The Dev is not your friend, so be careful.

isaac_clarke22

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Quote from: klidex on January 13, 2023, 02:10:17 PM

~

Profit? Nah. Actually consider how many crypto coins out there are just copying each other's WP and repo in Github. I would not be surprised if they would be wiped off so sudden and just disappear after they their money from their investors.

It's not like it is really new event anyway. It happens continuously and people still feeds these rug pullers for their exit scam regardless.

As a side note, I also quit investing to newer projects more like 6 years ago. Damn times goes by so fast. Feels like yesterday.

kawetsriyanto

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Trusting developers 100% is foolish, of course. We don't even know who they really are, so don't fall for their promises, especially promises that are backed up with a lot of hype that can attract people from all sides. Because, not necessarily they are really serious about the project, as long as they already get profit and money, they can just betray you. This I strongly agree, that dev is not your friends. Whatever they say, never believe 100%, especially for dev altcoins projects.

Quote from: Silberman on January 13, 2023, 01:02:34 AM

And the moment investing instead of being a way to put your money in projects with great fundamentals that you believe will do great in the future, becomes just a game of chicken ....

Exactly, all Devs will say that their project has strong fundamentals, a clear roadmap, and a super bright future. They promise top exchanges after release, but they don't deliver. They promise the development of the project, but the results are not as serious as they talk about.

Cling18

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Quote from: Silberman on January 16, 2023, 12:29:32 AM

Quote from: len01 on January 14, 2023, 01:09:50 AM

first of all investing in a new project looks very profitable indeed, but behind that thought there is a very high risk as you say. secondly, it is not recommended to invest using hot money. I mean use money that is cold and not used for any needs. so that when something happens you don't regret it too much.
you have to be careful when you want to invest in new projects in a bearish season like this. because even old projects that cannot survive will disappear, especially with new projects. so do your own research before losing.

While it is important to only invest money for which we do not have any immediate need, it is almost impossible for any investor to put money in any market which will not bother them to lose, this is because we are talking about money that it took people years and a lot of effort to save, which is why it surprises me that there are so many investors out there which invest in all kind of shitcoins as if they do not care about their money at all, only to complain in the forum when they lose, but if they were going to be so bitter about losing their money then why waste it in coins they should have known had almost no chance of becoming successful?

Crypto investing has a big risk because you can lose your money even in a coin that you believe has potential. We can blame the dev alone because we have the most chance to do research and find ways to know if a certain project has potential or not. We must do a research right from the beginning or even we decide to invest because the dev,, as well as the people behind each project regardless of their potential will always do everything to attract more investors.

Oilacris

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Quote from: Silberman on January 16, 2023, 12:29:32 AM

Quote from: len01 on January 14, 2023, 01:09:50 AM

first of all investing in a new project looks very profitable indeed, but behind that thought there is a very high risk as you say. secondly, it is not recommended to invest using hot money. I mean use money that is cold and not used for any needs. so that when something happens you don't regret it too much.
you have to be careful when you want to invest in new projects in a bearish season like this. because even old projects that cannot survive will disappear, especially with new projects. so do your own research before losing.

While it is important to only invest money for which we do not have any immediate need, it is almost impossible for any investor to put money in any market which will not bother them to lose, this is because we are talking about money that it took people years and a lot of effort to save, which is why it surprises me that there are so many investors out there which invest in all kind of shitcoins as if they do not care about their money at all, only to complain in the forum when they lose, but if they were going to be so bitter about losing their money then why waste it in coins they should have known had almost no chance of becoming successful?

One thing that we do have in mind is on how to get rich in a short period of time and the way on attaining it is on taking a shot with those low cap coins and getting that 100-1000x or more back of their

investment and this is why they do really like to play with fire or simply with the risk on dealing up with these projects.Its true that there's no way that we could really not be able to make out reactions

into our investment because we are really hoping or trying to make huge profits and this is where we do need to take up some risk which is really that a common
approach and we do know on where it would be heading most of the time which is to burned out those capitals.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: McStone on January 10, 2023, 04:00:01 PM

I've put 3000 bucks into that coin, because a "friend" of mine told me it will be easily 10 fold within a few weeks.
That of course was just short before a peak (not even close to 1.5 fold and I guess my "friend" who told me used this to exit). So my initial 3000 bucks evaporated down to 600 bucks. Not cool...

You cant call internet usernames as "friend" mate. If they are some real life person, ask them their reason for investing in the first place and do your own research before you invest, because it is your hard-earned money that you are putting the risk on.

Quote

I thought never mind, can happen and left the coins on a Hong Kong crypto marketplace (as I would have rated it quite a big one)... Few month later, that marketplace went out of business and disappeared with all funds.. Not cool #2.

If you were not going to place an order, why put the coins on the exchange at all? Mistake on your part again. There is the possibility that the exchange goes down while the order was kept on, in that case it would have been your bad luck.

Quote

If you see even giants like FTX can break down, this really is a lesson to learn.

A lesson that this forum's users have been echoing every few months, but everytime a new exchange goes down more such topics come up.

Silberman

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Quote from: len01 on January 14, 2023, 01:09:50 AM

first of all investing in a new project looks very profitable indeed, but behind that thought there is a very high risk as you say. secondly, it is not recommended to invest using hot money. I mean use money that is cold and not used for any needs. so that when something happens you don't regret it too much.
you have to be careful when you want to invest in new projects in a bearish season like this. because even old projects that cannot survive will disappear, especially with new projects. so do your own research before losing.

While it is important to only invest money for which we do not have any immediate need, it is almost impossible for any investor to put money in any market which will not bother them to lose, this is because we are talking about money that it took people years and a lot of effort to save, which is why it surprises me that there are so many investors out there which invest in all kind of shitcoins as if they do not care about their money at all, only to complain in the forum when they lose, but if they were going to be so bitter about losing their money then why waste it in coins they should have known had almost no chance of becoming successful?

len01

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first of all investing in a new project looks very profitable indeed, but behind that thought there is a very high risk as you say. secondly, it is not recommended to invest using hot money. I mean use money that is cold and not used for any needs. so that when something happens you don't regret it too much.
you have to be careful when you want to invest in new projects in a bearish season like this. because even old projects that cannot survive will disappear, especially with new projects. so do your own research before losing.

NicNacCoin

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Quote from: Jentle on January 03, 2023, 12:56:02 AM

Often as a newbie, when you see a new project you are tempted to invest in it. Why I agree that not all new projects are scam, always ensure that you do your own research before putting your hard earn money into a project, otherwise you will wake up to discover that the devs have disappeared with your money.

I have a personal experience, a friend and a mentor told me about a new project that was looking very promising, he advised that I invest in it. So, I did even without doing my little investigating, not too long, the dev pulled out liquidity and that was the end of the road for the project.

So, that's how I lost my investment in that project, though I didn't put much, just about 10$, but a lost is a lost.

Please, be careful out there, the devs are not smiling
And if you must invest in a project you are not too sure of, always put something small, don't go all in, you might end up regretting.

Don't invest where anyone advises you to invest. There are many dev teams who will beg you to invest in their project through PM but you will never invest there. If you have to invest, you must first notice whether the coin is listed on the best exchange and then invest there in a small scale. There are many scam dev teams that will advise you to invest and always tell you positively about their projects. Make sure you don't fall into their trap. Invest from where there are good mediums to invest.

dezoel

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There is a good chance that we could end up with getting scammed if we befriend them as well. Because, they are still strangers, and they could act like a friend and chat with you in PM's and tell you all the insides and either use your efforts and hard work, or use your money whichever you have by convincing you that you are an "insider" and you are their friend, could even ask you about your personal life or could tell you a lie about their personal life, hell even maybe tell the truth about their personal life.

Then, they could just scam you, it would be quite possible and it's not going to be impossible for them to do something like this at all.

Sterbens

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Quote from: Inspiron14 on January 10, 2023, 06:38:02 PM

Quote from: mdzahed134 on January 07, 2023, 10:26:46 AM

Right now, i feel old or new both of can be SCAM anytime because when i remembered Luna and FTT these was billions dollar market cap, but now disappeared. Yeah, if comparing old and new project definitely new project is pretty high risk than old project. But i never invest my money by others people’s recommendation, i will own research before invest in new or old project.

At least what you have done is the right thing because after all we still need to do our own research before joining the project and not relying on other people's advice,
scam can happen to any project so we need to be really careful,
other than that every decision is in the hands of each of us.

Investing with the analysis that we do ourselves will feel more proud when the project is successful, and it becomes a disappointment that is 2 times heavier when the project ends in fraud. I'm not someone who is against other people's advice, but for any advice given by other people, make sure we always check and do our own analysis instead of believing what they say. In my opinion there are 2 possibilities if other people give us advice, first so that we are trapped in the project they are also in, second they want a lot of people to come in so the price will increase, and at that time they will take advantage of the people they give advice will be left behind.

klidex

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Quote from: Jentle on January 03, 2023, 12:56:02 AM

Often as a newbie, when you see a new project you are tempted to invest in it. Why I agree that not all new projects are scam, always ensure that you do your own research before putting your hard earn money into a project, otherwise you will wake up to discover that the devs have disappeared with your money.

I have a personal experience, a friend and a mentor told me about a new project that was looking very promising, he advised that I invest in it. So, I did even without doing my little investigating, not too long, the dev pulled out liquidity and that was the end of the road for the project.

So, that's how I lost my investment in that project, though I didn't put much, just about 10$, but a lost is a lost.

Please, be careful out there, the devs are not smiling
And if you must invest in a project you are not too sure of, always put something small, don't go all in, you might end up regretting.

Investing in new projects does have a greater chance of profit than investing in old coins that have been registered.
However, the risk involved is even greater than the opportunity for profit.
Even more so when investing in a new project because we only get advice from a friend without us doing proper research and analysis on the project.
Indeed, I admit that of the many new projects that are being launched, there are several projects that indeed have hidden treasures in them. But to be able to find which projects have such potential is very difficult and the opportunities are so small, it's like looking for a needle in a haystack.

PhygiCards

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Quote from: Jentle on January 03, 2023, 12:56:02 AM

Often as a newbie, when you see a new project you are tempted to invest in it. Why I agree that not all new projects are scam, always ensure that you do your own research before putting your hard earn money into a project, otherwise you will wake up to discover that the devs have disappeared with your money.

I have a personal experience, a friend and a mentor told me about a new project that was looking very promising, he advised that I invest in it. So, I did even without doing my little investigating, not too long, the dev pulled out liquidity and that was the end of the road for the project.

So, that's how I lost my investment in that project, though I didn't put much, just about 10$, but a lost is a lost.

Please, be careful out there, the devs are not smiling
And if you must invest in a project you are not too sure of, always put something small, don't go all in, you might end up regretting.

I think practitioners in the financial industry, or investors in digital currency, whether you are a novice or an experienced trader, you should have a sense of awe. Is it scary that DEV doesn't exist, but we can't see what his purpose is. So we can only judge the quality of the project in our own cognition. Don't think about whether I can get rich overnight at this time. If so, that's lucky. All you need to do is to choose Bitcoin instead of going to an exchange to make a contract.

Silberman

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Quote from: Shinpako09 on January 11, 2023, 03:36:33 AM

That was your mistake. Always do your own research before investing. Don't lower your guard in the crypto world, especially in new projects. That friend of yours might be trusted but the team in that project isn't. I always wanted to invest in new projects as well but there are a lot of run-and-gun teams out there. You need to outsmart them and dump before they can.

And the moment investing instead of being a way to put your money in projects with great fundamentals that you believe will do great in the future, becomes just a game of chicken in which everyone is trying to outsmart the other and see who ends up with a bunch of useless coins, then you know investing has being distorted to the point of becoming irrecognizable, so newbie investors need to keep in mind that if the project in which they are interested is not innovative in some way or form and has a good group of developers then they need to forget about investing in that project as there is almost no hope for them to make profits with that coin.

Shinpako09

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Quote from: Jentle on January 03, 2023, 12:56:02 AM

Often as a newbie, when you see a new project you are tempted to invest in it. Why I agree that not all new projects are scam, always ensure that you do your own research before putting your hard earn money into a project, otherwise you will wake up to discover that the devs have disappeared with your money.

I have a personal experience, a friend and a mentor told me about a new project that was looking very promising, he advised that I invest in it. So, I did even without doing my little investigating, not too long, the dev pulled out liquidity and that was the end of the road for the project.

So, that's how I lost my investment in that project, though I didn't put much, just about 10$, but a lost is a lost.

Please, be careful out there, the devs are not smiling
And if you must invest in a project you are not too sure of, always put something small, don't go all in, you might end up regretting.

That was your mistake. Always do your own research before investing. Don't lower your guard in the crypto world, especially in new projects. That friend of yours might be trusted but the team in that project isn't. I always wanted to invest in new projects as well but there are a lot of run-and-gun teams out there. You need to outsmart them and dump before they can.

Inspiron14

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Quote from: mdzahed134 on January 07, 2023, 10:26:46 AM

Right now, i feel old or new both of can be SCAM anytime because when i remembered Luna and FTT these was billions dollar market cap, but now disappeared. Yeah, if comparing old and new project definitely new project is pretty high risk than old project. But i never invest my money by others people’s recommendation, i will own research before invest in new or old project.

At least what you have done is the right thing because after all we still need to do our own research before joining the project and not relying on other people's advice,
scam can happen to any project so we need to be really careful,
other than that every decision is in the hands of each of us.

McStone

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It's not only the DEV who is not your friend, but also sometimes your "friend", who is NOT your friend...
And of course many marketplaces, that are also NOT your friend.

I remember my first investment into an altcoin. Got ripped off even twice.

I've put 3000 bucks into that coin, because a "friend" of mine told me it will be easily 10 fold within a few weeks.
That of course was just short before a peak (not even close to 1.5 fold and I guess my "friend" who told me used this to exit). So my initial 3000 bucks evaporated down to 600 bucks. Not cool...

I thought never mind, can happen and left the coins on a Hong Kong crypto marketplace (as I would have rated it quite a big one)... Few month later, that marketplace went out of business and disappeared with all funds.. Not cool #2.

If you see even giants like FTX can break down, this really is a lesson to learn.

Since the above experience, I never leave a single coin/token anywhere staked or parked.

Natalim

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Quote from: yazher on January 10, 2023, 04:15:24 AM

There are lots of victims of this kind of method where the Dev and the telegram managers are being friendly in the AMA but the real thing is, they are luring their investors to trust them and to listen to every promise they made, and suddenly they will gonna stab them in the back by not doing anything about the project and leaving the project behind to fall. I had the same experience when attending an AMA event with the DEV of some NFT games and most of the time they will tell you about the things they will gonna do in the future but they have their own different agenda when it comes to stealing the money of their investors.

They are doing this just to look trusted and the group is active but once the participants fall into their trap, they'll gonna leave (exit scam).
Though I'm not going to say that they all are scams, there are many projects that are still left that can be trusted. But as we heard a lot of scam issues, trust is hard to be given especially in the telegram groups. Because even if we do a deep search, it is never enough to tell that project is worth trusting, some have a good performance in their early days but it turns scam later.

yazher

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You own the pen

There are lots of victims of this kind of method where the Dev and the telegram managers are being friendly in the AMA but the real thing is, they are luring their investors to trust them and to listen to every promise they made, and suddenly they will gonna stab them in the back by not doing anything about the project and leaving the project behind to fall. I had the same experience when attending an AMA event with the DEV of some NFT games and most of the time they will tell you about the things they will gonna do in the future but they have their own different agenda when it comes to stealing the money of their investors.

Silberman

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Quote from: mdzahed134 on January 07, 2023, 10:26:46 AM

Right now, i feel old or new both of can be SCAM anytime because when i remembered Luna and FTT these was billions dollar market cap, but now disappeared. Yeah, if comparing old and new project definitely new project is pretty high risk than old project. But i never invest my money by others people’s recommendation, i will own research before invest in new or old project.

The size of a coin does not really tell you anything about its long term viability, just on the top 10 alone there are a few coins which I could see disappearing during the next decade, so I can conclude this is even worse when it comes to the coins outside the top 10, with this in mind it is critical to be as careful as possible right now, because you do not want to waste your money investing in altcoins which will disappear and leave you with nothing, when you can invest in bitcoin and take almost no risk at all at the current price.

coin-investor

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Quote from: Jentle on January 03, 2023, 12:56:02 AM

Please, be careful out there, the devs are not smiling
And if you must invest in a project you are not too sure of, always put something small, don't go all in, you might end up regretting.

When it comes to new projects, always invest what you can afford to lose whether its $10 or $100 it's not the amount but the mindset, the one thing that you should not do is regret, because if you keep regretting your decisions to invest in new projects you might end up getting enough even if you are presented with good projects that are worth investing so my advice is don't put your savings only money that you can afford to lose so you will be ok with your losses, because you will eventually find a new project that will give you good profit.

Topic: The Dev is not your friend, so be careful. (Read 494 times)