Crypto it’s the land of the dreamers, the scammers and everyone in between. Since the get go, crypto has suffered from scammers, those scammers usually tried to scam people through the traditional internet scam tactics, and from time to time, we got to encounter a tech scammer, who launched a coin and dumped the bulk of it on the investors. Later, we go an ICO craze, when everyone and their mother tried to launch a startup, and when they fail, to only run with the money and open a sauna or restaurant in Bali.

But now, we have reached a new level in scams, scams empowered by the crypto ecosystem. An ecosystem that is transforming tokens and crypto into a joke. How is this happening, and what should be done to stop it?

We have launched at AltcoinsTalks, a scam accusation section and we have partnered with scam review sites to quickly flag sites labelled as scams. But that won’t change anything, the scams we detect are just a drop in an ocean.

How have we reached this level of crypto scams? 

The simple answer is by empowering crooks and scammers to launch tokens.
This is done by the many token launch platforms that require no technical skills and allow anyone to launch a token.
Your average crook and scammer, who was trying to sell investment courses or drop shipping courses online, finds himself before an amazing opportunity to take advantage of people’s greed and sell them a meme coin.

How is the crypto ecosystem failing the crypto community ?

1- Wallets are fast in validating projects (and i specifically mention phantom here).
2- Dex Screeners and tools do not distinguish manipulation from real volume.
3- Coinmarketcap Coingecko and co. listing these projects without much analysis.
4- Exchanges quick to list these projects, for the listing fees and for the traffic.

What needs to be done ?

We need to end the meme coins craze, to allow real projects to see the light and to prosper. By empowering scammers we are killing the blockchain not making it stronger.
1- Wallets should not grant validation to projects unless they are few months old.
2- Dex tools and screeners should not display gains unless the volume is verified, and no market making and manipulation is involved.
3- Coinmarketcap, gecko and others, should not list projects unless they are several months old, and do not manipulate the volume.
4- Exchanges should avoid listing new coins till they prove there is a community or a developping team behind them.
5- Projects with fake twitter followers and telegram users should be exposed faster.