Don’t Get Rug Pulled

[Abu-Naim]

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.

Buying low price tokens is what new investors thinks will be good for them because they feels like the price of Bitcoin, ETH, BNB, and other solid projects have skyrocketed and they feel like investing in newly projects will make them early investors and maybe give them more profits which sometimes is right, but sometime very wrong because some of these new projects are scam projects, they come to rug pull some customers if you are not careful; that’s why investing in such projects needs a very concise knowledge to be able to know which project is good and how to identify solid projects through their roadmap, partnerships and investors, if none of these is genuine, then is better to invest in Bitcoin before you can learn how to identify all these.

[Cookdata]

Buying low price tokens is what new investors thinks will be good for them because they feels like the price of Bitcoin, ETH, BNB, and other solid projects have skyrocketed and they feel like investing in newly projects will make them early investors and maybe give them more profits which sometimes is right, but sometime very wrong because some of these new projects are scam projects, they come to rug pull some customers if you are not careful; that’s why investing in such projects needs a very concise knowledge to be able to know which project is good and how to identify solid projects through their roadmap, partnerships and investors, if none of these is genuine, then is better to invest in Bitcoin before you can learn how to identify all these.

Come to think of it, if that's the case why would anyone invest 6 and 7 figures into Altcoins just because they want to give an excuse that Bitcoin is beyond what they vision? How many of the Altcoins see their previous all time? If I count the Altcoins that reach the previous all time high are not more than ten but Bitcoin did more than enough to change any investors mind. Other than the ROI on Bitcoin, you tend to get peace of mind with Bitcoin than when you buy an Altcoin.

Why do you even think institutional investors has refused to pour all their money into Altcoins. Before FTX crash, we had almost venture capitals shillings Altcoins with different headlines. There was a time I saw Solana banner in one airline, the marketing was crazy back then but Sol almost died, billions of dollars were lost to FTX companies. This coin too, luna. It was very disaster that has remained one of the hardest blows on investors that's why they are backing down from anything Altcoins.

[tabas]

Those ICOs comes with tempting offers while the coin is forced to pump making people believe so much in their scam projects. The provocative part is it's at that peak where they believe they have gained enough reputation that they fold up after realising so much profit leaving people with a worthless coin. And the issue is many will still be hopeful it will gain profit in the nearest future only for them to get trapped and the value for their money lost.

Many have been trapped with those ICOs and not only with that, those who have invested with the altcoins they think that shall deliver get ROI but, it never did. They're now stuck in it and have no option but to sell at terrible losses or just take the losses and keep it as a souvenir. The only way for them to recover from the losses there is to take that recovery somewhere else and with other better options. Either with other good crypto but mainly with Bitcoin or by doing other things outside crypto that shall render their time and will allow them to earn money.

[CryptSafe]

Those ICOs comes with tempting offers while the coin is forced to pump making people believe so much in their scam projects. The provocative part is it's at that peak where they believe they have gained enough reputation that they fold up after realising so much profit leaving people with a worthless coin. And the issue is many will still be hopeful it will gain profit in the nearest future only for them to get trapped and the value for their money lost.

Many have been trapped with those ICOs and not only with that, those who have invested with the altcoins they think that shall deliver get ROI but, it never did. They're now stuck in it and have no option but to sell at terrible losses or just take the losses and keep it as a souvenir. The only way for them to recover from the losses there is to take that recovery somewhere else and with other better options. Either with other good crypto but mainly with Bitcoin or by doing other things outside crypto that shall render their time and will allow them to earn money.

ICOs were like a trap then, and many people fell for it because of the hype and sometimes the calibre of influencers used to promote such project thinking it was genuine. I have had my own share of the experience where I bought a token and two days later they absconded, and the influencer who promoted them via his handle deleted his posts about the project and changed his ID immediately, and that was how investors got scammed, and many lost their funds. We just have to be careful out there and do our own proper research before investing in any project so we do not fall victim to any scam.

[SuperBitMan]

I remember something that happened some years back, Davido, a popular Nigerian musician created a crypto coin called Davido coin and after creating it he decided to announce it in his social media account and immediately he announced it there A lot of his fans went to buy the coin and the coin started growing in value and price, and after buying the coin they decided to hold for some time because they believe that the coin will do very well in the future, but Davido decided to betrayed them by selling all his own coin in his position, and when he did that the value of the coin dropped to the lowest and all who invested lost their money, but Davido gain a lot of money from it.
I believe this story will help newbie’s to avoid those centralized hyped crypto coin.

[Aanuoluwatofunmi]

If we checked the full meaning of rugpull, then we may see that most of the affected users are only those that have been willing to invest on pump and dump projects with the aim of making quick profits within a short time, though other reasons may also constitute the definition we may give to it, but as we may commonly have in cryptocurrency, investors were left in a vulnerable stage and no one to help out in situations like this after a sudden investment power withdrawal.

[Ever-young]

I can confirm this because I have invested in a project in the past simply because of one of the supposed reputable venture capital that was funding them. At that time they have managed to gain some level of reputation as some of the projects they funded made progress to some extent. It was after a while it became clear that those funds were funding projects,  sustain them for some months and then take profits and move on. They were doing advance pump and dump and those who did not understand this lost heavily. Anything that is not Bitcoin is not worth holding for long.

Not that it's not worth to hold Bitcoin for long, though its tough because of the ups and downs in the way of becoming or achieving your goals in it, that is to say they have to make sure they make the necessary move in achieving their goals instead of giving up , which is not an option. So it will be good and beneficial if they know how to manage the risks involved and know the right time to buy and to hold, so that they won't make mistake of doing anything that will jeopardise their plans.

[Odohu]

If we checked the full meaning of rugpull, then we may see that most of the affected users are only those that have been willing to invest on pump and dump projects with the aim of making quick profits within a short time, though other reasons may also constitute the definition we may give to it, but as we may commonly have in cryptocurrency, investors were left in a vulnerable stage and no one to help out in situations like this after a sudden investment power withdrawal.

You are very wrong about this because people don't knowingly invest in a pump and dump except those who are in the business of doing that. Are you telling me that investing in ICO is same as knowingly investing in pump and dump? You know for sure that a lots of the cryptocurrencies we have today started at the ICO stage before they became successful, so investing in ICO was like investing in the idea of the projects based on a number of factors and not necessarily because investors have pump and dump in mind. Buying shares in a startup is not different from investing in ICO,  it can fail or become successful. Although cryptocurrency startups have high failure rate due to reasons such as greed of the founders, poor implementation and the high chance of getting away without prosecution for crypto founders.