Recently, there have been a lot of people starting their coins and tokens based on Ethereum blockchain and there have been uncountable scams in the process. What these desperadoes do is look for a way to hype their name and make it trend, then at the end of the day they abandon those who acquired their tokens and coins.
Because of the insane profit in the crypto world, different sets buddies and loners sitting at home on their couches have taken up the trend and started different tokens. What these people do is make force helpless people who are in need for an immediate income to follow them on Twitter (the get thousands of followers in days), make them spam their feed with worthless tweets glorifying their brand, Facebook is also spammed, and they still emails in the process - some even carry out series of hack attacks on registered users from the information they collected.
In the good old days, nothing much more than three years ago, there have been innocent startups and they didn't have the intentions of scamming. 95% of startups now are just in for the gain. Not longer ago, one of there scammers posted a picture on twitter that stated we are eating Sushi with your money.
I have been writing without mentioning the topic of this article. Yes! Yellow Token is a scam project and don't invest on them, because they are just another DUMPING machine. If you don't know what dumping is, it means that they have the larger share of token and they manipulate the price of their tokens. Then when it hits their desire treasured mark, they sell all their huge amount of tokens, making the circulation idle and stagnant and eventually die.
These people do what is called token pre-sale, where they gather a little money in disguise of it being a normal process. Then they release it into the market and eventually dump everything they have making the heaviest profit. I honestly have tried a couple of theses things and actually made some money in only one of em.
To cut things shut, I want to tell you signs of identifying scams in this so-called projects.
- Never use your password.
- Don't use emails that are in any way related to your important stuffs.
- Don't drop private keys of your wallet in their forms.
- Read about the projects strategy and find flaws.
- When they go against their promises.
- Don't send ridiculous amounts of money for transaction fees. Anything greater than 0.003 ETH is scam, and even most are still scams (there are some really poor people out there with a PC and in internet.)
Just today, I checked the spreadsheet of those that will be receiving Yellow Token (YEL) and I wasn't among. I was in a disgusted mood and immediately messaged the developer on Telegram, he directed me to a video showing how lazy he was that he could no longer server tokens as orders of arrival and instead decided to use an algorithm that will randomize it.
Nothing stated about randomizing here.
Now, this hows that this person running this project is lazy and cannot keep up with his words. What does that mean? RUN AND DON'T LOOK BACK.