The altcoin market has become scammer's playground

[Argoo]

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.

After the current fall in prices, which has already dragged on for a bit, I think that many meme coins will no longer be able to rise to their previous price level. When the holders of such coins see that they not only do not grow in value, but also fell sharply and continue to lie, this is very sobering.
As for fraud, it was, is, and, unfortunately, will probably always be in the world of cryptocurrency. Confidentiality, relative anonymity, communication via the Internet, which makes it possible to be anywhere in the world, the concentration of significant funds in cryptocurrency, the presence of numerous newcomers with no experience in this market, all this creates a good environment for fraudsters.

[israt1@]

I agree with you. Because at the present time some coins come in the market to increase their scam and give a lot of profit. The fall brings campaigns to run the campaign. From there many people buy again and see the profit. Lastly it goes down at once and disappears,But if it continues like this, one day people will not be attracted to crypto

[tygeade]

After the current fall in prices, which has already dragged on for a bit, I think that many meme coins will no longer be able to rise to their previous price level. When the holders of such coins see that they not only do not grow in value, but also fell sharply and continue to lie, this is very sobering.
As for fraud, it was, is, and, unfortunately, will probably always be in the world of cryptocurrency. Confidentiality, relative anonymity, communication via the Internet, which makes it possible to be anywhere in the world, the concentration of significant funds in cryptocurrency, the presence of numerous newcomers with no experience in this market, all this creates a good environment for fraudsters.

Unfortunately, same things happened during 2018 as well. Things like BCH were seen as second coming of bitcoin, there were a ton of miners using it and it was just seen as the faster and better way bitcoin could have become, I never really cared for it at all but at least I do understand it, now look where it is, the coin that was third coin at one time, and now it is not even in top 20 anymore, and probably going to be a lot lower as well.

I do not think that Doge is any different, I believe that doge will be outside of top 20 in a few years, and if you made your profit already then it is great, but if you haven't and still holding then I am sorry but you should get out and get out quickly. I am not even getting into whole shiba or whatever other memecoins, they are not going to be even in top 50 if you ask me, it will take a long time but they will be down for sure.

[Slow death]

this market needs to have people giving talks about scam, it's not possible that people keep buying any shitcoin just because they think project Z worked so shitcoin that has a similar name to project Z will work, and to make matters worse the exchanges are guilty of listing shitcoins

[Ryker1]

this market needs to have people giving talks about scam, it's not possible that people keep buying any shitcoin just because they think project Z worked so shitcoin that has a similar name to project Z will work, and to make matters worse the exchanges are guilty of listing shitcoins

Well it could be the main reason is they want a short earning method of trading even though they know that the new project did not have a real use.
The pump and dump of a new project are very common so I did not surprise that those altcoins are a house of scammers and fraudsters because we feed them and they know that there are lazy investors that did not have further research.
Exactly, we should also blame those exchanges here that listed that obviously scam project, even did not really use. I don't know what is the standard requirements that you will list on decent exchange but I think the main criteria is that how good that new project is.

[Fatunad]

Is this something new?

This had been a scammers playground since this market had established or running on.From ICO to other trends that do happen in the market.There would be always those
scammers who had been lurking around and waited up for those newbie investors who do keep on feeding them.

If you dont really do your research on things then you would really be finding out a big problem since you would lost money most of the time.
Make yourself prepared and be aware on your actions. Anything could be searched up and verify everything before shelling out some money.

[magneto]

Is this something new?

This had been a scammers playground since this market had established or running on.From ICO to other trends that do happen in the market.There would be always those
scammers who had been lurking around and waited up for those newbie investors who do keep on feeding them.

If you dont really do your research on things then you would really be finding out a big problem since you would lost money most of the time.
Make yourself prepared and be aware on your actions. Anything could be searched up and verify everything before shelling out some money.

Exactly.

There are plenty of gems and plenty of crappy projects in the altcoin market and it is impossible to generalize it into one category.

I think that you'd be stupid to be completely be invested in alts but also stupid to not invest in it at all because you think that all alts are useless and worthless. There are blue chip projects out there that are indeed useful, and have long term viability, the best example of which is probably ETH.

[valentine wheeler]

This situation has always existed. On the one hand, it is the temptation of huge returns from the project team, and on the other hand, people’s ridiculous perceptions are the reasons for this phenomenon. Money laundering is not a patent of digital currency, nor is it a product of the era of digital currency. This should be analyzed objectively.

[lienfaye]

If you dont really do your research on things then you would really be finding out a big problem since you would lost money most of the time.
Make yourself prepared and be aware on your actions. Anything could be searched up and verify everything before shelling out some money.

The problem is, these investors patronizing a scam projects are greedy to earn in a short period and disregarding the fact that it can be a scam and has a high risk to lose their money.

Projects with no real purpose are existing to fool the investors who are desperate to make money. So as long as there are people willing to take risk and can be easily fool then scam projects are going to stay forever.

Thats why ending up as a victim depends on our actions since we have a choice, there's an option to prevent them if an investor really want to.

[Sikinkato]

Cryptocurrency will not be regulated, so there are more and more deceptive projects. For traders who are new to the crypto market or lack knowledge, they always fantasize about making quick profits, but they end up falling into scams of various projects and causing economic losses.

[OrangeII]

this market needs to have people giving talks about scam, it's not possible that people keep buying any shitcoin just because they think project Z worked so shitcoin that has a similar name to project Z will work, and to make matters worse the exchanges are guilty of listing shitcoins

well, we do need people like that, where they explain in advance the information about altcoins that new people are interested in.
however, I think, such information already exists on the internet, we just need to find out about it. I think many people are only concerned with profit rather than the legitimacy of a project. when they get profit, they already don't care if it's a scam or not.
however, the current system is a very good system, but with so many scammers, this seems to be a negative in the minds of people who are not very familiar with the crypto world.
well, we can only remind people around us about this, so they don't get trapped by the rug pull project, or scammers.

[goldkingcoiner]

After the initial success of Shiba Inu coin

Success? What success? Shiba Inu Coin is and always was a pump and dump doge clone failure that was never going to catch up to doge anyway. The entire premise of Shiba Inu Coin was that the "burned" part of the market cap, aka the part "given" to the Ethereum founder, was never supposed to be brought into rotation. But as we know, Vitalik showed everyone what he thinks of dogecoin ripoffs. Everything else was just hype.

If you want to stay away from scammers, you should look at the liquidity, age and market cap of a coin. I recommend coinmarketcap for that.

[kaka manteng]

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.

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.

[alisonwonder]

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.

Bitcoin is a very good example for others, but it should also be noted that coins developed other than Bitcoin are Altcoins that will continue to be under Bitcoin with different durability in cryptocurrencies and markets, so this also needs to be understood because it is also in line with Bitcoin another risk.

[nimogsm]

altcoins have always been an ideal place for a different scam, a low entry threshold with small amounts and the opportunity to earn quickly always attracts people.This is a kind of lottery, but most often only the developers of these projects remain in the black.The problem is the people who carry their money there until they stop, this problem will not disappear.Coinmarketcap today shows 8,200 projects, of which no more than 1 percent are normal projects.

[Yamifoud]

altcoins have always been an ideal place for a different scam, a low entry threshold with small amounts and the opportunity to earn quickly always attracts people.This is a kind of lottery, but most often only the developers of these projects remain in the black.The problem is the people who carry their money there until they stop, this problem will not disappear.Coinmarketcap today shows 8,200 projects, of which no more than 1 percent are normal projects.

I think we need some regulations to minimize (only) these things but can't totally eliminate them. Because as long as they are free to do scam projects, there are still a lot of people who become a victim. The problem is that people were still blind not to know about scams as they likely to invest especially when seeing such attractive words x100, x1000 returns...it suddenly makes them forget any possible scam.
Thus, research is very helpful, especially for new projects.

[Godwinpaul]

The cryptocurrency space has always been thought to be a haven for money laundering and with the decentralisation feature of the market, scammers are bound to take advantage of the opportunity and deceive naive or ignorant investors. The onus lies on us to gain knowledge about the industry before investing.

[fadil46]

The cryptocurrency space has always been thought to be a haven for money laundering and with the decentralisation feature of the market, scammers are bound to take advantage of the opportunity and deceive naive or ignorant investors. The onus lies on us to gain knowledge about the industry before investing.

Being deceived by scammers is a risk or a recklessness that at first we were just negligent without seeing and analyzing it first so that everyone can immediately fall into the trap of scammers who always give very tempting offers, so the solution is only one, don't believe too much in everything the new one.

[Snappycoco]

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 fact that its hard to sue someone who's at unknown places, then this schemes will still be happening. Its up to us investors to protect our hard earned money and spot those rug and pull shitty projects. Crypto market is indeed a safe havens for these scammers. I hope one authority body should act to atleast lessen the effects of this. L

[dbc23]

This is normal as scammers find it difficult scamming with Bitcoin they are switching attention to altcoin where the can capture people by their greedy appetite particularly those whose wants to earn massively from little investment. If investors can control their greed then scammers would have nothing to offer.