RE: The ongoing scam of Trump Coin

[takowi]

Thanks for your reply. 😃
The reasons are certainly varied as to why someone would want to buy the coin.
Some are certainly hoping to catch the next Dogecoin or ShibaInu, simply because they see it as a memetoken. Others see the exorbitant returns and, again you are right, greed makes blind in this case.
Meanwhile, the scammers have also put up a website (scam-site: https://cointrump.info/) where they talk about Trump's re-election, exaggerated returns and that the coin is "rugpull-free".

However, I do think that education is an integral part of the defensive measures. Education about not being trusted and to always verify those project is key. People can't see the fraud and the futility if they are not able to do so in the first place.
But even with sufficient education, there will always be the cases that people just see the greed or simply don't look enough.

In fact, the biggest profit of the scammers is when people start recommending the coin to their friends and relatives and repeat the promises. In this way, people add the trust from the relationship on top of everything else, which then usually acts like a chain reaction.

And to most of those who just want to join the pump without dump is said that with SquidToken a mechanism alone made the sale impossible. The position could not be liquidated no matter what was tried.

Comments

[kitty4d]

well, for sure, the whole "when people start recommending the coin to their friends and relatives and repeat the promises" is like the backbone of all these crypto scams

i told my friend when he got super into Shiba, that i thought i knew a pretty good formula for making money off of a new crypto coin if he wanted to make one - (i was just using this as a way to try to show him why i didn't think it made sense for him to be so into shiba at that point in time)

• create the coin, whatever, this part seems complicated to people but i don't think it's nearly as difficult as it may seem to a layperson
• find like 10-20 low-mid-level "influencers" on social media, like people around 1k-2k followers, maybe a couple of people with a bit more than that. well, find more than that initially.
• create a free token drop thing and preferably have those people somehow entered into it. if you're worried that none of them would enter on their own, create a kind of nomination deal and have a few accounts following the people for a few weeks before you do this, and have those accounts nominate those people along with some other randos
• have those people be the lucky winners along with some pure randos (randos that don't have a massive following ofc - we would avoid huge followings because those people might either 1) discover it's a scam and turn their followers against us 2) hold us up for more money under threat of turning their followers against us)
• give these people enough skin in the game %-wise where they immediately feel invested in the success of the coin/token
• offer more coins to whoever sets up the best discord server for the coin, but set one up yourself and choose yourself as the winner - UNLESS one of those people seriously kills it and it looks like they might influence things positively enough to make it worth it

... i could keep going with the steps but i don't think i need to. though there are other silly things i think people do, like

• create nfts on any of the places that have low-to-no gas fees basically, price them ridiculously, "donate" them to the project and use this kind of thing to bolster the overall value of the project and/or also give these away to people in giveaways

i mean, surely there is some dumb luck that must happen along the way too, but this kind of thing is easily repeatable. just getting people thinking they're invested (when really what they "own" is like max $5 but so many tokens that they see huge profits with just tiny swings in their favor) is what matters most.

it's just crazy!

[takowi]

it's just crazy!

Indeed it is.
This whole plan sound also like a lot of some coins, one can also easily buy a bunch of reddit comments and votes, tiktok and other social media influence.

Kinda reminds me of Bitconnect and those influencers like Craig Grant, CryptoNick, Ryan Hildreth and, of course, Trevor James (Who was also on steem and with that Hive (@trevonjb))
After the whole thing imploded, all those influencers who have earned through those affiliations-systems (One reason I don't like those affiliate system, reward for life from recommending that service? Seems also suspicious for me.) and tried to shrug it just off. After they made their bucks.

I have found also now a interview with Trevon James by Coffeezilla, what I'm watching right now.

(I'm way to often on Youtube, I guess, but I have missed that interview.)

But it's interesting just to see the influencer side and they also know it of course, but they have enough criminal energy to pull this off.

It's making me kinda sad, but I'm still hoping that one day we have spread the knowledge so far that those scams are quickly dying before they can harm anyone. But things like Theranos and Wirecard are making me nervous, that scams might be inevitable. Crypto is better than that, has to be.