Convenience Can Come At A Cost Fake Uniswap App Stealing Investors Crypto

in LeoFinance4 days ago

When it comes to cryptocurrency I think we can all make a case for poor access and user experience and I see many new traders and HODL’rs complain about how hard it is to use and how steep the learning curve.

While companies are making strides to make wallets easier to use, to make it easier to get set up and get in without knowing much about the chain you want to use we’re still fair off grandmummy doing on-chain transactions.

Web 3.0 is all about taking personal responsibility and having multiple routes of access to the same chain and applications without a centralized brand

This is a very different mindset from that of Web 2.0 which is all about one brand assuming liability and making sure customers have to think less and just focus on the use of the app

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Lessons in personal responsibility

Uniswap is without a doubt the undisputed winner in the DEX space right now in terms of users, volume, and brand! In a short space of time it’s established itself as the go-to application for DE-Fi and on-chain trading and is responsible for a the boom on de-fi to a large extent.

It’s had it’s fair share of issues, and competition with things like sushi swap and other forks as well as other chains copying the model like Just.swap on Tron for example.

Everyone sees that one project has found something that works and is trying to copy it to steal its thunder, and provide competition and better yield for users.

Discerning which platforms to use is one issue as a crypto trader but making sure the platform front end you use is legit is another ball game.

Recently some pretty smart scammer created a mobile app called Uniswap DEX and uploaded it to the Google Play store.

Since the Google play store doesn’t have that much due diligence when it comes to apps but has a good brand you can easily understand why someone who uses the App Store to download Facebook and other popular apps wouldn’t think twice about seeing a Uniswap app on the App Store and not doing their research

Moving from web 2 to 3 is a mind game

Web 3.0 won’t come without its growing pains and hurt investors who come into the space with a Web 2.0 mindset. Having a healthy sense of skepticism seems to be the main lesson around web 3. To take ownership of your private property in terms of money and what your think!

Your thoughts believe It or not is also private property something you’ve been giving to Web 2.0 sites freely at a fair rift.

Now that you can take it back, don’t give it away frivolously. I think this uniswap scam is just another lesson in how minds need to be reprogrammed when coming into web 3.

Yes scams are bad, yes we should do more to curb it and educate users but this it not the nanny state, this is where you have to stand on your own two feet.

While the Web 3.0 may be shitty to use and clunky the main focus is first and foremost security. Security for users, for their private property and no need for middle men to keep an eye on everything.

Have your say

What do you good people of HIVE think?

So have at it my Jessies! If you don't have something to comment, comment "I am a Jessie."

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It's good to share with people you know.
Fraud is everywhere.
We need to be careful opening our eyes wide.
Thank you.

Posted Using LeoFinance Beta

Absolutely you always have to have your gaurd up when it comes to your money it can be taken from you so quickly in the crypto space having been hacked before I know the pain first hand

Scams exist everywhere, web 2, web3, web1, web-1, telephone, email, shit, even letters! But you're right, the onus with the crypto scene has always been on ownership and there isn't a lot anyone can do if you a) lose your keys or b) authorise a transaction out of your account.

But even point b) to an extent isn't going to be covered by the bank because if you authorise a payment to a scammer, you're not guaranteed to get it back from the bank. As with everything, keeping your wits about you, if it sounds too good to be true, it likely is and always listen to that cautious voice/gut instinct!

Oh, and don't lose your keys or give them out to anyone!

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Yeah I think credit card fraud is mostly covered but if you EFT’d something to someone and they didn’t deliver you’re shit out of luck!

It’s going to be interesting to see how people handle not being able to blame anyone else but themselevs no banks to hide behind, lol snowflakes are going to have a tough time

Haha, I guess those flakes will be in the "late adopter" phase then!

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It is always like that when you are implementing some new technology, a new idea... It needs a lot of polishing, updates, upgrades... As it was with Hive after 24-25 forks, or with other crypto projects, it has to be similar with Web 3.0...

Scams are bad, but they always existed and will always exist...

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I think that’s the importance of sticking in the market and with these tools so you can see how they change and progress over time and you can start to build up a radar for bullshit so you don’t ger caught out easily

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