Crypto space: A Wild Wild West

[hatshepsut93]

•Scams attracts people faster than something legit because something legit takes time, only fraud and scams rushed in attracts people fast.

But if a coin is rising slowly, doesn't invest millions in marketing, it still can be a scam. And if it's not a scam, it's probably just a shitcoin that won't create anything valuable.

Crypto space doesn't have good investment opportunities. It doesn't create something that is actually used by people, and as the result creates value for investors. It only has speculation opportunities - you buy low and the price increases because other people bought after you. Eventually the price crashes and those who bought the latest suffer a loss.

[1714756449]

1714756449

[1714756449]

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[Z390]

•Scams attracts people faster than something legit because something legit takes time, only fraud and scams rushed in attracts people fast.

But if a coin is rising slowly, doesn't invest millions in marketing, it still can be a scam. And if it's not a scam, it's probably just a shitcoin that won't create anything valuable.

Crypto space doesn't have good investment opportunities. It doesn't create something that is actually used by people, and as the result creates value for investors. It only has speculation opportunities - you buy low and the price increases because other people bought after you. Eventually the price crashes and those who bought the latest suffer a loss.

I am still making money off axie infinity game, what do you mean by crypto doesn't create something that is actually used by people? Yet we are been rewarded for playing games, staking coins, etc.

The speculation opportunity is right but it's not entirely true, It sounds as if crypto projects won't survive if there is no speculation, I wonder what keeps these projects alive in a bear market then, because nothing great is going on right now, all of their coins and tokens should have just died.

No one is shilling Bitcoin anyway, yet it is the top one on the list, there are tons of tweets on Twitter about millions of tokens but none about Bitcoin, or just very few about Bitcoin, the word speculation and Hype belongs in the altcoin, as for bitcoin it is very useful, even in real life.

[hatshepsut93]

I am still making money off axie infinity game, what do you mean by crypto doesn't create something that is actually used by people? Yet we are been rewarded for playing games, staking coins, etc.
 

All of that is not sustainable. It's like a Ponzi scheme that pays its participants until it doesn't. Crypto games will disappear when speculation will be over, because no one plays them for fun. Staking is not profitable if the coin is losing value faster than the rate of staking, and they will lose value because no one uses them for payments or as store of value.

The speculation opportunity is right but it's not entirely true, It sounds as if crypto projects won't survive if there is no speculation, I wonder what keeps these projects alive in a bear market then, because nothing great is going on right now, all of their coins and tokens should have just died.

They are dying, thousands of coins are now worth zero. But it takes more than one bear market to kill a coin. And for each useless coin that falls, a new one emerges, because crypto "investors" don't care about economic value, they just speculate.

[Outhue]

The crypto bear market is no more a stranger to anybody, despite the huge collapse and lost of trillion from the market blockchain games still managed to thrive, if you are reading the news you should know by now that Blockchain games have grown by 48% in January of 2023 compared to other utilities in the space, if you are not seeing it yet does not mean it's not happening.

I know that blockchain gaming is yet to witness a massive adoption but it has a big advantage over other crypto projects, blockchain gaming is projected to be worth 365 billion dollars in 2023 and I strongly believe it will happen.

Blockchain games allow players to monetize their winning, and yes many of them have a broken mechanism but it's not the end, to me gaming has more empathy and patronage than others, let's relax and wait for the coming years to see for ourselves if blockchain gaming will really became successful.

[wiss19]

•Scams attracts people faster than something legit because something legit takes time, only fraud and scams rushed in attracts people fast.

But if a coin is rising slowly, doesn't invest millions in marketing, it still can be a scam. And if it's not a scam, it's probably just a shitcoin that won't create anything valuable.

Crypto space doesn't have good investment opportunities. It doesn't create something that is actually used by people, and as the result creates value for investors. It only has speculation opportunities - you buy low and the price increases because other people bought after you. Eventually the price crashes and those who bought the latest suffer a loss.

Why do you say that the crypto space doesn't have investment opportunities or it doesn't create something that is actually used by people? There are a lot of projects that provide real and good usages for people, and there are also coins that provide great investment opportunities, Bitcoin is on the top of that list along with some other altcoins.

The fact that there are pump-and-dump coins and tokens doesn't necessarily apply to every single cryptocurrency within the space. I know that there are projects with no real usage opportunities that only exist because they are traded and you can say that about such projects but not for all.

[pixie85]

People should change their attitude towards crypto, that's for sure. Most new tokens are scam, especially ones created on ETH chain and you have to live with it.
I never fall victim of these scams because I tend to stay as far away as I can. People who get lured in are usually greedy, want to get something for nothing. They think they'll put in $100 into a new project and sell it for $1000 in a month because some celebrity youtuber did it. Get real people and you won't lose money on "shit game" tokens like this one.

[Smack That Ace]

•Scams attracts people faster than something legit because something legit takes time, only fraud and scams rushed in attracts people fast.

But if a coin is rising slowly, doesn't invest millions in marketing, it still can be a scam. And if it's not a scam, it's probably just a shitcoin that won't create anything valuable.

Crypto space doesn't have good investment opportunities. It doesn't create something that is actually used by people, and as the result creates value for investors. It only has speculation opportunities - you buy low and the price increases because other people bought after you. Eventually the price crashes and those who bought the latest suffer a loss.

Why do you say that the crypto space doesn't have investment opportunities or it doesn't create something that is actually used by people? There are a lot of projects that provide real and good usages for people, and there are also coins that provide great investment opportunities, Bitcoin is on the top of that list along with some other altcoins.

The fact that there are pump-and-dump coins and tokens doesn't necessarily apply to every single cryptocurrency within the space. I know that there are projects with no real usage opportunities that only exist because they are traded and you can say that about such projects but not for all.

In the future, I hope cryptocurrency will bring more use cases as well as more practical applications. For now, I agree with what he said.
Aside from bitcoin being created as a P2P payment method, the rest of the cryptocurrency is a speculative market that has not yet created any real value. I mean, shitcoin projects are created just for pumping and dumping, we are looking to take each other's money in the market, and if you act fast, you will be the winner.

Most of the projects introduce this technology, that technology, but not a single technology has been recognized and applied in practice. Projects that introduce technology are just secondary, the primary purpose is to sell tokens for profit.

Just like recent AI projects, if I remember correctly, ChatGPT was built and developed 3 years ago, so far, they have released the official version and put it into use. Meanwhile, the market scammers have quickly copied this technology and created a series of projects labeled AI, and the purpose is not to use it but to sell tokens. Tell me, is there any project that grows without a token? And serious technology development, or are all promises just empty theories, sell tokens and then disappear?

[GeorgeJohn]

People should change their attitude towards crypto, that's for sure. Most new tokens are scam, especially ones created on ETH chain and you have to live with it.
I never fall victim of these scams because I tend to stay as far away as I can. People who get lured in are usually greedy, want to get something for nothing. They think they'll put in $100 into a new project and sell it for $1000 in a month because some celebrity youtuber did it. Get real people and you won't lose money on "shit game" tokens like this one.

I think many people have taken precaution towards involvement of investment in new token, actually people who falls victim of scam are people who doesn't make a prosper research before venturing into investment, most of people who are inquisitive to invest into new token are the one who end up in scam token, so let me summarize by saying that people don't scrutinized some tokens before engaged into investment.

[Faisal2202]

I also observed the start and end of this shit coin. I came to know about this token via my friend but he was not asking me to invest in it, actually, when the price hits more than 2k$ he showed it to me and said, useless coins end useless. That's what happened with it.

Well, I never fall prey to these shit coin scams because one can differentiate what is real and fake profit. I totally agree with the points you mentioned because one who truly understands them can never fall prey to these scam coins. And talking about Forbes and CNBC being just news media, it is their work to cover everything that is in the hype.

[Lucius]

~snip~

It is not realistic that this will happen, because cryptocurrencies are mostly advertised as something that can possibly bring big profits with very modest investments. Considering that millions of people live in very poor living conditions and that they see their chance for success in such things, there should be no doubt that the flow of money into such projects will continue and maybe even increase.

If we add to that no or insufficient IT literacy, then the problem becomes even bigger because for many it is no longer just a "bad investment" but also a problem with various scams that have only one outcome, which is financial loss.

[Mpamaegbu]

•Scams attracts people faster than something legit because something legit takes time, only fraud and scams rushed in attracts people fast.

This is the single reason I don't rush into anything that is hyped. Nope, I don't. I stay aside and watch it for sometime. During my wait, that's when I go into research to decide if the project is worth investing my hard earned cash on or not. Hype and the mad rush that follows it because of FOMO becloud our sense of good judgment. From experience, anything that stresses me thinking straight, I skip it. I've realized that whenever I take decisions in a hurry they often leave me with bad choices.

[Pterosaur]

Almost all new projects listed on coinmarketcap at that time was all Doge and Inu shitcoins, still many made a lot of money from these shitcoins and many people also lose their life savings, because some are so dumb to believe that they can make life-changing money and they risk their life savings, shit-coins will never be attracting to me and if I have to take a bit it will be 10 to 20$, safety first, always.

[letteredhub]

Scammers can exploit people's emotions to their advantage if they can manipulate their emotions.

I remember watching the Squid games series on Netflix and not a single soul that I recommend the series for hated it, I mean we all like the Squid games, people were so into the twisted plots and we never got tired of talking about it.

Later these scammers come up with Squid Game token, this is an unauthorized altcoin that's based on the Netflix series.

 

People got too emotional about this release, in a matter of weeks, this Squid Game token went through the roof, the token was almost 3000$ per token.

The funny part is, CNBC, Business Insider, and even Forbes covered this scam token, I believe it got that much attention through these big news outlets.

Later people who invested in this fake Squid Game token started complaining that they aren't able to sell on the open market, I believe this was the creator's plan all along, some people who smell danger right from the beginning where able to sell, but the majority couldn't sell any token.

People wished for this project to work out, because they like the series, someone living nearby introduced this project to me but with the past experience I've gotten through crypto rumbles, I knew it is not a safe investment, I couldn't confused him because he believed, he learnt his lessons few weeks later when he could not sell.

👇*LEARN FROM THIS*👇

•Even if a big Business news channel are talking about a project, it doesn't make it a scam-free project.

•Scammers always like to use whatever is currently making waves in the crypto space to take advantage of the people.

•Right now, there is nothing else that's captured the public imagination like cryptocurrencies, the number of scammers in this crypto space is very big.

•Scams attracts people faster than something legit because something legit takes time, only fraud and scams rushed in attracts people fast.

The problem doesn't end with Phishing, exchange hacks, or social engineering frauds only, learn to control your emotions when people are rushing after something, most of the time, it's probably a scam, it is not going to end well.

This post reminds me of the popular saying that not all that glitters is gold as many may be deceived to have thought so. Most times what makes people fall victim to such rush is the thought of losing out if not involved as at that moment it's making waves. Instead of unwinding, sit back and watch how genuine it could be some prefer to dip in so they could be referred to as fast fingers only to get their fingers chopped off literally by these crypto scammers.

[Myleschetty]

The squad game scam is one of the highest I have ever witnessed, and a few of my friends were victims of it. Just imagine a project that went up 13000% just a few days after it was launched, thanks to the hype it got from its movie series supporters.

The project going up to 13000% doesn't mean its longevity in the market is sure cause it's simple for every scam project to go that big once the dev pumps millions into it and adds the influencer advertisement to it.
What's important is the project concept and until investors understand the crypto business and not a venue for greed, quick profit, and joke there will always be investors that will be victims of this joke project that's built on a movie title.

[Nwada001]

The project going up to 13000% doesn't mean its longevity in the market is sure cause it's simple for every scam project to go that big once the dev pumps millions into it and adds the influencer advertisement to it.
What's important is the project concept and until investors understand the crypto business and not a venue for greed, quick profit, and joke there will always be investors that will be victims of this joke project that's built on a movie title.

Not everyone who comes into crypto is even qualified to be called an investor... Most people invest in crypto because they saw someone else do it or because they noticed it favored someone.

I think this scam was among those, if not the largest, that taught most newbies that it's not everything that's on the internet and the trending pages that are to be trusted, just like the saying "All that glitters is not gold." 

[batang_bitcoin]

When there's a project that seems to be released during a hype of a TV series or anything that has become popular lately. The first thing to do is to look for official announcements from the management that thing, production, company or anything as long as they're related to the officials of it. It's obvious that there have been scammers around and they'll do everything to fool people and that's why even in real life, there are scammers that are obtaining the same name trying to imitate the popular people in the verse.

[Mate2237]

When there's a project that seems to be released during a hype of a TV series or anything that has become popular lately. The first thing to do is to look for official announcements from the management that thing, production, company or anything as long as they're related to the officials of it. It's obvious that there have been scammers around and they'll do everything to fool people and that's why even in real life, there are scammers that are obtaining the same name trying to imitate the popular people in the verse.

I have seen scammers in all the areas of human careers. They are just there to convince people to scam them. One thing I also notice is that they normally use celebrities for their scamming activities. When you enter the social media, you will see them there plenty. Scammers are every corner in the world so we gave to be careful of whoever we are chatting with both online and offline.

[Cookdata]

Scammers can exploit people's emotions to their advantage if they can manipulate their emotions.

I remember watching the Squid games series on Netflix and not a single soul that I recommend the series for hated it, I mean we all like the Squid games, people were so into the twisted plots and we never got tired of talking about it.

Later these scammers come up with Squid Game token, this is an unauthorized altcoin that's based on the Netflix series.

 

People got too emotional about this release, in a matter of weeks, this Squid Game token went through the roof, the token was almost 3000$ per token.

The funny part is, CNBC, Business Insider, and even Forbes covered this scam token, I believe it got that much attention through these big news outlets.

Later people who invested in this fake Squid Game token started complaining that they aren't able to sell on the open market, I believe this was the creator's plan all along, some people who smell danger right from the beginning where able to sell, but the majority couldn't sell any token.

It's incredible how time passes by. I recall being the initial person to bring attention to the squid game token scam on the forum. The team behind it had manipulated people into purchasing the token with a locked smart contract, preventing them from selling the same token they had bought with their money. Sadly, most people were unaware of this smart contract tweak and bought the tokens, which increased liquidity and then, the team then swiftly removed everything and never looked back.

These scammed attempts are all a result of a lack of education, this is the first time crypto had this limelight and recognition and there were a lot of new investors who were all excited about the market bullish, some can't differentiate between a token and a coin and will never listen because they always feel like they have been here for a long time and experienced to do anything by there self.