A developer with a conscious has a hard time in the crypto space
I found this sad and worrying story on Torum and it´s definitely worth a share as we all need to keep aware of how easy it is to be manipulated. Because I see these types of posts way too often:
Forex trading scammed!! F**k the team of Canadian Jason. I've lost 181.68 dollars. It was long awaited hope with this money. This money can't be withdraw. I was hoping for many stuffs. Argghh!! Bring me back my money 😭😭
So just to get a sneak peak inside the daily life of Mr. Just A Dev.
"A few months ago, I wrote on this sub that my objective for 2022 was getting a job in crypto. It worked : I got hired for a start-up in December, and started to work for them in January.
I resigned a few weeks ago, and now I want to share my (not so good) story with you. (I won't name the company in question, because I have signed a NDA. But rest assured : you never heard of it before, and it's not a major player in the ecosystem - it's not even a minor player.)
First of all, the level of disorganization and chaos was absolute madness. Each morning we had a different objective, based on the most recent trend in the market. NFTs are becoming popular? Let's do NFTs! This particular token is performing well? Let's buy it, even if it's at ATH!
One of our product doesn't work anymore because we rushed a bug-fixing patch? Let's pretend that never happened and let's keep pushing rosy marketing articles! I know that start-ups are notoriously disorganized. I get it. But you can't expect to be a profitable company, or even be a productive member of the crypto ecosystem, if you can't even define your objectives and stick to it.
Secondly, we cheated. What I mean is that we bought bots for our TG channels, we faked users in our Discord, and we partnered with dubious "influencers" to make it look like our products were far more popular than they really were.
This kind of stuff is what gives crypto it's bad reputation to the outside world, and I deeply regret having been a part of this for a short time. And finally, and I think this is the most important part: the founders didn't care about the crypto ecosystem at all. Their main objective was to make as much money as quickly as possible. We were acting like an evil hedge fund, precisely the type of institution crypto is supposed to fight. I felt sad. I felt like a scammer.
So I quit. And, keeping in line with everything I wrote before, they didn't pay me for my last week of work. They just ghosted me.
So... yeah. I don't want to discourage people from getting a job in crypto. I still believe in the future of this industry. But I would advise you to stick with the well-known companies of our ecosystem, and not waste your time in little-known start-ups that have big dreams, but can't deliver.
We have a long, very long way to go before we become a respectable industry."
This whole story made me think about one of my earlier articles about the composite man. That story included a Twitter thread in which a possible insider explained how easy it is to manipulate the market, especially the crypto market.
The crypto market compared to others is a fairly small market, so any movement is more impacting. And if we may believe the Two comma pauper from my other story the cost/gain comparison is very interesting.
My perspective is that any market is manipulated by the bigger forces and these whales can create quite some waves. Now there are two type of people in the water. Those who are afraid of water and went in to cool down, and those who know the ocean.
The ones that went in to cool down will be afraid to drown if that whale wave hits, the ones that know the ocean take out their surfboards and ride that wave like a pro....or a baby pro.
That applies to market movements, but also to possible scams and projects that will never succeed. Of course, not all scams can be avoided...but many can:
Check out the Project
Not using an existing Blockchain is a No GO.
No team/seemingly fake team info is No Go.
No Whitepaper is a No Go.
In Google we Trust:
Just google the hell out of the project. But even then you should not believe everything you read. Check multiple sources and especially sources like Reddit where people can correct posts by other less reliable sources.
Don't trust hot tips from people you met online
I even don´t trust hot tips from people I met in person, they can be fooled as easily as you can. And especially do not trust people that promise guaranteed returns on investments.
It´s great to make a million overnight....but we need to stay real...we need to stay skeptical. If you are new in the crypto-verse stay away from ICO´s and great new project opportunities.
Learn about crypto, which will teach you what a scam smell´s like.
With regards to the market manipulation, that is less worrisome if you don´t do leveraged future trading. Start with spot trading. It will make sure you don´t get liquidated before the wave to the upside comes your way.
Once you´re riding that wave to the upside, make sure to end the ride before the ride ends you. In other words, sell your coins on the way up because there is no such thing as a wave to the moon.
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Publish0X:
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NoiseCash:
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Disclaimer
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Wow bro. Definitely a discouraging story. The crypto industry has a long way to go to grow. Most projects are of dubious provenance and the truth is there is little newness. I commend you for your ethics and for having the ability to have given up on being a part of it. Anyway, it is impossible to work anywhere where chaos and disorganization are routine.