I’ve been wondering about it for quite some time, note that I know practically nothing how crypto market works.
Assuming you are jumping into a crypto project of a known scamer, like Mr. Logan. If you’re expecting it to be a rug pull, is there anything that stops you from pulling out AFTER other morons buy in and BEFORE the founders pull out crashing the value?
In: Technology
That’s part of the scheme. They trick people like you into thinking that they have insider information and will be able to get out before the suckers do, except it then you find out that you *are* the sucker. This is often done very explicitly – you get an offer to join a “pump and dump group” on Telegram where they tell you the exact timing of their scheme, so that you can buy in early and dump at the right time… and then they dump before you do. You don’t even know how many layers deep the timing goes.
There is an entire class of scams which involve tricking the mark into thinking that they’re taking advantage of somebody else. They’re very effective. Not only do they prey on the mark’s greed, the actions the mark takes are often illegal or at least unethical, which means they can’t run to the police or the community for help. There’s a reason they say “You can’t fool an honest man.”
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