How to lose money in cryptocurrency : (Rugpulling )

[Dowenship]

You need to use two tool to achieve this , the Binance scan and the poocoin app . These two sites provides information on whether the liquidity is locked or not and other information in the post

If using binance scan is the tools used then i dont think the liquidity stuff will work... Have had experience with coins with locked account still yet its a rugpull..

 

[Lens]

Apart from the analysis given on ruqpulling, most crypto traders lose lots of money because they are not equipped around cryptocurrency. Most traders can not read crypto charts, to predict the market sentiment. Most of the investors just believe in simple buying and selling.

 

[Josemendez]

If using binance scan is the tools used then i dont think the liquidity stuff will work... Have had experience with coins with locked account still yet its a rugpull..

Not rugpulled actually. What Happened was that the majority of the CIRCULATING supply of the token is in possession of developers. Dumping the tokens is like removing the liquidity. Once it is locked , it can't be accessed anymore

 

[FreshKaz11]

Episode 1
Episode 2

Many investors have lost money in one way or the other in cryptocurrency but RUG-PULLING seems to be the most common way of losing money.

What is RUG-PULLING ? Rugpull is achieved when the developers of a coin pulls out the liquidity they added to the exchange where the coin is traded. This makes it difficult for the investors to sell their tokens because the liquidty that will process the buy is not available.

How do we know if a project will be rugpulled?

The fact is that it is not easy these days as some of the scammers are now very smart with their operations , however below are few strategies that can help .

1. Check if the liquidty is locked and ownership denounced . If the liquidty is locked , then there is no way the liquidty can be pulled out untill the expiration of the locking period.

2. Check if there are wallets with more than 40% of the total circulating supply . If a wallet has up to 60% of the circulating supply , it is probably the wallet of the developer and he can dump the tokens at once and crash the project.

3. Confirm using Binance scan that the claimed tokens were burned because there are techniques that makes a wallet appear to have less amount of tokens as it actually contains.

4. Do you research before investing in any project.

That’s one thing I always advice those who are new into cryptocurrency trading, before you invest in any of the coin make sure you do a proper research on it so you will be very sure of it though.

 

[delnovem]

Rug pulls are a blatant exit scam in most cases, designed as a promising project that attracts users. When liquidity flows into the project and the price grows, developers then pull all the liquidity they can, crushing the capital of those left holding the bags in the end.

 

[mcjerry]

For now till tomorrow I will say that there is no way we can invest in bitcoin and loss money. Because there is no way that the coin will reduce in price that the price will not rise back

 

[Filicit]

Sometimes, it can be difficult to tell what coin is really being owned majorly by a developer who wants to dump the coin so it's just best to invest with popular coins

 

[GoldenLady]

This mainly applies to shitcoins. The advice here is to always a d foremost invest an amount you can afford to lose. Having never understood the mechanics of a rug pull, it's safer for me to avoid them. There's enough money to be made with established coins.

 

[Snazzy001]

Losing money in cryptocurrency is not something that you will have to teach us before we know how to. Normally these things work as if they naturally occur.

 

[GoldenLady]

Apart from the analysis given on ruqpulling, most crypto traders lose lots of money because they are not equipped around cryptocurrency. Most traders can not read crypto charts, to predict the market sentiment. Most of the investors just believe in simple buying and selling.

This mistake is very common too. Without this knowledge, one won't know when reversal patterns or signs occur to get out or in of a trade. People then buy at the top and sell at the bottom.

 

[Nomad]

When I decided to invest in crypto currency, I do a lot of research. I check the price history, market cap rank, market worth, maximum cap supply, circulating suppy, and thing like these.

 

[Sotherefore]

There is no how you can be able to prevent this than for you to invest in potential cryptocurrency, when you are investing in new listing coin or those that have come into existence newly, you have to understand that they are likely To rugpull anytime and it is only advisable to invest with you can afford to lose.

 

[BrolySSJ]

Research is the most important thing when it comes to cryptocurrency because there are so many of these sites that are fake and therefore they do not have any reputation. Investing in them will meana loss for you.

 

[Nomad]

when investing in crypto currency you need to make sure the coin can be exchanged or sold. If the coin cannot be exchanged or sold, you might lose your investment. Also make sure you know who is behind the development.

 

[greenie]

These are what most shitcoin project will always want to do to get you off guard and make you loose your invesed money without playing smart. We need to be careful out there about this type coins.

 

[kayode10]

You only need to invest blindly in order to lose money with cryptocurrency trading and investment. You can also invest on speculation and there is a chance that you are going to lose your money at the end of the day.

 

[Grandeur]

One example of rug pulling is squid token that sprouted after the amazing series, squid games. The coin did really well only to drop value to almost zero which is why investors should be careful when it comes to new coins especially one doing really well

 

[Ub40]

There are really so many terms in the crypto world just like the one mentioned above. Before now I did not know there was such term nor know the meaning. I want to say that you have really done justice to the topic above. Thanks for sharing.

 

[eLdavis]

It is very important that people make a lot of research before they venture into any Cryptocurrency because there are a lot of scam coins out there.

Am telling you. A friend of mine bought some coins according to her she was Introduced to the coin by someone, she spent almost four hundred dollars on the coin back then cause she was told the coin would blow up soon, only for her to wake up the next day and find out her coins has dropped drastically to less than a hundred dollars in just one day.

 

[Chibson]

People who always invest in new crypto-currency projects will always encounter this kind of experiences. It is always important and necessary for you to make proper research on the cryptocurrency you are investing on.