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Do not rug on me: Zero-dimensional Scam Detection

arxiv.org

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Re: Do not rug on me: Zero-dimensional Scam Detection

#101

Post by LightG »

Sargos wrote: post #60
synu wrote: post #56

Earlier quoted context omitted.

97% of the tokens are scams so it is safe to use? Or am I misunderstanding your point?

If you go to Uniswap right now you won't see any of these tokens. You run no risk of getting scammed by using Uniswap unless you go out of your way and manually add them.

Does Uniswap prominently advertise that as a warning to users?

I don't know anything about the space, but it sounds like a fact and statistic that should be front and centre in peoples face all the time.

Re: Do not rug on me: Zero-dimensional Scam Detection

#102

Post by 40four »

This title should be changed. It is heavily editorialized. It’s not what the paper is about. It is just causing the typical crypto haters to get out their pitch forks.

This article is about fraud detection. The conversation should really be about the machine learning techniques used, and the actual conclusion, which is using those techniques, ” This implies that new malicious tokens can be detected prior to the malicious act,and, on the other hand, tokens supported by a strong project can also detected at an early stage.”

Re: Do not rug on me: Zero-dimensional Scam Detection

#103

Post by cableshaft »

RuggedPineapple wrote: post #24
williamcotton wrote: post #16

Earlier quoted context omitted.

There’s a decent quantity of people who buy cases upon cases of collectible cards and sell the singles online.

I strongly suspect that number is smaller then imagined. Like, a non-ironic use of the 'There are dozens of us!' line from Arrested Development.

You've been living under a rock and missed the Pokemon card craze in the past few years then.

"Target stores around the country have pre-sunrise lines around the block, and the trading card sections look like bread aisles before a snowstorm or toilet paper aisles at the start of the COVID-19 pandemic as fans, collectors, and resellers are trying to arbitrage tins of Pokémon cards that can be resold for an easy profit."[1]

"The intense demand for Pokémon trading cards, which steadily rose in recent years then rocketed up even more during the pandemic, has caused Target to temporarily suspend sales of the cards, citing a threat to the safety of customers and workers."[2]

"You can probably guess what happened next. Thanks to the increased visibility of card collecting on social media, along with a surge in grading services pricing out high-value collectibles, folks are practically camping out of stores just to get the latest Pokémon card shipment. Everyone wants to find a rare card that they can flip for thousands of dollars, just like they’ve seen in the news."[3]

"YouTuber Logan Paul (USA) has recently acquired a coveted PSA Grade 10 Pikachu Illustrator card following a record-breaking trade worth $5,275,000 (£3,862,424 / €4,477,146)."[4]

[1]: https://www.vice.com/en/article/7kv9dd/target-is-prepared-to...

[2]: https://www.nytimes.com/2021/05/14/business/pokemon-cards-ta...

[3]: https://www.nytimes.com/2021/05/14/business/pokemon-cards-ta...

[4]: https://www.guinnessworldrecords.com/news/2022/4/logan-paul-...

Re: Do not rug on me: Zero-dimensional Scam Detection

#104

Post by mudrockbestgirl »

synu wrote: post #70
Sargos wrote: post #60

Earlier quoted context omitted.

If you go to Uniswap right now you won't see any of these tokens. You run no risk of getting scammed by using Uniswap unless you go out of your way and manually add them.

Looking at the paper abstract, it says the identified scams by looking at transactions. So it seems at least some people are manually adding them and getting scammed. Or are you saying anyone who does that is by definition using Uniswap wrong and shouldn’t be counted as being scammed on Uniswap?

If you are a scammer, you would typically do wash trading (or hire someone to do wash trading) for your own token to make it look like there is legitimate activity. Just because these tokens have been swapped doesn't mean this was done by retail. The vast majority of these tokens are probably "failed scams" where the scammers tried but failed to generate traction.

Re: Do not rug on me: Zero-dimensional Scam Detection

#105

Post by cdiddy2 »

socialismisok wrote: post #78
Sargos wrote: post #50

Earlier quoted context omitted.

Why would I dispute it? At best the title is misleading though as most readers likely aren't aware of how Uniswap works and will think "97% of the tokens are scams so Uniswap is unsafe to use" which isn't true in the slightest.

97% of the things available in my vanguard or Charles Schwab aren't scams. It's preposterous to call a marketplace where less then 3% of the offerings are "legit" a safe market to use.

there are over 12,000 OTC stock tickers, these are mostly scams. I know Schwab allows OTC trading. The NYSE+Nasdaq combined also have around 12,000 tickers. So 50% of the things available on Schwab are scams.

Re: Do not rug on me: Zero-dimensional Scam Detection

#106

Post by 40four »

piva00 wrote: post #30
lb4r wrote: post #22

Earlier quoted context omitted.

97% of emails probably will though.

People don't usually trade emails for money though.

The point is that an unsuspecting/ naive user of malicious emails will be tricked into giving away their personal or banking info. Or sending money to “renew their car warranty” and what have you.

I don’t see how that’s any different that an unsuspecting/ native user rushing head first into some random scam coin they have no business paying for and getting rugged.

Some people are stupid. That will always be the case. And there will always be dirtbags trying to take advantage of them. That’s a part of life. Has nothing to do with the underlying technology of crypto.

Re: Do not rug on me: Zero-dimensional Scam Detection

#107

Post by scotty79 »

k__ wrote: post #90
lvass wrote: post #49

There's a lot of reasons to dislike cryptocurrencies but the fact you can manually paste an address to the uniswap interface and trade a well-performing token to a poor-performing one (the definition of scam used here) is definitely not one of them.

Yes. It's a bit like saying most startups go belly-up in the first years, so we shouldn't do startups anymore.

If you are investor and keep your money maybe you shouldn't do startups. It's completely valid answer and chosen more prevalently when the times come that encourage you to tighten your belt.

Re: Do not rug on me: Zero-dimensional Scam Detection

#108

Post by joemazerino »

dsugarman wrote: post #99
Sargos wrote: post #36

It's important to note that Uniswap is decentralized and anyone can "list" anything for trading without asking anyone or going through any process. This means there are thousands of tokens, probably millions in the future, available to trade. Users do not see these tokens unless they actively search them out. Uniswap uses the TokenList standard ( https://tokenlists.org/ ) and by default users only see tokens such as…

>There are many lists created by reputable players such as Aave and Gemini which cover the entire gamut of projects users want to trade without exposing end users to scam tokens. Reputable how? like ftx a couple weeks ago? Gemini holds an F rating by the BBB and a massive amount of complaints on trust pilot.[1][2] This is their marketing message "Put your crypto to work. With Gemini Earn, you can receive up to 8.05%…

BBB is an organization meant to scam companies. They provide no value or merit.

Re: Do not rug on me: Zero-dimensional Scam Detection

#109

Post by jrochkind1 »

Sargos wrote: post #36

It's important to note that Uniswap is decentralized and anyone can "list" anything for trading without asking anyone or going through any process. This means there are thousands of tokens, probably millions in the future, available to trade. Users do not see these tokens unless they actively search them out. Uniswap uses the TokenList standard ( https://tokenlists.org/ ) and by default users only see tokens such as…

I get your point, and it's worth pointing out.

It's just neutral infrastructure. Trying to think of an analogy, I thought... "It would be like saying 98% of transactions in $USD are scams, that wouldn't mean $USD are unsafe to use."

But once i said that in my head... it would definitely say something about a traditional currency if 98% of transactions were scams. (I know uniswap isn't a currency, that just came out of my attempt at an analogy). Something not good. About something. Maybe it doesn't mean uniswap is unsafe to use, but wow, it means something is a mess.

If it just means that there are a crazy ton of people trying scams with tokens, that sure seems like something to be aware of.

Re: Do not rug on me: Zero-dimensional Scam Detection

#110

Post by kareemsabri »

nuclearnice1 wrote: post #75
kareemsabri wrote: post #61

Earlier quoted context omitted.

How is it misleading it's an accurate statement of the findings of an analysis. Your argument is they won't see those tokens cause they're gonna search out the one they like (and that one won't be a scam?) What they'll conclude reading this is "wow, crypto is full of scams" and be right.

Sargos explained how it’s misleading. > “97% of the tokens are scams so Uniswap is unsafe to use" People are likely to draw the unsafe assumption. Sargos attempted to clarify that some safety is created with filtering via a trusted list.

He explained his argument. I disagreed.

My conclusion reading it was, crypto tokens are 98% scams. Uniswap is an exchange. It's a utility, using an open protocol. It's makeup reflects the makeup of the domain.

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