Debonaire217
Sr. Member
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Activity: 644
Merit: 364
In Code We Trust
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October 30, 2020, 05:01:33 PM |
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The first point I think is not really an indication that a project is a scam, there's always some projects that are good to have a mint function in case there will be a need to add a supply to the total supply of the token, what we need to do is to make sure that the mint function has a strong logic that will be only activated in certain instances (Insufficient supply or other reasons that will be of benefit the project).
for the last suggestion, don't entertain and admins that will PM us as most of the protocol of the projects are admins will never dm first. If we talk to someone with the same picture as the admins, there's a huge chance that it was a scammer only impersonating to lure you and for you to invest.
On Unicrypt, you can always verify whether the project locked the liquidity or not. Because if the liquidity is not locked, if the project rugged, they will be able to dump an enormous amount of token.
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"If you don't want people to know you're a scumbag then don't be a scumbag." -- margaritahuyan
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bigcash2011
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October 30, 2020, 07:35:15 PM |
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Unfortunately, many scammers have took advantage of the defi hype and the result is the guide that you have posted and i will really appreciate you for this because most of the scammers have used these methods to raise funds for their fake or scam projects using defi hype and uniswap platform promising of high APRs which most people fell for vut unfortunately these greedy people rug pulled after raising funds it is similar to old style exit scam.
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Bitcoin Seller
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October 30, 2020, 07:37:12 PM |
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11. there is no reason to invest in a new shit scam coins/tokens at this point. risk is much higher than reward.
How would a newbie understand that this or that coin is a shit if it is advertised on the best-trusted platforms? We know all that it happens all the time. I suppose, the beginners should have a friend (friends), who know a lot about cryptocurrencies.
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FanEagle
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Activity: 2814
Merit: 1112
Leading Crypto Sports Betting & Casino Platform
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October 30, 2020, 07:46:50 PM |
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There is too much technical stuff written in the first message, and I understand that if you know these and you can read these you should totally do that and see if the project is as valuable as the team usually says, most of the time it is not and they do not even know what they are talking about.
I have faced a person who wanted to have a gold backed stablecoin who didn't know how to explain how they are going to back it with gold, the simplest question that could have been asked and they made a whole scene in a telegram group about this question and how it was "unsupportive without cause" for me to ask that question. Sometimes if you can do that do these technical stuff, but sometimes when you do not know what to look at, just look at the team and you will find the problems.
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luckyflop (OP)
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November 02, 2020, 07:38:05 PM |
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There is too much technical stuff written in the first message, and I understand that if you know these and you can read these you should totally do that and see if the project is as valuable as the team usually says, most of the time it is not and they do not even know what they are talking about.
I have faced a person who wanted to have a gold backed stablecoin who didn't know how to explain how they are going to back it with gold, the simplest question that could have been asked and they made a whole scene in a telegram group about this question and how it was "unsupportive without cause" for me to ask that question. Sometimes if you can do that do these technical stuff, but sometimes when you do not know what to look at, just look at the team and you will find the problems.
There are so many ways hackers could use to find the vulnerable spots of a token and attack it, Recently I found a very interesting website about 16 interesting hacks" https://medium.com/hackernoon/hackpedia-16-solidity-hacks-vulnerabilities-their-fixes-and-real-world-examples-f3210eba5148" This post aims to be a relatively in-depth and up-to-date introductory post detailing the past mistakes that have been made by Solidity developers in an effort to prevent future devs from repeating history. *Disclaimer: this post and this website are just to give you more information about 16 Solidity Hacks/Vulnerabilities, their Fixes, and Real World Examples, not any other usage.
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Princejebs
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Activity: 560
Merit: 26
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November 03, 2020, 09:59:00 AM |
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Good hints you have points out. Smart contract are programming language which will be difficult to understand by average people like me who aren't really techy and developers but there is this shaddy activity by some team. Selling of token behind investors back has been one of illicit activities you find in New projects. They will claim that tokens are locked for years vesting but you will be supprised how they move token to exchange batch by batch. Always look at explorer and study how tokens are moved if you hold a bag else you will be left in darkness.
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jcarlo
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Activity: 798
Merit: 10
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November 03, 2020, 10:24:28 AM |
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I don't know what a reason you make it bold because this is annoying for me, I think it's okay if using the normal word. I'm not sure people will follow everything and check 1 by 1, some people are lazy to do that.. maybe I will give other tips..
11. Never ever invest in any new coins, this solution will prevent any scammed
New coins or tokens may be a lot of high risk but if the coin or token does IEO on a large exchanger, I think it should be considered as an investment. Initial listings on IEOs almost all provide huge profits and I think what is meant by new coins or tokens are those that have not been listed or recently mined
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xSkylarx
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November 03, 2020, 12:14:33 PM |
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I don't know what a reason you make it bold because this is annoying for me, I think it's okay if using the normal word. I'm not sure people will follow everything and check 1 by 1, some people are lazy to do that.. maybe I will give other tips..
11. Never ever invest in any new coins, this solution will prevent any scammed
New coins or tokens may be a lot of high risk but if the coin or token does IEO on a large exchanger, I think it should be considered as an investment. Initial listings on IEOs almost all provide huge profits and I think what is meant by new coins or tokens are those that have not been listed or recently mined Those are still shitcoins even if they do an IEO on a large exchange. If you bought late, you will end up a bagholder of that coin. If you plan to invest on those coins, be wise. Buy quick when IEO started then sell it when you are already on profit.
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Fredomago
Legendary
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Activity: 2926
Merit: 1050
Leading Crypto Sports Betting & Casino Platform
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November 03, 2020, 12:25:01 PM |
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I don't know what a reason you make it bold because this is annoying for me, I think it's okay if using the normal word. I'm not sure people will follow everything and check 1 by 1, some people are lazy to do that.. maybe I will give other tips..
11. Never ever invest in any new coins, this solution will prevent any scammed
New coins or tokens may be a lot of high risk but if the coin or token does IEO on a large exchanger, I think it should be considered as an investment. Initial listings on IEOs almost all provide huge profits and I think what is meant by new coins or tokens are those that have not been listed or recently mined Many investors benefits from this new IEO's, those who are being introduce to a very known exchange, the chance of getting compensated is high. Unlike with those new coins that being introduce to unknown exchange that should be the one that you need to avoid if you wanted not to be trapped and be scam. As always, assessment and research before dealing with anything is a must for you to prevent yourself getting caught and become victimized.
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Zazzu
Sr. Member
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Activity: 518
Merit: 256
Living the truth....
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November 03, 2020, 12:32:08 PM |
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Those are still shitcoins even if they do an IEO on a large exchange. If you bought late, you will end up a bagholder of that coin. If you plan to invest on those coins, be wise. Buy quick when IEO started then sell it when you are already on profit.
I think ICO and also IEO time has been over, even binance now introduce coins mostly in farming way, like Flamingo, Hard , etc, now most of the projects if they are Polkadot blockchain-based, would hold IPO , and the others would do yield farming like OASIS ROSE , some do IDO, to decrease the risk of getting scammed but still some turn out scam!
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Johnyz
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November 03, 2020, 12:36:54 PM |
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I don’t listen to anyone unfamiliar to me so historically, I don’t get scammed as far as I remember and i didn’t use any third party to secure my wallet since I’m not dealing to any suspicious project, I’m confident that my wallet is secured. The good thing this year is that, the scammers didn’t succeed that much and very few hacking incidents happened in the market compare last bull trend, this only means that people already learn their lesson from the previous hype of the scammer.
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