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It’s easy to think that everyone is getting rich investing in cryptocurrencies. This mindset leads many traders to fear missing out on the next big altcoin offering or the next leg up in bitcoin . Many scammers take advantage of traders' greed with dubious products and services in the cryptocurrency world.
FAKE ICOs
Some dubious individuals conduct fake ICOs to scam potential cryptocurrency investors who wish to take advantages of initial offering. They make everything about their idea perfect and enticing.
They over emphasize their reward telling you you can make excessive folds of your investment within a short while. They even provide a whitepaper and road map that appear appealing. They use fake pictures of known people as their team members without their consent to make their projects appear real.
The way out of this is to conduct research on the authenticity of such project, research the acclaimed team members to be certain that they are real and also make yourself acquainted with their social media community for you to get more facts concerning the authenticity of the project.
Check there contact wallet to see how truthful they are about their acclaimed raised funds.
Reading the whitepaper and asking constructive questions on it can also be of help.
CONDUCT OF FAKE AIRDROP
This is very common in the nowadays cryptocurrency community. Fraudster now pose as bounty and airdrop managers for some successful or newly listed projects. They do this in target of their potential participants wallets' private key. They tell the participants to input their wallet private keys for verification of the wallet to claim an airdrop or bounty earnings.
The way out of this is to avoid any project that requires their wallets' private keys. They are mostly way of scamming you of your stored assets
POSING AS A PROJECT ADMINISTRATIR
Many fraudsters pose on the social media communities of some project as the administrator most especially on telegram. They contact you and ask you if you need an help as regards investment in the projects. They later offer to help you with a huge bonus if you invest through a special contract wallet which purportedly belong to them.
The way out of this is to check to see if we both share the same groups, open up their profile pictures to check what other pictures they've uploaded. Now opening their pictures/avatar not only show if they have history of switching identities - which scammers do - but also the camera resolution of their phone. The only way that will happen is if someone copied the picture from another source.
Ensure that you ignore anyone who claims to be admin with all those suspicions.
You should also ask about whatever any admin offers you in PM in the official telegram group before forging ahead with such
I hope this will help the newbie with safe operation in the cryptocurrency community to a certain extent.
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This is a great and lovely project
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What I mostly do is to check the profile of the bounty manager. I also look into the ICO radars. I mostly check them on coinschedule to know their trust scores which range fro A to E. If a project's trust score is below C, I am not engaging in their campaign.
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That altcoins are going to die is not something that anyone can say will happen. It is certain that some project will not succeed and some already existing ones might also fail. But that is not because of the current market situation or dispensation, it might also be as a result of the project team.
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Do bounty hunters deserve to be treated the way they are treated nowadays by the ICO projects developers? Most developers will lock the bounty and airdrop earnings when their tokens are listed on exchange to prevent the hunters to trade. Only the investors are allowed until the specific period is passed.
This is as a result of dumping of tokens at ridiculous price by the hunters.
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Looking at the altcoins markets lately, the price within short time from listing on an exchange falls drastically below the ICO prices leaving the investors at loss for over a long period of time. Some ICO projects find it extremely difficult to recuperate from such loss of value.
Some project now take a caution which is believed to help the investors makes some earnings before the dumpers spoil the market. They now lock down the bounty and airdrop earnings for some period of time. This is aimed at stabilizing the market for such token before the activities of dumpers which are believed to be mainly the bounty and airdrop hunters.
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Telegram Username: @Eegwe
TAU Wallet Address: TGsdEcVBhjrzw7toUmrSXoHnQ9sGFiLVuQ
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Different investors in the cryptocurrency nowadays invest for one reason or the other. The investment can be as a result of the Tech aspect of the project and it can also be for buy/sell for profit motive.
Most of the recent investors are into a project just for profit motive and care less about the technology aspect of the project concerned. Most of these investors are majorly engaged in panic selling which end up dragging the token's price down which has ended up killing some project or plunder them into a mess difficult to regain from.
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As the past few months has been about the dwindling in the price of ethereum and bitcoin. It has had a grave effects on the ICO projects which base their soft and hard card on Ethereum. The recent Ethereum market has experienced much rises and falls but the fall has been in a very large extent compared to the rise in the price.
Some project started and cap Ethereum price at USD1,000 but the price is currently below USD200 which can lead to failure to meet up with the caps set bet those projects.
What do you think can be the way outs for such projects?
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One thing about cryptocurrency is that no one can really be precise about the reason for a rise or fall in the market price coins or tokens because there is no specific regulatory body for altcoins price. It is just based on some algorithms that majority of the cryptocurrency investors do not even understand.
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It is a very awful experience to work for a project hoping to earn big from it, agitation and expectations very high and all turned out to be a scam. It is very pathetic.
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It is very hard not to panic as the ethereum loses value bigly on the daily. This will bring about loss to a loss of people who will fall victim of panic sale and make big loss. Some will take advantage of that and earn so big when the price bounce back to the rise.
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