Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: tonymillions84 on June 23, 2021, 08:22:41 PM
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If only these people knows how devastating it is rug projects. it is wise for developers knowing fully well that there project is gradually going down to inform their investors to move out their funds. just like centralized exchanges will always inform users to withdraw. this is my greatest loss. it remains me of the days of ponzi when i lost over 0.1 btc to online ponzi.
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In the past, we dealt with exit scams and now with the coming of DeFi we have the problems of rug pull. Unfortunately, most of these scam projects were propagating with anonymous people behind them. We have to be careful which platforms we are trusting with our hard-earned money because in the market that we are in it would be easier for these people to just run away with the money than deal with any problems they encounter. Of course, many are just downright scams right from the beginning and perpetrators are just waiting for the right time to pull the plug, leaving many investors and believers with empty bags.
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Mate its a part of the game, If we don't experience it we don't learn from our mistakes so for me it's better to move on and next time do some extra effort to avoid those mistakes like those "Crypto Ruggpull" 2021 has lesser exit scams and compared to 2017-2018 respectively but the failed projects are still making some numbers. so next time just invest wisely to avoid the same event to happen.
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Defi is only in the early stage and there is a major possibilities of rugpull from any kind of defi projects. So, it's better for all to avoid those risky projects which don't audit their new pool contracts yet. Also, many time developers intentionally did this for their greediness and users can't do anything to recover from those. But we can minimize further risk by revoking permissions for those rugpulled smart contract. 8)
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DeFi ia definitely not blooming fully just because of these rugpulls and hacks but the positive thing is once we have a secure environment and market evolves a solition for these big defi issues then defi will see massive adoption in real sense.
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Defi is only in the early stage and there is a major possibilities of rugpull from any kind of defi projects. So, it's better for all to avoid those risky projects which don't audit their new pool contracts yet. Also, many time developers intentionally did this for their greediness and users can't do anything to recover from those. But we can minimize further risk by revoking permissions for those rugpulled smart contract. 8)
Audit of the smart contracts should now be the standard when participating in any cryptocurrency-based projects as this can lessen the chance of a rug pull though we still don't have the control of the outcome of any project...at least with an audit the incidence can be lessened. Of course, the one doing the audit should be reputable and not one in cohort with scammers and fraudsters.
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If only these people knows how devastating it is rug projects. it is wise for developers knowing fully well that there project is gradually going down to inform their investors to move out their funds. just like centralized exchanges will always inform users to withdraw. this is my greatest loss. it remains me of the days of ponzi when i lost over 0.1 btc to online ponzi.
Yeah, we understand it's a sad thing to wake up one morning or log in to confirm that the project you have invested in just went down the drain without warning but think about it, even if the devs did inform investors that the project has gone down and that everyone should withdraw their funds, what do you think will happen? everyone is in a frenzy to dump their coins/token and the price crashes and you will still have people HODLing those bags with no market or is there people that will want to buy a failed project? Once the project has failed it has failed and nothing can be done at that point.