Hello Hivers an investers !
Here I am again sharing the things I learned to consider when I want to invest in a coin or cryptoproject. Most of these too many defi projects adding extended names to YFI stroming the market and and making every one excited and telegram Crypto groups are filled with most of them.
And Even I did't started talking about the Referral invite bots 🤦🏻♂️ Most of my DMs are flooding with this and I wonder how beginners are deceive by this and how much money they loose.
So from my experiences I want to give few things every one should consider before investing in any crypto project.
Communication 📢
Is the team behind the project communicating their vision and what going behind to the investors regularly ? Are they maintaining the transparency over the things ?
Because that makes you to take decision whether to continue or get off the boat. Is that yacht taking you to vacation or slowly becoming Titanic. It gives you opportunity to plan. With out communication from team, investors will always be in panic mode. Even slightest speculation will make all investors to dump the coin which may take huge time to get back on track.
Identity 🧒
Is at least one person from the team maintaining any strong social presence on any platform online? It's scary to reveal identities n crypto world due to many things, but our @appics team successfully maintaining a strong presence and activities on different social platforms to bring more users and investors. Atleast you need to know about the experience or skills of the team to get clarity about the doings and words they deliver.
Pre-sale SCAM 💵
I came across some defi groups where people are crying over scammed by the teams of Yearn finance coins. As they announces pre-sale of their token and ask investors to send ETH in return to the launching yearn coin. once they send the ETH, they will be no response from the team and even the investers are going to be blocked. I urge you to understand that any geniune team will list their coin on any exchange to sale and don't ask you to send eth.
Rug Pull 🙆🏼♂️
This is the new term I came across this year in crypto. To suddenly or unexpectedly remove or rescind support, help, or assistance for project after taking investment is called a Rug Pull. Many defi coins teams are doing this, once their token getting little value than their investment,they are dumping them and doing rugpull. I see many coins dumping by own their team ..melting the investors amount.
Invest what you can afford to loose.💰
Crypto market is highly volatile and no one can promise you full profits in a short time. If they are doing so, surely it is to scam you and loot your money. So you need to set yourself targets about how much you can afford, what is luxury and what is essential. If you consider luxury as essential to invest, you will get to face unpredictable scenarios.
DYOR ( Do your own research)
What ever team or anybody say, no one comes to rescue when you face the loss. SO you need to do your own research whatever and whomever say anything. You need to get minimum knowledge whether it is a genuine project or any ponzi scheme. Becuase then only you can have confidence on the project and you don't get panic every time for small obstacle in development or launching.
Hope you all consider this points while investing your valuable money.
Follow @hungryharish
Join Hive Indian community on telegram.
Have a great day !!
This is awesome
Very Important to keep the investment safe.
Posted Using LeoFinance Beta
Yes, thank you .