In the prime of the Crypto markets in late 2017, early 2018 the markets erupted with crypto “gurus” and “Analysts” offering advice on clear scams to the new people entering the market.
Where ever you go in the crypto space there is someone offering you a new unheard-of cryptocurrency project that will make you rich with YouTube being the worst for this.
Anyone who has been in the space since 2018 will know about the biggest crypto scam to date Bit-Connect. The projected offered daily interest on your money stored in the token on their platform but swiftly shut down and exited the market in early 2018 causing investors to lose their life savings and even their homes in extreme cases.
The team behind Bit-Connect have been caught and arrested for scamming the community with even the “Guru’s” being held for their part.
Bit-Connect tokens are now worthless from their all-time high of $437.
Once you’ve been in the space for longer than a few months you will be able to distinguish the scams from the legit projects, they try and entice you in with sky-high percentage increase but when you look closely, they have boosted the price with as little as $100 for +1000% you will see this by checking the volume on the token.
Follow the word of analysts in the space is just as bad, they lure you in with showing you bullish trends on graphs but traditional TA doesn’t really work with cryptocurrencies.
There has been a lot of times when the “TA” has shown bullish signal and guaranteed us a price break out but it hasn’t happened and caused a lot of new people to FOMO into the markets making them lose a lot of money.
My biggest advice for anyone in crypto or looking to join would be research when you hear about a project you don’t fully understand look into it yourself, never mind how much the “Analyst” or “Guru” promise’s you how much money you will make take a deep breath look into the project and avoid opinions posted on Twitter and Reddit as a lot of people are paid to draw interest.
Most of them 🤦🏻♂️
As someone who only knows enough to know how little they know. Where should I start looking to do my research?
I’m looking to starting investing/trading the coins I already have to increase my stake, but have a really hard time getting a good “feel” or spider sense for scams
In my opinion, it's always best to start at the project you like, find their white paper read up on the project then try and verify the information.
No one on youtube or Reddit is going to make you rich only research will.
Definitely plenty of scams. My only real holding is the Steem I have earned and its doing well for me. Its not perfect, but has great potential