To put it plainly, here nothing is totally alright for us, everything is consistently unsafe. Safeguard yourself by continuously learning, update everyday news, do your own exploration while financial planning, don't pay attention to anybody's recommendation, avoid projects that guarantee exceptional yields and particularly never set up your resources in one place, putting away with cash can lose.
As the market develops, it's getting increasingly hard to bring in cash and the tricks are getting an ever increasing number of complex, so forever be dubious in all cases, never put your confidence in anybody.
Topic: They want your money by all means possible (Read 1352 times)
The "shortcut" to being rich is probably one of the biggest (if not the biggest) issues that new people in the crypto industry have. So just to add, we also have to learn to remove that thinking from ourselves. Scammers are everywhere, experience and some kind of study help; do not invest without any good plan.
Very true. Greed is what drives the senses away from a man who wants to earn money quickly.
The harsh truth that there is no shortcut to success. We all have to go the hard way to earn consistent pofits.
All the ones looking for a quick buck either lose it all or gets scammed by these scammers.
It is our own due diligence to put in the effort to research on investments that we are gonna make.
Without hardwork, there's no road to success.
The "shortcut" to being rich is probably one of the biggest (if not the biggest) issues that new people in the crypto industry have. So just to add, we also have to learn to remove that thinking from ourselves. Scammers are everywhere, experience and some kind of study help; do not invest without any good plan.
Don't be in a hast to become successful, because many newbies that came with the mind of looking for shortcut to make a big money from new project to become successful ended up in the hand of scammers. Always carry out your personal research to choose a potential project that will lead you to success in future, because there are many fake project in the community that will never bring you profits than to empty your money at the end of the project.
I don't think there are worthy coins out there in this era since it seems that they are all a scam to me like how they would make their investors invest then if the price pump they will suddenly be gone or make an exit scam. I know they are pump and dump coins but why is it there are people who still invest on them when it's too risky to invest and worse is they will take your money.
It has been happening since in the past and I don't know why there are people who still want to invest on them. There are worthy cool out there that are good but it's so rare to find them until bull run will show them.
It has been happening since in the past and I don't know why there are people who still want to invest on them. There are worthy cool out there that are good but it's so rare to find them until bull run will show them.
It is easy to fall for fake projects if you are willing to fall for it. There are so many people out there who would like to invest into things that do not make sense to me at all. They are doing horrible as we all know because we see those new projects and how terribly made they are and yet they get paid for it for some reason.
Imagine this for a second, look at pinksale and all the new tokens that gets funding, there are ones that get money in millions, do you really think they all deserved it? Of course not, which means that just in one launchpad we see plenty of tokens that got everyone's money and for some reason everyone is fine about it and that's the problem.
Imagine this for a second, look at pinksale and all the new tokens that gets funding, there are ones that get money in millions, do you really think they all deserved it? Of course not, which means that just in one launchpad we see plenty of tokens that got everyone's money and for some reason everyone is fine about it and that's the problem.
I always check the projects through other projects, whether they have been followed on Twitter, or any other means of social media by verified projects, For example, if some projects are followed by Coinmarketcap, Binance, Kucoin, and some other top accounts, so I think about these projects. So, this is also a way to look over.
But that's not enough, there are communities of projects that have been made with fake followers though I think you know what I mean and they're easy to be figured out.If there's not that much interaction on that project then that only means that they're not real followers and probably used a following service from any third party to make it look like they have a lot of followers.
And the engagement isn't there because you see little active people to none.
Community or better to say a working community helps the project, with active followers who really supporting the project the chance of being successful is high, there are many projects who do have good numbers of followers but just like the same schemes by those scammers they are just paid followers just to make the project being supported but in reality there are no supporters or just fake supporters that being paid by the team to allure people to invest.
Another part of you when starting to invest with your chosen projects, you need to work harder in finding the development if there's real progress with the project that you are following and investing your money.
I always check the projects through other projects, whether they have been followed on Twitter, or any other means of social media by verified projects, For example, if some projects are followed by Coinmarketcap, Binance, Kucoin, and some other top accounts, so I think about these projects. So, this is also a way to look over.
But that's not enough, there are communities of projects that have been made with fake followers though I think you know what I mean and they're easy to be figured out.If there's not that much interaction on that project then that only means that they're not real followers and probably used a following service from any third party to make it look like they have a lot of followers.
And the engagement isn't there because you see little active people to none.
I always check the projects through other projects, whether they have been followed on Twitter, or any other means of social media by verified projects, For example, if some projects are followed by Coinmarketcap, Binance, Kucoin, and some other top accounts, so I think about these projects. So, this is also a way to look over.
As we already know investing in a new project is like gambling but things like that are very hard to avoid like there is magic that makes us blind so we are interested in the offers that are offered so we are interested in risking your money besides the desire to get money quickly and easily so take the wrong path without having to think about the risks. old project that was at the top now highly recommended, do something in your faith if it is profitable
Yeah, scammers are so advanced that these are no longer what makes a project legit, before now when you see a project with a visible team, audited by a known audit firm, a great website and listed on a high volume exchange - you will immediately make up your mind the project is legit enough and can be trusted. The story has changed so much, the team doesn't need to be anonymous to scam.
The type of scam happening now is well organized and planned for a long time to be more convincing to their prey.
From what we have seen in both ftx and luna, some projects will not scam at their infancy, they will be in operation to gain enough trust from their investors before they strike. These among other reasons why most investors don't want to be in alts projects long term, they rather buy and hold btc for long term.
The type of scam happening now is well organized and planned for a long time to be more convincing to their prey.
From what we have seen in both ftx and luna, some projects will not scam at their infancy, they will be in operation to gain enough trust from their investors before they strike. These among other reasons why most investors don't want to be in alts projects long term, they rather buy and hold btc for long term.
We are now in a era where scam devs don't care about anonymity anymore, now they aren't willing to hide their faces, they will come out in the open, throw you some videos on YouTube and still run away with your money, if you are a newbie you need to have the following in mind when researching projects.
1. Visible team members don't mean they are scam free.
2. A audited smart contract project can still scam you.
3. Scammers can spend a lot on their website to make it look attractive just to make you invest your money.
4. High volume on the listed exchange doesn't make a project clean from going scam.
1. Visible team members don't mean they are scam free.
2. A audited smart contract project can still scam you.
3. Scammers can spend a lot on their website to make it look attractive just to make you invest your money.
4. High volume on the listed exchange doesn't make a project clean from going scam.
It is becoming more and more difficult by the day to differentiate a genuine project from a scam.
A project looks very real and promising and before you know it, it has rugged.
My question to the OP is this:
So, how to we tell a genuine project from a potential scam project if all of these previously check are no longer a guarantee?
These days scams are as brazen as can be. I learned the hard way that even if a project is green-lighted by the best platforms or audited by the best audits, it can well and truly scam you. I have so many examples, the latest is Cylum Finance that was audited by Cerrik, which is an industry audit leader. Even the team was doxxed. Still didn't stop them from rugging the investor, me inclusive
Fraudsters are getting smarter at disturbing investors to be able to get money by all means. We shouldn't get caught up in investing in the newest project. If you don't dare to take the risk of investing in a new project, it's better to invest in coins that have been tested and have strong fundamentals so that it is more profitable to invest.I believe there is no way to determine which project is going to scam us until we realize we have been scammed. Take a look at Luna and FTX, both of them are top names in the market and the people behind them are top-notch talents in the crypto industry, but in the end, they are all scams. The best way to not get scammed is to invest in bitcoin only, never invest in altcoins and stay away from centralized exchanges then you will never fall into these traps.
These days scams are as brazen as can be. I learned the hard way that even if a project is green-lighted by the best platforms or audited by the best audits, it can well and truly scam you. I have so many examples, the latest is Cylum Finance that was audited by Cerrik, which is an industry audit leader. Even the team was doxxed. Still didn't stop them from rugging the investor, me inclusive
Fraudsters are getting smarter at disturbing investors to be able to get money by all means. We shouldn't get caught up in investing in the newest project. If you don't dare to take the risk of investing in a new project, it's better to invest in coins that have been tested and have strong fundamentals so that it is more profitable to invest.
These days scams are as brazen as can be. I learned the hard way that even if a project is green-lighted by the best platforms or audited by the best audits, it can well and truly scam you. I have so many examples, the latest is Cylum Finance that was audited by Cerrik, which is an industry audit leader. Even the team was doxxed. Still didn't stop them from rugging the investor, me inclusive
Fraudsters are getting smarter at disturbing investors to be able to get money by all means. We shouldn't get caught up in investing in the newest project. If you don't dare to take the risk of investing in a new project, it's better to invest in coins that have been tested and have strong fundamentals so that it is more profitable to invest.
These days scams are as brazen as can be. I learned the hard way that even if a project is green-lighted by the best platforms or audited by the best audits, it can well and truly scam you. I have so many examples, the latest is Cylum Finance that was audited by Cerrik, which is an industry audit leader. Even the team was doxxed. Still didn't stop them from rugging the investor, me inclusive
4. High volume on the listed exchange doesn't make a project clean from going scam.
This particular point could benefit for some people where they can make some quick profit when they buy it low before the scam begins, in early days you can do that easily but it's rather difficult to do it now.Scammers are a pest in the crypto world because they are damaging the reputation of other new legit projects. Now many people are scared to invest on new projects thinking that all of them are the same. They are afraid to get scammed. How I wish that all scammers will get a bad karma and burn in the hell once they die.
- At this time in the cryptocurrency industry, it seems difficult to judge whether the project is a scam because as you said even if it is listed on an exchange the scammers end up getting a lot of victims in reality.
If the former traders and community in the crypto space are still being victimized by these scammers, what about the newbies who don't have enough knowledge of cryptocurrency, especially?
yep, because newbies are always the main target of some scammers in the space and day by day the victims are increasing since most of the scammers can make a very promising projects as well like the legitimate. So its not surprising why even some expert and people who have been here still fell in it because scammers getting smarter also they always find ways. Lol If the former traders and community in the crypto space are still being victimized by these scammers, what about the newbies who don't have enough knowledge of cryptocurrency, especially?
4. High volume on the listed exchange doesn't make a project clean from going scam.
This particular point could benefit for some people where they can make some quick profit when they buy it low before the scam begins, in early days you can do that easily but it's rather difficult to do it now.Right decision when to sell or much better to have right executions when you start investing with new coin, we all know that in this kind of market the quicker you gain the better you should sell your hold assets, the chance that it will fall after is really possible and if you miscalculate, then expect to lose your investment,
most of those new coins after reaching the target profits will end up dying in a natural way, meaning to say that they will be just abandoned the coin and create new one to allure another investors to follow them and will keep repeating the same scheme to get more money.
4. High volume on the listed exchange doesn't make a project clean from going scam.
This particular point could benefit for some people where they can make some quick profit when they buy it low before the scam begins, in early days you can do that easily but it's rather difficult to do it now.Jump to: