Players vs Scammers : The Wild West of Crypto

It was a delightful pleasure to watch Jason Statham's The Beekeeper while traveling to Ibadan by train. The movie centers on the financial market, an area that many people have probably dealt with.

I have completed many transactions (over 20,000 dollars) from bitcoin to the Binance chain with absurdly low fees. While this may not apply to all chains (particularly Ethereum), the cryptocurrency market, which is a subset of the financial market, provides a plethora of opportunities for anyone to conduct transactions without delays, high transaction fees, or concerns about time from receiver to sender. That world has made transactions easier for me on several occasions, so it can be really exciting with new investment prospects and paths for financial success.

But this potential is accompanied by the regrettable reality of cryptocurrency scams. These frauds, which prey on the gullible and cause large financial losses, can be extremely complex. Since everyone is beaming from ear to ear and joy is at its peak, these scams would undoubtedly become popular at this time.

Pump-and-dump schemes: these involve manipulators using coordinated buying activity or false information to artificially inflate the price of cryptocurrencies. The manipulators then sell their holdings at their peak, leaving unsuspecting investors with plummeting assets. dubious crypto exchanges involved in using fraudulent websites that impersonate legitimate exchanges and lead users to deposit cryptocurrency, which is subsequently stolen; Ponzi schemes involving developers creating a seemingly legitimate cryptocurrency project, then abandoning it after raising funds from investors, leaving them with worthless tokens. Eventually, the scheme collapses when the influx of new investors dries up. Additionally, schemes that rely on funds from existing investors to pay out existing ones often offer high returns with little to no risk.

If you have been in the cryptospace before now, you would surely have seen one of these scenarios play out or modes of different variations on social media and offline.

First off, if you enter the wild west of cryptocurrency, there's really no way to protect yourself. However, you can control how to win and lower your odds of suffering significant losses. It is your money, and no matter where you live—in Europe or Africa—money is not always easy to come by. While it's yours, you would do well to read up on and investigate everything you are investing or gambling your money into.

Your screens would be inundated with exchanges offering delicious programs, games, airdrop opportunities, and offerings, all aimed at getting you to think 10,000 times faster. Know the goal of the project, the team, the technology, and any potential hazards before making an investment. Make use of reliable sources; don't only rely on advertising.

I generally use the 70-20-10 rule when investing in or gambling on any coin outside the top 10; this means that I watch out for either of these coins to make a profit based on what I can contain, taking out 70% after a big pump at first, 20% after a second, and leaving the remaining portion to ride until further boom or bust. I've used this on a few occasions to help with AXS, CHZ, and BNB. It has also kept me safe from crazy rugs like Wakanda Inu and similar ones.

Putting all your eggs in one basket is suicide; just ask LUNA buyers for further information. Spreading your investments across different cryptocurrencies helps mitigate risk from individual project failures. Like I said earlier, First 10, then any other is the Wild West.

If you lack the funds to play, farm a lot of free airdrops and hope that some of them yield enough money back to establish a foundation for taking on more risks. As recipients of UNI airdrops and similar operations can attest, farmers receive large compensations or no compensation at all, yet figuring out where to farm can be challenging. That's where working together with people who share your interests comes in, since it can be a quicker route to acquiring an advantage through a variety of research approaches, which may prove advantageous in the long run.

Whitepapers are not always what they seem to be, developer sessions aren't always worth the hype, and talk is cheap. Every time you deal with anything cryptocurrency-related or financial in general, you should always be cautious and use your research and gut feelings. People or organizations claiming to be experts or offering assured returns should be avoided or taken at face value. Recall that the cryptocurrency market is extremely erratic, and nobody can say for sure what the future holds. Since there are fewer Lambo stories than crash-and-burn ones, Lambo should be the least of your concerns.

If you have any questions concerning cryptocurrencies, speak with a licensed financial counselor with knowledge of the industry, or think about making money instead of squandering it.

Nothing is easy in the wild west, where players compete against one another, with a loser or multiple losers being a direct cause for another person to win. Everyone should be their own beekeeper, accepting responsibility for their activities and the repercussions of their actions. Equipped with devices and technologies that increase efficiency and illegality in the wrong hands and influence so strong that their sins can be kept off the radar after the low-level players are wiped out, the new breed of players and scammers would have far-reaching consequences at some point when the market euphoria reaches its peak.

There would be winners, people would be affected, and lives would be lost due to the brutal nature of the wild west. What side of the game would you be on?