SCAMS abound on the internet - DO DUE DILIGENCE!

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This is a Public Service announcement post. One of the things we hear the most from people is that there are just too many tokens and projects to keep up with, to research, and to actually understand. We work full time, and sometimes a bit more, just to keep up with the newest developments of our members, members working hard to offer their best products and services to their fans and investors.

But there are another group of projects whose only goal is to SCAM! To take your money, to prey on your ignorance.

On the internet, including steem-engine - its BUYER BEWARE.

These are the top steem-engine tokens by volume, and because most scams take advantage of the free transactions on steem-engine, they can self-trade themselves to the tops of the lists. Mixed in here each day are real, valuable projects but also hot air, scams and probably some illegal schemes as well.

Here is a great example: The LTCPEG - top trading token for several days now.

We noticed that the LTCPEG was suspisciously high in trading volume, and went to check if our memory served.

The LTCP:

Notice the subtle differences, but especially notice there is nothing here that would tell you which one was real. Follow the links? Maybe. But to me the real indicator is the volume. LTCpeg, the fake one, has hung near the top of the trading volume for days. If you search its accounts it is tied to other scam tokens.

LTCP - the real one? 4 dollars in daily trading volume.

Some coins you can tell from the bare description though. Sr Captain looks like he doesn't even know where to do from here. A token like that is not a token for our fund.

Another red flag is anything that tells you that its purpose is to 'Multiply your Money'.

Multiplying Money is not a thing. Never sign up for it.

In order for scammers to multiply their money, they use market magic to subtract from your wallet. Here is the market that has been driven down from over 1 steem to 0.00001 steem, the very same STAR token:

We here at the INCOME entertainment Synergy Fund do not think getting scammed is entertaining AT ALL! We recommend that people buy few tokens that they know a lot about, instead of the other way around. Remember that this is all for fun and experimentation, nothing lasts forever.

This is not advice, this is HISTORY. Do your own Due Diligence, which means HOMEWORK.

Posted via Steemleo

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11 comments
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Steem Engine is not only full of scams, but abandoned projects. It's a microcosm of crypto-sphere, with all the same bad behaviors amplified by the Steem hype chamber.

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The steem-engine team really needs to do something that removes this issue for some part.

I know a while back when waves had this issue tokens that got verified got a checkmark and name shown up ones that did not have any check and the name was an I:D number. I know this is not the ideal way but it could even be a pretty basic one to make sure coins like LTCpeg are not around.

It really is bad they have not taken that token down really

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But then that would produce less bullshit, so how would steem engine line there pockets. They could do a number of things to stop people getting scammed but thats not in there interest.

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Thanks for your reporting! I was noticing some coins popping up like TRX, LTC, ETH and was curious if these were legit.

I think what Steem-Engine should do is implement a "KeyBase-like verification system", where projects / token creators link their profiles to other stuff ( project websites, twitter, youtube, discord, etc. ) and then when a coin is listed all a buyer would have to do is verify the team that created it.

For instance, on that LTCPEG token, it claims to be from the Steem-Engine team. Well, we'd just have to go to their profile & see if they did in fact confirm it or not.

I think putting some sorta verification system in place would be a better solution than deleting the tokens. Maybe just add a SPAM tag to a token if it has a certain threshold of user-reported fraud alerts.

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We recommend that people buy few tokens that they know a lot about, instead of the other way around. Remember that this is all for fun and experimentation, nothing lasts forever.

So true!!!

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Thanks for the info :)

Investing is gambling, especially with most of these tokens. I like CANNA because they have a process for rolling them out that doesn't break the market. If demand continues they'll do fine I think!

"Sr Captain looks like he doesn't even know where to do from here."

Hmmm? lol

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a small token of appreciation
Start where you are. Use what you have. Do what you can.
*Arthur Ashe*

(if you dont want these or consider it spam then please leave a reply to this comment instead of downvoting and i will follow up)

$trendotoken

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(Edited)

25 minutes ... hm ... no response ? is there a daily limit to this or something ? i just bought an extra 100 of them ... do you think it's a scam maybe ? :D

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multiply your money lol ... on the dark web that's called like BTC-twisters or shakers or something its been ages
"send us your BTC and we will move it through a series of"

as well as the obfuscators

who would have thought anyone would pull a scam on saint Steemit :p

you're right, last time i checked MOT they had like 15 websites but none of them even had the placeholder index page replaced. There's almost no tokens that are actually worth anything either. (you a lucky guy there but you were smart enough to cap it hard and give it actual utility for an already desired item there) NBC seems to be doing fine and isn't even always on sale, people are HODL-ing those and that's usually not a very bad sign.

i think caveat emptor is a base principle when doing (unregistered) business anywhere on- or offline ...

people seem to be blinded by numbers rather than value, it must some kind of glitch in the brain lol (thank the gods im a mutant and i trust no one alive)
where you get all these zeroes, right, but in esssence you have like $10 of value, same thing with 'steem-whales' .... like 'you can be a whale for just xxxx' ...
i think its good practice to still count things by dollar (or euro-)value or whatever you're used to paying your daily bread with so as to avoid this "high on zeroes"-effect

but on the other hand tokens of appreciation are ofcourse tokens of appreciation, wether that is CCC or GG or UFM or TRDO ... planet Crypton has hamster and hoarders as its main species, i would bet the last money in my pocket (only 1 euro til next week im afraid) theres zounds of people who have like drives and flash-drives full of useless coins, ...
which also disperses value btw, any dollar put in a censoredcoin is a dollar not in bitcoin (or steem , heh)

they don't do quality control, they sell and move on, steembottracker never did that too, they don't even update, if you use the delegation manager it uses v2. connect which gives a heroku application error

and no one mentions, notices or cares heh

which teaches us a lot about the public we're all working it here and thus it's safe to say el Scambago and cousin Cabron will ofcourse notice that as well.

But i don't think its 'our' task to simply put up the finger to everyone coming in here, i think it is indeed the task of the people running the platforms

I'm more concerned about *what happens is ScotBot says no' ?

or if idk if its still like , if something happens to holger (@holger80) who is afaik (but i cant say for sure i dont walk in those circles) THE man working on it ... or if steem-engine for any reason kicks the bucket or the people from steem-engine get annoyed or insulted in a way (be it for yes or no good reason, like utopian maybe who left after their delegation was removed and plenty others when the price went under $3 and $2)
all those tokens ?

well, check the json that says "scot claim token" it doesnt say 'amount x' , it jost gives the quote in the accolade bit like {token : UFM} so if holger, anythinglike i dont know falls out of a plane, or the bot for any reason gets bugged where is all that data and who's gonna set it up again

core issues ... more important than downvoting and fun-with-flags maybe hahah

but ...
you can thank @ddrfr33k for me getting here since the program told me :

https://steemit.com/@ddrfr33k/scams-abound-on-the-internet-do-due-diligence

but that's actually a re-steemed post (which means i daftly and stupidly forgot to check the 're-blogged on' (i think its that)

(in my who-supported-tyrnannoght shell and pythong dabbling lol)

and so and such ...

sunday steemday :p .. (cuz life happens too on other days and seven is too much for the price coz the maid is on strike and the gnomes wont do it) so i wont check until next sunday (but i do check gamefeed in case of people saying they dont want the trdo)

also , what happens if beer or trdo hits its cap ? :D

(see ? when i start it goes like this (during clair moments, otherwise it goes differently) and that takes a lot of time , hm...

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