Spamming with worthless tokens, what's the point?

[SamReomo]

A lot of scam projects ran away with investors money which is why the number of legit projects decreasing everyday. If you don't see any big named behind a project, I guess we should avoid spending money on them. But unfortunately, I have wasted enough money before I understand this math.

I used to invest in new projects a few years ago and I've invested in some new projects this year but I can say that now most of the new projects are rug pulls and developers don't care much about the investors as their main intention is to fill their own pockets.

I guess, out of 10 projects I found only one that's still surviving and slowing growing in value. I invested in it on Pinksale a few months ago and let it on my wallet for long term to see how it will go and so far the project has grown from 300k to around 1M in marketcap and that marketcap is stable.

Rest of the 9 projects have no trading volume at all and they have lost most of the market cap, and that's why I believe most investors avoid the new projects for their own safety as there are so many rug projects these days.

[God Of Thunder]

Rest of the 9 projects have no trading volume at all and they have lost most of the market cap, and that's why I believe most investors avoid the new projects for their own safety as there are so many rug projects these days.

This is the risk of investing in new projects. A lot of people become millionaires investing in new altcoins which pumped thousand times after they got listed on exchanges. But unfortunately, we don't see this things these days. Imagine how much money made by the early shiba Inu investors. But if you look at the altcoins which has been launched this year or last year, I guess none of them did a 20x except some ordinal tokens which actually congested the bitcoin network. At first I hated the developer for developing ordinal things, but as you can see, the network become normal again.

[bitmover]

Rest of the 9 projects have no trading volume at all and they have lost most of the market cap, and that's why I believe most investors avoid the new projects for their own safety as there are so many rug projects these days.

This is the risk of investing in new projects. A lot of people become millionaires investing in new altcoins which pumped thousand times after they got listed on exchanges. But unfortunately, we don't see this things these days. Imagine how much money made by the early shiba Inu investors. But if you look at the altcoins which has been launched this year or last year, I guess none of them did a 20x except some ordinal tokens which actually congested the bitcoin network. At first I hated the developer for developing ordinal things, but as you can see, the network become normal again.

I think most of those project fail because they lack innovation.

In the end, the goal of those projects is simple to make money for the creators and there is nothing really new on them, just some hype...

There is something new in ordinals, as they added nft to bitcoin network. But they are unsustainable

[bitterguy28]

I think most of those project fail because they lack innovation.

In the end, the goal of those projects is simple to make money for the creators and there is nothing really new on them, just some hype...

definitely most projects lack vision beyond profit they create hype around the fact that it can bring money to its investors which if they do exactly that then the project can be deemed successful but a lot of these projects no longer thinks of what can be the purpose of their coin or token aside from profit making it’s all very short term thinking imo

[JISAN]

I noticed that I received some kind of airdrops on a Polygon address, although I'm not sure when I applied. It doesn't matter.

Can someone specifically explain what the purpose of these tokens is and why someone does this at all?
I have no intention of dealing with that token, but I see that it was sent to many addresses, I believe that someone will think that they can get something out of there.

These are used by hackers for different types of phishing. not just in your wallet I think everyone's wallet has something like this. I have many such fake tokens input in my bsc, polygon and ki ETH wallet. I always avoid them because I know the projects I work on so I never worry about a coin I don't know. Hackers probably use some code that can hack your wallet and if you try to transfer those tokens your wallet can get hacked. so be careful about this. don’t try to transfer or swap that fake token

[joniboini]

definitely most projects lack vision beyond profit they create hype around the fact that it can bring money to its investors which if they do exactly that then the project can be deemed successful but a lot of these projects no longer thinks of what can be the purpose of their coin or token aside from profit making it’s all very short term thinking imo

I believe if the market ignores projects like those they won't pop out so often. Unfortunately, that doesn't seem to be the case judging from how many projects keep launching on new chains nowadays. That being said, I notice there's a decrease in funding for legit and quick pump-and-dump projects, so we could argue that the market has become more selective over time. I'm not sure if it will change again after the bull market comes though. That being said, I don't think most of them do the spam activity mentioned by OP to promote their projects.

[bitterguy28]

In 2017 it was very common to received even hundreds of dollars in airdrops like that, just for holding eth. You needed to sell fast , because the value of those tokens quickly collapses..

the amount of people interested in crypto has gone up in much recent times compared to back when it was 2017 so these projects can’t afford to just give everyone free tokens but since back then there weren’t a lot anyway it was easy to get one

Nowadays we get those airdrops in l2 such as polygon.  But they are not that good anymore

some projects’ quality has receded because they are just trying to put out anything that might get some hype it doesn’t matter if it will last long or not as long as they get to put it out

[God Of Thunder]

This week, I saw a thread on the Scam accusation board on another forum, which examplens knows. A veteran forum member, condoras, fell for these fake token/NFT scams. He saw an NFT on his ledger wallet app and went ahead to claim that. He went to a website and entered his seed phrases and boom! his wallet was hacked and the hacker drained his entire balance.

This is an example that no matter how veteran you are, if you are aware of latest scam methods that scammers have been using to trick people, then you could be the next victim. So, I assume people started to know what is point of these worthless tokens.

[examplens]

This week, I saw a thread on the Scam accusation board on another forum, which examplens knows. A veteran forum member, condoras, fell for these fake token/NFT scams. He saw an NFT on his ledger wallet app and went ahead to claim that. He went to a website and entered his seed phrases and boom! his wallet was hacked and the hacker drained his entire balance.

This is an example that no matter how veteran you are, if you are aware of latest scam methods that scammers have been using to trick people, then you could be the next victim. So, I assume people started to know what is point of these worthless tokens.

I'm just reading that topic, it seems that his mistake was that he didn't enter the seed phrase, but he tried to claim free NFT tokens, while he approved outgoing transactions on his ledger.

[bitmover]

This week, I saw a thread on the Scam accusation board on another forum, which examplens knows. A veteran forum member, condoras, fell for these fake token/NFT scams. He saw an NFT on his ledger wallet app and went ahead to claim that. He went to a website and entered his seed phrases and boom! his wallet was hacked and the hacker drained his entire balance.

This is an example that no matter how veteran you are, if you are aware of latest scam methods that scammers have been using to trick people, then you could be the next victim. So, I assume people started to know what is point of these worthless tokens.

I'm just reading that topic, it seems that his mistake was that he didn't enter the seed phrase, but he tried to claim free NFT tokens, while he approved outgoing transactions on his ledger.

Those type of scam are very common, I received dozens of them in my oldest Ethereum addresses.

The point is that you should always google about an address before going to it. And always be very careful about signing anything with your ledger or any other hardware wallet.

[examplens]

Those type of scam are very common, I received dozens of them in my oldest Ethereum addresses.

The point is that you should always google about an address before going to it. And always be very careful about signing anything with your ledger or any other hardware wallet.

Looking at it from that perspective, I'm not sure how good it is to use multicurrency wallets, it's obvious that even experienced users can be misled.

I use Trezor, although I also have Ledger. Trezor has two confirmations that I have to do physically on it, while Ledger I think 4, and this is quite tiring for me, but obviously, it is not crucial that the user still approves the wrong transaction.

[bitmover]

I use Trezor, although I also have Ledger. Trezor has two confirmations that I have to do physically on it, while Ledger I think 4, and this is quite tiring for me, but obviously, it is not crucial that the user still approves the wrong transaction.

Technically you shouldn't approve to send coins when receiving an airdrop.

However, smartcontracts may be misleading and people might just approve a contract which will send coins.

This is why you should always do your research about the legitimacy of any website before connecting your HW.

[God Of Thunder]

Those type of scam are very common, I received dozens of them in my oldest Ethereum addresses.

The point is that you should always google about an address before going to it. And always be very careful about signing anything with your ledger or any other hardware wallet.

If you know that you haven't participated in such airdrop but got some random token or an NFT, you should ignore that. There is less than a 0.001% chance that someone will send you a token by mistake. You should understand that it's a trick from the scammers that will eventually drain your wallet if you fall for these scams.

I don't even google if such NFT or tokens exists. Because it is pretty much old scam method. Whoever on the crypto space for a while should know about these scams. I remember there was a token Minerium or something which even showed how much it worth in trust wallet which was a fake scam token.

[bitmover]

I don't even google if such NFT or tokens exists. Because it is pretty much old scam method. Whoever on the crypto space for a while should know about these scams. I remember there was a token Minerium or something which even showed how much it worth in trust wallet which was a fake scam token.

I remember that minerium was a legit project but you need to mine or something similar to convert your tokens to real money. I even made a small research about it , but it was not worth the trouble.

[God Of Thunder]

I remember that minerium was a legit project but you need to mine or something similar to convert your tokens to real money. I even made a small research about it , but it was not worth the trouble.

I don't know much about it. But if I remember correctly, a lot of people started to receive tokens which say Minerium BSC, which was actually a fake token. To this day, if you search Minerium BSC on Google, you get a link to Coinmarketcap https://coinmarketcap.com/currencies/minereum-bsc/, which shows this warning. 

Even though I do not remember what happened with the victims because I always ignored this, Coinmarketcap still helps us by showing the warning that it is true that something was wrong with this Minerium.