The altcoin market has become scammer's playground

[Dannaey]

It will always be a scammer’s playground as the crypto community hasn’t yet regulated. So management can easily go away with investors’ money if they wanted to. What we can do about this to mitigate the risk of getting scammed is to know the project deeply before investing. If you plan on investing for a long term, make sure the team is solid and transparent on their identity.

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[nikola22]

It will always be a scammer’s playground as the crypto community hasn’t yet regulated. So management can easily go away with investors’ money if they wanted to. What we can do about this to mitigate the risk of getting scammed is to know the project deeply before investing. If you plan on investing for a long term, make sure the team is solid and transparent on their identity.

blockchains can't be regulated so such scam projects will appear regularly. many people just want to receive easy money and such projects is the result of demand.

[Juse14]

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.

It's sad that things like this will continue to happen and will not be destroyed due to greed which is a pure human instinct.
No matter how hard it is eradicated in the end it will only always increase not decrease.
 
But things like this are also unstoppable because freedom is here and we can do whatever we like, including these scammers who do do something to their advantage even though it's against the norm.

[Vaculin]

It will always be a scammer’s playground as the crypto community hasn’t yet regulated. So management can easily go away with investors’ money if they wanted to. What we can do about this to mitigate the risk of getting scammed is to know the project deeply before investing. If you plan on investing for a long term, make sure the team is solid and transparent on their identity.

blockchains can't be regulated so such scam projects will appear regularly. many people just want to receive easy money and such projects is the result of demand.

Because of greed, a lot of people have been scammed because they believe crypto can make them rich overnight. Where in fact, crypto is risky particularly if you are investing into projects that seem legit and even offering high returns, only to find out in the end that you are scammed. With this, altcoin market has always been the scammer’s playground since most of the new projects fall into scams. And for newly investors who lack knowledge because they are more concern on the profits they might gain, they are mostly the target of scammers.

[karanggatak]

this action has been there for a long time, they use altcoin to make profit. but, there are many people still try to have their value, because, maybe they get luck. we never know who the true and the scam coin.
thats why, if someone ask about altcoin, just say about popular coin, or back to bitcoin. its hard to take newcomer in crypto, but there are many popular that give you profit.

[Silberman]

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.

Unfortunately most people do not care, they care about one thing and one thing only and that is the profits they can get, and this means that for people like that a project is as good and legitimate as the profits they get, so if they lose money the coin was a scam, which is why we have so many people claiming bitcoin is a scam, and if they earn money then it is a legitimate project, they do not understand that even if they earn money that money came from other people that were scammed and they were just lucky to avoid the same fate, and if they keep doing this then sooner or later they will be scammed as well.

[freedomgo]

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.

Unfortunately most people do not care, they care about one thing and one thing only and that is the profits they can get, and this means that for people like that a project is as good and legitimate as the profits they get, so if they lose money the coin was a scam, which is why we have so many people claiming bitcoin is a scam, and if they earn money then it is a legitimate project, they do not understand that even if they earn money that money came from other people that were scammed and they were just lucky to avoid the same fate, and if they keep doing this then sooner or later they will be scammed as well.

It’s the usual strategy of scam projects that will give you good amount of profits at first, but later on, once you have put more funds on the project, then the team behind the project suddenly gone out in the market and bring all your funds. That’s when you realized you have been scammed. I think this is very common in altcoin market as this has become the very own playground of most of the scammers. So if you want to risk investing in altcoins, be careful in choosing out from thousands of projects as only few of them are legit and the rest are just scams. If you want to play it safe, better invest in main and solid altcoins as they are proven legit and reputable.

[Kasabus]

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.

Yeah specially now that some projects owners doesn't want to reveal their identities and even revealed, they still do scams. Like Shrew who aims to be the next generation reward system who used Chainlink and other big names just to pump then at the end die like shit. Its quite unfortunate to those who really invest for long term hoping for a high return in the future.

I think there’s no excuse in scamming because even if you have done a long and wide research, you can’t guarantee that you’ll never be scam. Scammers are even smarter than us because it’s their only job so they should be good at it. And when it comes to crypto, the altcoin market are mostly seen as lot of scamming incidents as most of the projects nowadays are more scams rather than real and legit projects. And I believe since altcoins are cheaper than bitcoin, newbies get attracted to them and usually invest in those projects without even making a  proper research at first. As a result, they end up being scammed and lose all their capital.

[indo1]

Yes basically everyone assumes initially cryptocurrency was just garbage. That's right. Some in cryptocurrency is junk therefore investing here has a high risk. But on the other hand we see like bitcoin, ethereum, BNB has become public and many people already believe that cryptocurrencies have a good change.

[Mpamaegbu]

Don't you think such gold rush has to stop at some point.

Nah! I don't think it will ever stop. It's the same way one would ask if prostitution will ever stop. Scamming, robbery and prostitution are about the oldest vices. Someone will even argue that they're the oldest kinds of jobs. We witnessed a lot of scams in 2017. Some people got scammed and learnt from it, and then moved on. It's the same way a lot of people will get scammed now and we hope they too will learn from it and move on. No matter how one wants to sound this note of warning, there are people who won't want to heed to that warning. They think every token is going to be a banger, especially those ridiculously cheap ones. People want to invest $10 and earn $100,000 from it. That's why a lot rush to memetokens in their quadrillion supply. Nothing else.

[michellee]

Yes basically everyone assumes initially cryptocurrency was just garbage. That's right. Some in cryptocurrency is junk therefore investing here has a high risk. But on the other hand we see like bitcoin, ethereum, BNB has become public and many people already believe that cryptocurrencies have a good change.

When the cryptocurrency can get its popularity, those people will open their eyes that crypto is not garbage and will try to find out more and involve deeper in the crypto world. Cryptocurrency becomes bigger when some altcoins such as ethereum, bnb, litecoins and other old coins can lift the price and makes people see and not underestimate the existence of the altcoin. So they are starting to use altcoins to give them more profit and many of them are really making a big money from crypto.

[adiebitsler]

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.

Let them learn on their own even when they start to get greedy because with that they will also feel the consequences, so at another time or in the future they will be better off through a different mindset.

[lvsca]

Because in cryptocurrency we don't have any protection agency like fiat has a bank. Here anyone who enters the cryptocurrency must be ready to win the risk of loss. I understand if you see a project that just entered their goal just to bring away the money investors some of them just want to cheat. However, we already see bitcoin that is really a public trust today.

[meanwords]

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.

Even before Bitcoin was booming, the crypto world has always been a breeding ground for scammers and money launderings. Remember the ICO hype of 2017? it's almost the same here except there's a variety of smart chains to choose from.

[geegaw]

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.

Even before Bitcoin was booming, the crypto world has always been a breeding ground for scammers and money launderings. Remember the ICO hype of 2017? it's almost the same here except there's a variety of smart chains to choose from.

Yes, the scam playground of 2017 is somewhat crude and lacks refinement, but because everyone's knowledge is still not optimized, it becomes a blind spot and turns into an opportunity for scammers while the scam playing field of 2021 is being optimized in many ways, investors can still make money in scams and scammers can also launder money through it more quickly and easily. Diversity of playing fields and scams will bring more fun, of course, a lot of garbage will be segregated and affect many people in the process but crypto is home to the strong and the scams, need more ingenuity to avoid loss and fraud, this is the law of nature

[Cling18]

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.

That's a sad reality that we have to accept because to be honest, most scammers are now using cryptocurrency platforms to scam and fool people. Even NFT games are being used to scam which is too disappointing that's why we have to be mindful each time we invest in a certain project or coin. Scammers are getting smarter but we have to be wiser than them.

[bosede1]

For me I think once beating, twice shy. If you fall victim of any scammed activity now you will be careful in chosen any other coin in your next investment.

[lixer]

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.

There is nothing that you can do in crypto to stop these people. If it was that easy to stop scammers then we would have done that long time ago. It is obvious that people are not really worried about the current situation, only because decentralization brings this part of the deal with it as well.

There is no figure that could reverse your situation and that means we are going to just have to face the fact that we are doing nothing wrong and it is the people who do the wrong thing that should be ashamed and our only job is to not fall victim. If you try to stop them, then you are going to end up working for nothing and will end up with nothing.

[Wysi]

This is what happens when people just behave like sheeps and I have seen hundreds of projects like these wherein a project will be hyped based on success of similar projects and we have reached a level where altcoin's name are created based on current trends like squid coin, etc. Only way to stop this scams are by educating people on crypto and how it works as these scam projects will eventually make crypto industry as a ponzi scheme or gambling Hut if these are not stopped.

[TheUltraElite]

Because in cryptocurrency we don't have any protection agency like fiat has a bank. Here anyone who enters the cryptocurrency must be ready to win the risk of loss. I understand if you see a project that just entered their goal just to bring away the money investors some of them just want to cheat. However, we already see bitcoin that is really a public trust today.

More risks, more rewards is the way I see it. However it makes the grounds less forgiving to mistakes done commonly by newbies and the less tech-savvy. Now the investors in fiat markets also face a lot of risks, they are not free of it. But some types of scam projects would never dare to attempt to enter fiat markets because the SEC or any other regulatory body would wipe them out instantly.

The point is that scam altcoins and failed projects will always exist, but the investors need to learn how to skim off the good ones from the top and not looking down at the bottom trying to buy something that is new and less known.

We dont need more and more junk coins to clutter the aggregator sites. Hence it is better to just ignore majority of less known altcoins and focus on the ones on top.