Hello, hope you're good. I just wanna share my little life experience with you. It's said that experience is the best teacher, but not everything is worth experiencing by oneself, we can also learn from others experiences and prevent ourselves from being a victim.
I'll be sharing the various crypto scam I've encountered and the mistakes I made.
Now, they are various ways people get scammed of their crypto currencies, but the most common reason is G R E E D. Greed can make us overlook some obvious signs and definitely fall for a scam.
So people get scammed by participating in crypto currency presales,now, I'm not saying participating in presales is bad, but, before you do, make sure you do proper studies on the crypto you wanna buy, e.g, how's is their roadmap like, do they have any partnership with too brands etc. Once you're able to satisfactory convince your self, then you're good to go.
I once took part in an AIRDROP, for those of us who already know what airdrop is, you should know what I mean, so we were like over 4 thousand winners that got selected, and the winners were asked to hold a little amount of the coin before they'll be eligible to receive the AIRDROP.
If you know the theory of demand and supply, especially on baby contracts, the more people kept buying the coin to hold, the more the price kept going up🚀🚀, and boom, in the end, all the liquidity was pulled out, and the coin crashed like never before, it became worthless, but the scammers made away with huge cash.
The next one is participating in pools, to either mine a coin or earn a coin.
Be sure to do your researches before jumping in an opportunity.
I took part in a pool, we were asked to staked BNB, and some other tokens to earn BSCSWAP token, and as at the day the mining started the apy was at about 11k+%, with the price of BSCSWAP at $800+, nice opportunity right? Yeah greed blinded Me, and I couldn't even ask myself some questions, like, why is the profit so so large. After staking we were asked to wait for 3 days before we can withdraw our BSCSWAP coin. It was after staking over $200 worth of BNB that I realised the unstake button wasn't functional and that I just got scammed.
By the second day, the apy collapsed, on the day of withdrawal, the price of BSCSWAP collapsed from $800+ to about $10+.
The picture above shows the price fall of the coin
I never witnessed such scam before, I was heart broken💔💔 tho, but I had no choice but to live with it.
I made the mistake, so I had to pay the price. I was greedy that I didn't even do my own research before staking.
SO PLEASE SOME WORDS OF ADVICE FOR YOU
- Don't let greed blind you from seeing the truth, do your research properly before jumping in an opportunity
- Don't put in all your cash in any investment, that's unwise. Anything can happen
- Good and legit projects are now rare, be careful not to get scammed
Stay safe, stay tuned