Scams In The Cryptoworld.. What You Should Know #009

jueco (75)in Tron Fan Club • 10 months ago (edited)

Hello crypto lovers,

How are you doing today? I believe you are doing perfectly fine and are actively promoting steemit across various platforms.

As we do so, may we always be on the lookout for scammers and guard against them.

It is a beautiful day and I am here to discuss about some cryptocurrency scams we have and get suggestions on how they can be avoided.

Scams is rampant in our world today, many are lazy and don't want to work and as such they result to scamming others of their hard-earned money.

Today, we shall be examining some scams, please follow along

SCAM COINS

Scam coins which is popularly known as pump and dump scheme or shit coins is not an unpopular scheme in cryptocurrency today.

They are often created with an dubious intent, to scam unsuspecting investors/individuals for their personal gain.

A scam coin can be explained to be a cryptocurrency that possesses no genuine value, technological innovation nor utilities.

Unlike the original cryptocurrency we have that possesses various use cases and often serve as decentralized digital assets.

Scam coins are created solely for the purpose of scamming the public and they are often created using the concept of blockchain technology so it becomes easier to share it to the public.

The design of scam coins is often accompanied with a well structured and effective marketing strategies that is done to attract potential investors to the scam project.

Most scammers make use of social media platform to introduce the scam coin to the public, they are also make use of the social media platform to hype their coin and attract crowd and investors to the coin and also promising fake returns on investment.

Most times, these scammers often present misleading information on the aim behind the token's production, token's partnership, token's development etc

In some cases, they pay influencers to help them advertise their token to the public and help attract more preys for their dubious act.

CRYPTO BLACKMAIL SCAMS

Source

Cryptocurrency blackmail scams can be explained to be a type of cryptocurrency scams whereby individual are threatened probably because of what they did wrong and are demanded to pay a random, often in form of cryptocurrency.

This kind of scams became popular as a result of the rise of cryptocurrency using the blockchain technology.

With cryptocurrency, it becomes very difficult to trace the scammer, and as such scammers make use of it all the time.

These types of scams often begins when the scammers gain access to some of your sensitive/compromising information, as such they make use of this to extort from the prey.