How do you protect yourself from scams in crypto?

[Freemind]

If there are newbies here, I will echo what he said. If you're a newbie, please, please don't go on Twitter.
For me, Twitter/X is becoming the next Telegram/Discord already.

It's the home for thousand of scammers, and scamming there is quite easier. Duplicating the handles with a bit of a tweaks of those legit and popular people are very easy. I mean they can just change some letters, and they're good to go. Don't rely your decision based on what you're seeing in Twitter. Twitter on the other hand doesn't seem to care about how rampant scams is on the platform since it's happening in every social media platforms.

This forum, and some legit people are the ones that can follow, and as for Twitter, I'm not saying that all of the people out there are scammers because there are still some who are worthy to follow at least. @WatcherGuru is one.

The truth is that I don't "follow" anyone for the sole purpose of giving me crypto advice. For better or worse I have always followed my own criteria when investing without letting opinions (often paid opinions) influence my way of acting. This is precisely what many profiles on X/Twitter take advantage of, the little or no knowledge of newbies who come to this industry wanting to earn millions in hours, without thinking that this is the worst path they can take. It's okay and it's always good to hear and read opinions, but when we allow those decisions to be ours as well, we run the risk that 99% of the time it will end badly.

Our funds, our decision, our future.

[alltalk]

Avoiding memecoins is one way to protect yourself from scams in the industry, a lot of memecoins are scams created by people who want to make money off those who are going to buy it. I also recommend using a cold wallet, because anything online is prone to hacking, i should also add that you should not fall for anything that looks too good to be true, because it is probably a scam.

Agree. There are too many scams on the new meme coin projects. Even if we want to invest in meme coins, it will be safe to choose top meme coins such as Dogecoin or PEPE. However, I personally never feel interested in meme coins because there is no clear fundamental on them. We know that meme coins basically relies on the hype, there is no fundamental at all. So, it is reasonable that scammers easily made meme coin scams.

[lepbagong]

Avoiding memecoins is one way to protect yourself from scams in the industry, a lot of memecoins are scams created by people who want to make money off those who are going to buy it. I also recommend using a cold wallet, because anything online is prone to hacking, i should also add that you should not fall for anything that looks too good to be true, because it is probably a scam.

Agree. There are too many scams on the new meme coin projects. Even if we want to invest in meme coins, it will be safe to choose top meme coins such as Dogecoin or PEPE. However, I personally never feel interested in meme coins because there is no clear fundamental on them. We know that meme coins basically relies on the hype, there is no fundamental at all. So, it is reasonable that scammers easily made meme coin scams.

Currently, there are indeed many scams on meme coin projects and I totally agree with that, especially with the growing number of airdrops/mini-telegrams, most of which are scams and never end to continue growing.
That's right, meme coins do depend on hype. If there is none, they will not be able to increase properly and will even slump, there are even many scams on meme coins.
I think if there is a choice to be made for meme coins, it might be doge. I also like doge and have saved a little of it even though I don't try to save others.

[Aanuoluwatofunmi]

Protecting ourselves from scam has to do with us and our way or interactions when it comes to online opportunities which we often run after, because not everything that glitters are gold, we need more deeper search in knowing nthe mindset behind every offers we are coming across online, because not all of them seems to be an opportunity for us, if we fail to take some control measures, then we are going to be among those that have their ugly experience to share about scam.

[|MINER|]

Protecting ourselves from scam has to do with us and our way or interactions when it comes to online opportunities which we often run after, because not everything that glitters are gold, we need more deeper search in knowing nthe mindset behind every offers we are coming across online, because not all of them seems to be an opportunity for us, if we fail to take some control measures, then we are going to be among those that have their ugly experience to share about scam.

These were also good points.

Because even if we use the tools by purchasing with the thousand  dollars that will just waste if we don't have the habhit to good interaction with the internet. Because even if one click could take us on a disaster situation. But I also think that even using some tools for verifying is also good practice.

[Gurujebs]

Protecting ourselves from scam has to do with us and our way or interactions when it comes to online opportunities which we often run after, because not everything that glitters are gold, we need more deeper search in knowing nthe mindset behind every offers we are coming across online, because not all of them seems to be an opportunity for us, if we fail to take some control measures, then we are going to be among those that have their ugly experience to share about scam.

What often lead to scams most of the time are goodies, people don't know that there is absolutely nothing in this life that is free, you will have to give something to have something but some people that are not used to the internet don't know some of this things, because they have heard about how sweet it's to make money from internet, they feels it's that way in everything you do here.

Anytime you comment on X that you probably lose access to your wallets, you will can see like 10 reply as support desk to help you recover your wallet. I believe it's because people fall for all this scams that's why they keep repeating this them else they would have stop.

[Z-tight]

However, I personally never feel interested in meme coins because there is no clear fundamental on them. We know that meme coins basically relies on the hype, there is no fundamental at all. So, it is reasonable that scammers easily made meme coin scams.

Yeah, that is the same reason i am also not interested in them, i know that there are a lot of memecoins investors, and these investors know that memecoins have no value, but they are willing to take the risk. I don't fancy taking risks with pump and dump coins that have no usefulness, but goodluck to those who can.

[lepbagong]

However, I personally never feel interested in meme coins because there is no clear fundamental on them. We know that meme coins basically relies on the hype, there is no fundamental at all. So, it is reasonable that scammers easily made meme coin scams.

Yeah, that is the same reason i am also not interested in them, i know that there are a lot of memecoins investors, and these investors know that memecoins have no value, but they are willing to take the risk. I don't fancy taking risks with pump and dump coins that have no usefulness, but goodluck to those who can.

But indeed, there are not a few who do speculation about buying meme coins for the purpose of getting a big surprise so that they get the desired profit. Even though I am the same as you that there is no interest at all in meme coins and only holding doge and even then not much.
I think that those who don't take risks like you certainly deserve not to invest in meme coins because they are very vulnerable to falling drastically.

[LogitechMouse]

However, I personally never feel interested in meme coins because there is no clear fundamental on them. We know that meme coins basically relies on the hype, there is no fundamental at all. So, it is reasonable that scammers easily made meme coin scams.

Yeah, that is the same reason i am also not interested in them, i know that there are a lot of memecoins investors, and these investors know that memecoins have no value, but they are willing to take the risk. I don't fancy taking risks with pump and dump coins that have no usefulness, but goodluck to those who can.

If there are some meme coins that I'm interested with, that will be only the top meme coins or at least those at the top 100 in terms of market cap. Right now, who cares about fundamentals? Meme coins are all about hype, and the fact that you can make money in a short amount of time makes it interesting to invest with... but only for those newbie and greedy investors of course.

Like most here, I also don't have interest in investing into most of the meme coins out there. I don't want to get stressed about finding a meme coin that could give me huge profits blah blah. I believe the stress isn't worth the reward that I could get hence, I'm only focusing on the top altcoins out there. Lesser stress.

[bitterguy28]

If there are some meme coins that I'm interested with, that will be only the top meme coins or at least those at the top 100 in terms of market cap.

lots of people take their chances when it comes to memecoins because when you get lucky you could score some really big profit if you decide to invest on the top 100 memecoins it means other people already have gotten to it when the ideal situation is for you to invest into a project that not a lot of people know yet so you can acquire many and sell for huge when people have caught up

Right now, who cares about fundamentals? Meme coins are all about hype, and the fact that you can make money in a short amount of time makes it interesting to invest with... but only for those newbie and greedy investors of course.

good fundamentals give more possibilities that a memecoin can last for long without it memecoin will only run on hype and would eventually die so timing is crucial

[erus]

~snip~
For example if I'm looking to choose an exchange right now, I'd be looking for information that points towards safety. For example, the article that talked about Bitget userbase increasing by 400% in 2024 shows that a lot of people trust the exchange and that can't be a coincidence.
~snip~

Incidentally, I have never registered on the Bitget exchange and to be honest, I don't know the reputation of the Bitget market. For centralized exchanges, I only rely on Binance and my local market.
When talking about Scammers in crypto, there are many types, some are spread via Telegram chat, pishing websites, fake smart contracts, runaway devs, etc. So, if we are in the crypto environment, then we are definitely in the environment of these Scammers.

One way to avoid these Scammers is to continue communicating with friends in crypto who are trusted and have a good reputation, whether on forums or in the real world.

[debra]

lots of people take their chances when it comes to memecoins because when you get lucky you could score some really big profit if you decide to invest on the top 100 memecoins it means other people already have gotten to it when the ideal situation is for you to invest into a project that not a lot of people know yet so you can acquire many and sell for huge when people have caught up

Unfortunately, most of them are not aware of the potential risks on meme coins. They only follow other people to invest in meme coins, they only think that meme coins can easily increase their prices. Sadly, many meme coins keep declining their prices when there are many people involved. The team/develop of meme coins get enough money, so they leave the projects. I see too many similar cases that the team/developer dissapeared.

[lepbagong]

lots of people take their chances when it comes to memecoins because when you get lucky you could score some really big profit if you decide to invest on the top 100 memecoins it means other people already have gotten to it when the ideal situation is for you to invest into a project that not a lot of people know yet so you can acquire many and sell for huge when people have caught up

Unfortunately, most of them are not aware of the potential risks on meme coins. They only follow other people to invest in meme coins, they only think that meme coins can easily increase their prices. Sadly, many meme coins keep declining their prices when there are many people involved. The team/develop of meme coins get enough money, so they leave the projects. I see too many similar cases that the team/developer dissapeared.

Maybe not unaware, but there are those who speculate that they think what is taken in choosing meme coins is for the purpose of getting unexpected profits, aka there will be surprises.
But as you also said that many meme coins actually fall in price when many are involved in them. What is very unfortunate is, when the developer team leaves the project, and it is certain that the price will be eroded, and it is not impossible that it will no longer be valuable. I think you are right that there have been many cases like this, and they continue to happen again and many are still speculating about it.

[Freemind]

~snip~
One way to avoid these Scammers is to continue communicating with friends in crypto who are trusted and have a good reputation, whether on forums or in the real world.

That would be the normal thing to do. Talking to people we know, looking for information on forums to get a basic idea of ​​what memecoins are like. But unfortunately, many people don't want to spend their time learning and are just looking to make quick money, the faster the better. And that will always be the biggest problem, which really affects not only memecoins, but any cryptocurrency, although as we already know memecoins are the ones that fall first. The desire to make money quickly is what causes investors to lose their money quickly most of the time.

[bounceback]

Unfortunately, most of them are not aware of the potential risks on meme coins. They only follow other people to invest in meme coins, they only think that meme coins can easily increase their prices. Sadly, many meme coins keep declining their prices when there are many people involved. The team/develop of meme coins get enough money, so they leave the projects. I see too many similar cases that the team/developer dissapeared.

Almost meme coins trader just following the other when investing in meme coins without make own research how bigger potential in the future, usually the meme coins trader entry too late after the guider have taking profit early and make his follower become the place for selling their meme coins assets.
Actually trading with meme coins need how early for entry without make any research yet, if late entry at meme coins just take loss only due the early investors will sell their meme coins without any ideas for long term holding.