Post
Topic
Board Altcoin Discussion
Re: Why be allowed to create tokens with the same names?
by
Jawadu
on 12/08/2021, 07:10:04 UTC
It's clear that easily creating new tokens with rising token names makes it inconvenient when we want to buy these tokens, there should indeed be an update to prevent duplicate token names to avoid cases of this kind of scam.
Yes, buddy. This is very bad because still many people are losing their money on fake tokens. Dex will be amazing if the devs can update their system and solve this problem.

Hi buddy, I meant the dex system allowed it [you can create a token with any name in less than 10 minutes in Ethereum remix, easily, and low cost].
Please enclose the source where you get the information, buddy.  Wink
DEX system didn't said the same name, it only stated any name. You cannot judge that statement agrees with clone tokens or tokens with the same names. You must have more strong proof to claim DEX system allows it.


If it's completely the same, I don't think so, it's just that there are many altcoins that have similar names, even though they only differ by one letter. therefore we must be more careful so as not to make the wrong transaction on the coin that we mean.
There are some tokens with completely the same names! You can check some tokens from Coinsbit exchange then search them on Coinmarketcap and the original token will appear [same name + original website]. Yes, we have to be careful when making a transaction so that we can protect our money.

Very disappointing! I wonder why there are so many tokens with the same names on the blockchain network, I have seen so many scammers take advantage of new projects by creating a scam token using those new project names! Many people have already lost money because of this trick [mostly beginners]. If a new project creates its own token and becomes popular, scammers will create a fake token using the original name of the new project! So if beginners do not know how to do in-depth research then it will be easier for them to lose their money by buying fake tokens.

The creators of these blockchain networks have used great knowledge to create these technologies and so far they work perfectly, so why not make an effort to improve them so that they can limit only one name for new tokens to avoid fraud? I think if they can do that it will also help add value to the new project because scammers will no longer have the opportunity to create a fake token using the details of the new one.

What are your thoughts on this?

New people who got tricked by this cheap trick will learn an experience that they always have to be careful doing transaction in crypto space. We all know creating new coins is really easy and the name could be similiar but the contract address won't be the same and must be unique. This kind of scam is easy to avoid, sometimes there are more rude scam like hacking or pasteing wrong address because we've got virus on our computer. So stay safe because bad guys are everywhere in crypto
Trust me bro, this type of scam is cheap to senior traders only but not to beginners! It's true that the contract address must be unique, but that can't help a beginner 100%. Because some coins may be cloned 3x - 5x so there will be 5 tokens with the same names but different contract addresses, which means this will still be hard for a beginner to find the real token. I still recommend that each project should attach the contract address of their token to their websites or Telegram so that it can be easy for beginners to deal with the real contract.