Don’t Get Rug Pulled

[I_Anime]

If you’re new to crypto the safest move is not buying unknown tokens at all . I know many will still buy but reduce it and focus more on solid project like Bitcoin (that’s safe and with a risk that’s easy to manage), many will still belike but the value is high already! Yes it is but doesn’t stop it from growing even further.

Let’s me start with this , first what’s rugpull!

Rug pull is when a project creators or founder create a fake cryptocurrency project, gains people's trust, and then suddenly pulls out all the money, leaving investors with worthless tokens . It’s not just a failed project it’s intentional fraud where the goals is to extract funds , not build value . This can be done by :

• Removing liquidity (so no one can): most tokens trade in liquidity pools. Once the that liquidity is removed by the creator of the token , investors won’t be able to sell their tokens anymore, and the creator will walk away with pooled funds.

• Minting unlimited new tokens : this is when the contract allows the creator to mint more tokens, they can create a massive supply and sell them. This dilutes the price to near zero, making existing tokens worthless.

• Freezing user wallets : some contracts allows the creator of the project to freeze or blacklist  wallets . Blocking regular users from selling while insiders sell first , trapping everyone one else . ( I experienced this during telegram mini app airdrops era)

• Using hidden contract backdoors : These are secret functions in the contract that let the creator drain funds, change rules, or bypass protections later. They often aren’t obvious unless the contract is audited.

Wanted to give an example base on my experience but don’t want the post to be lengthy (some rug pulls, AnubisDAO (2021), and Defi100 (2021) there are more…) , Best way to win in this space is not by following hype, trends and stuff. Is playing it safe and knowing how to take the right risks, because some risks aren’t worth taking at all.

[Zlantann]

Wanted to give an example base on my experience but don’t want the post to be lengthy (some rug pulls, AnubisDAO (2021), and Defi100 (2021) there are more…) , Best way to win in this space is not by following hype, trends and stuff. Is playing it safe and knowing how to take the right risks, because some risks aren’t worth taking at all.

If you don't want to be a victim of rug pull, don't be greedy. People are attracted to these tokens because it has been hyped to bring high returns. For beginners, the safest investment step to take is to invest only in Bitcoin. The altcoins sector is complicated, so you need to learn how the market works. Investing in Bitcoin is simple and gives rest of mind. Some people say making a profit from Bitcoin is too slow, which is why they prefer investing in shitcoins. They will always regret their actions when these overhyped projects fail.     

[sunsilk]

The main lesson is to stick with Bitcoin.

Most of the investors that gets rug pulled are those who are not content with what they're holding through Bitcoin. We all understand that we want to have more stacks of different crypto to have it diversified.

But it's proven and tested that if you're holding Bitcoin, the chance of getting rug pulled is low to zero because it won't happen to it while you're holding it on your own wallet.

[Charles-Tim]

If you don't want to be a victim of rug pull, don't be greedy. People are attracted to these tokens because it has been hyped to bring high returns.

I call them scam that the government have been unable to know what to do about. Some even used news to advertise. Many people that do not know about cryptocurrencies will be at risk. I have tried like 2 of the projects before when I was a newbie to bitcoin and other cryptocurrencies and I easily lost probably 90% or more of the money. This is not even about minting new tokens, even if the supply is limited, a useless project will remain a useless project. Demand is very important.

[Cookdata]

The main lesson is to stick with Bitcoin.

Most of the investors that gets rug pulled are those who are not content with what they're holding through Bitcoin. We all understand that we want to have more stacks of different crypto to have it diversified.

But it's proven and tested that if you're holding Bitcoin, the chance of getting rug pulled is low to zero because it won't happen to it while you're holding it on your own wallet.

There is a new pattern I have seen with new projects and that is what has been going around projects even the so called venture capital doing all series of fund raising, they are basically upgraded scam with little money and fame trying to make money from the market. If you observe very well, there has not been a bull run for Altcoins, this has increased many people trying to become a team where they allocate all huge allocation to their self, make listing and sell everything on open market.

Just check around new coins that are listed on Binance exchanges, they are dead with little to no liquidity, the bag holders are waiting for one big candle so they can sell and move on with their life. One bad thing about these projects is that they can remain their for long period of time while the coins will be dumping 99% upon another 99% until you have nothing to the wallet anymore. Have seen billions worth of market worth less than $30 million, that's shit crypto for you.

[uchegod-21]

People never learn. They will still invest if a new token is launched now. It is quite unfortunate that the most people who help spread the hype are influencers and public figures who have gained the trust of people. People invest because of them and when they get caught up in the scam, they are left stranded. I think that it is high time that governments start holding people who promote these scams responsible when things go wrong.

For newbies,  just like I will always advice, if they know nothing about crypto, they should start with Bitcoin which is not driven by hype. It has existed way longer and is still doing better than  other cryptocurrencies. Any newbie who gets so greedy will lose at the end. Most experienced people who invest in these these tokens know when to enter the market and exit when it's not late yet. Newbies won't understand this.

[HONDACD125]

A trader or investor doesn't necessarily need to experience a rug pull to lose money; there are so many coins and tokens in the market which were once hyped up, which made people make investments in them and then they started losing value and never recovered since then. Meme coins are becoming the favourite investment assets for new investors because they believe meme coins have the potential to make them rich in no time, which isn't a correct way to see them because we know that meme coins, some of them, might manage to get some hype and have a value initially, but they can't be trusted.

The number of investors who managed to gain significant amounts of profit from their meme coin investments is very low, but you can't even count the people who lost money in meme coins because you can't expect every meme coin to work out, and those who invest in every meme coin that is launched will usually be at a loss.

People need to focus more on old and trustworthy cryptocurrencies than going for new ones only because of greed. This will solve all their problems.

[Mhizlove]

The point is that don't just be in a rush when you want to invest on crypto because of greed, many fake platforms are out there and it's just design for the purpose of scamming or collecting of people's money especially for those that are new in this kind of situation you will just go for a better coin that you can trust which also do have a record that can be traced, It might be slow but not all risk you take that are worth it, sometimes the reason why you have to start small if for you to avoid problems later or completely

Crypto you see isn't about how it been talked about by people but it's about you having the patient and knowledge about what you are about to venture into

[Doan9269]

One of the ways we can get free of ourself from the issues of rugpull is not to invest on shitcoins, because we are not going to have rest of mind investing on what could be giving us serious concern about what tomorrow might be, if we don't take the risk, we don't have to worry on anything, that is why we will always advise that we should invest in bitcoin before any other thing in cryptocurrency.

[EL MOHA]

For newbies,  just like I will always advice, if they know nothing about crypto, they should start with Bitcoin which is not driven by hype. It has existed way longer and is still doing better than  other cryptocurrencies. Any newbie who gets so greedy will lose at the end. Most experienced people who invest in these these tokens know when to enter the market and exit when it's not late yet. Newbies won't understand this.

You want the most sincere thing even those who we claimed that are experience do not have the ability to dictate fake or scam projects what they only do is to actually just do the hit and run with hope that one will actually yield them profit one day and since they are not newbies they usually apply good risk management than what a newbie will do.

As such there is nothing like been too careful or expert in investing in this scam tokens because most of the time even them lose more than newbies. The only thing safe is actually to avoid this get rich quick scheme methods

[aoluain]

Avoid rug pulls

First is to stay away from youtube influencers and crypto channels and focus on Bitcoin

Second - investigate Bitcoins 4 year cycle and its halving

Third - get yourself a hardware wallet and learn how to secure the seed phrase

Fourth - buy Bitcoin peer-to-peer via a non-KYC platform like Hodl Hodl

Fifth - investigate both DCA and Buy The Dip actions

Example DCA thread > https://bitcointalk.org/index.php?topic=5485234.0

Buy the dip > https://bitcointalk.org/index.php?topic=5132720.0

Sixth - develop a long term outlook with Bitcoin

[Amphenomenon]

If you don't want to be a victim of rug pull, don't be greedy. People are attracted to these tokens because it has been hyped to bring high returns.

I call them scam that the government have been unable to know what to do about. Some even used news to advertise. Many people that do not know about cryptocurrencies will be at risk. I have tried like 2 of the projects before when I was a newbie to bitcoin and other cryptocurrencies and I easily lost probably 90% or more of the money. This is not even about minting new tokens, even if the supply is limited, a useless project will remain a useless project. Demand is very important.

It is the ads with influencers marketing it, either they are the owner, investors or being paid to do it. A useless project is still very much useless but sadly the fact that majority of the community just want profits, they will continue to exist something of such.

This is another reason Blockchain technology growth is not really considered as it ought. Rather than building meaningful projects important to the real world, project founders and dev are more concerned in making profits and so solely focus on marketing and after gaining profits, bye bye to co-investors then move on to the next agenda they have.

[Asiska02]

Wanted to give an example base on my experience but don’t want the post to be lengthy (some rug pulls, AnubisDAO (2021), and Defi100 (2021) there are more…) , Best way to win in this space is not by following hype, trends and stuff. Is playing it safe and knowing how to take the right risks, because some risks aren’t worth taking at all.

Rug pull projects mostly use to show a lot of signs before investors even put their money into it. The problem with them neglecting those signs is because of greed, trying to catch up with new projects and getting to benefits as early investors without having a proper research and understanding of the project you’re investing into.

Most rug pull projects are new projects, they don’t last long as usual and are just after quick money from their investors after they’ve invested big in the projects. As investors new to the space, looking for already existed projects with clear blueprint will make you avoid falling for those cheap and persuasive rug pull ones.

[Chinesebaby]

If you’re new to crypto the safest move is not buying unknown tokens at all . I know many will still buy but reduce it and focus more on solid project like Bitcoin (that’s safe and with a risk that’s easy to manage), many will still belike but the value is high already! Yes it is but doesn’t stop it from growing even further.

Let’s me start with this , first what’s rugpull!

Despite the current fall in the price value of Bitcoin in the market, it is still the best non-negotiable crypto assets right now I can confidently recommend to anyone to invest and be rest assured of having his funds secured and have great value over time. Because investing in any memes or shitcoin projects is literally the worst mistake anybody can do, due to the fact that they are highly volatile. And rugpull has always been one of the commonest ways developers used to scam people of their hard earn money.

[suzanne5223]

If you’re new to crypto the safest move is not buying unknown tokens at all .

The safest move to prevent rug pull and other sort of scam activities execute through shitcoin is to always buying Bitcoin which is the only crypto that wont go to zero.

many will still belike but the value is high already! Yes it is but doesn’t stop it from growing even further.

The newbies that have the impression that the value of Bitcoin still dont understand that it is not a must they hold the whole Bitcoin if they can afford and they can choose to DCA.

Rug pull is when a project creators or founder create a fake cryptocurrency project, gains people's trust, and then suddenly pulls out all the money, leaving investors with worthless tokens . It’s not just a failed project it’s intentional fraud where the goals is to extract funds , not build value .

Most rugpull shitcoin are genuine created token with backdoor created for the purpose of exit fund. If not it is not easy to make the community trust the team through fake token creation.

[Ronsbit]

Rugpull is common in the crypto space, but if you are not careful enough, you will get into what is called a "one-chance,"  which scammers use to get at their victims. Projects and devs are fond of this; they put up hype on their business using influencers and celebrities to lure their fans and followers to invest in their business, and when they get the targeted audience and figures they desire, they rugpull by draining the wallet, which they have funds in, and they abscond with investors' funds. This is why investors are advised to do their proper research and due diligence before putting their funds into a project they have no knowledge about, or better still, they investigate the project and the team behind the project to get more clues about the project at hand.

[Mpamaegbu]

If you’re new to crypto the safest move is not buying unknown tokens at all .

Sometimes, even the unknown tokens are the ones that have made so much money for people. Crypto is a place of uncertainty. Anything is possible here. I've yet to see an industry that's like this with so much uncertainty. Again, we've to fathom in that people getting rugpulled isn't a newbie mistake. Even as veteran members, most of us have had our fair share of that experience; not just as newbies but even as experienced as we think we're right now.

I've come to realize that not all rugpulled projects were planned that way from the onset. Some just happen because projects can't get their acts together. Maybe because of inner ruckus and all that among members. So, they take out liquidity and go their separate ways. A lot happens here.

[Ivystar5]

Some people rug pull themselves and not anyone does that to them, it's just that greed has pushed people from seeing that once a trend is over it's not supposed to be the only way to succeed, if people bought bitcoin at a cheap rate doesn't mean you should get yourself one shitcpin that has been advertised to be like bitcoin itself just because you want to be the bitcoin OGs or a pioneer of a coin which will end up draining you, but my only issue is that this thread is more or less going to be visited by people who already know all this and I feel like the information is now useless.

[ColdLava40]

  base on my experience but don’t want the post to be lengthy (some rug pulls, AnubisDAO (2021), and Defi100 (2021) there are more…) , Best way to win in this space is not by following hype, trends and stuff. Is playing it safe and knowing how to take the right risks, because some risks aren’t worth taking at all.

Nothing new. I've seen a lot of shit coin project get rugged and so many investors ended up with backs of shit coins, worthless to be precise.

Some newbies wanna be investor who simply saw the hype won't not hesitate to go all in. They want to get rich overnight, that's what many of them are still victims of many scam projects.

The idea here is it just can't be stopped but avoided.anyone is free to lunch any coin or token. It's much easier now since most of them don't have to put out some source codes or stuffs

[GreatArkansas]

Wanted to give an example base on my experience but don’t want the post to be lengthy (some rug pulls, AnubisDAO (2021), and Defi100 (2021) there are more…) , Best way to win in this space is not by following hype, trends and stuff. Is playing it safe and knowing how to take the right risks, because some risks aren’t worth taking at all.

If you don't want to be a victim of rug pull, don't be greedy. People are attracted to these tokens because it has been hyped to bring high returns. For beginners, the safest investment step to take is to invest only in Bitcoin. The altcoins sector is complicated, so you need to learn how the market works. Investing in Bitcoin is simple and gives rest of mind. Some people say making a profit from Bitcoin is too slow, which is why they prefer investing in shitcoins. They will always regret their actions when these overhyped projects fail.     

Everything mentioned by OP does not exist on Bitcoin.
So, for sure a lot of victims of these from altcoins already realized that they should've been in Bitcoin only.

I believe most people are hooked to these because of the return, it's like high risk, high return, which for me this is totally a gambling and irresponsible.