shitcoins are simply a ponzi scheme written into a smart contract

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Gone are those days in 2017 where people get scammed through ICOs(Initial Coin Offering), the new way is shitcoins. During the ICO days, projects like bitconnect, onecoin and all were based on just false promises, no whitepaper and nothing tangible were delivered. They usually have this cheesy outline of either being the “New Bitcoin” or going to be the “Bitcoin Killer”.

Funny how you just noticed that some shitcoins are claiming to be the “New Dogecoin” or “DogeKiller”.

But fortunately for crypto enthusiasts, they know better than falling for fake ICOs again. But the scammers are always working harder on our intelligence. They try their best to outsmart their victims, so they came up with Shitcoins.

With the development of shitcoins, they came with white papers, then they make some outrageous medium article explaining their fake projects and how it’s unique and different and they make it seem so believable. The developers behind these fake projects do some illegitimate copy and paste of an existing code from a legitimate protocol, create a token and set up some liquidity pool. This is made just to entice people into thinking their project is real. They then spend a lot of money and time marketing the fake project by using celebrity influencers who have massive social media followers and are social media active.

You should be careful of buying a token with no obvious use case, no transparency and hidden developers. Most of them just stay a while to enable gullible investors pump in a lot of money into the token, creating some sort of liquidity, because more people, means more investments, more liquidity and more money. Then the developers steal the liquidity in a modern way of pulling, exit scam or pump and dump. This is where we call it a rugpull. They withdraw all the money, put it in their personal funds or wallet and abandon the project. This is pure modern Ponzi scheme

If you are looking for a legitimate Defi platform to invest in, CUBdefi is a pure example of a legitimate investment platform. Their developers are well known and exposed with a weekly AMAs. They have experience of more than 5 years. There is a whitepaper and no force promises.
Check it out here