This is just for educational purposes, This is not meant for any advice, do not try this at home!
Since we at Swipelux are offering an option to list a token into our widget we wanted to describe a few steps that you shall do to beware of scam coins.
In crypto you are in financial freedom, it is only your responsibility to do your own research and if you lose your money, there is no one that would help you.
To give you a different perspective on how to beware of scam coins, I have described in a few steps how scammers and creating their cow cash machines and scamming people.
Market cap:
The price of Crypto is irrelevant for making a decision if/not to invest in a project. Lots of crypto scams are creating a big number of Circulating coin supplies to make the price of the token really low. For lots of newcomers into the crypto space, the price of the token is one of their key decision-making points. That is completely wrong! Some tokens that are worth 0.00001839 USD/token are a great investment in comparison to the current BTC price of 60K USD right? Not really, always use this calculation to understand the “real” price of the token.
Market cap= (Coin price) x (Circulating coin supply)
Fully Diluted Market cap= (Coin price) x (Total coin supply)
Coin Name:
Scammers often think of a name that might bring you attention by gaining fast money- a few examples are “doge”/”moon”/”Lambo”/”future”/”safe” token, etc…
They don’t want you to think they just want you to associate the name of the coin to making money fast, safe, etc…
Cost:
How much does it cost to create your own crypto scam? Around 5500 USD!
It is really easy these days to gain an audience thanks to social media platforms.
Website:
-Using template: 0 USD
Launch tokens:
- Huobi ECO chain- 200 USD
- Binance Smart Chain- 455 USD
- Ethereum token- 235 USD
Marketing:
- TikTok- 2 000 USD
- YouTube 2 000 USD
- Reddit- 500 USD
- Twitter- 500 USD
*In 99% of examples- once lots on non-financial focused channels, influencers, and media platforms are shilling some tokens- you will lose your money. Scammers often want to get an audience from non-financial people.
Creating token
You can create a token from a Third-party provider, with just a few clicks, you just have to create:
Name, Symbol, Create a logo, Initial Supply, Config burning, minting, etc…
Creating wallets:
You can Create for example 1000 wallets instantly with just a few clicks
Distribute tokens:
You can distribute your scam tokens into 1000 wallets with just a few clicks so your investors will think that there are lots of people involved so far.
Creating volume
You can really easily make a huge volume just by sending your crypto back and forth using those 1000 fake wallets.
Listing the token
You have several options such as:
- Dex- Pancake swap using Huobi ECO chain
- Exchanges- There are tons of exchanges that want just volume and are not interested in the quality of the product and are able to list any shitcoin into their exchange.
Creating your Website
Use a free template, you have to place just a few buttons and some design templates and replace a few text sections.
On the bar section:
“Home”
“How to buy the token”- simple explanation on how to buy it in 3 steps
“Roadmap”- use your common sense if that makes at least a little bit of sense, most scam coins are just over-motivated and nothing really as achievable
“Team”- lots of scam coins are placing fake photos and names, nobody does check to reverse google image search
“Buy NOW!”- redirect to pancake swap.
“WhitePaper”- nobody really reads that… you can use templates as well.
Commercials:
If you are looking at their marketing strategy and some videos about their project, most scams are just shilling the price and saying that you will get rich soon, that you need to hold, that you will buy soon Lambo, etc. If they are not talking mainly about their technology and what they are building and what they have built so far- that is a big red flag!
These are just a few things you can check when picking a token to invest in. Always do your own research! In the crypto space there are more scam coins than the ones that have some real value so be really careful.
