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I've recently become interested in Dextools and the absurd number of shitcoins that are generated there every second.
Although I haven't invested any money in it, it's important to know how scams work in order to be aware and avoid becoming a victim of one.
Here is a list of the top cryptocurrency frauds methods:
1. MEV Bot Sandwich Exploits: Fraudsters find blockchain transactions that have enough slippage tolerance to allow them to front-run the deal and profit from it.
2. Honey Pot Frauds: Fraudsters produce new coins, add liquidity on decentralized exchanges, impose selling restrictions, and then eliminate liquidity once they have attracted enough purchasers.
3. The project is turned into a honeypot by scammers who first permit selling before blocking it after luring buyers. Later, they take away liquidity
4. Manipulating Sell Tax: To discourage selling, scammers change the token's sell tax to 99%. This is frequently evident through "Set Fee" calls on Etherscan.
5. Modifying Marketing cost: Scammers set a 99% marketing cost to prevent selling; these calls on Etherscan are often identified as "Set Structure" calls.
6. Delayed Honey Pot By Blacklist: Scammers use wallet blacklisting to enforce a delayed honey pot and prevent selling; these calls are frequently identified as "Blacklist" calls on Etherscan.
7. A Hidden Honey Pot Through a High Gas Fee: Scammers create tokens with excessively high gas fees to deter consumers from selling.
8. Hidden Honey Pot By Internal Function: Scammers use internal routines that are hardcoded and hidden from view on Etherscan to build delayed honey pots.
9. Scams to Remove Liquidity: Scammers couple a valuable token with a worthless one, create liquidity, deceive users into exchanging the precious token for the worthless one, and then remove liquidity.
10. Liquidity Drainer Schemes: Fraudsters mint new tokens, lock or burn existing liquidity, and then drain the pool by selling newly created tokens into it.
11. Hidden Mint Function Scams: Scammers mint tokens using a hidden mint function, which is similar to liquidity drainers.
12. Token Drainer Scams: Scammers utilize secret routines to drain tokens from users' wallets and reset their balances to zero after locking or burning liquidity.
13. Slow Rug Scams: Con artists issue a token, reserve a supply for themselves, and then sell off this reserve over time, lowering the value of the chart.
14. Slow Rug Distribution Scams: Scammers send tokens to numerous wallets under their control and sell them gradually, causing their value to gradually decline.
15. Influencer-Driven Slow Rugs: After a single tweet, influencers who receive tokens from developers progressively sell them, creating a slow rug.
16. Twitter Pump and Dump Schemes: A gang of influencers works together in secret discussions to inflate a coin artificially before dumping it on Twitter.
17. Insider Pump & Dump Scams: To capitalize on the enthusiasm, developers and their associates buy a sizeable portion of their coin upon launch, occasionally sniping coins.
18. Pre-Sale Fraud: Scammers plan pre-sale deals on websites like Pinksale, steal the money, then issue the tokens with little liquidity.
19. Pre-Sale Dump Scams: Scammers plan pre-sale offerings on websites like Pinksale, enticing their friends and followers to take part before dumping tokens in large quantities once the pre-sale begins.
20. Twitter Pre-Sale Offering Frauds: Scammers frequently engage in fraudulent operations when they provide wallet addresses on Twitter in place of official pre-sale venues.
21. Psy Ops & Reverse Psychology: Token creators use reverse psychology to either prohibit outsiders from entering or deter malevolent actors from purchasing.
22. Burned or locked liquidity with 0% tax PsyOp: By offering 0% tax at launch and saying that liquidity has been burned or frozen, developers lure people into a scam currency. This is a popular psychological ploy.
23. Renounced Contract PsyOp: By abandoning the token contract but keeping a secret backdoor for prospective frauds, developers trick consumers into investing in a fraudulent coin.
24. Sniper Prevention PsyOp: Teams falsely state that a 99% sell tax is in place to discourage snipers but never reduce it, misleading users in the process.
These are the handful I've looked at, but normally I steer clear of shitcoin regardless of the buzz because they are largely scams, and I advise others to do the same because you can never truly tell if a project is a fraud because most scammers are quite skilled at what they do.
Before investing, look for recommendations because I believe that certain influential people in the sector do so for worthwhile projects.
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LOL I've been wondering for a long that the app I have on my phone is my wallet and all that. I had no idea that I had misunderstood this. Let me now explain what I recently learned about your wallet.
Let's start with the fundamentals of wallets for people who are new to this area.
It's not a wallet in the conventional sense, whether it's Metamask, Electrum, MEW, Trust, Coinomi, Atomic, or any other program you consider a wallet.
Actually, you can use these wallet software to securely maintain and access your cryptocurrencies, NFTs, and other blockchain assets.
Your private key or seed phrase is what makes up your wallet.
For illustration:
It provides the option to produce a seed phrase or private key when you install Metamask.
Other programs like Trust, MEW, and Atomic may all access your ETH if you use the same seed phrase across them all.
Therefore, the next time you download a wallet app, you won't need to create a new seed phrase; instead, you can import the one you already have to manage your current funds across different apps.
It's important to know that seed words are incredibly versatile and let you manage assets on any platform.
Your phone was lost?
No issue. Get a new one, put your seed phrase in whichever wallet you choose to install, and then. Because no other entity has access to your information, it cannot be hacked or copied.
Blockchain technology is so revolutionary because of this.
It's also important to stress that you should never give someone your private keys. The only access point to your blockchain assets is through your keys, which ensures their security.
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Ive heard about all of these but i have only played the ICE poker on Decentraland. Rollbit is huge ofc so that making the list is not really a surprise but it makes me a bit sad i cant play there due to geo restrictions.
Are you planing to do more of these ?
Yeah |
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As much as we would all like to give the impression that the cryptocurrency market can be predicted with certainty using numerous theories, such as the 4-year cycle theory, which is meant to anticipate both bull and bear markets. While all of this has historically been demonstrated a few times, there is no denying that the landscape of the entire cryptocurrency market has fundamentally shifted as a result of this recent mainstream adoption. And given that most people today have heard of the term "Crypto," it would be ridiculous to apply the same sets of regulations to a Crypto market that was previously only known to those who invested money in it. The growth of new entities (Addresses) entering the cryptocurrency market can be seen in this chart, and it is obvious that each spike corresponds to a bull market. However, one thing stands out, and that is the enormous spike that occurred during the bottom of the $15k bear market last year. This spike even exceeds the bull market's 2021 level.  This is tremendously bullish, showing the first signs of true broad adoption and how far cryptocurrency has come that we can even experience such euphoria in the midst of a bad market. We can also see this when we consider the practically constant "Bitcoin" trendings on Twitter/X and that even in current bear market, suggesting that the cryptocurrency environment may have actually altered to a point of no-return. Regardless of the short-term pricing, cryptocurrencies have really become a topic of conversation for individuals every day and I think this is something we all agree on. |
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Hello, everybody! The gambling industry is seeing a wave of cutting-edge enterprises emerge as a result of the rising interest in cryptocurrencies. Let's take a closer look at the top four projects in those categories according to Coingecko and Coinmarketcap: FunToken, Rollbit Coin, SX Network, and Decentral Games. 🚀 FunToken ( https://funtoken.io/) What is it. A blockchain-based startup called FunToken aims to replace bitcoin as the primary medium of exchange for online casinos. Key Elements Smart contracts: enable transparent, frictionless transactions Affiliate Program: Users can increase their token balance by recommending friends. Decentralization: Provides a dependable, open ecology. Why it matters? Due to its decentralized design, which guarantees fairness and transparency, it could fundamentally alter our understanding of online gambling. 🎰 Rollbit Coin ( https://rollbit.com/) What is it. Even though Rollbit Coin is another cryptocurrency initiative, it stands out by providing a variety of games in addition to classic casino games like X-Roulette. Key Elements Users can stake their coins in order to gradually increase their earnings. Custom Games: The platform enables the creation of original games. Real-time Market: Depending on current market pricing, buy or sell Rollbit Coins. Why it matters? It's a community as well as a gambling platform where users can make money by staking and making games. 🌐 SX Network ( https://sx.bet/) What is it. A decentralized sports betting environment is what SX Network seeks to establish. Key Elements Decentralized Exchanges: Enables direct betting between peers without the use of middlemen. Data oracles: Use real-world information for current odds. Trustless and secure transactions are made possible via smart contracts. Why it matters? Its strategy for eliminating middlemen might change the sports betting industry and make it more efficient and equitable. 🎮 Decentral Games ( https://decentral.games/) What is it. On the Ethereum blockchain, Decentral Games provides a virtual reality casino experience. Key Elements Play casino games in a 3D virtual environment with virtual reality. Holders of DAO tokens have the ability to vote on game updates and features. NFT Rewards: Through gameplay, acquire special NFTs. Why it matters? It creates a more immersive experience by bringing virtual reality into the world of online gambling. Additionally, the community is given a voice in its evolution thanks to its DAO governance. Conclusion In their own special ways, each of these initiatives is at the vanguard of the decentralization of the gambling sector. The future of gambling appears more transparent, fair, and entertaining than ever, from FunToken's promise of open internet casinos to Decentral Games' immersive VR experiences. But I'm sad tho man United has lost me money. Gamble responsibly |
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From the much you’ve said, I could say you’ve got at least the basic knowledge about bitcoin or cryptocurrency for a while and that’s where it all starts. It might have taken you a bit of time to make that milestone but, you would agree with me that nothing good comes easy and should we be looking out for simplicity without some sophistication, we might end up having so many loopholes and this is finance! I think bitcoin applications for most have come with a good enough simplicity for anyone with basic knowledge of cryptocurrency. It’s mainly a debit to credit (send/receive) operations. Either your sending to a person or an exchange for various purposes. There is no sophistication in that. When it Gomes to address verification, it’s a simple comparison before processing. No one requires you to have it offhand. Busy!!! I don’t think a very busy person would want
to put themselves through the stress of
learning cryptocurrency, especially if you
would have to use it for your daily transactions once it seeks to gain widespread use.
Busy and need to know (learning) don’t go! You can’t be too busy to learn and you somehow expect the system to adjust to fit your timing. The system is already leveraged for you to device your time to learn or invest without having an specification to period and if that’s not good enough, you could as well let it be and stick to fiat. Anyone who sees the need and for the goods they could derive from an innovation will always find time to learn. Tell that to a matured lady and hear her tell you do this for me a the time. As long as crypto aims for global or mass adoption it should be easy to learn expecially when competing with faits that we already know and use everday |
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Is it really that challenging for crypto devs to design a user interface or anything else that would make crypto easier/more approachable for people? Even though I have been using cryptocurrency for more than two years, getting around it is still a little challenging for me.
Every transaction is thrill. Only more seasoned cryptocurrency users are aware of how to cancel a transaction due to the transaction's long human-unreadable address, risk of errors, need to set up gas fees on your own, poor transaction speed, and potential for errors .
It can be difficult to connect one chain of coins or tokens to another.
Accepting MetaMask prompts without thinking can lead you to authorize harmful smart contracts that you are unaware of.
People don't even know what a wallet is, and because custody wallets are much simpler, a lot of people fall for it and don't practice self-custody.
So many individuals don't even comprehend the distinction between coins and tokens.
Some users who merely want to send stablecoins to friends and family are unsure about how to send their money due to the existence of tokens on many chains, such as USDT on ETH, TRON, and BSC.
cryptic ticker names that are difficult to distinguish
Cryptocurrency won't become widely used as long as it doesn't become simpler.
Although it used to be "difficult" to use the internet, even grandma can now do so. Mass adoption of cryptocurrency will happen once it is simple enough for grandparents to use.
I am aware of what you would say about this "dyor," but after giving it some thought, idon't think a very busy person would want
to put themselves through the stress of
learning cryptocurrency, especially if you
would have to use it for your daily transactions once it seeks to gain widespread use.
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Going back a full month, in late August or early September, many people on several site and on the cryptocurrency Twitter were suddenly very vocal in saying that September was bound to be bearish for Bitcoin because the previous two had seen significant dips and because September is simply historically one of the worst performing months for cryptocurrency. But this time was different:  Here, we can see that despite the lack of significant bullish news, with the possible exception of the release of the Ethereum ETFs, September did close a full +3.9% higher than August. Even so, with such low levels of liquidity as they are at the moment, we don't need much news to impact prices. In any case, this is yet another example of how previous performance is not a guarantee of future performance. While I personally believe that the past will always and forever be a part of the future, many people simply have a tendency to anticipate the future and base their financial decisions on the past, which I believe to be reckless and nothing more than gambling. While history can never be exactly the same, it does frequently rhyme, therefore this does not mean that we should dismiss it entirely. The past, present, and future must all be balanced, and we must pay attention to both the past and the present as well as the future. |
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thats really a problem right now, but you could also anticipate such thing and avoid it by simply using L2 if you happen to use ethereum, or some wrapped version of coin then I guess you could avoid the high gas fee but if your assets are already in ethereum then you pretty much are forced to pay for the gas fee thats really high.
like many have said, its quite different fee scheme if compared to mastercard or visa honestly, you really pay the same fee for whatever amount of money you're sending.
meanwhile its gonna be different with the other competition, therefore i think the comparation isn't fair, but i could understand that majority that utilises blockchain are just moving around asset which means these fee problem are indeed urgent problem needs to be solved immediately, right now the proposed change towards ethereum to contain the gas fee through various method are on their way.
Have you tried using L2 yourself I'm hearing bad rumors about it |
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I know people who are still dubious about the cryptocurrency sector because they worry about losing their money to scams or security breaches, which has been a typical occurrence in this market. Since the majority of users appear to have welcomed the requirement for required KYC, I believe the focus should now be on enhancing exchange security. I am aware that KYC may reduce fraudulent activity, however dealing with hacking and security exploitation issues will need investing in the strengthening of security. Adoption could happen quickly with sufficient protection because safety will be assured. The latest Houbi attack, which resulted in the theft of roughly $8 million worth of Ethereum, and a few other security exploitations of a similar nature on other trading platforms in the past don't bode well for the sector, which calls for the prioritizing of security. https://cointelegraph.com/news/huobi-global-crypto-exchange-hacked-reportEven though there are still very few trading platforms that have never experienced security exploitation, the recent incident with Houbi should serve as a reminder for everyone to remainattentive and prioritize their security. |
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Despite being enforced on the Ethereum blockchain, Paypal's new USD stablecoin isn't decentralized. numerous internet druggies have examined the coin's smart contract law and discovered some concerning details, similar as PayPal's power to cancel deals, the capability to indurate stoner means, and the capability for the admin( i.e., PayPal themselves) to freely issue and burn coins. With two deals( first" snap," also" wipeFrozenAddress"), the new PayPal USD stablecoin's" assetprotection" part can fully wipe your balance. This is appertained to as a" centralization attack vector" in smart contract security. In agreement with the PayPal USD terms of service, you must use your PayPal account to pierce the stablecoin, which means complete Know Your client( KYC) procedures apply and your held commemoratives are UNDER PayPal's control. Yes it means they enjoy your coins. Other stablecoins, similar USDC and USDT, are well known to have similar mechanics, but we all know how PayPal can be. They have a history of expropriating millions of bones
in stoner means by indurating them, for which they have been sued in class conduct. Paypal's stablecoin shouldn't be taken seriously in the defi community. It can not indeed be used to offer liquidity or as a trading brace.
I'll better save my coin in my own wallet fuck all this shit
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I'm an average person with some tech knowledge, and after facing the challenges of inflation, I ventured into the world of cryptocurrency this past year. I'd like to raise what I see as a significant contradiction. I believe it's quite disconnected for many individuals in this community to advocate for self-custody and crypto adoption while simultaneously expecting the average person to tolerate exorbitant gas fees.
When I mention "high gas fees," I'm referring to fees that surpass the current charges imposed by Visa and Mastercard. After all, decentralized finance (DeFi) aims to compete in this space. Is it reasonable to anticipate that individuals investing thousands of dollars should be content with paying tens of dollars in gas fees for each transaction, especially during what we consider "busy" periods?
What do you think would be a solution to this not everyone would be able to keep up with this especially in everyday transactions?
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I have concerns about the interactions between experienced members and newcomers in this forum. Occasionally, some experienced members can be quite harsh and may forget that newcomers are here to learn. While constructive corrections are beneficial, it's crucial to avoid using harsh or abusive language.
It's true that some posts from newcomers may be of low quality or show a lack of willingness to learn initially. However, I believe that giving them a chance and treating them with kindness is a reasonable approach.
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Yeah I do agree with you on this, It's crucial to handle your crypto assets with care to prevent potential losses, especially when dealing with alternative coins.
When it comes to holding and managing your cryptocurrency assets, caution is your best friend. This is particularly important in the world of alternative coins, where the market can be quite volatile. If your a newbie ill advice you make your own research before jumping into buying any coin, some could be scam project, Always ensure you use a good wallet, stay informed on what your doing .
HOLD WISELY
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After OP made a planned and private decision to unlock 18% of its treasury tokens, there was a noticeable drop in price, approximately around 6%. It's important to keep in mind that for OP to reach its all-time high (ATH), it would need to see a significant price surge. While this isn't impossible, it's not necessarily a bet worth placing.
Projects like OP, ALGO, AVAX, and DOT are all considered popular cryptocurrencies, but they share a common trait: they have inflationary tokenomics. This raises an important question – why invest in a project that steadily increases its supply by 7% each year for the next three years? Or one that releases large numbers of tokens, potentially leading to price manipulation by large holders?
In essence, even if a project boasts strong fundamentals, a solid team, and real-world value, it doesn't automatically translate into a great investment. This is particularly true for projects with highly inflationary token models. In such cases, reaching previous all-time highs can seem like an even more distant goal.
In summary, a project's fundamentals are only one piece of the investment puzzle, especially when dealing with highly inflationary tokens.
What do you think about this ?
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I can't really say what's on satoshi's mind about the bitcoin coin today, but in my perspective I think he would be proud cause he had a vision about creating a digital currency and above all odds he made it . And moreover bitcoin has changed a lot of lives today than any fait currency. where ever he is I think he is really smiling.
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DCA involves consistently investing smaller, equal amounts over time, as opposed to making large, irregular crypto purchases. Think of it as making payments for a product in installments, at regular intervals, until the total is paid off. When you regularly invest in your preferred cryptocurrencies, you automatically accumulate more assets over time, regardless of market fluctuations. This can help you grow your holdings and potentially reduce your overall average cost during market dips.
DCA does not only include investing small amount of capital over time. Small or big capital for each time of DCA depends on your total capital for investment and your DCA plan. You even don't have to use a same amount of capital for each DCA round. You can plan your DCA strategy any how you want but you won't be practicing true DCA if your investment or annual buys are not equal and at intervals. The true purpose of DCA is help reduce your average cost when acquiring an asset expecially in very volatile conditions so you won't have to worry about the price change in the market. I'll advice that you plan your DCA strategy according to your income or capital at hand . I don't advice DCA if your not steady on your income |
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Hello! I'd like to seize this moment to offer my insights on the Dollar-Cost Averaging (DCA) strategy, aiming to clarify its concept and its intended purpose for those who may still find it unclear.
DCA involves consistently investing smaller, equal amounts over time, as opposed to making large, irregular crypto purchases. Think of it as making payments for a product in installments, at regular intervals, until the total is paid off. When you regularly invest in your preferred cryptocurrencies, you automatically accumulate more assets over time, regardless of market fluctuations. This can help you grow your holdings and potentially reduce your overall average cost during market dips.
In contrast, a lump sum payment is a one-time investment, the opposite of DCA.
Let's delve into how DCA operates:
Imagine the current price of BTC is $20,000, and you're a high-earning individual looking to invest in this asset. If you make a lump sum investment, you would acquire one BTC at a cost of $20,000.
However, with DCA, you spread that $20,000 across five equal $4,000 purchases, resulting in costs of $20,000/BTC, $15,000/BTC, $5,000/BTC, $5,000/BTC, and $25,000/BTC. This approach yields an average cost basis of $18,000, and you'd have 2.3 Bitcoin. When Bitcoin's price eventually rises, your gains can be amplified because you lowered the average cost of acquiring your holdings. With DCA, you steadily accumulate more Bitcoin, even during market ups and downs.
To illustrate, your first purchase acquires 20% of 1 BTC at $20,000. The second purchase, at $15,000, gets you 26.66% of 1 BTC. Your third and fourth purchases, both at $5,000, result in a total of 80% of 1 BTC with each buy. Your final purchase, at $25,000, represents about 16% of 1 BTC. In total, you've accumulated around 2.3 BTC.
However, it's important to note that DCA may not always work in your favor. In some situations, it could increase your average cost, especially during a bull run. Nevertheless, the purpose of DCA is to spread your investments incrementally, which can be advantageous in the long run. It provides a balanced approach to accumulating assets, ensuring you still acquire your desired cryptocurrency. I hope this explanation sheds light on the essence of DCA.
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I can't really blame the common guy on the street , he is probably struggling with his common problems. When many people hear about Bitcoin and its current price some fear and back off and look for other alternatives, some are hardly educated about it and even if there are interested have no one to put them through. I think its up to us to share our knowledge and faith in bitcoin and the entire cryptoverse to everyone around us. If this is the future and we know it then let's market it . Bitcoin above the moon 🌙
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