Digital Real Estate Is A Rug Pull

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In shitcoin land it's all about affinity scamming, you're the next bitcoin, you're silver to bitcoins digital gold, you're faster or cheaper than bitcoin. You're art on-chain, you're real estate on-chain, lol I've heard it all before and it's all a bunch of complete nonsense.

You can't dematerialise things that are not of the native chain and put them on-chain and expect it to enforce any rules. It means nothing, it's all a ploy to get you to put money into an ecosystem others control and can drain from you faster than you can.

Decentraworld is a great example of that, an affinity scam of a scam, as a copycat of Decentraland, promised investors they could get in on cheap digital real estate on BNB chain the same way Decentraland did for ETH.

It always ends in tears

Unfortunately, this wasn't to be a and the price drop resulted from a rug pull worth over $1 million at the time, relative chump change in the broader aspect of things, but as I always say we don't know who gets caught up in these things and how much of relative value to people are lost $100 can be a big hit for many people.

The founding team of DecentraWorld drained the treasuries of the project and stole 3,127 BNB and they'll probably try this again in the future under another nym because people let them get away with it by falling for these scams.

$1 million pay day for doing nothing is not a bad return.

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If you want a more detailed summary, you can find a video break down here, if you have nothing better to do or want to learn how you're holding pre-rugged positions in other tokens.

Alerts were pushed out on Twitter but very few people could do anything about it, once those confirmations goes through it's over. You've been had, chalk it off to learning about how all these projects have the same backdoors and why bitcoin is different or be doomed to repeat the same mistakes.

Aaaaand it's gone

Before bag holders could even react, all liquidity was gobbled up and the coin is effectively gone to zero. You can say the price is a fraction of a cent and other coins also trade even below that, but the price is not the point, the liquidity is, no ones coming in to bid for it so you're locked in that honeypot for life.

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#CommunityAlert 🚨

We are seeing a #rugpull on DecentraWorld - $DEWO which has dropped more than >97%. Their social media accounts are down and approximately $1M USD (~3127 BNB) was taken.

Token Address: 0xcdd6494aeb193c8d5541b5b9c5e72a3809a98fdc

Stay safe out there! pic.twitter.com/KzRVA7i8CK

— CertiK Alert (@CertiKAlert) May 24, 2022

Doubling down on stupidity with DecentraWorld V2

Now that the original founders have run off with money A group of users decided to prey on the goodwill and emotions of people by starting a spin-off project against the backdrop of millions in stolen funds and widespread community outrage.

This could be the same people ripping you off twice or bag holders looking to try and make themselves whole at your expense, this is how the shady crypto shitcoin market works.

While some community members may have learned their lesson and turned their back on these things others are gluttons for punishment and will believe any fancy story you tell them.

DecentraWorld V2 "claims" to be completely community-owned and that's their selling point as if a community can't rip people off too.

Don't make me laugh.

Sources:

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10 comments
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You just cut the whole Metaverse to pieces! lmao!

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Lol metaverse makes NFT's sound reasonable, it reminds me of the time when people thought that wework was worth 40 billion lol it all sounds fine until you start asking how it works

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corona and working from home was bad timing for them!

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Damn, how come all these projects end up the same way? It's almost as if that's not a bug but a coded feature. 🤡

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Lol rug pull is a feature not a bug, everyone will learn that sooner or later, but its fun watching people bet against reality

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But but the metaverse is going to be big!!!!11 why dis happen??? Call FBI!!
Lol the rug pulls are all over the place and one thing that’s going to be annoying is it’s just fuel for the criminals in government to try and regulate people to death instead of having common sense.

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Clearly they have not created police in the meta verse or a PWC accounting firm, lobbiest groups and mortgage under righting lol

That's the fiat game add more complexity, what happened to granpappi saving up a few bucks buying a piece of land and building on it, with shit tools and no machinery lol

How did we make that so impossible to do? We'll fiat! Now they selling us that no let's take that proof of work away build in the meta verse well I say fiat is already the meta verse it's already stupid I don't need stupid squared

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It sucks that naive investors are getting rug-pulled like this, but for crypto to be any different from centralized SQL databases the base layer protocol always needs to remain open and free from regulation. These scams can be avoided by doing a little bit of research or, if unwilling to do it yourself, find a trusted third-party who can vet the projects before throwing your capital into them.

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The base layer can only be free from regulation if the allocation of the coins was not preferential! People will point to satoshi having a million coins but he mined those as he started the network he didn’t hand them over to himself

ALL other networks have premined allocations and preferential stake so it will NEVER be free from regulation

Scams cannot be simply “researched” away that’s asking everyone to understand and know what they don’t know, you can’t know something is a scam if you have no way to evaluate it

Besides look at my blog I literally warn about every scam under the sun in shitcoins and people still fight me on it and defend their shitcoin

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