Beware of scam projects out there ⚠️⚠️

[Franklyn-wood]

Why are some people acting surprised? There have been numerous cases similar to the one the OP is describing and more often than not, I believe that most investors/adopters of shitcoins know the risk they're taking. Such coins are a pure gamble, some are created simply to scam users (I remember a case where a coin seemed to be pumping but its users couldn't actually sell it and it then fell on its death), or are simply hyped too much but turn out to be failures.

As long as they're people who are after quick money, such schemes will exist. Those who are okay with the associated risks may proceed with caution and understanding the consequences of their actions.

The awareness going on mostly on this forum about dangers involved in some of this coins may look like an opportunity but most time the risk involve is higher that the benefits that will be gained after some times of mining. A friend of mine sometime was traped with offers of getting whopping bonuses after mininy that coin,

[puloweh555]

Also beware of going to those projects to invest on them, they truly exist but until we go to them before we could fall a victim of their trap, there are dumps and pumps project that many are introducing to crypto networks and trying to use as come against others willing to invest in order for them to make profit but ended up in losses, shitcoins truly exist and we must be able to avoid them by all means.

That's why so many people still talk about crypto fraud, even those who aren't familiar with it, even those who aren't familiar with it, think of all crypto as a scam including Bitcoin. In reality, this happens to most altcoins but the impact is that the average person will refer to all cryptocurrencies. Hmm.

What happened to $ESPORTS made big news this year. When the team controls the supply through multisig it's no longer a project but rather a liquidity scheme to exit the market. It's clear they're defrauding retail traders into almost nothing leaving them with tokens that are worth next to nothing.

A warning for all of us especially myself. Always avoid altcoins especially new projects because most of them will die. It's better to avoid risk and not waste time on new projects it's better to stay focused and prioritize Bitcoin in your portfolio for the long term. Cases like this should always serve as a lesson or reminder that shitcoins are truly ruthless and you should avoid them as much as possible.

[Achalugo BTC]

The awareness going on mostly on this forum about dangers involved in some of this coins may look like an opportunity but most time the risk involve is higher that the benefits that will be gained after some times of mining. A friend of mine sometime was traped with offers of getting whopping bonuses after mininy that coin,

Personally, I don't engaged myself with anything mining, even though the end will be profitable, I don't like it and mining is not for everyone though, as some might be profitable from it, while some might not. But, its essential for one to be more info, which they are to do more research, so that if they can confirmed every information, so that they will be at the safer side and avoid much risk that will lead them to financial issues, because some people don't bother to do what its right, as they thinks it will stress them, and they don't want to disturb themselves.

[tabas]

Personally, I don't engaged myself with anything mining, even though the end will be profitable, I don't like it and mining is not for everyone though, as some might be profitable from it, while some might not. But, its essential for one to be more info, which they are to do more research, so that if they can confirmed every information, so that they will be at the safer side and avoid much risk that will lead them to financial issues, because some people don't bother to do what its right, as they thinks it will stress them, and they don't want to disturb themselves.

Just remember that if it's about the actual mining, it requires the actual equipment which are the asic miners if this is for bitcoin. And for the alts, they're the gpus and other for the consensus algorithms they are required to mine. Many projects have been using these consensus algos to attract investors that they're mining this, that and everything at the expense of their users. What you do is right, just don't deal with them and avoid engaging to it because who knows if someone you're talking to is really good at talking and convincing and you might fall for it.

[RockBell]

The awareness going on mostly on this forum about dangers involved in some of this coins may look like an opportunity but most time the risk involve is higher that the benefits that will be gained after some times of mining. A friend of mine sometime was traped with offers of getting whopping bonuses after mininy that coin,

Personally, I don't engaged myself with anything mining, even though the end will be profitable, I don't like it and mining is not for everyone though, as some might be profitable from it, while some might not. But, its essential for one to be more info, which they are to do more research, so that if they can confirmed every information, so that they will be at the safer side and avoid much risk that will lead them to financial issues, because some people don't bother to do what its right, as they thinks it will stress them, and they don't want to disturb themselves.

And not just mining but there are a lot of scam strategies that is already there that will need to be corrected on time and every one is just trying to be careful because there is just a lot of scam projects out there and it's even very difficult when you are finding it very hard to tell because even does that are trying it out can not even guarantee you about anything then what do you do you flee from it is better that way and you can actually tell when something is scam when something is fishy it will always leave a smell somewhere so all you just need to do is for you to do your research so that you don't even put your money in something that you will regret it won't go well at all, just do research before any other thing.

[taufik123]

-snip-
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.

This kind of project always sells well in the market because they use the ticker that is trending right now and the scam developer plotter with the same team always does the same pattern which will only eventually drain the already big growing liquidity like the coin mentioned by OP.
looks promising with various developments and quite good increases, but then everything will be taken instantly and there will be a rug, but some do slow rugs so that they are not detected easily and people still believe to buy them.

Everyone may already have experience with this kind of project, but they have never managed to avoid it, there are some that succeed and others remain contributors to liquidity. Hoping to get in early but in reality it was the final contributor.

[HajiBagi]

It is not a surprise to see those type of tokens that got hype and end horrible, we have seen the one that is worse than this one and anyone who is not new to cryptocurrency and to this forum will know that it is not a surprise because there is no coin that can be trusted except bitcoin, i don’t know if i am the only one that does not have interest in other coins if not bitcoin because i have seen how people lose their money at the end when trying to buy other coins.

Investing in bitcoin is the best way to avoid not being scam because it is not a coin that you will buy and start panicking, investing in bitcoin can give you a rest of mind and also give you the chance of earning a good profit when the price rise but when you don’t appreciate good things like bitcoin and you want to make a quick profit you will end up losing your money on altcoins that are not good and being over hyped by the scammers.

[AYOBA]

I don't know what is making some investors to used huge amount of funds in such new  project without thinking that the project is new in the industry, am not saying you should not use huge amount of funds to invest but don't let it be some projects that showcase some signs of failure in the future, which is what this project investors are experiencing now and if they are not careful to think positive, it may lead them to loss everything at the end. Assume they invest this kind amount of funds in bitcoin, it wouldn't create fear in them because other investors would have encourage them not to sell than to continue holding the bitcoin.

The reason most of investors use such kind of huge amounts of funds to invest in new projects is because of how some people hype the projects. You cans see that if they lunch new projects today instead of them to be observed the project for the main time to in order for to give them the actual results of the projects, is it really or fake one but they won’t; that’s why most of them lose their money at the end of day.

As for me I will not go and waste my funds on altcoins that will not bring single profits in future, after knowing how the market of the entirely altcoins goes this season I will never advise anyone to invest there while they is Bitcoin if you invest you even have peace of mind they will not be any over thinking about the scammers.