Over several months of trading cryptocurrency, I have been exposed to the darker aspects of the industry, and I have recently felt tempted to quit investing in Crypto. It feels like I am caught in a battle between those who are trying to build something substantial and those who just want to strip my hard-earned profit from my investments. 

The moment I got into the pool, I was faced with many challenges, but now I realise that I am up against a lot of people who don’t care and just want to take advantage of others, which is discouraging. These ruggers and scammers masquerading as influencers are all out there to deceive someone, and they are so good at what they do. They don’t care if you are trading/investing with your last 1000 dollars as long as they rip others and fill their purse. 

How to Instantly Identify Crypto Scams: Rug Pull and Honey Pot

Elon Musk’s “X”: The den of thieves. 

Please don’t get me wrong; this is not a criticism of Elon Musk or his platform X. Rather, it is a wake-up call to anyone reading this to realise what is going on. X is a den of thieves, a place to reinforce anyone’s frustration to quit investing in Crypto. 

So many influencers on X are actually money mongers who want to rob others or help those with such intentions. They have a properly curated account that is meticulously crafted, but they intend to lure unsuspecting investors into the crypto market. I have seen this happen so much, and I feel so pissed that “X” is not taking some form of action against them. I believe there should be a way to report individuals who engage in such behaviour to X, providing evidence that allows X to launch an investigation. 

Don’t Post Wallet Address on Social Media: Crypto Ethics

A radical behaviour of “X Marketers”!

Each time I post a blog or share information using my X profile, I often start receiving marketing and promotional messages, which aim to find out if I am interested in something that can create FOMO in others. 

This is crazy because for them, it’s more like their source of income. They send messages like “Do you have a project launch so we can push to our followers, just pay me this or that amount”.

While I am not opposed to marketing as a business, I believe someone with the right motivation should be interested in the utility or authenticity of the project. NO! That is not the case with them – they are all about what they can get. So they just want to push anything as long as they get a couple of dollars. 

Do we share the same frustration?

I am sharing my burden for this space not because I have not developed and self-trained myself on how to recognise these HoneyPot scammers, but because I have often seen their havoc and how they have frustrated the entry-level market space. 

The more carnivorous the crypto space is for newbies, the more the urge to quit investing in crypto amongst them. It is detrimental to the entire ecosystem because, together, we are stronger. The last US election demonstrated that the ecosystem had a significant impact on the election. The issue of cryptocurrency was a considerable factor in deciding who would sit before the desk of the White House, and happily, the people chose right. 

What is our Unanimous role?

I will highlight about five key roles I think we can play to help this thriving ecosystem remain successful and not lose its momentum. These are tips we should all encourage to create a space that is safe enough for anyone to thrive. This does not mean you will not lose money trading, because it’s a win-or-lose game, but it means that you can trade and invest confidently with a long-term perspective without feeling like you can be taken advantage of at any moment. 

1. Get yourself properly educated. 

In my book, Crypto in 14 days. I described the different kinds of scams and how to recognise and, in turn, avoid them. The book is almost priceless compared to its value. It currently sits at a 50% discount.

5 Tips every crypto dummy must know to be a Pro 

2. Do not participate in or facilitate a rug pull or any form of scam. 

I often receive messages that suggest I could be a creator of a fake project or something similar. I just refuse to entertain them. In fact, I go so far as to block them. Sometimes I share a project a number of times when it might be an excellent invitation for others, but the moment I smell something fishy, I can’t not hesitate to remove that tweet almost immediately. 

3. Be vocal about your stance in comment sections

I don’t go about poking into others’ businesses, but if I smell that you’re a scam, I am going to make the comment section a place to expose you. I will make it clear to those who are willing to hear that they should investigate or take note of the visible red flags. 

4. Push correct narratives. 

Lies thrive when the truth is not told. How do people avoid FOMO when buying fake projects, especially if the original projects have disloyal community members? The job of the community is not just to push your bags but to be vocal about what is and what is not. 

5. DCA into projects.

When a narrative starts to spread and people are caught in the FOMO, it’s not always advisable to miss out just because you’re trying to investigate. In such cases, DCA is applied to a project; DCA is an acronym for Dollar Cost Averaging. 

Buy little by little until you can see signs of stability. I know you want a 1000x return. However, if you genuinely want a 1,000x return, then it would be good to put in $ 100. That is 100,000 dollars in gross earnings. That is a better way to invest than to put all your $ 10,000 because you want a 100x or a 1000x return. Greed is the greatest killer in the crypto market, and you must be able to manage your greed and risk appetite.