These were the exact words my friend told me as I tried to convince him to invest in a project. I would not say that he did not trust me rather I would say he has learnt over the years that one must be cautious when it comes to investing not minding how long the project has stayed. I have had my share of rug pull since I joined the crypto space and as the saying goes; once bitten twice shy. I have learnt from my mistakes but I still see how people especially the newbie’s jump into scam projects just because they did not follow the money rather they followed the hype. If there is one thing you must understand about the crypto space, it is the fact that tokens or coins strive more on public adoption which is most times caused by hype. For a newbie who does not understand this clear fact, he will always fall victim to the hype which will push him to invest even in a scam project. This is the reason why we are advised at all times to do thorough research on any project we want to invest in before committing our hard-earned money to it. It may sound impossible for a newbie because he may not be able to understand how to know a good project but as time goes on, he will begin to lay his hands on the necessary tools for his crypto growth.
Just as we have seen in recent times, there is an outburst of new projects which are built on SMARTBCH. A lot of them are of questionable character, this is because smartbch is very much at its maiden age therefore a lot of scammers will find it a soft spot to scam unsuspecting person’s. With the reduction in smartbch gas fees, it is even easier for anyone to start up a project either through ICO’s, IDO’s or the most common which is Airdrops. The one thing we do not understand is that airdrops come in various forms and shapes. Some will come in form of FCFS (first come first serve) basis, some will come in form of task and reward while some others will come as claim airdrop. The latter is the one I will talk about because a lot of people have ended up paying in other to claim an airdrop only to find out that the airdrop they claimed is complete shit (has no worth). This is where most scams focus more on scamming unsuspecting public who followed a certain hype to join the airdrop fuss. The question you must ask is this; why do people still fall for such scams even after being told or warned about them?
The Power of Hype in the Crypto space
I will not call myself a professor of crypto and everything in it rather I will say that I have learnt a lot from experience both personal and that of others. One thing I have learnt is that Hype is the true enemy of crypto investors especially those who are new in the space. The hype I am talking about comes from even the high and mighty most times because of the singular fact that they are famous and would be able to sway so many people into following a particular token or coin they are hyping. This has gotten even worse because it has become easier for anyone to go through YouTube, FACEBOOK, Telegram, Medium, TikTok, Whatsapp and a whole lot of other platforms just to promote a token or coin. Most of these coins or tokens being promoted are purely done as an act of business contract which the influencer goes into with the project owner. It is no hidden fact that no crypto project survives without having good publicity. This publicity is what we call Hype. I can decide to start up a project of my own today if I will be able to settle one or more influencers to hype my project for me. This is one of the major reasons why newbie’s and some older users who are yet to understand how it all works fall into their wicked trap and get rug pulled before they know what is coming.
Now that smartbch is still in its early stage, we all must be careful to avoid investing in something that will liquidate us and crash our hope of being among the millionaires and billionaires of the world when cryptocurrency will reach its peak in years to come. We have had a series of smartbch projects that have already rug pulled just as some people fell for their hype. I heard of one that made over 20BCH. These are peoples sweat and days of hard labour especially writers like me who have been looking for a way to increase their BCH holdings but unfortunately ended up in scammers wed of wickedness. It is not a pleasant feeling to hear or see that a token or coin you just invested in has rugged leaving you with little or nothing to hold on to. The vital question we must ask ourselves at all times is; are we following the money or the hype? /if you allow yourself to always follow the hype, you will end up losing money but by the time you follow the money, you will begin to see crypto in a new light.
Mind you, following the money, is as hard as trying to boil an egg in the sun instead of the normal process. This is because following the money requires you to always take your time to study any particular token or coin you want to invest in. It is not something you do by guesswork or just mere speculations. You must be ready to go the extra mile to research thoroughly about the project before investing. As far as I know, it is always hard for most crypto investors especially the newbie’s to make out time to study and carry out the necessary research on any project they want to invest in because to them, it is time-consuming. You may not have the time to research a project you want to invest in but I assure you that the moment you fall into a scam, you will begin to understand the reason why you always hear people say DYOR (do your own research). Don’t follow the hype follow the money if you wish to survive.
Thank you for reading my post.
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There is an advertising boom that leads many people to fall into the traps, it is easier to do what someone says than to investigate and draw your own conclusions.