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Make sure the DeFi project you will invest on will be big and have popular confirmed partnerships, I believe that's something scammers can't pull, know how you do research and you will be saved.
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Absolutely necessary, those partnerships must be confirmed by the other party as scammers can just add names of big projects falsely and some investors won't check it's authenticity
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Lately, there is a craze regarding DeFi projects. Looking at the solutions being brought into light which is basically to leverage decentralized networks and to transform old financial products into trustless and transparent protocols which is able to run without intermediaries. However, scammers will use this hype to their advantage as well. Do your research carefully before investing in any project, hype or not. Do not fall for just any project which claim to be DeFi projects. We are so excited that we may forget ourselves and just looking forward to the profit if the value of the token increases. Let's not let our guards down as we are not in normal times. God bless!
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There are no easy ways to determine a fake project. Even if a project has a high score on ICEO review sites, or non-plagiarized whitepaper, or even a team being available for AMA etc. Crypto space is a risky space hence you can't be 100% sure. The best we can do is do a research about a project, what solutions are they bringing to the table. Most of the fake projects are just copycats with no real usecase, they tend to promise more than they can deliver and sometimes looks too good to be true. Do not fall for FOMO, if possible wait until they are listed, or never invest more than you can afford to lose
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My biggest regret was not buying into bitcoin earlier, i remember a friend telling me about it and i told him it was a scam. Well, see how it turned out. Also selling some of my earned tokens too early last year then ended up losing couple of thousands. I guess crypto space is all about taking risks. I am more vigilant now compared to 2 years ago
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I think you meant to say if you want to earn huge sum of money then be a developer, be it blockchain or software but these need skills and need to be your profession as you need to learn that. However, for most bounty hunters they are looking for extra income or maybe few hundreds of USD which can be made from translation, moderation, content creation bounties. Some projects also do pay in stablecoin or trading coin such as bitcoin, ethereum etc. Bounties may not be as profitable as it was few years ago but some are still benefiting from it.
Those who are able to learn or upgrade their abilities will earn more but few bounties are still worth doing, just may not be as profitable
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Indeed there are many dead/shitcoin out there currently and will always be. People are coming up with either scam or failed project due to maybe lack of fund or poor development hence it's quite necessary to do thorough research before investing fund or even time in any project.
However, there are positive looking altcoins which can easily be seen on coinmarketcap's website. Projects like Chainlink, Quant, Tezos etc is worth investing in as they have genuine usecases and devs. There is definitely a brighter future for altcoins, alot of the bad eggs will be filtered out soon enough.
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