Hello everyone, I am Paul Miyu, a little coder. This is the 4th day of us learning blockchain from scratch with you (if you are interested in blockchain technology, you can follow me and learn together). Today we want to tell you what a Pixiu plate is.

1. Pixiu

Pixiu is an auspicious animal in traditional Chinese culture and has been endowed with many unique characteristics and symbolic meanings in myths and legends. Among them, "only entering but not exiting" is its most significant feature, which is closely related to its role in Feng Shui and the meaning of wealth.

2. Pixiu in blockchain

Pixiu disk actually refers to a currency or project with a highly manipulated market mechanism.

Features of Pixiu plate:

  1. Can only buy, not sell

    This is the core mechanism of many scam projects. Through smart contracts, users are restricted from selling, so that holders can only buy or hold but cannot cash out. This design is essentially to create false liquidity and price increases to attract more people to chase high prices.

    Technical implementation:

    • The “sell” function is directly disabled in the smart contract code for certain wallet addresses or all addresses.

    • The project owner may preset a specific time window where only internal wallets can sell, and ordinary users are always restricted.

  2. Blacklist Buy Address

    The project party can actively blacklist certain addresses through smart contracts. Once these addresses are marked, they will not be able to transfer or sell.
    Specific manifestations：

    • Some users found that their assets were "locked" after purchase and could not be operated.

    • The contract has a built-in “blacklist management” function, and the project owner has full control.

  3. Prices continue to rise

    Because retail investors can only buy but not sell, the price of the currency will be pushed up quickly, and the outside world may mistakenly think that it is a high-quality project.

  4. Internal shipment

    Since most users are unable to sell, project owners can use their own addresses to sell a large number of tokens at high points and quickly close or abandon the project after making a profit.

3. Common application scenarios

  1. Short-term scam

    The design of the Pixiu plate is essentially to serve bad projects and is a typical "money-making" trick.

  2. High-risk “hype”

    Some projects attract investors under the banner of high returns, using this mechanism to create the illusion of a surge in prices.

  3. FOMO Effect

    Taking advantage of people's fear of missing out on opportunities, a large amount of retail funds are attracted into the market.

IV. How to identify and prevent

  1. Inspecting smart contract code


    Before buying any new coins, you can check the smart contract code through a blockchain browser (such as Etherscan) to check whether there is a mechanism to restrict selling.

  2. Project transparency

    Legitimate projects will publicly disclose contract logic and liquidity mechanisms, and will not arbitrarily set blacklists or restrict operations.

  3. Small trial

    If you are concerned about the safety of your funds, you can first test it with a small amount of money, including buying, selling and transferring.

  4. Stay away from non-mainstream exchanges or DEX

    These projects usually appear on unknown exchanges or decentralized trading platforms (DEX).

Pixiu trading is essentially a high-risk fund or scam model. If it involves "only buying but not selling" and "blacklist control", such projects are often not trustworthy, and investors should be vigilant to avoid falling into scams.