Cryptocurrency is not only digital gold but also a playground for virtual fraudsters of all kinds. In this exciting world of tokens and blockchains, not only honest investors are involved, but also those who would sell their grandmother for a couple of bitcoins. Today we will talk about what manipulations are common in the cryptocurrency sphere and how not to become a victim of cunning schemes.
1. "Pump and dump": when the chart dances the lambada.
Imagine this: a certain Mr. CryptoCat posts on social media that the token "Shibamiau" is about to soar to the Moon. A crowd of novice investors starts buying it, driving the price to the heavens. And at that moment, Mr. CryptoCat sells his tokens, dumps everything, and rides off into the sunset in a Lamborghini. The result? The crowd is left with worthless "Shibamiau," while CryptoCat has bitcoins.
How to recognize? If everyone is shouting "Rocket soon! We're flying to Mars!" and the token's charts show a sharp spike — this is a sure sign of "pump and dump." It's important to remember: in the crypto world, rockets often don't launch; they explode.
2. The scheme "Fake Influencer": from mom's trader to crypto guru.
One fine day, your favorite blogger with 200 subscribers suddenly becomes a "crypto expert." He promises that the new token "Blockchainistic" is the new bitcoin and that "invest $500 now, and in a week you’ll buy yourself an island." But here's the catch: "Blockchainistic" turns out to be a dud, and the blogger deletes all posts and reverts back to being mom's trader.
How to recognize? Real experts do not give financial advice for free and do not promise islands for $500. And if your "expert" sells courses on crypto trading but still lives with their parents — that’s a reason to think.
3. "Phantom ICOs": how to sell air and become a millionaire.
The development team promises to create a revolutionary platform for exchanging crypto-kittens and launches an ICO. In the white paper — beautiful words, in the presentation — cosmic plans, but in reality — an empty website and an address in the Bahamas. After successfully raising funds, the team disappears without a trace.
How to recognize? Read the whitepaper carefully. If the project promises to create a "blockchain platform to elevate humanity to a new level of consciousness" — it’s likely either a joke or a scam.
Conclusion: use your brain and don’t fall for "easy money."
Cryptocurrency is undoubtedly an exciting and promising market. But where money is involved, there will always be those ready to take it from trusting newcomers. So the main advice: if something looks too good to be true — it probably is. Use your head and keep your bitcoins to yourself!
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