Considering the security factor of Altcoins?

[Questat]

Hello guys,

Was thinking to myself how do you consider the security factor before the investment?

I just started trading crypto and was debating between some coins, mostly considering the security factor of the project.

How are you checking if the code of the project is secure? don't you afraid of rug pulls? scams stolen crypto.

if you think and look for security factors, then I suggest choosing the top coins in the market. Though it can't give you the fullest security as it depends on how you manage your fund, as for that, you can still assure that you can get something from your trades. We don't need to be foolish and think for instant returns as most likely you just end up getting scammed.

Do you use any tool that aids in this kind of investigation?

Research (DYOR) is a perfect tool to do between us, nothing else. If you can do that, then you are eventually adding security to your funds.

[zulfi125]

First, you need to check altcoins contract address that is verified or not, after that you should check the contract is audited by any company like certik or any other company then you need to check more details their social community is strong or not and check out the project whitepaper and website. then you can avoid scam altcoins.

[gurunanakji777]

There are many experts in this forum and they do post whenever they find anything wrong in any project so we should be active on this forum to get updated all the time but in my opinion, most of the rug pull happens in the meme coins and we should always be careful while investing in any project always check the team. If the team is anonymous one should think twice before investing. I believe everyone is afraid of getting scammed but this is a market and we all learn from our or others' experiences.

[asyakashi]

Usually we use fundamental analysis, maybe also helped with some audit project websites such as certik to avoid fraud, try to avoid playing BSC tokens, investing in coins that have been verified from the audit or registered on binance.

[Jackl87]

Hello guys,

Was thinking to myself how do you consider the security factor before the investment?

I just started trading crypto and was debating between some coins, mostly considering the security factor of the project.

How are you checking if the code of the project is secure? don't you afraid of rug pulls? scams stolen crypto.

Do you use any tool that aids in this kind of investigation?

Of course one of the most important factor if you want to invest into a project is the question if the project and the team behind it is really legit or if they are just scammers that want to take your money via a rugpull or another method. When you invest into projects that are in the top 200 market cap wise then you should be 99% safe from a rugpull or stuff like that in my opinion. If you are investing into new projects though then the risk of investing into a scam is way higher and you really need to do your research as thoroughly as possible in order to avoid being scammed. The big problem is that even if you did everything right and you are almost sure that the project is legit there is still a slight chance that they may do a rugpull because you can not check everything.

[Blowon]

Blockchain technology is so strongly encrypted that it is not easy to get a hacking attack. However, we only need to store important data such as seed, mnemonic, private key, json file for wallet access, because of the leak in making someone steal our wallet access.

[Sir Legend]

Private keys are a difficult thing to crack nowadays, but we can't close our eyes that the hack case from the project that made the project change the address contract is an indication that this is not impossible, especially now that more and more people are trying to make programs to crack private keys.

[teosanru]

Hello guys,

Was thinking to myself how do you consider the security factor before the investment?

I just started trading crypto and was debating between some coins, mostly considering the security factor of the project.

How are you checking if the code of the project is secure? don't you afraid of rug pulls? scams stolen crypto.

Do you use any tool that aids in this kind of investigation?

Unfortunately, there isn't any one-stop solution where you can find such a thing, even though there are a lot of websites that give ratings or scores to new projects, but my personal idea has always been to invest in any project only after it has been listed, once a project is listed on a reputable exchange you at least have the security that 100% of your money won't erode away, at maximum you will lose a certain %age of your money and never more than that. Moreover, if a reputable exchange has listed it there is a good chance that the project is safe as the exchange has done it's research. So that's the best way to get assurance about your security factor.   

[darewaller]

Bitcoin? I know we are discussing altcoins but that is the most secure coin in the entire world if you ask me. Obviously sometimes there are some problems but the reality is that we are talking about the most secure coin out there with all that many miners working on protecting it. If you really want a secure one as altcoins, then ETH could be a decent one, it could still have some problems with these new improvements that they are focusing on, like 2.0 and all that is still unknown.

However, if you want real security, like the one where you are certain you won't lose but you won't win neither, then BUSD would be the case, that is real security, Binance is always around and looks like they will stay around and nobody could just confiscate their money since it is in crypto, which means that you could put CZ in jail and they will still be fine.

[Nikitos61S]

Hello guys,

Was thinking to myself how do you consider the security factor before the investment?

I just started trading crypto and was debating between some coins, mostly considering the security factor of the project.

How are you checking if the code of the project is secure? don't you afraid of rug pulls? scams stolen crypto.

if you think and look for security factors, then I suggest choosing the top coins in the market. Though it can't give you the fullest security as it depends on how you manage your fund, as for that, you can still assure that you can get something from your trades. We don't need to be foolish and think for instant returns as most likely you just end up getting scammed.

Do you use any tool that aids in this kind of investigation?

Research (DYOR) is a perfect tool to do between us, nothing else. If you can do that, then you are eventually adding security to your funds.

I understand what you mean, and DYOR is important.

But we are using tools that help us explore new coins, monitor our assets, etc.
so I was concerned and still am about the security factor of my assets, and how I can track or in other ways defend myself from risks.

I think you heard about the latest Solana hack where ETH was stolen.
So it is hard to agree that investing in known well fundamental coins would help aid me in avoiding scams stollen crypto etc.
So as I see it Valid Network helps me to track those vulnerabilities.

[Nikitos61S]

There are many experts in this forum and they do post whenever they find anything wrong in any project so we should be active on this forum to get updated all the time but in my opinion, most of the rug pull happens in the meme coins and we should always be careful while investing in any project always check the team. If the team is anonymous one should think twice before investing. I believe everyone is afraid of getting scammed but this is a market and we all learn from our or others' experiences.

I think this is the scariest point of this topic. 
This happens not just to "shit coins" this happens even in the big projects that we all know.
That's why it is important to me to track those risks and get informed 24/7

[Nikitos61S]

Hello guys,

Was thinking to myself how do you consider the security factor before the investment?

I just started trading crypto and was debating between some coins, mostly considering the security factor of the project.

How are you checking if the code of the project is secure? don't you afraid of rug pulls? scams stolen crypto.

Do you use any tool that aids in this kind of investigation?

Of course one of the most important factor if you want to invest into a project is the question if the project and the team behind it is really legit or if they are just scammers that want to take your money via a rugpull or another method. When you invest into projects that are in the top 200 market cap wise then you should be 99% safe from a rugpull or stuff like that in my opinion. If you are investing into new projects though then the risk of investing into a scam is way higher and you really need to do your research as thoroughly as possible in order to avoid being scammed. The big problem is that even if you did everything right and you are almost sure that the project is legit there is still a slight chance that they may do a rugpull because you can not check everything.

You are right it is very important to check who stands behind those projects.

But it is important to understand that not always the team is planning a scam or trying to work on people, sometimes is just a mistake or vulnerability in the code, personally, I want to track it 24/7 and avoid these situations.

[X-ray]

But we are using tools that help us explore new coins, monitor our assets, etc.

I know that but to be honest if you're looking for the security tool and you may not find it right now. Remember this when you find your token developed by A developer and the tool created by developer B that uses the different formula and how can you know that if the tool is working perfectly as you wish? That's why this must be done manually. I thought that you can use dropstab to identity the fundamental of your token but if this related with the security audit and you must do that manually with the smartcontract of your tokens.

so I was concerned and still am about the security factor of my assets, and how I can track or in other ways defend myself from risks.

I know his.

I think you heard about the latest Solana hack where ETH was stolen.

Did you mean wormhole? The developer didn't aware about this vulnerability as the attack find that by using the different formula in the code. Hacker has different implementation to fund the vulnerability

So it is hard to agree that investing in known well fundamental coins would help aid me in avoiding scams stollen crypto etc.

Yeah but you can't deny that you will get less profit

So as I see it Valid Network helps me to track those vulnerabilities.

It may be a common vulnerability that already known by the developers such as rug pull function or minting function.

[Pejoh Asu]

Hello guys,

Was thinking to myself how do you consider the security factor before the investment?

I just started trading crypto and was debating between some coins, mostly considering the security factor of the project.

How are you checking if the code of the project is secure? don't you afraid of rug pulls? scams stolen crypto.

Do you use any tool that aids in this kind of investigation?

All investors consider security and are always vigilant if they want to invest in a new project, unless the project is a popular ERC-20, BSC or MATIC token. and what I usually do is whether the project has passed an audit from a third party or not, if not then better leave it.

[bounceback]

For beginners I suggest it is better to invest with coins that already have a high market capacity and already have strong fundamentals such as BTC, ETH and BSC because investing with these coins will certainly be safer for us, but if you really want to try investing in projects then you are required to do research first with the project and usually what I do first is look at the whitepaper or roadmap to find out how far they will develop for their project in the future.

[Juse14]

For beginners I suggest it is better to invest with coins that already have a high market capacity and already have strong fundamentals such as BTC, ETH and BSC because investing with these coins will certainly be safer for us, but if you really want to try investing in projects then you are required to do research first with the project and usually what I do first is look at the whitepaper or roadmap to find out how far they will develop for their project in the future.

Yes, for beginners, I also recommend investing in coins that are already popular and have high credibility of course. It becomes safe for beginners while learning things in cryptocurrency. I'm sure sooner or later we will slowly understand what are the risk factors, especially security in a project.
Investing is not an easy thing for beginners, especially for those who do not know the basic knowledge to invest.

[michellee]

For beginners I suggest it is better to invest with coins that already have a high market capacity and already have strong fundamentals such as BTC, ETH and BSC because investing with these coins will certainly be safer for us, but if you really want to try investing in projects then you are required to do research first with the project and usually what I do first is look at the whitepaper or roadmap to find out how far they will develop for their project in the future.

It is a good suggestion because at least his chance to profit from the coin will be better than a new project, especially if he invests in BTC, ETH, and BSC. If he still wants to invest in a new project, he must not use too big money because the big risk will follow him. Besides that, usually, the price of the new project is still very lower so he does not have to spend much money to buy the token. But no matter what, he must research more details because finding one or two potential projects is not easy and hopefully, he does not make a mistake by picking the wrong project.

[JayTrain]

Hello guys,

Was thinking to myself how do you consider the security factor before the investment?

I just started trading crypto and was debating between some coins, mostly considering the security factor of the project.

How are you checking if the code of the project is secure? don't you afraid of rug pulls? scams stolen crypto.

Do you use any tool that aids in this kind of investigation?

this requires more in-depth knowledge in cryptocurrency, if you look at it this way, then there is a risk in all aspects of the project, but I look at the success of the project, the CRO was recently hacked for a fairly large amount, and the project fully reimbursed all losses to users, this indicates a clearly confident project on the market.

[TheUltraElite]

All investors consider security and are always vigilant if they want to invest in a new project, unless the project is a popular ERC-20, BSC or MATIC token. and what I usually do is whether the project has passed an audit from a third party or not, if not then better leave it.

Usually the token audit get passed and several third party white-hat ethical hackers check it just for interest. So that would not be the part having malicious stuff in it. It is usually the bankruptcy and the problems of hostile takeover that become more important.

Then again the plain vaporware projects do exist too and they are good at fooling newbies. Point is the code may be legit and malware free but that does not indicate zero mal-intent from the owners.

OP may be working on security solutions, but that code being public, usually the chances are low there. Closed source codes are not trusted in this sector.