Beware of scam projects out there ⚠️⚠️

[qwertyup23]

Why are some people acting surprised? There have been numerous cases similar to the one the OP is describing and more often than not, I believe that most investors/adopters of shitcoins know the risk they're taking. Such coins are a pure gamble, some are created simply to scam users (I remember a case where a coin seemed to be pumping but its users couldn't actually sell it and it then fell on its death), or are simply hyped too much but turn out to be failures.

As long as they're people who are after quick money, such schemes will exist. Those who are okay with the associated risks may proceed with caution and understanding the consequences of their actions.

The awareness going on mostly on this forum about dangers involved in some of this coins may look like an opportunity but most time the risk involve is higher that the benefits that will be gained after some times of mining. A friend of mine sometime was traped with offers of getting whopping bonuses after mininy that coin,

After spending a significant amount in the past busting out scam projects, one of the most important habit that people should develop is to thoroughly check the project and the whitepaper of these coins.

When a new coin suddenly shows up, you have the responsibility of double checking all the important details of that project. That includes checking the website, the coin itself, the team members (if any), their whitepaper, and their projected goals and milestones. Normally, most fake projects copy and plagiarize their whitepapers from genuine ones. Additionally, if they have a team members page, you can check their identities if they are either copied from another project or if they are AI-generated.

Lastly, please do not be fooled that you can get or invest in a certain coin and expect immediate results. There is no such thing as an easy or instant investment. If a project advertises itself of giving high returns in a short amount of time, then that is your indication to run and avoid it at all cost.

[Baki202]

Personally, I don't engaged myself with anything mining, even though the end will be profitable, I don't like it and mining is not for everyone though, as some might be profitable from it, while some might not. But, its essential for one to be more info, which they are to do more research, so that if they can confirmed every information, so that they will be at the safer side and avoid much risk that will lead them to financial issues, because some people don't bother to do what its right, as they thinks it will stress them, and they don't want to disturb themselves.

And a lot of all these mining projects are scams, and I have seen how people have raised their expectations towards them, and at the end of the day, it all ends in disappointment because they already feel it is going to be a very big opportunity for them to milk the project. The best thing is for people to go for something more real, buying and holding, or even trading, because there is no way that things could be better. Those mining guys don't have anything to offer, and a lot of them will only end up in dust, and after the whole effort that has been put in to see where it all ended.

[taufik123]

-snip-
Lastly, please do not be fooled that you can get or invest in a certain coin and expect immediate results. There is no such thing as an easy or instant investment. If a project advertises itself of giving high returns in a short amount of time, then that is your indication to run and avoid it at all cost.

Such promises are a pretty clear indication that the project will eventually go bankrupt, deceiving many of its investors and not getting any returns, let alone taking all the liquidity that has been raised.
In the past I often came across this kind of project in the Pre-sale that was carried out, giving a lot of discounts up to 50% more or some returns that do not make sense if recalculated, but in the end according to my guess such a project will only be a waste project.

And now that more sophisticated and more structured fraud methods are developing, it's easy to drain the liquidity of retail investors with memecoins that hype up according to the trend that is happening and this continues to happen.

[WhoYouCantKill]

And a lot of all these mining projects are scams, and I have seen how people have raised their expectations towards them, and at the end of the day, it all ends in disappointment because they already feel it is going to be a very big opportunity for them to milk the project. The best thing is for people to go for something more real, buying and holding, or even trading, because there is no way that things could be better. Those mining guys don't have anything to offer, and a lot of them will only end up in dust, and after the whole effort that has been put in to see where it all ended.

Many of those mining projects only thrive on hype and empty promises, and they attract greedy and naive folks who believe they can just hop in such projects and just hop out with some juicy quick profits. But as we already know historically, only about a handful of these projects keeps even half of their promises, the majority never really keep to their own end of the bargain at all leaving their investors completely disappointed and frustrated. Rather than chasing some speculative assets , it’s way better to buy and hold assets that are already established, at least this way you won’t have to through much trouble.

[Nwada001]

The awareness going on mostly on this forum about dangers involved in some of this coins may look like an opportunity but most time the risk involve is higher that the benefits that will be gained after some times of mining. A friend of mine sometime was traped with offers of getting whopping bonuses after mininy that coin,

I don't see any benefit in most of those scam projects; it's all about the scammer benefiting from his victim and the victim not getting anything, and how they deceive people—they can actually mine a coin by just registering with their platform and performing some task is on another level.

[Issa56]

A literally a dozen new coins are created every day, it could be a shitcoin, memecoin, rugcoin, or whatever coin you name it. Scam project is out there waiting for us to buy or do transaction with it and take our hard money. I do believe thta some guy outhere who hangout on social media talk about crypto and buying 5 lambo one of it is scammer.

Most of the coins that we seeing entering the market now are just scam projects, they just after our money, they pump those coins, after making money they dump it on people again. After being successful in making money from a particular coin, they will go ahead to create another coin and they going to repeat the same thing. I feel most of this scam coins we see in crypto space are owned by the same set of people,  creating a coin is not something that’s difficult, and they just need to spend little amount of money to promote the coin.

[Achalugo BTC]

And a lot of all these mining projects are scams, and I have seen how people have raised their expectations towards them, and at the end of the day, it all ends in disappointment because they already feel it is going to be a very big opportunity for them to milk the project. The best thing is for people to go for something more real, buying and holding, or even trading, because there is no way that things could be better. Those mining guys don't have anything to offer, and a lot of them will only end up in dust, and after the whole effort that has been put in to see where it all ended.

Of course it is, though some people say they do benefit from mining projects, but what they have win and what they have lost so far ain't the same. Their have wasted enough time, that they are supposed to use it for something that will add value to their lives, and funny enough, some projects don't make money from their mining, they do make their money through ads and referrals. And these referrals are what I hate most in mining and some people are aware of this but choose to go their own path.

[ultrloa]

-snip-
Lastly, please do not be fooled that you can get or invest in a certain coin and expect immediate results. There is no such thing as an easy or instant investment. If a project advertises itself of giving high returns in a short amount of time, then that is your indication to run and avoid it at all cost.

Such promises are a pretty clear indication that the project will eventually go bankrupt, deceiving many of its investors and not getting any returns, let alone taking all the liquidity that has been raised.
In the past I often came across this kind of project in the Pre-sale that was carried out, giving a lot of discounts up to 50% more or some returns that do not make sense if recalculated, but in the end according to my guess such a project will only be a waste project.

And now that more sophisticated and more structured fraud methods are developing, it's easy to drain the liquidity of retail investors with memecoins that hype up according to the trend that is happening and this continues to happen.

Its hard for the business to operate consistently if they offer immediate result to their investor. That type of schemes clearly indicate that they are don't have plans to operate for long time, but rather they are just waiting for their target to get hit and eventually scam people who trust them.

We have seen this for many times on new altcoins here and it usually end up badly even if they present some promising information. Also it seems that most of all new altcoin devs are scammers now, that's why its better not to trust them 100% if they want to take a risk and just have plans to exit once they can still do it. What people need to understand is Bitcoin is the only coin to hold and altcoin is high risk then need to dump immediately.

[dansus021]

—snip—

Most of the coins that we seeing entering the market now are just scam projects, they just after our money, they pump those coins, after making money they dump it on people again. After being successful in making money from a particular coin, they will go ahead to create another coin and they going to repeat the same thing. I feel most of this scam coins we see in crypto space are owned by the same set of people,  creating a coin is not something that’s difficult, and they just need to spend little amount of money to promote the coin.

Yes because of that, people who never touch crypto and only know from the news can easily get trapped or people can easily judged by it that crypto is full of scam and other bad things.

Also yes, Like I was said before that maybe there are some people out there on social media who easily buy lambo, expensive watch and being fake gurus and just maybe one of them are scammer that successfully drain lot of people money from it. I do agree with you maybe there is some group of it, because creating token was easy nowadays.

[Muba20]

A literally a dozen new coins are created every day, it could be a shitcoin, memecoin, rugcoin, or whatever coin you name it. Scam project is out there waiting for us to buy or do transaction with it and take our hard money. I do believe thta some guy outhere who hangout on social media talk about crypto and buying 5 lambo one of it is scammer.

Most of the coins that we seeing entering the market now are just scam projects, they just after our money, they pump those coins, after making money they dump it on people again. After being successful in making money from a particular coin, they will go ahead to create another coin and they going to repeat the same thing. I feel most of this scam coins we see in crypto space are owned by the same set of people,  creating a coin is not something that’s difficult, and they just need to spend little amount of money to promote the coin.

In most cases, new projects are subject to fraud. There are some scammers who try to create a lot of hype about new coins after bringing them to the market. They keep a big budget for promoting the project at that time. When the project does well and the price rise up, they sell all their coins and exit the market. The main objective of those who work with these new projects is that when they get their expected returns from a project, they close that project and try to start a new project. The number of scams with new projects was very high even a few years ago, but currently their number has decreased a lot. Many investors have now realized that new projects are risky and that pump and dump incidents occur regularly, which is why they are now trying to be cautious when investing.