How to Spot Crypto Scams Using the Blockchain | BitPinas Webcast 20

Blockchain expert Paul Soliman, the CEO of BayaniChain, offered insights on how blockchain technology combats fraud and scams. We answered the question – can the average non-technical person use the blockchain to spot crypto scams. Paul said it its possible.

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In the first segment, we dig deep into the intricacies of blockchain, its potential, and red flags that indicate crypto scams. 

Our conversation shifts gears as we take a closer look at multi-level marketing or MLM, blockchain, and scam risks. We unravel how smart contracts and a transparent blockchain system can monitor investments and prevent fraudulent activities. Phishing attacks and risks linked to self-custodial wallets were also discussed. 

Moreover, we explore the world of DEX tools for contract verification, emphasizing the importance of auditing a tokenomics to guarantee the correctness of supply and demand distribution.

Lastly, we scrutinize the potential vulnerabilities of blockchain backdoors, blacklisted wallets, and the use of hard wallets for enhanced security. 

Highlights: 

00:10 What is blockchain?

00:15 Crypto scams

00:36 Technical insights and practical advice

00;50 Dust token vs honeypot

00:53 Red and green flags to spot crypto scams.

00:58 Legit tokens that rugpulled (like Luna)

1:02 If the wallet has been phished, should I create another one?

1:18 Blockchain backdoor

1:23 Can hardware wallets like Ledger be hacked?

1:26 What is BayaniChain?