How do you protect yourself from scams in crypto?

[lepbagong]

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.

It seems that it can be ascertained that what you say has been done by those who really want to invest in the meme coin. There is no research or anything to do and usually only follows the flow where many are discussed, so it is not wrong that it's too late to be able to get the best thing in doing its execution.
If it's too late it is not surprising to get a loss because all who buy the beginning have begun to release and those who are new to investing in which prices may have dropped and usually the meme coins are difficult to increase again.

[bayu7adi]

It seems that it can be ascertained that what you say has been done by those who really want to invest in the meme coin. There is no research or anything to do and usually only follows the flow where many are discussed, so it is not wrong that it's too late to be able to get the best thing in doing its execution.
If it's too late it is not surprising to get a loss because all who buy the beginning have begun to release and those who are new to investing in which prices may have dropped and usually the meme coins are difficult to increase again.

It's not those who come late, but those who have weak hands who lose... making an entry in memecoin is really difficult... before the pump moment occurs, it is completely undetected, and the market's fast reaction will only create a flash pump... while if you wait too long, fomo has dropped, then no new investors will enter, this makes the coin stuck..

The popular rotation in crypto lately is a short rotation, nothing makes it last long, so when something has experienced a flash increase, it will be difficult to find the same increase in the same coin.. like, one coin one moment.... yes, this coin is usually a coin that has no fundamentals...

[lepbagong]

It seems that it can be ascertained that what you say has been done by those who really want to invest in the meme coin. There is no research or anything to do and usually only follows the flow where many are discussed, so it is not wrong that it's too late to be able to get the best thing in doing its execution.
If it's too late it is not surprising to get a loss because all who buy the beginning have begun to release and those who are new to investing in which prices may have dropped and usually the meme coins are difficult to increase again.

It's not those who come late, but those who have weak hands who lose... making an entry in memecoin is really difficult... before the pump moment occurs, it is completely undetected, and the market's fast reaction will only create a flash pump... while if you wait too long, fomo has dropped, then no new investors will enter, this makes the coin stuck..

The popular rotation in crypto lately is a short rotation, nothing makes it last long, so when something has experienced a flash increase, it will be difficult to find the same increase in the same coin.. like, one coin one moment.... yes, this coin is usually a coin that has no fundamentals...

I think what you say is something that makes sense: that rotation will always be short, so it will not be too long to increase in the same coin.
The possibility is that we will always be late, because when Fomo occurs, it does not do execution quickly and what exists is that the situation has come down, and we just do, and it is not surprising that the delay has occurred so that it cannot produce exactly where usually when it is certain, it will give the best results.

[LogitechMouse]

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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.

Trading with meme coins is as risky as trading in general when you don't have any knowledge at trading at all.
Trading with meme coins especially those new ones are very risky that those early investors are the ones that will benefit the most from it. The question if  you're an investor is that which meme coin tokens will sky rocket.

You can buy 20 new meme coins that have been created, and you might not get lucky to make a profit on even just one of them. You're lucky if you find one gem though and made profit from it, but it's hard and it's overwhelming to do that. It's not for those who faints quickly and not for those who have small capital. Trading with meme coins is just like gambling but this time, it isn't 50/50, but the chances of you losing your money is way higher than that of winning.

[Forsyth Jones]

Trading with meme coins is as risky as trading in general when you don't have any knowledge at trading at all.
Trading with meme coins especially those new ones are very risky that those early investors are the ones that will benefit the most from it. The question if  you're an investor is that which meme coin tokens will sky rocket.

You can buy 20 new meme coins that have been created, and you might not get lucky to make a profit on even just one of them. You're lucky if you find one gem though and made profit from it, but it's hard and it's overwhelming to do that. It's not for those who faints quickly and not for those who have small capital. Trading with meme coins is just like gambling but this time, it isn't 50/50, but the chances of you losing your money is way higher than that of winning.

In fact, investing in memecoins is tempting. The hype caused by $trump is no joke. The first people who bought early were the first to profit, but it lost more than half of its value and the hype practically doesn't exist anymore...

Memecoin investors are always chasing for quick riches and high doses of dopamine, but I don't blame them, because the crypto market is practically like that. Still there are solid and healthy projects that don't appreciate as much in a very short space of time as memecoins, but it's a constant appreciation/trend.

I've seen people lose a lot of money (all their money) in memecoins in a crappy and unreliable project, because the person didn't pay attention to all the details, was blinded by dopamine, the owners of the memecoin or the people who held most of the memecoin's market cap dumped everything on the newbies and walked away with everyone's money!

[lepbagong]

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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.

Trading with meme coins is as risky as trading in general when you don't have any knowledge at trading at all.
Trading with meme coins especially those new ones are very risky that those early investors are the ones that will benefit the most from it. The question if  you're an investor is that which meme coin tokens will sky rocket.

You can buy 20 new meme coins that have been created, and you might not get lucky to make a profit on even just one of them. You're lucky if you find one gem though and made profit from it, but it's hard and it's overwhelming to do that. It's not for those who faints quickly and not for those who have small capital. Trading with meme coins is just like gambling but this time, it isn't 50/50, but the chances of you losing your money is way higher than that of winning.

All trading always has risks if we do not have a basis for analyzing well, especially with meme coins, which are indeed very fast changing in every movement, because there is indeed no ability to survive well without the support of the community and big people. I agree that those who trade with meme coins from the start will always benefit and will get the best value if the meme coin is accepted by the market, and it is not always well-received because meme coins have characteristics that are always unreliable.

[debra]

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.

You mean they are aware of the risks but they are trying luck for getting big profits from meme coins? Some people may be quite aware, unfortunately there are many people who don't realize it. They just follow the hype on meme coins, they think it is easy to earn profits from meme coins. I have seen some people around me that doing this way. They are misunderstanding about the meme coins, they think it is the same as those fundamental coins.

[JoyMarsha]

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.

What caught people investing in memecoin is because of the hype? Remove the hype from meme coins; people won't blindly invest in memecoins without carrying out their own research because the crowd is no longer having a rush to invest in memecoins out of hype. There's nothing like hype to generate the rush of investment on memecoins.

[debra]

What caught people investing in memecoin is because of the hype? Remove the hype from meme coins; people won't blindly invest in memecoins without carrying out their own research because the crowd is no longer having a rush to invest in memecoins out of hype. There's nothing like hype to generate the rush of investment on memecoins.

Yes, hype on meme coin is the only thing that lead people to meme coin investment. Well, we can't remove the hype, we only can't stop ourselves from buying meme coins. We know that the hype can happen at any time, it also can dissapear very soon. This meme coin is surely a very risky investment but people may be not aware of this. I'm sure the people who understand meme coins well, they won't rush to invest in meme coins. They also won't be influenced easily with the hype of meme coins.

[lepbagong]

What caught people investing in memecoin is because of the hype? Remove the hype from meme coins; people won't blindly invest in memecoins without carrying out their own research because the crowd is no longer having a rush to invest in memecoins out of hype. There's nothing like hype to generate the rush of investment on memecoins.

Yes, hype on meme coin is the only thing that lead people to meme coin investment. Well, we can't remove the hype, we only can't stop ourselves from buying meme coins. We know that the hype can happen at any time, it also can dissapear very soon. This meme coin is surely a very risky investment but people may be not aware of this. I'm sure the people who understand meme coins well, they won't rush to invest in meme coins. They also won't be influenced easily with the hype of meme coins.

The main problem is that Hype Meme Coin sometimes people forget that the thing that is done when holding a meme coin is that it can be something wrong, but seeing many who are successful and tempted to be able to enjoy from the hype meme coin, and it is difficult to avoid people who really want to do that, even though there are actually many experiences when they intend to hold the meme coin.

[bitbit97]

I believe that the only way to be protected in crypto is to use CEX and trade only top altcoins or Bitcoin. Trading on the side is dangerous, connection walled to shady pages is dangerous, buying any altcoin without research is dangerous, buying meme-coins is simply dangerous, clicking on or opening unfamiliar files is dangerous. The easies way to get scammed imho is to do anything in rush. You rush, forget about being cautious and get into troubles.

[Z-tight]

I believe that the only way to be protected in crypto is to use CEX and trade only top altcoins or Bitcoin.

Are you joking here or are you serious. Not your keys, not your coins, your funds must be stored in a self custodial wallet, that is the first point in safely storing your coins. If you have your coins stored in a centralized exchange, i recommend you move it out immediately and put it in your own custody.

[Alone055]

Are you joking here or are you serious. Not your keys, not your coins, your funds must be stored in a self custodial wallet, that is the first point in safely storing your coins. If you have your coins stored in a centralized exchange, i recommend you move it out immediately and put it in your own custody.

I think the reason why the guy said that keeping the funds in a CEX is safe is that sometimes, some centralized exchanges insure the funds of their customers, which means that if the exchange gets compromised and your funds get stolen, you get compensated for it because your account didn't get compromised individually.

However, that isn't enough to say that keeping your funds in a centralized exchange is a good thing, even if they stay safe in theory. If someone uses a non-custodial wallet and keeps their seed phrase and private keys safe, they wouldn't get compromised anyway. If you stay reckless with your wallet and the assets, then of course, exploiters will find a way to reach them.

[lepbagong]

Are you joking here or are you serious. Not your keys, not your coins, your funds must be stored in a self custodial wallet, that is the first point in safely storing your coins. If you have your coins stored in a centralized exchange, i recommend you move it out immediately and put it in your own custody.

I think the reason why the guy said that keeping the funds in a CEX is safe is that sometimes, some centralized exchanges insure the funds of their customers, which means that if the exchange gets compromised and your funds get stolen, you get compensated for it because your account didn't get compromised individually.

However, that isn't enough to say that keeping your funds in a centralized exchange is a good thing, even if they stay safe in theory. If someone uses a non-custodial wallet and keeps their seed phrase and private keys safe, they wouldn't get compromised anyway. If you stay reckless with your wallet and the assets, then of course, exploiters will find a way to reach them.

What you are saying is that it seems that it has been done so far to reduce the fear that occurs if there is indeed a hack and there is compensation by insuring what we have, and this experience has been proven so that no one is afraid to do it to store it because they feel safe.
Actually, it all comes back to us that if we trust, then there is no excessive worry about keeping it there. Even if we keep it well but ignore something very secret, it can be taken by other people. What's the difference? It will be the same.

[bitbit97]

I believe that the only way to be protected in crypto is to use CEX and trade only top altcoins or Bitcoin.

Are you joking here or are you serious. Not your keys, not your coins, your funds must be stored in a self custodial wallet, that is the first point in safely storing your coins. If you have your coins stored in a centralized exchange, i recommend you move it out immediately and put it in your own custody.

Not, I am not joking. You dont need to educate me with "not your keys" and safety measure stories. If you have your own experience with exchanges, that is great, but I have my own. Since 2017 I had zero issues with top CEX, and never lost a cent there. Dont forget that we talk about scams here, not hacks. There is only a tiny, very tiny chance that scam altcoin will get listed on CEX, or clicks or connection of your own wallet would get you into troubles.

Or you think that if I deposit money on Binance for example, I would get scammed and my money would be gone? Or if I buy BTC there it will be a crap copycat token on Polygon blockchain with name BTC ? Or if I an altcoin there, within an hours its value will drop to zero and dev would disappear?

If we get back to "not your keys, not your funds" - can you remind us when was the last time you were scammed by top cex exchange?