Crypto Scams & proper utilization of our portfolio.

[ImamShaheb]

First, let's discuss about some common crypto scams~

Fake websites/Phishing Scam: Scammers create fake websites that look like legitimate cryptocurrency trading platforms or official crypto wallets. They trick victims into entering sensitive information, such as private keys, which they then use to steal cryptocurrency.

Pump and dump schemes: Scammers hype up a particular coin or token through email blasts or social media, causing a surge in its price. As unsuspecting traders rush to invest, the fraudsters sell their holdings, triggering a crash and leaving investors with losses.

Fake apps: Scammers create fake apps that look like legitimate cryptocurrency wallets. These apps are often found on Google Play and the Apple App Store. Once downloaded, the apps steal cryptocurrency from users' wallets.

Celebrity endorsements: Scammers claim celebrity endorsements to lend legitimacy to their schemes. They create glossy websites and brochures featuring famous personalities, enticing novice investors into buying non-existent cryptocurrencies.

Giveaway scams: Scammers promise to match or multiply the cryptocurrency sent to them in a giveaway. They often use well-crafted messages and fake social media accounts to create a sense of urgency and legitimacy.

Blackmail and extortion: Scammers send threatening emails, claiming to possess records of the user's visits to adult websites. To avoid exposure, victims are coerced into sharing private keys or sending cryptocurrency to the scammers.

Cloud mining scams: Companies offer to rent out mining hardware for a fixed fee and a share of the anticipated revenue. Unfortunately, many of these ventures are fraudulent or inefficient, resulting in financial losses or lower-than-expected earnings.

Fraudulent initial coin offerings (ICOs): Scammers deceive investors by promising discounts on new crypto coins in exchange for established cryptocurrencies like bitcoin. These ICOs often turn out to be elaborate scams, complete with fake offices and sophisticated marketing materials.

Let's discuss about,how to protect yourself from crypto scams & how do u guys safe/do proper use of your crypto portfolio?

 

[betterhao]

Defi is a pool of sharks, any ordinary person who wanted to join this space will need to learn how to swim with the sharks first. Good sharing, I learnt a lot from it.

It makes me wonder, can a DeFi truly be decentralized? Can we really leave it up to the people to decide for themselves? Will there be more scams / fraudulent activities if it's not controlled and fully decentralized? What's your take on this?

 

[Bestmary]

Protecting myself from crypto scams is pretty easy. I research the project, read their white paper, and check the activeness of the community. Most of the time, I don't stress myself too much when Bitget lists some tokens because I know they prioritize their users. Have you read the story of what happened to Reelt and how the exchange took actions to protect their users? Actions like this is what gains trust between exchange platforms and its users

 

[ImamShaheb]

Defi is a pool of sharks, any ordinary person who wanted to join this space will need to learn how to swim with the sharks first. Good sharing, I learnt a lot from it.

It makes me wonder, can a DeFi truly be decentralized? Can we really leave it up to the people to decide for themselves? Will there be more scams / fraudulent activities if it's not controlled and fully decentralized? What's your take on this?

Yeap, there will be different kinda scams untill there's a mass adaptation of Crypto. Crypto education can prevent scams/scammers. Most of the times new users are the victims of crypto scams.

True decentralisation is yet to come. This is why Centralised exchanges are playing vital roles now, to prevent scams. Binance have Binance academy to educate people. Bitget have protection fund to protect their users. These kinda CEXs are trying hard to stay in this industry & yup till now, they're super successful. There's some exceptions like FTX but at, most of the cases, CEX's are successful.

 

[ImamShaheb]

Protecting myself from crypto scams is pretty easy. I research the project, read their white paper, and check the activeness of the community. Most of the time, I don't stress myself too much when Bitget lists some tokens because I know they prioritize their users. Have you read the story of what happened to Reelt and how the exchange took actions to protect their users? Actions like this is what gains trust between exchange platforms and its users

This is not only for that specific exchange... Most of the CEXs who wanna stay in the industry, they're trying hard to protect their users from scams.

 

[Incarts]

Protecting myself from crypto scams is pretty easy. I research the project, read their white paper, and check the activeness of the community. Most of the time, I don't stress myself too much when Bitget lists some tokens because I know they prioritize their users. Have you read the story of what happened to Reelt and how the exchange took actions to protect their users? Actions like this is what gains trust between exchange platforms and its users

I agree with you, this is one of the perks from using CEX, they take it upon themselves to protect users and preserve their reputations, unlike DEX where you are all alone in the wilderness to cater for your safety and no support should things go awry