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DeFi is leading the bullrun this time. And just like what we had during the ICO bubble which led to a massive bullrun then, DeFi is playing similar role, but this time the innovation is more solid than mere fundraising strategy. We are now wiser and we need to be careful in what we invest in especially in the DeFi ecosystem. I have seen more than 3 DeFi scams just last month. It is very important as investor to ride with the tide and in what is in wave, but extreme caution must be taken.
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I have been scammed, phished and lost a lot of amount in crypto assets. Not to talk of tradings going totally bad. All these made me stronger and I have no fear to face off again. However, my only fear everyday I wake is simply seeing all my crypto assets worthless probably because of government ban on cryptocurrency or just the whole crypto industry is a planned super mega scam.
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For the sake of the team reputation and the project excellent record, it won't be good to avoid using ICO for fund raising. ICO got bad reputation and it is know to be another form of scam. Avoid it for GOOD. No project with ICO will want to be associate with.
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This is the best time to invest. The market is not yet launched in to bullrun. However, a section of the industry (DeFi) has been performing exceptionally, with more room to grow bigger. Invest wisely and take responsibility for whatever the outcome of your decision to invest.
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There are good options available for you if you are not comfortable with using USDT. We have USDC, BUSD, DAI, PAX and many others. One key advantage of USDT is that it is widely use across larger percentage of exchanges and crypto platforms. It is also the first and oldest stablecoin. It has been tested and still widely use.
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I will state my opinion with real life experience. I am in crypto group, having expert traders that generously give good buy & sell calls on a regular basis. The truth is that many don't take the calls serious, not until they start seeing price increase before joining in. Trust issue and fear of missing out is often the case in this scenario.
Another point is the dip can be fake and once you bought in, the price go deeper. To probably reduce the risk of that, people would wait to see green light before making a move.
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I understand that most project's tokens received from bounty often become useless. Some don't at all hit the exchange. Now, there is need for alternative to protect the interest of hunters. However, we shouldn't miss the point why projects pay with their tokens which is to decentralized their circulating supply as much as possible. Also, don't expect projects who have not raised enough funds or have little money for development to allocate stablecoins to bounty. I think hunters should be more selective in picking bounties and go for the best.
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There is no fit it all method to identify a fake project. The process involves series of factors which is centered on adequate research on every subject of the project, leaving nothing unattended to. Key points and useful tips had been highlighted on this thread. No need going over the same points. However, it is very important to know that these scammers get smarter every day and easily come up with new scamming method.
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I have total confidence in altcoins. Think about this; what is the essence of cryptocurrencies without the altcoins. A good number of these altcoins have established themselves and have become force to reckon with. I will definitely use cryptocurrency as means of payment if the time comes. In picking any coin as means of payment, I do consider transaction fee, speed and security.
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Trading is beyond buying and selling; buy low and sell high or buy the rumour and sell the news. It is more technical and requires proper analysis of every parameter. Trading is not met for everyone. Run from it if you can't handle it and stick to what works best for you. Crypto industry is full of enormous opportunities to earn.
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I like the way you concluded. It is a two way situation and there is no certain formula for it. Duration doesn't matter. Kind of project, team, idea and even sufficient funding won't matter if a project will fail. Keep doing your best, the best bounties and just a single hit will change the story.
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I can't say of 2 years ago, but three of the presumably dead tokens I got from bounty campaigns early last year are giving me joy at the moment. Mind you, I had these tokens in my wallet. If bounty of two years ago didn't reward you then, forget it. They won't do so now even when the market is favourable.
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To be honest, both ETH and BNB are good coins and presently, they are performing exceptionally. In the case of choosing which one to invest, I will go with ETH because it has wide range of use cases and overtime, it has been tested from all fonts and proven to be full of potentials. Though not without its weaknesses. In addition, ETH has gotten many developers globally more than BNB which is a plus for future development of the blockchain.
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projects like Bcnex will always be there and can fool investors and members, the Bcnex case is the same as IDAX, IDAX exchanges have also become scammers, if there are no clear regulations on the launch of the exchange, then this can happen again, just be careful
Not easy to forget losing my assets to IDAX too. One thing that was common to these exchanges is that they looked promising, well organised and easily attracted many users, not knowing they had exit scam in place for their users. More reason why crypto users clamour for regulation. This action should never go unpunished for |
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I agree with you on all the points highlighted. However, I observe that there is new twist to falling into scam these days. Beyond being greedy, lack of knowledge or trusting the project team, also is a well planned scamming scheme. These scammers also get smarter every day and do presents their victims with real and finished product, that it becomes impossible for even the old and experienced in the space to suspect until the did has been done. Anybody can fall victim. What is important is to consider every factor and never leave any stone unturned.
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This perception is very wrong. Bounty and airdrop don't kill projects. In fact, the purpose of these programs is to boost the community base, liquidity and enhance mass adoption of the said projects. Sometimes, hunters don't get rewarded for their efforts and in most cases, price dump before rewards are being distributed to hunters. What kills projects faster is lack of enough fund to further development and/or a pre-planned exit scam by the developers or project team.
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