted several people to set up their own tokens,  pump it and expect to attract more greedy people who would become their victims.

[Pelana vreo]

There are many coins that have good products but end up being fraudulent, Bitpaction Exchange, Nauticus Exchange and several other altcoins such as CIBUS which offers P2P Technology for payment systems from Merchant to owners of food products such as vegetables and fruit, this is the link of the coin https: //www.coingecko.com/en/coins/cibus/news?page=2 looks like the developer had planned a scam by listing the tokens on the exchange then they disappeared

[rhomelmabini]

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.

Nothing new this has been the same thing in the past and I guess it's much worse on 2017 when we see the whole crypto craze of these ICOs. This time I think people are much aware on where they'll put their money, I don't know if it already lessen but for us whose been here on 2017 and even those who got early, I can say I already got the learning I need especially with this shitcoins popping out being shilled across social media, most of it are just for show no real use cases.

I guess even if we tend to get on that huge adoption level there will be still scammers playground that may arise but I'd say the circle they'll be in will be getting narrower and shallow.

[globalpain]

Scammers are there where they think they can get a lot of money. They are looking for what is the new hot topic crypto coins platforms and they are copying it to be able to victimize more. I don't think this can be stopped until crypto is regulated in every country. The only thing we can do now is be careful and not seek short-term big profits.

That's right, let the children develop by themselves because after all in childhood we need to guide them,
both in taking knowledge and making money from playing games must be balanced