I came across a post where an advise was ditch out
for newbies like myself not to get involved in new projects,
due to the risk that follows.
But with all honestly, Some project with 3 to 7 months old have one time becomes Scam, Good example is OKS CHAIN. The project was over 2 years old, yet end up being scam, as the CEO and other dev cart away with so much money. And abandoned the project.
My experience tells me that everything involves around crypto project, Is about risk, except for the president of them all ( Bitcoin ), The vice ( Ethereum ) and the child ( Binance ). Investing in any of these 3 gives risk free system. As they say experience is the best teacher in life.
So i strongly disagreed with the term of " do not invest in a brand new project " to be risk free. A lot of new project has yielded x50
of my investment to me most of the time, What i usually do, Once they're up, i take off with my investment and interest. This is my experiences.
And i strongly believes by doing this, Will yield high success to everyone and also helps you to minimize the risk of lossing all your funds.
Thank you for all these, like I always say, the cryptocurrency world is still very young, and this is why we still see all these scams and fake projects. Just like before, during the old days of Rockefeller, he was able to monopolise the oil industry and still tried the same with the steel industry and nothing happened. But it got to the time of true exposure and concern, you see what later happened to those industries? However, this is not about mopology but the lack of proper regulation which was also the issue then. That is what I expect in the crypto world with time, only that I prefer if it wouldn't tarry than necessary. It will get to the time that anyhow persons will not be able to just come out and say they want to build a coin or project, there would be the right channels to take and procedures to follow. This is important as things are going in the crypto sphere where everyone is just doing whatever they like and will still go away with it. The rich scammers are now using the cryptocurrency guise to scam people and they take away millions easily as if nothing happens.
Still, there are good projects, it's just that they are few and we should be careful in selecting them. The good projects are evident in how they are performing in the market right now. It's our duty to be very careful about the projects we commit our money. We need to know the names behind it, the group they have, their presence on social media, the amount they are able to raise and the time it took them to raise the amount. Also, the genuity of the listing, the price they listed it and the behaviour of the project over time. All these have to be put into consideration to limit our chance of being scammed or being a victim of failed projects.