How to avoid getting rugpulled

[Best-mary]

Few months ago, I discussed the distinctions between Altcoins, Shitcoins, and Meme Coins. And how likely we can easily get good alts on cex. Not like those coins listed on Cex are fully safe but you know what to do when you see a token get listed.

if you've time, you can read it up here; https://bitcointalk.org/index.php?topic=5472568.msg63092909#msg63092909

DEX is also a place where we can get a series of rugpulled projects and also a place where we can get good tokens very early. But I'm not here to drag between DEX and CEX which is better. I want us to educate each other from our experience and what we have learnt so far over the years.

One reason for falling victim to rug pulls is our tendency to buy coins when the hype is overwhelming. When this happens, those who bought earlier use the advantage to sell on those who got FOMO (Fear of Missing Out) and use it to their benefit by exiting with the liquidity provided by those caught in the FOMO cycle...

Another reason is Influencers: Some influencers are paid shillers, not genuine with the project they're calling on their members to buy on. All they focus on is the pay they will get after shilling or dumping profit made by their users

Lastly, fake promises. This is one of the major problems faced while buying a coin. When you check most project white papers, you see that some of the developers would promise what is too real to be true. The project will be this and that and as time passes by, nothing ever happens

I know there are other ways we do fall victim which I think is ok if we share our experience as well but then, how can we bypass this?

1. Check their community: check if their community is active with real humans, not bots

2. How many followers they got

3. How often do they post on social media

4. How many exchanges got them listed? The two qualified exchanges I check, which I have mentioned frequently are Binance and Bitget. These two Cex usually list quality tokens which from my experience I have benefited from

For instance, consider ICP (Internet Computer): How familiar are we with this coin? How many of us have researched this project? A thorough investigation would reveal the untapped potential of some projects, unlike the more well-known ones.

What about COREUM, an intelligent smart token designed with built-in smart contract functionalities, suitable for businesses of any size.

Have we explored ZETA? What about HOLD? There are thousands of promising altcoins waiting to be discovered.

I know most people's challenges lie in how much time is dedicated to research new coins regularly. Often, we focus on well-known projects for quick profits, but what about the long-term utility these newer projects might offer? If we do a consistent 3-4 hour research on new coins daily or on coins which get listed (which I do on the above cex I mentioned) you did see that we can bypass some problems of getting scammed or rug pulled.

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[Venik]

Well, that didn't help with FTX and LUNA crashes, but this definitely can help with most coins and tokens. I'm simply buying coins that were tested over time.

[Coyster]

Often, we focus on well-known projects for quick profits, but what about the long-term utility these newer projects might offer? If we do a consistent 3-4 hour research on new coins daily or on coins which get listed (which I do on the above cex I mentioned) you did see that we can bypass some problems of getting scammed or rug pulled.

A large percentage of new altcoins/projects do not have any utility, they are basically pump and dump coins that are only influenced by hype and nothing else. How many news coins have real world utility, something people would need and use in the society? Nearly zero.

Having said that, you can research all you want about these projects and still buy a scam coin or a worthless coin, because these projects always have a lot of promises in the beginning, but 9 out of 10 times it turns out to be fake and unrealistic promises, thus i think it is better if people stick with known and older projects.

[letteredhub]

I know there are other ways we do fall victim which I think is ok if we share our experience as well but then, how can we bypass this?

1. Check their community: check if their community is active with real humans, not bots

2. How many followers they got

3. How often do they post on social media

4. How many exchanges got them listed? The two qualified exchanges I check, which I have mentioned frequently are Binance and Bitget. These two Cex usually list quality tokens which from my experience I have benefited from

Exactly as the first comment said, all of these criteria you have given to watch out for when chosing a coin to invest on were all found with FTX and LUNA still they all got rugpulled or should I say collapsed that it affected the investors of this tokens that for some they lost their life as a result. Something about this listed token on exchangers wether CEX or Dex we can't certainly know which token would stay for long as possible so investing with amount you can afford to lose should be a key principle to abide with when dealing on altcoins.

[MFahad]

I know there are other ways we do fall victim which I think is ok if we share our experience as well but then, how can we bypass this?

1. Check their community: check if their community is active with real humans, not bots

2. How many followers they got

3. How often do they post on social media

4. How many exchanges got them listed? The two qualified exchanges I check, which I have mentioned frequently are Binance and Bitget. These two Cex usually list quality tokens which from my experience I have benefited from

Exactly as the first comment said, all of these criteria you have given to watch out for when chosing a coin to invest on were all found with FTX and LUNA still they all got rugpulled or should I say collapsed that it affected the investors of this tokens that for some they lost their life as a result. Something about this listed token on exchangers wether CEX or Dex we can't certainly know which token would stay for long as possible so investing with amount you can afford to lose should be a key principle to abide with when dealing on altcoins.

Even though what happened with LUNA and FTX was something completely unexpected, I would say altcoins are not to be trusted for very long-term investments, but they are only good for short and medium-term trading because even if a project does seem promising at the beginning, it might have everything you are looking for in your research, it will still have the possibility of going to zero if things don't work out for the team.
That's why, one should either use altcoins only for short and medium term investments or simply accept the risk and invest amounts that they can easily afford to lose in them just to try their luck and see if the projects actually turn out to be good in the long-term.

[Best-mary]

I know there are other ways we do fall victim which I think is ok if we share our experience as well but then, how can we bypass this?

1. Check their community: check if their community is active with real humans, not bots

2. How many followers they got

3. How often do they post on social media

4. How many exchanges got them listed? The two qualified exchanges I check, which I have mentioned frequently are Binance and Bitget. These two Cex usually list quality tokens which from my experience I have benefited from

Exactly as the first comment said, all of these criteria you have given to watch out for when chosing a coin to invest on were all found with FTX and LUNA still they all got rugpulled or should I say collapsed that it affected the investors of this tokens that for some they lost their life as a result. Something about this listed token on exchangers wether CEX or Dex we can't certainly know which token would stay for long as possible so investing with amount you can afford to lose should be a key principle to abide with when dealing on altcoins.

Even though what happened with LUNA and FTX was something completely unexpected, I would say altcoins are not to be trusted for very long-term investments, but they are only good for short and medium-term trading because even if a project does seem promising at the beginning, it might have everything you are looking for in your research, it will still have the possibility of going to zero if things don't work out for the team.
That's why, one should either use altcoins only for short and medium term investments or simply accept the risk and invest amounts that they can easily afford to lose in them just to try their luck and see if the projects actually turn out to be good in the long-term.

Do you know why I refuse to talk about the coins that have stayed for long? Is because people might say yea the project was indeed promising. Ok, let's look at the crash of SOL to $8 and even this ICP I talked about, fell from $1k+ to $10 or less. What happened? They keep rising..

If you did check out the things I listed on how to about getting scammed or rug pulled you did see where I talked about community and developers. If the developers are genuine, the community will be active, and when the community becomes active, that's when the project will rise.

I do believe some alts are still good for long term regardless and trying out new ones would be helpful

[Best-mary]

I know there are other ways we do fall victim which I think is ok if we share our experience as well but then, how can we bypass this?

1. Check their community: check if their community is active with real humans, not bots

2. How many followers they got

3. How often do they post on social media

4. How many exchanges got them listed? The two qualified exchanges I check, which I have mentioned frequently are Binance and Bitget. These two Cex usually list quality tokens which from my experience I have benefited from

Exactly as the first comment said, all of these criteria you have given to watch out for when chosing a coin to invest on were all found with FTX and LUNA still they all got rugpulled or should I say collapsed that it affected the investors of this tokens that for some they lost their life as a result. Something about this listed token on exchangers wether CEX or Dex we can't certainly know which token would stay for long as possible so investing with amount you can afford to lose should be a key principle to abide with when dealing with altcoins.

I understood you though with the first commenter but what was the news behind these coins before the crash. You know, there's something we all need to know before a crash of any coin. There usually use to be rumours.

Its sad to say but I was victim of LUNA crash, and I learnt so much from it. We all need to be observant or at alert with every news we come across

[jrrsparkles]

I understood you though with the first commenter but what was the news behind these coins before the crash. You know, there's something we all need to know before a crash of any coin. There usually use to be rumours.

Its sad to say but I was victim of LUNA crash, and I learnt so much from it. We all need to be observant or at alert with every news we come across

You can't rely on the rumours to save you from getting rug pulled and that is why we call it as rumour. Honestly we can't know for sure until we got rug pulled which means we can never know but we can stay away from the projects that are shitty, useless and hyped by shitty people or the team behind is completely new.

[btc78]

I'm simply buying coins that were tested over time.

I would do the same but I know that there are a lot of people out there who are still holding on to that hope that they might be the next billionaire that the altcoin they have invested into is the next Bitcoin

Hope is a dangerous thing more often times than not even if we see something that is too good to be true, we are still hoping it might be true because if it is then it would give us tremendous amount of benefit so we jump into it even if we know it is risky

Time and time again we are reminded that the key to investing is being objective and keeping a clear head you can not let FOMO affect you accept your losses and plan your next move instead of trying to reach for what has already been hyped

[mindrust]

Play stupid games, win stupid prices. Don't invest in shitcoins, don't get rugpulled.

If you only invest in safe coins like btc, eth, doge, ltc... You will never get rug pulled because these are proven to be safe projects. If thy go down, flash crash etc, it will be a buying opportunity because they usually recover not long after. People bought the dip with LUNA and it crashed, they bought the dip again, then it crashed even more. Shit like that won't happen with the major crypto coins because it is the mass adoption that keeps them alive. LTC for example, even though it is down a lot from its ATH, it is still being used a lot in the casinos because it is cheap to make transactions. It simply cannot die.

[Tanzila420]

I always try to avoid bad project and i choice always good project for future.

[electronicash]

Well, that didn't help with FTX and LUNA crashes, but this definitely can help with most coins and tokens. I'm simply buying coins that were tested over time.

and those investors are really that confident of the popularity of the projects after all the celebrities promoting them. the stories of these two will live long in memories.
the one general rule of thumb i think that should be followed to avoid getting rugpulled is to sell everything whenever the bear market comes.  dump it all and forget crypto, you can buy back the crypto investments you have whenever the market is done dumping it all.  

[Best-mary]

I understood you though with the first commenter but what was the news behind these coins before the crash. You know, there's something we all need to know before a crash of any coin. There usually use to be rumours.

Its sad to say but I was victim of LUNA crash, and I learnt so much from it. We all need to be observant or at alert with every news we come across

You can't rely on the rumours to save you from getting rug pulled and that is why we call it as rumour. Honestly we can't know for sure until we got rug pulled which means we can never know but we can stay away from the projects that are shitty, useless and hyped by shitty people or the team behind is completely new.

I know that Rumuors can't help 100% but that's why it's rumour.   Ok, let's use Binance issue with SEC and regulations as an example. When we heard the news about CZ going to court and all that, what most people did was withdraw their money out of the exchange to be safe till they were sure they were safe. The same rumour happened to FTX but we weren't careful enough.

While for the token, I would still say, be observant of the developers.

[Best-mary]

Play stupid games, win stupid prices. Don't invest in shitcoins, don't get rugpulled.

If you only invest in safe coins like btc, eth, doge, ltc... You will never get rug pulled because these are proven to be safe projects. If thy go down, flash crash etc, it will be a buying opportunity because they usually recover not long after. People bought the dip with LUNA and it crashed, they bought the dip again, then it crashed even more. Shit like that won't happen with the major crypto coins because it is the mass adoption that keeps them alive. LTC for example, even though it is down a lot from its ATH, it is still being used a lot in the casinos because it is cheap to make transactions. It simply cannot die.

That's why I said community and developers matters. There are a lot coins aside LTC that crashed from their ATH and still yet are been used regularly. We all are saying the same thing still

[Bureau]

Well, what is happening behind the scenes cannot be anticipated or predicted. You do your best that you do not fall for crypto projects that may rug pull yet things go nasty sometimes. Investing in crypto is risky and one of the risks is what you are discussing on this thread. There are trusted and accepted cryptocurrencies that have created their brand name and I think investing in them always ensures that the risk is not that high.

[Makus]

Indeed crypto investment is risky and you have to be careful when making your choice of coin, the fact that a coin get listed in the cex doesn't guarantee that the coin is absolutely not a scam project in fact, scammers do their best to make sure their scam project looks legit so as to attract more investors. That is why I advise we stick with few project rather than picking multitude of projects in your portfolio.

[DapanasFruit]

In my own view, there are no known ways and means to guarantee that a certain project would not go south - or rugpulled as they say which is presenting an image to me of people holding empty bags as the coins/tokens they trust suddenly lost value. Well, I have to admit it that am one of the many victims of rugpulls even with those I analyze well and seems to possess no red flags prima facie. This is a big negative reality in the crypto industry as people show their greed either get the money or lose the money. I am looking forward that there can be solid solutions to this problem.

[ultrloa]

In my own view, there are no known ways and means to guarantee that a certain project would not go south - or rugpulled as they say which is presenting an image to me of people holding empty bags as the coins/tokens they trust suddenly lost value. Well, I have to admit it that am one of the many victims of rugpulls even with those I analyze well and seems to possess no red flags prima facie. This is a big negative reality in the crypto industry as people show their greed either get the money or lose the money. I am looking forward that there can be solid solutions to this problem.

Would like to agree with this since on other hand no project will show some signs that they are going to scam there supporters that's why they always present good so that they can attract a lot of people then also they could get a hype to more bigger audiences that's the reason the less thing we can do with this is to take good precautionary measures like don't try to believe so much on many things they say especially if they claiming to get a huge pump in future and they would go the same what bitcoin gets.

For now the only solution we can get from those project who do this rug pull scheme is not to hold their tokens and sell then find new project which usually have been done by other investor so that we will not get scammed by those scammers.

[EarnOnVictor]

-snip-
1. Check their community: check if their community is active with real humans, not bots

2. How many followers they got

3. How often do they post on social media

4. How many exchanges got them listed? The two qualified exchanges I check, which I have mentioned frequently are Binance and Bitget.

Thank you for this, but I must say that they can guide us but are not the sure ways to avoid being the victim of rug pull. The surest way is to avoid being greedy, wait for the listing of a good project and know the brains behind it as it is in some. Rug pull is happening regularly in cryptocurrency and outside it and it is mostly because the projects in question are either scams from the beginning or the developers and the brains behind it just decided to be greedy at a point. It could be a failed project in some cases too. But what is important is for us to ensure that we are not too forward due to FOMO. However, this advice could one one-sided too as some people have been greedy and too rushed to buy some projects and they are now millionaires due to that. Without risk, no one can be outstanding, so let's keep on taking risks but just be wise with it.

[Sim_card]

1. Check their community: check if their community is active with real humans, not bots

2. How many followers they got

3. How often do they post on social media

4. How many exchanges got them listed? The two qualified exchanges I check, which I have mentioned frequently are Binance and Bitget. These two Cex usually list quality tokens which from my experience I have benefited from

All what you mentioned is not a guarantee that the project will not end up to be a scam. Even the early buyers of those shitcoins might not make profit from it after the hype, especially those that want to keep holding it, thinking that it is a good project. It is only the dev that hype the coins that knows when the coins will dump. This is why it is good not to invest in new projects if you must buy shitcoins, rather you should invest in coins that have stayed long in the market and has a big market cap. However, it is better that you stay away from shitcoins if you are just new in the crypto space, because it is like you are gambling.