Investor Cat: Beware! So Many Scams and Scam Coins Out There!
Being part of the Cryptosphere really does feel like being part of the Wild Wild West sometimes!
It seems like almost everywhere you turn, there are swindlers and scammers and cheats waiting to empty your pockets. And I'm not just talking about the ones trying to steal your keys, but the ones presenting something that looks "real" but actually isn't. And I'm not even talking about so-called "shitcoins!"
Earlier today I was doing a little house cleaning on a variety of esoteric and prototype crypto wallets — both web based and freestanding — that I have somehow ended up with over the years. It's pretty amazing what a vast array of scammy airdrops you can end up with if you go away and don't pay attention to something for a year or more... and your wallet address is out there!
In this case, I was browsing through a remnant TRON wallet related to old times on the ”old” chain, and there I found a long string of weird transactions.
Do you feel lucky?
There were numerous "tokens" already labeled with a warning that they were "scam" coins, but also many that were not.
Most notably, it appeared that I received several Airdrops amounting to some 50 million Shiba Inu (SHIB) meme tokens in June of last year. At first, I didn't really think of it in terms of being a scam, because at the time 50 million SHIB would have had a value of about 1/2 of one cent so why would anybody bother to scam for that sort of amount? After all, it IS a tipping/meme coin, so a 1/2c promo isn’t unthinkable.
I decided to double check, just for grins, because the whole meme coin craze also means those airdrops would now have a value of $1,200+ if the coins were authentic, so definitely not just pocket change.
Up in smoke!
Naturally, it didn't take much to determine that I actually had been gifted four different scam coins, all pretending to be SHIB tokens. The (sad) truth being that anyone can issue ”TRC-10” tokens on the TRON blockchain and call them whatever they want. I only wasted 15 minutes on research, so no big deal...
I did end up laughing to myself at the nature of the extended legacy of crapulence of one Mr. J. Sun, (no) thanks to whom Hive exists, in the first place!
All in all, it made me feel a lot more appreciative of LeoFinance, Hive and what we have here, along with the relatively high level of trustworthiness, meaning that you don’t have to apply ”the 3rd degree” to everything because 99% of what shows up is a scam!
Last but not least, a quick shoutout to @forexbrokr who encouraged me to come back to LeoFinance and get involved again. Thanks!
Thanks for stopping by!
=^..^=
CuratorCat 25-FEB-2022
Posted Using LeoFinance Beta
Meow
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yes good point! Things are much more straightforward here. On TRX, AVAX, ETH etc, you must be very careful and check to make sure the token contract is the correct one, and use it to lure you to connect to a shady site that will steal your coins.
As much as I love some of these projects, some of the design choices are absolutely terrible. ANY contract that is being authorized to REMOVE coins from your wallet should have a big red banner and spelled out in plain human readable language what you are authorizing. What we have right now in most SC wallet interfaces is a jumble of code that most people will either ignore or try to decipher but fail to do so.
We are no longer "early" in the cryptocurrency market, but as far as Sc wallet interfaces are concerned, it still feels like we are in alpha stage.
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