In the ever-expanding world of cryptocurrencies, it's easy to get lost in the buzz of new coins, tokens, and investment opportunities. Unfortunately, this landscape also attracts its fair share of scams, Ponzi schemes, and pump-and-dump shitcoins. Despite the presence of legitimate projects like Hive that offer a working product, strong community, and decentralized blockchain, many investors still fall for these traps. Let's take a closer look at why this happens and how you can avoid these pitfalls.
I also shared the same memes on my tweets
Won't exclude myself as I am also guilty of the investment I made in the past in Ponzi schemes/HYIP like Bitconnect, Ethconnect, Davor, Hextracoin, and tons of scammy projects that offer High Yield Investing Programs(HYIP), you can safely say that I already mastered the art of scam in these platforms Lol haha. Thankfully the time has come when I realized that these must come to end and become a Hive maximalist and tried to avoid any centralized project.
The primary reason people fall for scams and shady investments is the promise of quick, easy money. Projects that promise high-yield investment programs or guaranteed returns create a sense of urgency, tempting people to take the bait. The possibility of making a fortune overnight is alluring, and many investors are willing to risk it even if they know the odds are against them.
Scammers often employ persuasive tactics to create a sense of legitimacy. They may use fake testimonials, flashy marketing materials, and high-pressure sales techniques to convince potential investors that their scheme is a golden opportunity. Unfortunately, many people fall for these tactics, especially if they're already searching for a quick way to make money.
Many investors lack the financial literacy needed to differentiate between legitimate projects and scams. Without a strong understanding of risk management, diversification, and due diligence, it's easy to fall prey to these schemes.
Improve our financial literacy by learning about various investment options, risk management strategies, and how to spot scams. Study if the project is decentralized, AFAIK the only project that fell in this category is Bitcoin and Hive or maybe you know better we can comment on it as I want to invest in another decentralized crypto project if there is one. For the reference of this post I will be transparent about which I have invested before that I believe I got scammed, or maybe the project is not a scam but failed to deliver their promises and some of the projects are still on the market but I already sold all and go all-in on hive. Here is my list, maybe you have exposure to a similar project too, and I will be happy to talk with you and share my experience.
| Bitconnect |
|---|
| Cagecoin |
| Ldoge |
| 1337 |
| Genesis M. - Dash |
| Hextracoin |
| Ethconnect |
| Davor |
| Utrust |
| Uquid |
| Bitair |
| Binarycoin |
| Falconcoin |
| CryptoXchanger |
| Ideacoin |
| Ucoincash |
| Chronium |
| Goldgate |
| Unixcoin |
| V-one |
| Nucleus |
| Steneum |
| Eigencoin |
| BitconnectX |
| Martcoin |
| Hotcrypto |
| Ficoin |
| Bitfinite |
| Tokenpay |
| Farstcoin |
| Luxurycoin |
| Monyxcoin |
| Chrysoscoin |
| Bitstacks |
| Gatcoin |
| Bithercash |
| Quanstamp |
| Bounty0x |
| Bitclave |
| CarVertical |
| Bitdegree |
| Coinfi |
| Bankera |
| WePower |
| Zilliqa |
| Neurochain |
| Celcius.network |
| Dav.network |
| Gochain |
| OneLedger |
| Pikciochain |
| MyCreditChain |
| Zebi |
| Pooh/PoCG |
| Endor |
I learn my lesson in a hard way losing approximately $30K but life goes on and we learn from the mistake we made in the past while the allure of get-rich-quick schemes is strong, savvy investors can avoid falling victim to scams by conducting thorough research and being cautious. Focus on investing in legitimate projects like Hive and remember that there's no substitute for hard work, patience, and smart investing.
Stay Positive!
Who am I?
My name is Hiro a loving husband, a Hiver since 2017, a world explorer, a Hive marketer, a cat lover, and a proud Christian of the MCGI.
I discovered Hive back in 2017 when I was doing my research. My goal on Hive is I want to use the stake power up to be able to help the community. I prayed to God to help me to be able to become a cheerful giver to anyone who is lacking like food, medicine, and livelihood. Hope you can follow my journey
