Why are so many crypto projects scam?
The crypto world is still something new for most people. Their knowledge of networks, exchanges, wallets, and blockchain is still very limited, which makes it easy for scammers to trick inexperienced investors.
Pic : https://pixabay.com/illustrations/scam-fraud-stamp-thief-crime-7256138/
I have experience of joining some projects that became scams today. Crowdholding, hazza.network, minexcoin are examples of scam projects that I joined and invested in.
The cheaters created tokens on the Ethereum network. They hold 60 % of the total supply. They use a free bounty campaign from bounty hunters on bitcointalk.org. They offered 2-5% of 40 % of the total token supply for the bounty rewards.
When the developer of the project is successful in attracting investors, the bounty hunters will earn rewards in the minted token.
The scam crypto project developers list the token to exchanges. Then, they buy back the token to create panic buying. After that, when the price is in all time high or higher than the ICO. The developers will sell their 60% possessions. They make great profit at the first ATH. They will try the second time. The developers will do some campaign again. This time they will give airdrop. After the campaign, the token become popular.
The popularity will attract the FOMO. Then there will be panic buying. At the second time, the developers sell their 60% possession. At the first ATH, the developers had made great profit and the second time they did.
After that, you may see the website of the crypto is dying. That is the scenario of scam projects. It is like ponzy scheme.
Watch out for the human traffickers at hivefest. You wont know it until its too late. STAY AWAY! Beware, traffickers can be women or men! They will act nice until they dont. There is human trafficking going on around this type of crypto. I have witnessed it. They literally have attempted my murder and are trying to kill me with V2K and RNM. Five years this has been happening to me, it started here, around people that are still here. Homeland security has done nothing at all, they are not here to protect us. Dont we pay them to stop shit like this? The NSA, CIA, FBI, DHS, Police and our Government has done nothing. Just like they did with the Havana Syndrome, nothing. Patriot Act my ass. The American government is completely incompetent. The NSA should be taken over by the military and contained Immediately for investigation. I bet we can get to the sources of V2K and RNM then. https://ecency.com/fyrstikken/@fairandbalanced/i-am-the-only-motherfucker-on-the-internet-pointing-to-a-direct-source-for-voice-to-skull-electronic-terrorism ..... https://ecency.com/gangstalking/@acousticpulses/electronic-terrorism-and-gaslighting--if-you-downvote-this-post-you-are-part-of-the-problem if you run into one of them you may want to immediately shoot them in the face. 187, annihilate, asphyxiate, assassinate, behead, bleed, bludgeon, boil, bomb, bone, burn, bury, butcher, cap, casket, choke, chop, club, crucify, crush, curb, decapitate, decimate, deflesh, demolish, destroy, devein, disembowel, dismember, drown, electrocute, eliminate, end, euthanize, eviscerate, execute, explode, exterminate, extinguish, finish, fry, grind, guillotine, gut, hack, hang, hit, ice, implode, incinerate, kill, liquidate, lynch, massacre, maul, microwave, mutilate, neutralize, obliterate, off, pop, poison, punnish, quarter, ruin, shank, shock, shoot, shred, skin, slay, slaughter, smoke, smother, snipe, snuff, squish, stab, strangle, stone, suffocate, suicide, SWAT, swing, terminate, torture, terrorize, whack, waste, wreck. You better fucking kill me.
A large number of the offerings leading up to the dotbust were scams. A huge number of the real estate projects in the lead up to the collapse of the FSLIC were scams. A huge number of stocks that led to the crash of the independent penny stock markets were scams. The mortgage backed security industry was rife with scams.
Crypto is not alone in the production of scams.
Why there are some many people who are willing to waste their lives on scams is the baffling question.
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Everyone wants quick profits why more people buy scams project