I will like to keep this simple and short, you want to invest in DeFi projects? Yea they are the best presently in terms of fast growth and adoption but watch out for new DeFi projects because they are probably scam, you want DeFi project? Look into those that's been around since 2018 or max 2019, not all newly launched DeFi projects starts development in 2020, DYOR and Play Safe.
Well if one looks around and from past experiences as well starting from ICOs, there is every reason to agree with you. Most Defi projects which has been around before now can be a good investment choice at the same time while some upcoming Defi projects can be trusted but however only very few in this case; because scammers leverages on hype to carry out their plans and Defi has given them that opportunity. Also, if one want to hold Defi projects for long term, I would strongly suggest old projects but for this new ones the risks associated with them might be too much for long term holding. |
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This is for all those who thought that newbies are learning about scam schemes here is a shocking revealing story for you... Hours back Twitter accounts of big crypto influencers and exchanges were hacked and I've read few posts on this forum that not many would fall for it but guess what? You are damn wrong, scammers cater away with over 100,000$ worth of Bitcoin.  Honestly people aren't learning anything, I am so disappointed in the way people think nowadays, believing they can actually double their bitcoin, as a newbie, the moment I saw the giveaway on binance official Twitter account I knew it was a hack Most of the times if not all the time, falling for all these fake giveaways starts with greed. The person will be so attached to the anticipated reward that he won't ask questions on how legit the giveaway is and once scammed he starts asking those questions. Scammers have understood that people tends to be drawn towards giveaways or doubling schemes once the reward is attractive which will blind them from seeing the truth, that is being greedy. It is sad such things are still happening and from the look of things, until people start being contented while asking the correct questions about most things they come across, they will continue to fall for scammers. Thus, there is need for people to learn from all these and do the right thing always. |
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I learnt my own lesson about some useless use cases in crypto Projects through Airdrop hunting. I have something against the following use cases like
1. Artificial Intelligence projects
2. Gold backed tokens
3. Deflation tokens
Why? They hardly survives because they are mostly based on lies, these use cases are scammers favorite tools to deceive
That's true, all these use cases have always being met with bad endings for investors while the team moves away with the funds generated. However from the list, I can say based on my own understanding that gold backed tokens tends to be the worst as I have not seen any which is working nor any which is actually living up to expectations. In the case of deflation tokens, I think there are some platforms which uses it, such that when tokens are used for services the supply tends to reduce nevertheless it was still leveraged on by scammers to achieve their aim. Therefore what this shows is that, before one invest in any project, one should study the use case and make sure it is something that can work. |
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It is really painful when one will work hard to make money and only for scammers in form of exchanges which are meant to be somewhat trusted will end up stealing the money. Everyone knows that an exchange have no excuse or reason to close withdrawals for all users and if this happens it means they have exited scam; it is sad but I think this is the case scenario of BCNEX exchange. The exchange is gone with users funds and the best to do henceforth is sticking to good exchanges which are already known and yet even at that, not keeping big funds on them.
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The event of the previous days has indeed exposed people to the truth especially those who are yet to understand that centralized platforms such as those found within most stablecoins today can actually freeze users wallet. What to understand is, stablecoins which are centralized will always express that power they have over their users and nothing will be done about it.
Nevertheless, answering the question asked, I think the only stablecoin which is decentralization per say is DAI; since it is decentralized it means some of the things such as freezing of wallet which can happen in centralized stablecoins won't happen in DAI. However, this thought of DAI not freezing any wallet is coming from the angle that they are decentralized, but circumstances might still exists which might force the team to act otherwise (I might be wrong though).
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Thanks for sharing so that those who might be holding can be duely informed thus knowing what to do. About the delisting, Binance isn't the only exchange delisting coins and tokens, that is, no matter the exchange, there things required of a token and once it is not being met will be delisted so as to make the exchange a good trading ground for everyone. In addition to this, I believe one of the prominent reasons why tokens will be delisted is if they don't meet up a certain trading volume which most of the times comes from the team not doing anything tangible to keep their project going thereby resulting to lack of interest from the users which then reflects on the project's token.
Lastly, I also see this delisting as a medium to pass a message that one should be careful of the project he invests in and holds for long term.
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People don't want to give projects some time to grow, they forget that coins like dash, litecoin, Xmr, Bitcoin etc have a rough start, I'm just saying crypto investment takes years, just because a project drop in value doesn't mean they won't grow better in future.
Projects don't just turn huge in a year, there will be lots of volatility and price loss, for long term hold be prepared, if you can't then go for top coins
Yes I agree that it takes time but yet there are factors which makes people not to give any project time anymore. Many projects which claimed they needed time are no where to be found now, inactive telegram group, inactive social media channels thus meaning no update from the team whatsoever on what they have been doing. Most projects which claimed they needed time has exited scam, thus the reason why investors hardly cares anymore therefore wanting to satisfy themselves first. Also, it is good you mentioned those major coins and how big they are but however, how many projects today are ready to even work hard. Furthermore, in my own opinion, I would say IEO has given most investors the opportunity they have been calling for which is, once IEO ends and trading starts, they sell and take their profits. So therefore, until there is a change in behaviour of most teams today, investors will keep complaining and seeking for a play ground which will favour them first. |
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Seriously use case is the most important thing to check first before even thinking of investing in any project. Most project's ideas only exists on whitepaper where the team can appropriately state how they are going to carryout their development and all that, but once fundraising is concluded, the team will end up building a different thing altogether, that is, if at all they will even build any. So therefore, it is wise identifying the use case within any project and making sure to check if it can be applied in the world and to successfully ascertain this, the experiences and skills of the team needs to be taken into account.
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On one hand I use USDT just to achieve something within a stipulated amount of time which must be very short while on the other hand, I don't trust it. In fact I do not trust all these stablecoins which are centralized because most of their activities are questionable just as people having different opinions and some saying USDT is scam, which might be from what they have experienced. Also, in my own opinion, I do not think it makes sense holding USDT for a very long time when taking into account the creators can do anything they want because it is centralized and also USDT being a stablecoin do not increase in value.
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1. Nothing is certain in crypto space
2. Learning is the easiest way to get by
3. Analysis is the best tool for more knowledge
4. Don't hold new altcoins and stay offline, they need close watch
5. Diversify your money, do not rely on few altcoins and don't have too many, watching them will be an headache
6. If you are new and in rush to see how crypto works start with Bitcoin and Ethereum.
7. Take profit when you see one, don't be too greedy
These are nice points but to add a thing or two to the first point, I think we can be certain of most coins such as Bitcoin; I believe certainty comes with Trust, therefore as for me I am certain about the future that is expected of Bitcoin. Also, another good point is that of not being too greedy because it has lead many people into regretting a lot of things. Lastly, among all the points, the number 6 is really outstanding because when a newbie joins the crypto space and goes straight into investing which of course will be as a result of hype, they always end up learning the hard way. But starting with Bitcoin or Ethereum, it will help them to learn , research and have an idea of what to expect from every coin they wish to invest in. |
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I know this have been discussed several times on this forum but yet I will like to drop this again, I'm sure few new developers are among us here, so here we go
It will be a whole new story if new projects can start paying bounty hunters in USD or stablecoin, this have few advantages over paying with your own tokens, if new projects find it as a most for people to try out their new Blockchain they should use airdrops instead, airdrops has the lowest rewards, hardly to get 2$ in airdrops today
As for bounties please start paying in USDT, DAI or USDC, this will erase your sense of 'bounty hunters are killing new projects' idea
In as much as it is a nice suggestion but yet the payment choice used for every bounty most of the times depends on the team. Actually it will be nice to pay bounty hunters with stablecoins so that the blame always transferred to them from the team owing to price dump can reduce and/or probably stop. Also, there are cases where an amount of token will be allocated to a bounty and then it appreciate in value, most times when this happens, the project team tends to find it hard paying, so therefore, allocating stablecoins for a bounty will really help to curb situations like this. |
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Hello everyone I am new here, and I want to start investing, lately the DeFi Project is good this year, there are many ubiquitous DeFi projects, both on Twitter and on the Telegram channel, Am I investing in every DeFi Project that can make a profit?  another one is DeFi becoming a promising business in the future?  You are right about what you heard about Defi projects but are you also aware that there is every possiblity that scammers will leverage on Defi hype to bring about their own scam projects; am not being certain that it will happen but rather considering what scammers has done so far in this space then nothing is difficult for them once the opportunity is there. So my suggestion is, it's good you want to invest in Defi projects which might be because of hype or because of what you have seen them offer, however take your time to research on the respective projects so that you can make the right choice and protect your funds. |
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It takes time to make money in crypto space, some people called Ethereum and ripple a shitcoin years back, what happened to this coins today? They are big enough to be on top 5 lists, you can still spot new gems but It depends on how good you are with research and most importantly, nothing is guaranteed in this space, loses will come, if you don't put in some patience you will be forced into panic mode and that's all it take to freak out and sell for loss, understand what you getting into, it's not impossible but definitely not a straight road.
Just my kinda advice for newcomers, good luck and happy hunting
I agree with you, it takes patience to keep going in this space most especially when someone invest in what (or coin) he believes in and it ends up going the wrong way. But however, the fact still remains that one must carry out enough research on whichever project he wants to invest in so that he can reduce the chances of going for shitcoins. Yes, shitcoins keeps coming up everyday starting with majority that copies other projects idea, imagine such a project and what the future will be. So in all things, losses might occur but going for the good coins will help to reduce these losses. |
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