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This is a ghost town - BCHtowns postmortem analysis
I notice BCH Towns on Twitter and had a quick look at the project details. This new @SmartBCH play2earn game looked promising. The upcoming game would be powered by an account-bound NFT, which will be used for the town expansion and many other things. The BCH Towns had few Twitter Spaces where questions were asked and the project had an outstanding social media activity.
On launch day I hang out on their telegram group because I was interested in the game. I don't invest for pump and dump, therefore the amount I was ready to put into the game was only $40. The concept was proper old-school gaming, maybe that's why I ignored some red flags
I found it odd that the admin chose to keep the contract address secret until the token launch, as well the wording used to describe how good the farming rate will be. Lesson 1: When something looks to good to be real ... it is not real!
But few minutes before the launch, a token was found on the blockchain, and some quickly invested thinking that was the $TOWN token. Unfortunately it was a scam token but my spider-senses find it weird that the admin was quiet while the fake token info circulated in the group and then came to clear the chat.
20 Bitcoin Cash were used as liquidity for the scam token and this was the action of an experienced scammer not a newbie. I alerted the #Club1BCH about it but at the end I still bought $TOWN. The contract address was announced at 6:59 and some whale purchases happened at 6:58. This was blamed on the blockchain transparency and open information.
Few shady things and not an ideal launch but I decided to give this game a chance. Lesson 2: If it looks like sh!t and it smells like sh!t ... then it's a sh!t!
I didn't bought immediately after the launch, waiting for the hype to cool. About half an hour later I spent the $40 for 70 TOWN tokens. I staked them and waited for the APR dashboard issues to be sorted. You don't get 15,000 % APR so often so this looked good. Was time to go to bed and let the farm work for me.
Woke up the next day, claimed the bounty and stake it again. And then... at one point ... scam alert .... BCH Towns rug pulled! It's not the first time I was scammed, and I bet it will not be the last, but the signs were there and I didn't want to accept the negative vibes.
Checked the Telegram group and the chat was no longer available. The low-life user that orchestrated this scam was gone! What is concerning is that he/she knew exactly what the BCH community wanted and sugarcoated a project to tick the boxes. This is someone who spent time on SmartBCH, and probably someone who makes a living from tricking others. Lesson 3: Scammers gonna scam, haters gonna hate!
The Twitter account was not down yet, but it followed the telegram scenario shortly. The village simulator was gone and the farmers were left without the money.
Lesson 4: Listen to your gut-feeling! I was thinking I was paranoid ... but I was right! The pre-launch fake token was them as well. Four different wallets received the 7 BCH stolen with the fake token scam, and this four wallets where the whales that bought before the token contract address was announced. Despicable but well played!
Power farming at ultra high APR, sold and dumped the price enough for people to buy more and then ... all the liquidity was taken and they vanish! Sad that people will go extreme to lie and cheat others, all for a handful of gold.
I invested $40 worth of BCH, which I was affording to lose (and I lost)! Because I didn't want to have reminders of this failure, I swapped all the $TOWN for $0.40 and left this memory to sink. It's time to move on and make sure that people will be aware the next time I have negative vibes about a new project.