Topic: The Dev is not your friend, so be careful. - page 4. (Read 494 times)

One the stupid things, I always see for "Investing".

In-my country, while someone from our nation releasing the project. There always has some guys, people or group for always say : "Supporting our child/people nation project" meanwhile in investing you're never/taking decision based on "Friend, Family, or Nation" need to be netral.

Because you're playing with your own money for investing not using their asset.

I guess your title must be very wrong. It must be DYOR was the most important thing for you. People who told you about scam coin like that shall not be called as mentor or friend. They were scammers too.

It's not the developers who have been making mistake here. You can easily known the dev was scammer if you were doing your own due diligence rather than believing in others.

I guess that you shall remember trusting someone else is not a good choice once you can still to trust yourself. BTW you shall learn from your mistake and never try to trust others even when you called him friend

that's the thing with these new coins in general you just couldn't be sure if they gonna outright scam you. even though they always promised big returns, there's big chance that they'd just run away when the milestone of fundraising reached and when they have the chance to liquidate their coins massively and that is the rugpulls.
there's always reason why the investment company always prefer to invest in existing coins that has established its reliability for long like btc and eth, because they are far safer and couldn't just lost their value overnight.
even if these new projects have some good proposal offered these investment company still most likely refuse to invest before having any meaningful analysis in regard of the new coins because investing in these coins simply increase their risk in their investment by huge margins.

I tend to agree and that's true.
We should always have DYOR upon picking a new project, we should follow them whenever they're as an active community because in that way we know about their project goal and we determine how good they're.  But now, most commonly a new project doesn't have a clear utility, it becomes redundant to other existing projects that also didn't exist.  That's why I didn't put large money into a new project.

I rather give a large amount on Bitcoin than these new project altcoins.

We all have crypto stories to tell and scam project on crypto is one of them. Mostly newbies are the one who are getting involved with this kind of scam, I mean being rugged pulled. Always do your own research and invest at your own will even if your mentor decides to tell you to invest on a certain project. We can't blame your mentor unless he get something out from your investment like he is doing persuasion to you because he has referral link. Those kind of mentor is trash if the mentor you are pertaining doesn't even do a simple research in the project.

When you do make your mindset to be like that then you cant really be affected that much but come to think that we do value our money that much which its impossible not to make out any negative reaction to it.When it comes to new project investment then you do normally have those doubts 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.
This doesnt talk about dev or  not.

I refuse to call those people devs, as they are not developing anything, they never even meant to do so. Everyone who is pulling out liquidity is just a scammer. Anyone can create a token, you don't need to be a developer to do so. And these days they can pretty much do every step of design with ai. Make AI to write generic crypto whitepapers, roadmaps, descriptions... And spice it up with Midjourney's AI graphics. So they don't even have to even work on that anymore.

That's all they are. Scammers. Dev starts being Dev instead of scammer after he starts developing. That doesn't rule out scamming in the future though.

A new project should have a community on telegram or discord where every trouble encountered by users can be found. When investing in new projects always reach out to other investors in the community who had a dispute, discuss with them to know their thoughts about the project, how their use case can benefit the cryptocurrency market in the future, and verify with them if their problems were resolved. If the project is a coin, I'd advise you not to purchase yet, unless you have some bucks to throw in after doing your diligence research.

Though recently, the cryptocurrency market is in trouble even real projects are not an exception to the attacks hackers launch every day in the market, as investors we are to capitalize on risks. A new project may not have enough security to secure its users or refund them if there get hacked and money is lost. However, it's a general barrier, some big projects escape with people's money without refunds after getting hacked, but new projects can easily go scot-free unlike established projects.

On the side of developers, many are here to make money, once their project starts attracting people, gradually they'll think of a way to rug pull and run an exit scam. Probably, they'll move ahead to create a fresh project and promote it with all they've made from their previous scam. That's why most time I wonder how fresh projects get to the top easily. Some get investor cool, but others are promoted with scam money. Hence developers are becoming lazy to create a unique web-based project, they're, most a times, going to launch another project that'll look similar to the previous ones. So, investors always watch out for projects that look quite similar; same idea, UI, and goal to scam projects. They're likely to be the same team in another coat.

Crypto is like a city, it's where a lot of wealth is being made and is thus an object of attraction for criminals.

Not just newbie every investors are tempted to go for a project when they see a big hype around it and some really think smart and take risk by investing on it even if they know that project is shit but for short term so they pull their profits as early as possible while many hoping to become millionaires are actually becoming losers.

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Never make any financial decisions from others opinion no matter what, you can look for suggestions all around and its good to hear different perspectives but the decision maker should be only you and you should do it only if you have a convincing reason. Never brag friendship, family, emotions into finance which is really danger to the money.

If you want to invest in a new project, just think it's a new game of gambling, so when the project turn become scam, you can accept the reality. Even an old project could become scam although the chance is less than the new project, don't get tricked and invest using most of your money because there's many people perform suicide when they investment crash e.g. UST/LUNA.

If you see a new project and you are tempted to invest in it you are stupid because new projects require tough research first, there is a chance that the project is a scam so before clicking the buy button you have to be sure what you are getting into.

Developers are here to make money, let that sink into your head, if we turn the table around and you become a dev yourself will you work for free? So it's always about the money.

I would add a little: the more you think that all the conditions for investing seem convenient to you, the more you should doubt. Developers, on the contrary, will smile at the top of their lungs to lure you into an investment trap. But the thought of why everything is so beautiful should always be pulsing in your head. No one will ever create ideal conditions because there is no need to pay for what can be stolen. Unfortunately, in our time, this rule has become popular, and when tempted to invest or not, try not to catch yourself in doubt. If in doubt, and intuition does not fail you, close the page and do not come back.

That's true but you should remember that a project (old or new) doesn't have to be a scam for you to lose money. They simply are pump and dumps and you lose money when you don't accept that they are pump and dumps! For example the biggest altcoins in top 10 list are also pump and dumps since they have no other utility in real world. So when you don't know how to make profit from such schemes you always end up with your pants down during the dump and lose money specially if you are one of those people who decided to bag hold and hope for the recovery instead of cutting your losses and exiting.

New projects are quite risky. Yes there are chances that you can earn a lot from a private series but it will depend on how promising the project are. Anyway theres a lot of factors to do and thats gonna be crucial when investing. $10 or $1k there is no difference but that will still be at risk, but gaining profits are also can be considered.

You need to have a lot of researches before putting any money on it.

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.