Bitshares -"KRIPT" Scam alert

One of the nice features of a real decentralized exchange is that anyone can use it. Unfortunately this leads to abuse. And tonight I was made aware of just that

There are a number of ways to trick others into handing their money to you. And this one is not very obvious.

The 100% market fee scam

This method is very easy for anyone with dishonest intentions to do. Make a new User issued asset and set the market fee to 100%. Every time someone tries to buy from the seller, all of the funds ends up on his or hers side.

How to avoid this scheme

1. The easiest is to avoid all assets where you don't know the issuer. It's easy when you use a front end from openledger or cryptobridge because they hide everything they don't approve of. Unfortunately they also hide good stuff, something I don't like. WLS is for example not available in cryptobridge. And we all like WLS don't we?

2. Do your own research! Every asset has a info page where you get basic information about it. It has a description text that tells you little about it, how many are issued, what type of asset it is and so forth. If it sounds to good to be true, it usually is. A link to a company or a white paper increases the credibility. Google it. Is it indeed something credible, something has to show up.

3. Who holds it? Look up the holders. A tell tale sign is that only one or two accounts holds the majority of it. And probably send out samples in very small quantities.

The case of "KRIPT"

You can look at this asset here:

https://cryptofresh.com/a/KRIPT

Kript is an Ethereum-based mobile app designed to help crypto investors manage their assets. The app features the latest major news and updates about the ICO analytics, price forecasting information fuelled by the community and by top crypto investors. Through Kript you can build and manage a crypto portfolio, be in touch with successful traders around the world, invest in cryptocurrencies and ICOs, and get insightful information about the market and the future price of crypto assets

Sounds enticing, right?

Well, it is a 100% market fee scam. You can see it by browsing down the page in the "Properties" field. A normal market fee is from 0-1%.

I just spoke to a person who fell for it and unfortunately there is nothing to about it.

Take care and discover the good stuff by eliminating the bad stuff.