The Dark Side of the Crypto World and AirDrop Hell

0 27
Avatar for MyCrypto
1 year ago

We all know that the development process of the crypto-assets world is not a weaned white spoon. We cannot deny that the process of gaining value of Bitcoin occurred with its discovery and adoption by Silk Road, an online crime network. We do not even have the knowledge of who produced hundreds of Bitcoin derivatives or for what purpose. We witness how dangerous a structure like Dogecoin turns into a dangerous tool in the hands of someone like Elon Musk.

We cannot ignore the fact that most of the ICOs that have mushroomed since 2016 have nothing to do with the projects they promised, and their sole purpose is to make money from the gold rush frenzy. The situation is not much different in the NFTs we are currently going through. What's going on in the dark corridors of the DeFi world, which has just begun to sprout and is at least four times larger than the ICO wave even with its current structure? However, this is not enough to wage a war against all cryptocurrencies, nor to denigrate blockchain technology, of course. On the contrary, there is a certain amount of negativity in every innovation and process. The Internet was established for everyone to access information under equal conditions and in a democratic way, and today it has turned into a tool where giant technology companies, whose numbers do not exceed the fingers of both hands, almost dominate people's lives and can direct societies.

The purpose of this article is to show you the dark side of the crypto world, rather than bringing a philosophical discussion to the struggle of good and evil.

Generally, when it comes to frauds and hacking related to crypto assets, things like stealing private keys of wallets, hacking exchanges or closing the shop and disappearing with all assets come to mind. E-mails on behalf of various projects, experiments such as the fact that you have plenty of bitcoin assets but you have to pay the 3 thousand dollar tax upfront to get it turned into funny experiments for those who know a little about these worlds. But there is much more to it than that.

There are various dark agencies and groups that emerged during the ICO period, which has been on the rise since 2016, and still exist. Their sole purpose is to seize people's investments and silence their dreams in the marketing frenzy created by creating a magnificent atmosphere for projects that have no real features.

It is not easy to work with a team like the one I mentioned, because if they do not own a job, it is very costly to get the services they provide. Prices start from 5 to 6 digits on a dollar basis and not only with these numbers, but also with the shares received from the projects.

So what do they do and how do they do it?

First of all, various channels related to crypto assets are very popular in this ecosystem. Telegram and Reddit are among them. Various forums and news sites follow these channels. A sine qua non of a project is a popular website. After the social media accounts and Telegram groups connected to this site are created, the process begins. The first news, the first interviews are starting to be published on the websites with questionable reputation, and if the budgets are good, news and interviews appear on the crypto news sites that have raised the bar a little bit.

As the environment heats up, investors start buying with the fear of missing out on opportunity (FOMO). This is exactly the moment when financial leverage is activated, and the prices start to rise rapidly with the fake demands created for the coins or tokens of the projects. 5x-10x-30x. There is a right moment of departure for the dark agency and project team. In the frenzy of market enthusiasm, pockets are filled by selling whatever is in the palm of hand, and all team and PR activities disappear in a flash. As soon as the flow of information about the project is interrupted, it starts to be understood that something is wrong, but as in every classical investor psychology, it is already too late until the investor who is in love with the project understands the stake.

Browse around on CoinMarketCap or CoinGecko and look at the price charts of the projects, I'm sure you'll find hundreds of them.

$ 12.17
$ 12.17 from @TheRandomRewarder
Avatar for MyCrypto
1 year ago