presales work like this:
1st) hype it up
2nd) premine 100% at the press of a button
3rd) sell it to the fools and newbs
4th) buy into your own presale so you can have the largest marketshare and as many free coins as you like as you will also get the BTC from your own presale back
5th) hype it even more to get best price to sell before abandoning it. In case you missed out on step 4 just go ahead and abandon the project right after launch
that's how presales work - good luck with making money on that, haha
I translate for you: presale means you hand over your money for tokens which have been effortlessly (and centrally) produced (and distributed) on the press of a button and your decision to throw your hard earned money at that happens based solely on promises. Also you trust the dev(team) to not buy his own presale. You're clearly in for a rude awakening.
Hello waaat?, Thanks for the reply. For a n00b like me its actually good to be reminded to be careful. From what little I know there are different kind of presales: Those that are scams and those (much fewer) that are legitimate. For example, from what little I know, it seems that presales like the ones from Ethereum and Gems were legitimate with some chance of a reasonable return. It seems that Koinify is listing legitimate presale events.
So would you say the Ethereum and Gems presales were scams? Or legitimate? Is Koinify a scam? I'm new to the whole world of crypto currency so your thoughts on this will be helpful for me.
If anyone else would like to weigh in on this that would be appreciated. I want to learn from more experienced people.
In general, I'm only using "play money" to acquire various crypto currencies. Play money means only a small amount that I don't care if I lose it all. And I'm happy to take that small risk for a small chance of a big payoff. No payoff without risk.
Thanks, Kind Regards,
Advait
