The Dev is not your friend, so be careful. - page 3.

Chainsmokers

sr. member

Activity: 1372

Merit: 252

Quote from: Finestream on January 04, 2023, 07:58:45 PM

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.

This goes not just for newbies but definitely for all aspiring investors as investing is risky, but it’s even riskier if you put your hard-earned money into projects that have no real long term profiting goals. Be careful not only to devs, but on the project itself as it may look promising and very profitable at first, but the moment you put all your capital and profits in it, the project suddenly disappear just like a thin air. So be cautious and always DYOR.

The first is always to do research first and that for me is very important,
indeed when doing research it takes a lot of time but it's better like that than investing in projects that are ultimately scams,
we do our best to minimize the risk

ultrloa

legendary

Activity: 2758

Merit: 1228

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.

Most all the time devs are also doing business here seeking friends is not their priority when running their own project so don't get attached to match and think about they help you to get rich since there main concern is how faster they became rich faster. So don't mix investment with pleasure and always use your brain while investing to avoid getting scam by those devs pretending to be a good shepherd which promise you a never ending profits with them.

lalabotax

full member

Activity: 1498

Merit: 132

BK8 - Most Trusted Gambling Platform

Developers are sometimes like enemies in disguise, as if they sided with us and are on our side by making sweet promises that our investment in their project will be successful in the future. But in reality they are just like normal developers. They looked nice when they asked us to become the developer, but after that, they probably won't remember us anymore by taking them away. This is makes sense and must always be watched out for. Because indeed all developers are professionals.

Their unprofessionalism sometimes covers various things, including the failure to fulfill their promises according to the roadmap, never listing their tokens or coins, not making various efforts to keep the project growing and increasing in the market, and will just leave when they know that the market is too difficult and the important thing is they have made a lot of money.

Kelvinid

sr. member

Activity: 2800

Merit: 344

when lambo...

All we have to know is that there is one goal for why devs are here and creating new projects, and that is to generate money. They don't care too much about how this project could help the crypto world grow and appreciate but what is in their mind is to make money from innocent people who come. They don't mind if the project will fail and turn scam in the end because it was not their goal in the first place. It finds really disappointing but it was really happening now, unlike before when crypto is just started.

faetos

hero member

Activity: 744

Merit: 514

gotta let a coin be a coin

A true dev isn't going to have the time to be your friend nor probably wants to. I enjoyed writing the code and the challenge of making things work. All the other parts of a crypto project are a drain on happiness.

Jackl87

sr. member

Activity: 1722

Merit: 269

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.

The whole crypto space offers a lot of opportunities but at the same time it is also a pretty wild and also dangerous space especially for newbies. Yes it is possible to make a x100 of your initial investment in the crypto space, but of course it is also true, that the chance for such a extremely high profit are very very low and that the chances that you lose your complete investment are way higher for several reasons. In addition to that i think that the average investor into crypto is very young in comparison to investors into traditional financial assets, which also automatically means that you are more naive if you are still very young.
So always be careful and never buy meme-coins.

TheGreatPython

sr. member

Activity: 2548

Merit: 329

Quote from: Iadegbola34 on January 04, 2023, 02:42:12 PM

One thing about trusting altcoins is that, you should always trust your gut instinct as most times you would be write. And know that everyone in the altcoin ecosystem is in it for the money. Don't be a bag holder to a project whose devs we know are also in it for the money.
It's a losing game and winner (the dev) takes all.

I don't think so that trusting our gut only is always correct because what if we only think it was legit but the truth is it's actually a scam? But, this can be avoided if only you took an action and did your own research.

While it is true that most of us here including the coin developers are only in for the money but the point is not all of them are scammers or only goes for the easy money but there are still developers who play the game fairly. They are our friend because they help us to have something which can make our life easier and of course, they can help us to earn decent returns as long as you know how to HODL their projects strongly.

TheUltraElite

legendary

Activity: 2898

Merit: 1253

So anyway, I applied as a merit source :)

The objective of the project owners is to generate the cash needed with a quick runaway. So if you think the dev will tell you everything about the project then you are mistaken. Th e dev will only tell you what is necessary for you to know and keep you in the dark about the weakness of project or if they have anything to develop at all and not peddling an absolute class work.

Your only friend here is your intuition and if it tingles just like Spider-sense, you should backoff from the project. Problem is after seeing so many scams our senses are over-sensitive but that is not bad, it weeds away 99% of scams and that 1% possibly good project would never make it anyway.

So devs are chapping about their projects, consider the failure imminent. Cheesy

lienfaye

hero member

Activity: 2912

Merit: 629

Good thing you only lost a small amount but yes it's still money that we should value since nowadays it's hard to earn it.

This is the reason why it is important to dig deeper before investing especially in new projects. Because it's quite risky to invest your money in new projects without even knowing their background to know if it has potential and unlikely to be scam. It can be prevented if you didn't blindly invest even someone recommended it to you. Having our own knowledge about the project is still best to understand the project and to gain idea of what to expect as time goes by.

uneng

hero member

Activity: 2044

Merit: 784

Leading Crypto Sports Betting & Casino Platform

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

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.

Besides developers, you should also be careful with mentors and friends who advise you investing in scam projects. Be careful on who you trust in crypto market. Sometimes people say they are experts and professionals on this industry to build their reputation inside Telegram, Discord groups or Youtube channels, but their knowledge and yours are at the same level. So, make sure to search for further informations about the projects you are interested in by yourself. There is no problem in asking advices to others, but always study it by yourself first, at least the basics, and ask to trustworthy investors your doubts.

Wexnident

hero member

Activity: 2548

Merit: 666

I don't take loans, ask for sig if I ever do.

Well the project itself was a scam so the loss was inevitable. Even with proper research people would still invest in some scammy projects or wrong projects here and there, those are risks that are involved in investing so losses are something inevitable imo. Not to mention that not all projects that you'd lose money from aren't exactly bad, they just didn't grow to the point where you could profit. It's also why the idea of investing something you can afford to lose should be realized, instead of nothing or something small, as op said.

Well if the devs were just all empty talk or unrealistic expectations then no matter what I'd just simply avoid it. Some devs are rather passionate and can explain/share everything, but some devs are simply just that bad at managing projects, regardless if they wanted to scam or not.

Finestream

hero member

Activity: 3052

Merit: 606

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.

This goes not just for newbies but definitely for all aspiring investors as investing is risky, but it’s even riskier if you put your hard-earned money into projects that have no real long term profiting goals. Be careful not only to devs, but on the project itself as it may look promising and very profitable at first, but the moment you put all your capital and profits in it, the project suddenly disappear just like a thin air. So be cautious and always DYOR.

Rengga Jati

hero member

Activity: 1932

Merit: 622

Truly.
If they say that they are friends and partners for your investment success, then that means they are opponents. We don't need to believe in them no matter what. Because it could be when they make 1 promise then there will be other promises. While the previous promises have not been realized. They will usually be very sweet and promising when they are building and selling their projects. but after that? It's enough for us to know that they usually won't fight as much as they promised. Promises are just promises. They may still be running, but, trust me, new projects usually can't make something as hype or well known as it always is. In this case, their focus is mostly on making more money, and the focus on projects and their investors is number one.

BitcoinPanther

hero member

Activity: 1918

Merit: 564

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

Please, be careful out there, the devs are not smiling

The dev are surely smiling because they don't want their investors to be turned off, scam developer even have a wider smile to make investors think that they are friendly and kind and invest in their project.

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

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 agree, if we are unsure we should only set a small fraction of our investment fund, and even if we are too sure about the project, we should only invest what we can afford to lose so that when the investment comes southward, our livelihood is not affected by the lost of investment.

AmoreJaz

legendary

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Merit: 1102

Leading Crypto Sports Betting & Casino Platform

Quote from: Questat on January 04, 2023, 02:08:38 AM

Investing in a project that we never know yet or had no knowledge about the background of the said project was a suicidal move. Just like in investing in new projects we can't assure that it will succeed and give what the devs had promised to the early investors. As we can see, many new projects had failed, not totally because they are scams but also due to a lack of support from the team itself. That is why if we are wise investors, thinking about investing in new projects is not really a good choice.

definitely suicidal! some are just looking at the charts without considering what is really going on in terms of their developments. as we have seen, a lot of pump and dump projects have died down eventually. so yeah, if you want to invest in this market, one should really allot a bit of time studying their potential and see how legit they are pushing with their objectives.
most devs are just here to fill up their pockets. they don't care if you will get rekt or not. especially those anonymous ones or with fake team members.

Iadegbola34

member

Activity: 499

Merit: 16

One thing about trusting altcoins is that, you should always trust your gut instinct as most times you would be right. And know that everyone in the altcoin ecosystem is in it for the money. Don't be a bag holder to a project whose devs we know are also in it for the money.
It's a losing game and winner (the dev) takes all.

Questat

hero member

Activity: 2856

Merit: 604

Investing in a project that we never know yet or had no knowledge about the background of the said project was a suicidal move. Just like in investing in new projects we can't assure that it will succeed and give what the devs had promised to the early investors. As we can see, many new projects had failed, not totally because they are scams but also due to a lack of support from the team itself. That is why if we are wise investors, thinking about investing in new projects is not really a good choice.

Apocollapse

hero member

Activity: 1008

Merit: 764

Quote from: Quidat on January 03, 2023, 06:59:44 PM

but if you do make out some research about roadmap or WP and understand overall on what are the things that is the project trying to make or achieve and believe into it then you do really have that confidence then it would be your choice.

Those things you mentioned above are pointless, every project is want to convince everyone if they have a good roadmap, WP, achievement and high APY. But in the realization, everything that has been mentioned from the team goes opposite and this is where the problem is from the developer.

Quote from: siedemtrzy on January 03, 2023, 11:47:18 PM

The scariest thing is that even if the project is not a scam it can just dump and die for some reason. Or even a big and well-known coin like LTC did, and no one is sure if it will climb back. TBH at some point, I decided to switch from a diversified portfolio to a BTC-based one. I have som altcoins, but BTC takes the biggest part of my portfolio now.

LTC isn't a scam coin, it just get abandoned by the developer.

If you talk about when LTC will climb back, actually it's also a similar question to BTC since BTC currently isn't in good situation too. LTC has follow Bitcoin hype 2 times [1], I expect when BTC make new ATH, LTC will follow BTC again.

[1] https://www.coingecko.com/en/coins/litecoin

siedemtrzy

jr. member

Activity: 79

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The scariest thing is that even if the project is not a scam it can just dump and die for some reason. Or even a big and well-known coin like LTC did, and no one is sure if it will climb back. TBH at some point, I decided to switch from a diversified portfolio to a BTC-based one. I have som altcoins, but BTC takes the biggest part of my portfolio now.

Silberman

legendary

Activity: 2534

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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.

It always surprise me when I hear stories of people investing the savings that it took them years to accumulate on projects that were obvious scams, if someone out there wants to invest in those new projects because they either want to obtain more profits than what bitcoin can give them or they simply want to support some developers and their innovative ideas then I do not oppose them, but their budget should be extremely low so in the case they made a mistake that loss does not wipe out their capital.

Topic: The Dev is not your friend, so be careful. - page 3. (Read 494 times)