There are always scammers lurking in crypto. They are there in bull or bear markets, however they really come out of the woodwork when crypto is booming. To get ready for another big bull run, (hopefully soon) I'm going to help you avoid getting scammed by telling you about some times I've fallen for some idiotic scams.
If you've fallen for a con, you probably don't like to hear that. I sure don't, but it's true. When I think about the scams that worked on me, they only worked on me because of my own greed or laziness. A con relies on the moral failings of his mark to make his scam work.
In more traditional markets, if someone comes around offering 1,800% daily returns GUARANTEED, well, everyone knows they are a scammer because returns like that aren't possible. But with crypto, sometimes returns that crazy happen. They aren't sustainable of course, but they can happen for a little bit.
So rule number one to avoid scams is to know what are normal returns and don't fall for someone promising eye watering returns. Don't believe anyone who tries to tell you any kind of return is guaranteed. Crypto is crazy. There are no guarantees.
Another way to avoid getting scammed, is to follow your instincts. Usually when someone is sketchy your spidey sense will tingle a bit. Pay attention to that.
The scam I fell for was called USI Tech. It was ridiculous. Those people were advertising a literal perpetual motion machine as part of their schtick. I had all kinds of bad feelings about it, but I allowed my greed to override those feelings.
Don't let laziness get you caught in a trap either. There are so many different crypto projects these days. Some of them are really outstanding too. There are far too many great projects for you to realistically invest in anyway. So don't go chasing every new coin that pops up in Twitter or on an ad. Pick a few good projects and really dig in and study them. You'll learn quickly who the good and bad actors are.
Sometimes it's really hard to avoid scams. FTX turned out to be a hot pile of scam. Sam and his crew were celebrated by all the beautiful people though. Only a very few saw through their game. More should have. Here's another rule for you. Anytime someone working in a money business tries to tell you they don't care about money, you know right there they are liars.
So that's it. You can't con an honest man. If it sounds too good to be true it is. Don't be lazy. Don't ever trust anyone who claims they just want to help people or believes in climate change.
