Bitcoin Forum

My fellow country men, we know how this things dey be for the country, e no go Tey now one new ponzi scheme go come out with their own offer, and you go see say many of our brothers go fall inside.

I know say many if us here know this things, but the things wey dey attract us fit dey different too, very soon one new crypto go come out, all of Twitter go dey shake, one Influencer now go carry am for head, you no go know say nah better rug pull dey wait their or pump and dump.

Una remember the story of  squid game, how they just come out with hype carry people money run. I no go fit advice say make una invest in only bitcoin, but make una try do good research, infact if possible pick only 2 altcoins invest in. But know say na only bitcoin wey dey fully guarantee.

Abeg my people make we no go give any body Free moni, besides Niger men we wise so make we apply that wisdom, even for our crypto journey too.

Make I no talk problem no come give the small solution I know.
 
How to identify this their scam  people wey come in form of ledgit crypto

👉 Read white paper: crypto project normally suppose undergo stages of development, so this project they get watin them dey call white paper which dey contain the formula on how the system go dey operate, their road map, e go explain how the entire network suppose function.

Any whitepaper wey u read wey no dey solve any problem, wey just carry promise full inside my brother commot body. The one wey we sabi bitcoin, give us proper written whitepaper. So any one wey no dey follow in the footstep na scam.
This scam people their whitepaper dey poorly written and if u sabi the eye read am u go know say na scam. Make I drop Link for better whitepaper so u go understand me.

BITCOIN WHITEPAPER (https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://bitcoin.org/bitcoin.pdf&ved=2ahUKEwi6zNvQ3PSDAxXZYEEAHXmKAcMQFnoECB4QAQ&usg=AOvVaw05-4mYD7EyyKjwcHh8i0Vw)

👉 Identify team members: most of this scam people dey like dey anonymous for their work, so one good way to check for their team members, find who dey real their fir goggle or not, even follow them for Facebook see if the real person dey post something related to the project. And they no fit scam with theri real face cause government go find them.

👉 beware of free things: most of this men dey like offer free things like say na ponzi, them go carry token give you for free or even some of the extra prelaunch coin for free. Carry for mind say nothing be free oh, unless watin then go gain go big pass your own.

👉check watin them dey talk: one thing I believe na say good business dey out to solve problems, so if this people just come dey talk moni moni my brother commot body na scam. This people fit even go as far as saying them dey launch for 20$ when their presal3 na just 0.003 like how which kind lie be this or even dey promote themselves as the next big thing. Just dey careful of such.

Like this I know say I don do better justice to this matter any body fall na en own.

If you get other ways wey u know say we fit use avoid this scam wey go happen this year abeg share for us.

The mistake most people dey make Iin cryptocurrency they feel every new projects is worth investing and they just take the risk of investing without making any research to be sure if the project is safe for investment or not. Make we learn to take things easy first to learn and not rush into, when we learn by making research to know more about wetin we won put our money to invest,  it will prevent one from making mistakes from entering all this failed projects we have.

My brother you don do well to enlighten us more about how scammers dy operate, but most problem wey we dy face as Nigerians is that we too like big big talk, and something wey go fit give us double of our money in a short period of time.

Most Nigerian wey try dy enlightened about Bitcoin and cryptocurrency no dy patience enough to invest in Bitcoin wey dem know say na him be baba, dem know say Bitcoin dy good, but if you ask dem why dem no wan dy patience with Bitcoin, dem go say  Bitcoin no go fit give them the sharp sharp money dem dy find, na that impatience and greed dy mostly make dem fall for scammers hand wey offer dem deal way look too good.

plenty of our nigeria people they always like free money and that free money done put plenty people inside trouble. and people still no wan learn just because say them they find money see that time them do MMM a lot of people collect money from people use run am. and if you see some investment offer you self go know say this thing no worth am how you go say make i invest some amount to cash one big money na serious red flag be that na but how people still they fall for scams because the country no they favour people at all. so people they always see this things as opportunity.


some people no they do there own research there own na make them invest make them cash out na when they done run the thing finish there eyes they come clear but them they forget say scam full everywere. and them they always plan all this things well wey be say people no they suspect. if you do research of amount they done scam people the thing go shock you and i they sure say that money go even pass like that because no be everything people they talk. so abeg if we see any matter wey no clear about investment make we free the matter.

Op, thank you for bringing up a topic like this for us to guide ourselves against scams in the crypto space. Investing in altcoin coins is like someone playing a gamble because there is a 50-50 chance that you might gain or lose your money. I will share my idea that we will use to be able to identify scam projects, if you see a crypto project tag Binance CEO on their post on x that Binance has retweeted their tweet, see that project as a scam because they are only in for your money and they want your attention by tagging Binance CEO on their post for you to believe they are legit. Even the Binance CEO said that any project that says it will be listed on the Binance Exchange during its presale should be seen as a red flag because they will not list such a project. Secondly, don't invest in any altcoin coins because the social media influencers you follow on X ask you to. Always carry out your research to know if a project is worth investing in.

Those mistakes na because of greed and the curiosity to get reach quick with just little money. Now the sense wey they no they get be say those people just need multiple users wey go just drop small small money but weting that small money go accumulate with high number go big. But for their eye na small money to invest to come win big money.

However you have tried to put things together in order to advise our Nigerians and I commend you at least for doing your best although most of us here have heard this over a million times in the forum. I believe by now with our exposure to scam and how aquatinted we have been with scam cases we aren't supposed to fall for ponzi scheme scams no more, the areas I would believe that some of us can fall victim of scams is only if the company that we deal with claims some false hack issues and hence fraud us indirectly by shorting down the project that's where Nigerians can get scammed most (those of us here in the forum). but for ponzi scheme I'm not sure it's possible except for the too greed people if not (naija na where scam strong na so we all don know there ways).

No be to only read whitepaper, also do some deeper research research because all these fake project wey get intention to scam dey lazy to write their own whitepaper. What they normally do is to look for a well a written whitepaper of another project and do some little editing. If you read the whitepaper, verify it using plagiarism check sites to know if it's genuine and unique or na copy and paste.


This one too dey but no be guaranteed to a successful project. Take a look at bitcoin itself, we no know the identity of Satoshi but see how far bitcoin has come. Besides, Identity can be falsified and fake social media accounts can be created too. Government of plenty countries never dey okay with crypto and even if anything should happen, dem go comot their hands. So as much as this should be considered, it doesn't make a project to be genuine or successful.

Na why sometimes e dey good to only focus on already known altcoins if you want to invest in them because most of these new projects can not be trusted. Person don too much fall for there hypes in the past. Although some project get good intentions towards their community and want to grow but some conditions and circumstances dey make them fail too. Just as you talk am, we must be careful when choosing the altcoin to invest in.


Well, the post is not about ponzi, Op is talking about fake and scam project in crypto space. Our eyes don open for this country with different scams strategies but na so scammers dey improve on their approach on a daily basis and people still dey fall for them. Even today then call me using already outdated strategy wey Don cast. The guy say he's from Access bank and want to know if I have received my free 20k. I tell the werey say I no get account with Access bank and he immediately ended the call.

If not for the knowledge that I have gather here in this forum, I know myself very well that maybe someone by now would confused me about some projects that is actually not as prominent as they claim it to be. Just this afternoon, I got a message from an unknown user telling me about how this bull run is gonna to be filled with a lot of chances and opportunity telling me that he has the spreadsheet of how the bull run is gonna go and I strictly told him to keep it to himself as he asked me to pay 25$ for it.

This forum has done a good job in teaching us a lot, most importantly 'TO DO YOUR OWN RESEARCH'. And that has been the key to save your self from a lot . Cause last last na ignorance this people dey use caught us, so if we continue to stay aware of most of their tricks as least we fit reduce and save ourselves from a lot of trouble.


Omo I neva even hear this kind update before oh, you feel say e Don cast but e get many people wey go still fall for many reasons, and you know say the country dey put every man for desperate situation, so some persons no go see free 20k no try luck besides we dey used to gamble for the country, men fit gamble with even their personal information. Why I call am gamble na say, no how wey something inside them no tell them say na scam but my men go wan still try luck.

Identify team members
First of all I comend you for wetting you talk, and na legit matter you bring so. This team member na those set of people wey dey work with scammers and dem dey always comment on those products to make you believe say wetting them dey halk na true. So we need to be careful.

beware of free things
Free food they porge according to people. so to always jump into conclusions and think say any free thing na legit, make you carry am for mind say free things na plot to carry enter you fast and this thing don make me dey extremely careful.

So make we just dey careful abeg. I no get that time to explain more but just check everything wey everybody don already talk and figure out way for yourself.

OP, to me , the only way one can do this is by trying to avoid many altcoin and shitcoin because most if them are scam, despite his inquisitive we are to make money through crypto, we should also beware of the imminent fraudulent activities that's avoidable by choice, some crypto enthusiast are always looking new coin to invest in without thorough investigation about such coin, so wont they be scammed, I don't even think that it is necessary that one will invest in shitcoin, I know that once there is any price shift in bitcoin the possibility of make more profit in shitcoin is high but if you must invest in this coins, you have to go for the one you know to avoid being ripped off your hard earned funds, yea, avoidance of free stuffs is good too so that negative events won't be the other of the day.

Yeah what your saying is true, many scam project come in such disguise, but not everyone would agree to this, so I think it's better we pick if it's a must. And it's our responsibility to guard ourselves against crypto scams.

Many new crypto investors dey fall victim to scams because dem dey invest in altcoins wey no get good exchange listing, hoping to make more profit with small investment. Make we protect ourselves from crypto scams by using well-known exchanges, dey cautious of messages wey no ask for and learn about common scams. Shine your eye verify information before you waka make any transactions.

How do most people see Altcoins, most people are always afraid to go into investing in this Altcoins because of higher tendency of experiencing losses even after analytically studying the potentials of such a project. While, to some Altcoins are primarily a live saving solution to make them rich and wealthy. All these are all attributes of Altcoin that is why extreme care and caution is ideal when dealing with Altcoins, at most investing with money one can lose even when the project Devs decides to abandon the project due to poor performance from the project sales or selfish aims from the team.

You don try as you carry this advice come here, although we dey discuss about scam and hack for this forum and anybody wey dey deal with crypto suppose know say security and privacy na the first thing to learn, I don't know for others but it's been long I heard about scam, things fit dey happen but I never hear, the thing now is some people don know their trick so it's very difficult to fall mugu for all this juicy offers.
The part you mentioned beware of free, free things na dey really kill people, sometimes the way these platform go just appear with one kind free offer ehhn, I read a topic in trading discussion and the op dey discuss about one hidden portal and their free offer and I laughed cause new platform no suppose offer free bonus. In my opinion when dealing with crypto learning about security should always be the first.

A very common mistake and no matter how people are being taught about how dangerous and risky cryptocurrency is there are those who would always ignore it all and just invest their money into it. Investing without having knowledge about it or making proper research about the coin you want to invest is a very bad approach, it doesn’t usually end well as mostly na negative results e de get. Knowledge na im be wetin everybody need for this crypto space if you really want to survive it, i no think say e get any other way around am except if person just de ready to lose money.

This year we gats shine our eyes oo, make we for no gree for  scam activity this year so that we no go fall victim. Because as we sef dey wise na so scammers sef they try to increase their format so that we sef go fit believe. And one thing wey dey certain na be say, if hungry man see any slight opportunity e go like to one put body  but no be all free thing you supposed out body, because currently the scam ratio for airdrops don plenty the actual airdrops wey dey really do give away. Some go ask you to send small thing go first to confirm you address but that na just their format to take catch newbies wey dey desperate to make money.

OP, if money mongers will listen, I think this thread is a good one, it is a reminder to crypto enthusiast, crypto lovers should know that, scam is on the ruse in this industry and the only way to win this fight is to examine a new project before you can think of investing is as simple as that.
Some people see every project as an opportunity to make money not minding the risk that's involved, is all people that are very inquisitive to make money that fall this victim, if you must invest in altcoin, there are many well known altcoin out their, even their profit rate is not that encouraging, is not better to have your funds secured that to lose funds in the name scam, so let's be mindful of what we do in other not to regret our actions.

We have no appetite for scam activities so that we don't fall victim. beware of popular tactics like phishing emails, phony initial coin offers, and pump-and-dump schemes to protect yourself from cryptocurrency scams. stick to reliable exchangers and use hardware wallets for added security. avoid accepting unsolicited offers.You should verify the wallet thoroughly before completing each transaction. always be careful.

The problem with us Nigerians our eye dey greedy too much but we no go gree face the truth say we need to dey careful because there is a saying that wise man die for foolish man backyard.even me have been a victim of that.we all no that Bitcoin na baba for crypto but people like to take risk. you see say na scam you go still enter to try luck🤣.all your crypto savings disappear in a minute.this topic they very important this year make monkey dey work na baboon dey chop.na Hussle everybody they Hussle. if you see such things make research very well so you no fall victim.

Indeed what you have said is very true, most persons fail for scams because of greed, cause sometimes when we evaluate the offers that we are given we would find out that, what this people are telling us would be so hard to achieve, and we well know that investment bears its risk, so the question remains how are this people getting the money to give us?, but most Nigerians won't think about this one instead they would be so lured by the offers and end up falling for scams, but from the facts you have presented, I think we can use this to identify scams, but for us to really save ourselves we must apply carefulness and stay in our zone of comfort(like btc, Ethereum etc) than searching around looking for the next shit coin that would go 50x and end up losing money to scammers because of our greed for outrageous profits and impatience to grow our money slowly.

Yes ns greed be the main thing and also ignorance too, cause as na online most people dey act out of ignorance, not knowing the repercussions of some actions, you go see person go actually dey sane send person wey em no know, no video call, no prove of him been real money, because of promise, so both ignorance and greed dey follow do this thing

Why some people dey fall for all this scams na mostly because say dem get that mindset of making it quickly in the crypto space when in real sense e no suppose be like that. Many people don fall scams in the past and na the same thing wey those people dey pass through before na him even the new victims too dey face and dem no wan change still. E no make sense make dem dey repeat the same thing over and over again and people go still dey fall victims of the same thing.

For crypto space, you no fit make am overnight and any project wey promise you so, just wan use you make money through that project and dat sign already don dey signify red flag wey you suppose avoid. Doing research for project wey you wan invest into still remain the best method to know whether the project na legit or not. If you don tey for this crypto space, dem no need tell you if project they show sign of scam or not.

have to leave a system of investing base on influence[Suspicious link removed]agien having a influencer creating a content about cryptocurrency investment.most Nigeria will fall for the trick thinking it?s legit,without background checks and information and knowing most of the influencer are been paid for there services also.so I advise both the influencer and investor to be sure about any cryptocurrency investment platform before taking a step to want to invest in.