Don't Fall For Traps

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It's quite funny what's happening in the crypto world. I've been watching the news and the hype around certain tokens and must say, you have to be strong and know what you're doing as there are traps everywhere that look like the deal of the century, that can make you rich, then you wake up broke and rekt.

The latest shiny token that has made the news is SHIBA INU (SHIB), which people are talking about on every possible platform. I'm sure you've seen a bunch of posts on LeoFinance too. I must admit, I've not read any of it but have seen quite many in the past few days.

For me this token is equal to DOGE at the moment, meaning I'm not interested in either of them as it's a huge gamble and while there are so many good trades out there, possibilities that will bring me profit in the upcoming month or two, I don't see a reason why to gamble with tokens like these two and the other few that falls in this category.

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4h Chart of SHIB on Binance

This is SHIB's 4 hour chart at the time of writing on Binance, where it is paired with the USDT at the moment of writing, SHIB/USDT, SHIB/BUSD, 1000SHIBUSDT. It's a new shiny coin, just starting its journey, so we're still early in the game and that's what many are basing their decisions on. Early adopters are in a huge advantage most of the time, but not always. Many are rushing to buy the token early and cheap, then make a profit later, when the price goes up.

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Not long ago I got a notification from Binance, letting me know there's a contest going on, for SHIB fans and the stake is $50,000 in SHIB. Wow, $50,000 in SHIB is huge you may say and the numbers looks nice but look at the conditions below.

Binance knows what they are doing as the contest is exclusively for new users, that register to Binance during the contest. Well, Binance is not a new exchange, so most of the crypto world is already registered to Binance, except for US citizens, for restrictive measures, but even they can bypass the system. Now, cheating is pretty impossible as there's the KYC, which must be completed in each and every case.

This is a technique to attract more users, but I see it as targeting those with less or no experience, who could be easily manipulated by the hype.

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This is what you can find on Binance about SHIB. Just take close look and see if there are exclamation signs in this descriptions that start ringing the bells.

It's still early to know exactly what's going to happen, but I'd be very cautious. Don't invest what you can't afford to lose. Just because some people made money with DOGE, that doesn't mean this token will bring you a fortune. $10,000 worth SHIB may mean a lot today, but can be worthless tomorrow, along with the tokens in your wallet that you bought to participate in the contest.

Trade carefully!

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Posted Using LeoFinance Beta



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11 comments
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Come across the hype too, unfortunately this is the phase we are at in the crypto World - the quick profit platform phase for newbies. It will take some time, learning and a few people being burned for things to slow down a bit and newbies to realize that it is longterm with the blockchain

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Long term with the blockchain and also due diligence. Buying the wrong token can ruin you, just as buying the right token the wrong time can. As you said, it takes time for people to learn and some are going to get burnt.

!ENGAGE 20

Posted Using LeoFinance Beta

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i just gave up, it is to much for me. i need to start ignoring all the weird coins mentions, especially on twitter...

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If you have money you're ready to lose, you can jump in in every project/coin that is mentioned, otherwise, select the smart ones.

!ENGAGE 20

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Another post helping the Shiba FOMO ...
This is a parable like Coca-Cola and Pepsi-Cola.
I don't want to invent the wheel, they just copied it, and leave the rest to people who don't have to pay you to do the induced marketing work.

Is there anything smarter than that?


Posted via proofofbrain.io

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Seeing Shiba everywhere. I love quick profit (who doesn't?) but wouldn't be getting on this. Not ready to get burnt on a project that has no track record


Posted via proofofbrain.io

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it has been a wild ride for Shiba. The recent Vitalik has taken oout most of the Shiba LP, and has give them into the Indian Charity. Almost 50% of the supply are now open for dump. seems a lot of people are going to get burnt.

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