Beware of scam projects out there ⚠️⚠️

[lovesmayfamilis]

This proves that as long as there are such cranks in the world who fall for scammers' traps, an offer with similar "projects" will exist. It is also interesting that even the developers of new projects themselves do not always want to engage in scams, but they are very arrogant, believing that they will "blow up and surprise" the world with new coins, forgetting that it is not worth competing with Bitcoin, from the word "absolutely".
But if there is a demand, then there will be a supply. As long as people are stupid and greedy, there will be many such projects, and everyone who has gained experience once will have a chance to avoid repeating their mistakes. And how many mistakes there are is always the choice of the "buyers-investors" themselves.

[Marykeller]

It keeps repeating all the time, a coin to be hype and get pumped, after that, exists the space with huge sums.

This kind of scam method has existed for a long time, I don't know when people will learn not to invest in a project that they see pumping in price when the end results don't meet expectations other than heavy dumping of price.

I pity those who invested their hard-earned money, with the hope that they have invested in potential coins that will bring forth many profits to them in a short time, only for them to have the shock of their life as the coin is rugpulled

[IjawMan]

Op, there is no how everybody will decide to focus on Bitcoin only, there are some that will think focusing on Bitcoin alone while some will focus on Bitcoin and other altcoins too.But it will not help them to make same income which it will be the reason they will not pay attention to such advice because they will feel investing their money in different coins in the decentraliz market it will increase their financial status in the future. With little experience I got from this community, I don't think anything will make me fall victim to those scammers, because is very easy to identify them unless you are the type of investor that is eager to make money by force in a wrong way.

People will always want to explore even right into the most dangerous waters they will still want to diversify from the less looking risky asset into the high risky ones with a very high promising potential for investment returns.

Not to disapprove you view but with common sense if am not mistaken a large numbers of the altcoins in the altcoins market are without utility, does not solve any real life problems.

Most of it are just created to take all the money they can from investors who only wants to diversify from Bitcoin to other assets that should have increased their profit making. Too bad the majority of the tokens that flow into the market exit quickly by rug pulling.

[Aanuoluwatofunmi]

We have to be more careful of investing on altcoins, if you cannot take the risk in them or already developed a thicker skin with experience in altcoin investment, is not a good idea for you to go into them without making necessary assessment over anyone you are considering for an investment, there are many pump and dump project out there that are being introduced and they keep coming like never before without any utility until we invest on them before we discover the are nothing but it disappointment of the highest order.

[Die_empty]

It keeps repeating all the time, a coin to be hype and get pumped, after that, exists the space with huge sums.

This kind of scam method has existed for a long time, I don't know when people will learn not to invest in a project that they see pumping in price when the end results don't meet expectations other than heavy dumping of price.

I pity those who invested their hard-earned money, with the hope that they have invested in potential coins that will bring forth many profits to them in a short time, only for them to have the shock of their life as the coin is rugpulled

Only the few who are lucky enough to dump their coins immediately the coin raises makes profit. If they wait thinking that the price will appreciate more, they end up losing all their money. I don't have an interest in altcoins because more people lose money than those who gain from these projects.

Greed and impatience are some of the motivations behind investing in these shitcoins. They are usually hyped and promise high profit. Other people think that returns from Bitcoin takes a long time. So the prefer to invest in altcoins that promisses fast returns.

[tech30338]

the one who get in it early and get out early are the one who win in this one, for example you did not know its a scam, you have bought a decent amount, then the price surge, that is your out signal, but because you are too greedy you still want more, but its scam project when the price are now ATH they will now sell and dump everything, people who are hoping to be a millionaire in a few days are now stuck with a worthless token, if you are playing with a scam project its really not a good idea, some really know its a scam but they get out early.
Instead of joining a rug pull project, study what token you are going to get it, money is not just a thing you will grab in the ground so be careful spending money, stay away from scam project or too good to be true and don't be greedy.

[boyptc]

I am into esports but I mostly avoid these projects that have tokens. They're likely to rug and if signs have shown that they have pumped so much, you'll have to take that as a red flag.

Advice: We all should just focus on investing in Bitcoin, I know a lot of us already have this sentiment, but for those who are just starting, and those thinking just like me, that maybe I can cash out from a shit project, well, it's a gamble, so it might be possible, probably after loosing a lot of money to some scam devs, but don't, apply the DCA method, and you'll come out better at the other side.

I agree into focusing into Bitcoin. But if someone insists on investing into altcoins, they should never forget to do their research.

Don't invest because you're emotionally hyped to these pumps. You'll be catching the falling knives.

[joniboini]

the one who get in it early and get out early are the one who win in this one,

To be fair that applies to nearly everything. Even promising projects who were pumped like crazy can go down quickly if the hype faded out. I remember following several projects like that back in 2021s. But identifying rug pull is definitely a must. Sometimes some users know the projects they're into are scam, but they're trying to be the "lucky" ones so they exit late too. I saw that many times too.

It's hard to make sure these scams won't pop up every now and then if some people act that way. Even the basic advice don't burn money you can't afford to lose isn't followed properly too.

[Y3shot]

Advice: We all should just focus on investing in Bitcoin, I know a lot of us already have this sentiment, but for those who are just starting, and those thinking just like me, that maybe I can cash out from a shit project, well, it's a gamble, so it might be possible, probably after loosing a lot of money to some scam devs, but don't, apply the DCA method, and you'll come out better at the other side.

Disclaimer: I did not invest in this, I only saw the news so I decided to share here.

The reason why most people fall into this scam is that they don't have knowledge; they enter cryptocurrency with their own understanding, investing in any coin they feel like without doing any research, and they end up being scammed. Some people feel it is too late to invest in Bitcoin because of its price value, and they think other cryptocurrencies are the best to invest in based on the fact that their price value is not as high as Bitcoin, which makes them believe that investing in these coins will be beneficial.

The first step to avoiding scams is to always conduct research and understand, because understanding will always save one from being scammed. Investing in Bitcoin will protect one from various dangers of fraud, and it is more reliable than all other cryptocurrencies.

[Patikno]

No need for speculations, this is purely a rug pull, a dev project to cashing out big, there is no utility, no problem solving, just create, hype, and then rug pull to cash out.

What do you expect from shitcoins? So many shitcoins end up being scams, and they simply abandon their projects without any updates. I have seen cases of shitcoins like the one the OP mentioned far too often, and they are no different from typical scammers, but they are now in the crypto space. Therefore, we should avoid being fooled by the fear of shitcoins, and never try to buy crypto that you don't understand fundamentally. The bottom line is, don't be easily tempted, and if you do try, use money you "can afford" to lose. So, you won't be too bothered if something goes wrong. However, I advise you not to risk your money on shitcoins that have no useful use case.

Well, basically, it is all your decision, and you alone will bear the consequences. So, try to understand the risks first before trying.

[uchegod-21]

Don't jump on new shitcoins unless they prove themselves as trustworthy and real in development.

On the contrary, this is the opposite of what shitcoiners do. In fact, their strategy is to watch out for new listings and invest immediately once they are launched. According to them, buying early helps them buy at a cheaper rate and sell faster while the hype is still high. Shitcoiners think they are smart,  project developers are already aware that people are timing them to know when to withdraw, at the end the scam project developers still win.

I would rather advise investors to avoid shitcoins, whether new or old. Greed is killing lots of investors, yet every time new shitcoins are launched, people quickly invest, forgetting the previous bad stories they have heard about shitcoins in the past.