The altcoin market has become scammer's playground

[matjas]

This is what happens when greed takes over reason. So many new small investors entered crypto verse which don’t really care about project behind the coins or maybe don’t even know they exist. They will throw money to everything that offers high gains and this is the best environment for scammers, greed + unexperienced investors = certain failure.

[leea-1334]

Sorry OP,,, I do not mean to make fun of your words but altcoins were already a scammer playground when I arrived in 2017,,, I did not know it at the time or I did not pay heed to the warnings I should have seen from some old timers, I went into it happily thinking I could circumnavigate the waters full of sharks and paid the full price.

ICO days were the worst,,, but defi days will soon take over as the total scam era.

[uelque]

Yeah it is. And most of them are in the bsc platform, using low transaction fees to their advantage. Scams are now everywhere, much worse than before and it is mainly because of all the available tools online to either create a coin/token, website, then launch a project at low efforts and low fees. Most scam projects dev nowadays are not even developers and I believe they barely even know how to code. They know nothing about blockchain technology, like how it works and etc. that's why majority of scams are a copy of something and are just memes.

It is the technologies, platforms and developers itself that allows scam in this crypto world, because they are the ones building the playground. And they're not going to do anything about it, because that what makes them popular. If you've been to shitcoins you know what I mean.

[BuNga_cute]

Altcoins have long been a garden for everyone in trading as well as a garden for scamers. Someone is looking for a way to be able to make their own coin by giving a lot of hope and special attention so that they are interested in the coin they make, many beginners play with the scamers that are created while I stick to the principle of holding bitcoin and other top altcoins.

Not only now scammers make altcoins their playground, since 2017 many scam projects have sprung up. So I'm not surprised if now many
new projects end up being scams or becoming shitcoins, because scammers have always used altcoins as their playground to take investors money.
Therefore, we must be careful if we want to invest in new projects. Do good research and analysis, to be able to distinguish which coins are potential
and which coins are scams. So I agree with your suggestion to be more secure, we should focus on Bitcoin and some of the top altcoins. That way
we can avoid becoming victims of scammers, because scammers do use a lot of new projects to deceive investors.

[mamesso]

Anyone can play there. Just like traditional market, anyone can come (good people or bad people) without any prohibition from the parties concerned. Everyone who comes to the market has a different purpose, his intentions were pure from within one's heart without anyone being able to guess his purpose. If you are a good person and bring large amounts of money to the market, you should always be careful and don't be careless because thieves will always be watching you. The same is true in the cryptocurrency market, anyone can fall victim to a scammer if not careful.

[nurulhmani1280wat]

as we see the big influence is that when the market is unregulated, it will become a breeding ground for scammers, but it will not stop that they will look for ways to find ways to deceive people and try to launch their crypto, scammers know that people are always looking for profit fast, like HYIPs and the like and already in Cryptocurrencies.

[Google+]

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

If they are addicted to games and money, then their study time will definitely be disturbed by it because besides the child doing this, there are other things that are more important for them to understand in their youth, because time is always valuable to be used for other things.

[bislom]

The altcoin market is undoubtedly a scammers’ playground since forever. I believe it is among the top reason why people doubt the cryptocurrencies in the first place, since many illicit and skeptical transactions has been happening since the beginning, for which the features of crypto has been used to take advantage  of other people’s level of familiarity with such. Today, it is not surprising that the market is bombarded with such kind of people and projects since everyone has the freedom to enter the market. So, it is up with us how to handle and overcome these scammers and their schemes.

[Kunnu]

This is not new and surprising at all scammers are ruining this industry for a long time we can see many example if we explore the history of cryptocurrency projects those people who have already spent many years in cryptocurrency space have better understanding to find the difference between genuine and scam projects but the problem is with new people who are being greedy and become victims of scam projects they need to do research before investing in any project other than believing in false news and hype.

[Farma]

I agree with that thought. nowadays many people see crypto as just a place to duplicate, or launder money. invest without a scientific basis, or research without the project. as long as they see a low-priced coin, it could be an opportunity for them. while they are making profits, a rug pull occurs, and makes them lose their assets. after that another meme coin will appear that has the same movement. well, it really is like a playground for scammers. if not stopped, this could potentially make people think negatively about crypto.

[liqidoxgen]

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 cryptocurrency market is virtually uncontrolled. Anyone can create their own empty token and easily propagate it using even the most primitive methods. There are a lot of money-hungry, "not frightened" newbie investors who do not want to waste their time studying the essence of the project. And this is just a godsend for any scammers.

[Kelvinid]

The cryptocurrency market is virtually uncontrolled. Anyone can create their own empty token and easily propagate it using even the most primitive methods. There are a lot of money-hungry, "not frightened" newbie investors who do not want to waste their time studying the essence of the project. And this is just a godsend for any scammers.

The thing I'm worried about in the future if there are no more valuable projects will ever be created. And aside from that, this gives a reason why people will never trust crypto anymore if that they only see worthless projects coming and they feel that they are just scammed.

That is why I'd like to have regulations and strict rules regarding crypto projects and before its final release on the market for selling, it should be tagged as legit already so people will be sure that they don't lose their money but instead, to have assurance for returns. In this case, this helps the crypto in general to grow, not to become devalued.

[adzino]

Sadly, it has always been the scammers playground. It's a decentralized market, so there is nothing much anyone can do other than just ignoring them. Yet, people still invest in those coins, even if they know its going to be a scam coin. They expect that they will be able to exit the market early and take the profits before the developers scam them. And this is how they encourage more scammers to come up with those scam coins. But this doesn't mean all altcoins are scam coins. There are (few) altcoins are has very good use cases and are being well developed.

[TelolettOm]

So far, if there is a new hype coin, there will be followed by many more scammers with similar concepts of the altcoins itself.
We are likely to see how memecoins are very booming and many scammers there after the big pump of Doge coin and also Shiba Inu.
And this also happens in every hype or pump altcoins. Like DeFi project, gaming, NFT  and maybe next is Metaverse.

[TheUltraElite]

A scamer is a group of people with a wide network. no one can eradicate them all. of course their extensive network will help each other. scamer is the growth of people who have an unhealthy soul, because it always brings harm to people. of course we must be careful before stepping in to avoid scammers.

It would be wrong to think of all scammers to be a part of a big network. Their motive may be same but they are defenitely not related to each other in every case scenario. The point is that a criminal can sleep soundly at night and that is why they need to be punished. If there is a method to easily fool people and steal their money, some people will attempt to take advantage of that and therefore become a scammer in the eyes of another.

We can do only this much and keep out close ones aware, keep reminding them from time to time about possibly security measures and how to deal with people on the internet. Beyond that cyber-security is something that every persons should learn in a bit of detail specially in the sector of cryptocurrency where the lack of regulation has lead to rampant scams.

Just listen to what your folks have taught you: Never get greedy about money and listen to your conscience. That one line is enough to protect most people from scams too, if they have presence of mind.

[liqidoxgen]

The cryptocurrency market is virtually uncontrolled. Anyone can create their own empty token and easily propagate it using even the most primitive methods. There are a lot of money-hungry, "not frightened" newbie investors who do not want to waste their time studying the essence of the project. And this is just a godsend for any scammers.

The thing I'm worried about in the future if there are no more valuable projects will ever be created. And aside from that, this gives a reason why people will never trust crypto anymore if that they only see worthless projects coming and they feel that they are just scammed.

That is why I'd like to have regulations and strict rules regarding crypto projects and before its final release on the market for selling, it should be tagged as legit already so people will be sure that they don't lose their money but instead, to have assurance for returns. In this case, this helps the crypto in general to grow, not to become devalued.

Tighter rules mean stronger government regulation. All of this will weaken decentralization and anonymity. In addition, tight guarantees reduce the speculative opportunities of the crypto investor, and hence the amount of income.

[WannaCry]

It's always been a playground for those scammers. Since I joined the crypto world last 2017 I saw so many projects that are scams. At that time ICO was on hype and there are so many investors that lost their money.

[Zamoh]

I have noticed that many newcomers are attracted to meme coins which have a large supply and they think that they can earn many times over if they invest in such coins.

I think that a huge number of newbies will suffer greatly from such actions.

So if any of the fanatics read this post, think about it) The main thing to remember is that greed is bad.

[isaac_clarke22]

~

Yeah, those were the years before ICOs started to disappear one by one. It was becoming a scam pit and almost everyone would just see ICO as another term for scams that time. Regardless of what trend or what type of offering, scammers are there anyways.
Let alone that any forms of market would always be infested with scammers, and even outside crypto while within government's regulation, they still exist.

[blockman]

I have noticed that many newcomers are attracted to meme coins which have a large supply and they think that they can earn many times over if they invest in such coins.

I think that a huge number of newbies will suffer greatly from such actions.

So if any of the fanatics read this post, think about it) The main thing to remember is that greed is bad.

They're for the hype and they see that others have made a lot of gain with meme coins. So that's the case with choosing meme coins.
They're taking the advantage as much as they can because they think that it will make them a fortune if there's a lucky meme coin that they invest in and becomes big.