{"id":1438,"date":"2022-04-20T18:23:22","date_gmt":"2022-04-20T18:23:22","guid":{"rendered":"https:\/\/www.aurumxchange.com\/?p=1438"},"modified":"2022-04-20T18:23:22","modified_gmt":"2022-04-20T18:23:22","slug":"how-to-determine-if-the-cryptocurrency-market-is-scamming-you-or-not","status":"publish","type":"post","link":"https:\/\/www.aurumxchange.com\/blog\/how-to-determine-if-the-cryptocurrency-market-is-scamming-you-or-not\/","title":{"rendered":"How To Determine If The Cryptocurrency Market Is Scamming You or Not"},"content":{"rendered":"<p><iframe width=\"100%\" height=300vh src=\"https:\/\/www.youtube.com\/embed\/s3K_Q8AvAhM?autoplay=1&#038;mute=1\"><\/iframe>This essay will explain how to understand if the cryptocurrency market is scamming you or not. I am a journalist and have been following cryptocurrency, blockchain and ICO for several years now. I have seen many ICOs that are scams, some of which I have been part of as an advisor myself.<\/p>\n<p>In order to avoid scammers in the crypto-market, you must be extremely vigilant. There are many ways that scammers try to trick you into sending money to them. They will say things like: &#8220;You need this coin to make money&#8221;, &#8220;This coin will increase in value over time&#8221;, &#8220;This is a secure investment&#8221;, or &#8220;You have a 1% chance of making this much money&#8221; and so on.<\/p>\n<p>Many of these statements are false because they do not take into account the volatility of the markets. Then there are the people who claim they can get you huge returns if you invest in their token sale or in their affiliate program. They offer bonuses if your friends invest as well, or if you refer them to others as an incentive to get them to invest.<\/p>\n<p>The cryptocurrency market is full of scams and mis-information. In order to be able to make an informed decision, you need to learn how to determine which information you should believe. Here are some guidelines.<\/p>\n<p>1. If you see one example of the project being used, don&#8217;t trust it!<\/p>\n<p>In the last couple of years, a lot of people have gotten rich on cryptocurrency by creating new cryptocurrencies. It&#8217;s very common. Some of these people only created new cryptocurrencies and never actually used them; they just bought coins in the ICO and then dumped them on the market for a huge profit. And there are other people who have been using their own coins for years but never really got much attention for it because they kept their existence a secret from everyone else.<\/p>\n<p>2. If you see a lot of people promoting a cryptocurrency, this doesn&#8217;t mean that it won&#8217;t fail in the future.<\/p>\n<p>A long time ago I read an article about Bitcoin in a magazine or journal about finance or something like that. The author had been telling everyone that Bitcoin was going to be huge; he was even telling people how much money he was making on it and how much he would be worth if it took off big-time (which at the time was unlikely). But he didn&#8217;t<\/p>\n<p>There are few other industries where you can have your research completely ignored by the media and yet still make a living. In the cryptocurrency markets, that&#8217;s just how things work.<\/p>\n<p>Cryptocurrencies in general are scams. But it is possible to make money in a scam-free way in the cryptocurrency markets. For example, I work with an analyst who has an algorithm that predicts which coins are going to be worth $5000 dollars or more in the long term and buys them. He has made over $100,000 dollars on coins that have gone to zero all within the last year.<\/p>\n<p>Of course, most people talk about what they&#8217;re planning to do for profit in the future as if it were already here, but this is a useful distinction because it allows both those who know what they&#8217;re doing and those who don&#8217;t to make money from some of the same investments.<\/p>\n<p>Cryptocurrency is a relatively new thing, but it&#8217;s been around for a long time. If you&#8217;ve heard about Bitcoin and Ethereum, chances are you have heard of the stock market as well.<\/p>\n<p>If you hear something about investing in the cryptocurrency market, ask yourself: what do I know about it? Do I know enough to understand the risks? I recommend that you ignore any investment advice presented in this blog unless you have at least a basic understanding of how cryptocurrency works.<\/p>\n<p>Before you buy a cryptocurrency, look at its website. If it&#8217;s nothing but a bunch of flashy graphics, that&#8217;s suspicious. If it has no website at all, or just some gibberish name like &#8220;CryptoZillion,&#8221; that&#8217;s even more suspicious.<\/p>\n<p>If you do find some kind of site, check the bitcoin forums to see what other people think about the coin in question. Then make up your mind what you think it is.<\/p>\n<p>I&#8217;ve seen multiple coins described as &#8220;the next big thing,&#8221; only to have most of its value evaporate overnight. I&#8217;ve also seen cryptocurrencies called &#8220;next big thing&#8221; that turned out not to be anything special at all.<\/p>\n<p>I maintain that the primary purpose of cryptocurrency is not to enable digital cash. It&#8217;s to enable new forms of financial fraud. So if you&#8217;re not looking for a way to be scammed, you should probably ignore this blog.<\/p>\n<p>Cryptocurrency is a scam. Here&#8217;s why:<\/p>\n<p>__* Cryptocurrencies have no intrinsic value. When the price of Bitcoin rises, it&#8217;s because people are buying into the scam, not because they&#8217;re investing in Bitcoin itself.<\/p>\n<p>__* It&#8217;s an unregulated market with no responsibility for fraud. The top crypto exchanges even require investors to buy two-factor authentication tokens in order to withdraw money from their accounts! This makes it impossible for a thief to steal your money and run anonymously, as they can with Bitcoin and other cryptocurrencies.*<\/p>\n<p>__* There is no accountability. If a currency loses 75% of its value overnight, nobody loses their job at the exchange or their ability to trade on the exchange in the future (at least not directly). Nobody lost anything in Bitcoin or Ethereum. And even if they had been fired, nobody cares except us readers.*<\/p>\n<p>__* Cryptocurrencies exist outside any government jurisdiction and operate on a global scale without regulation or oversight.*<\/p>\n<p>__* Cryptocurrencies are designed specifically for fraud. They<\/p>\n<p>Here are three questions to ask yourself before you invest in an altcoin.<\/p>\n<p>1. Why was it created?<\/p>\n<p>2. Is the project supported by any developers?<\/p>\n<p>3. How does it work, and how does it make money?<iframe width=\"100%\"\" height=300vh src=\"https:\/\/www.youtube.com\/embed\/XLPYiLGwmDQ?autoplay=1&#038;mute=1\"><\/iframe><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This essay will explain how to understand if the cryptocurrency market is scamming you or not. I am a journalist and have been following cryptocurrency, blockchain and ICO for several years now. I have seen many ICOs that are scams, some of which I have been part of as an advisor myself. In order to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.aurumxchange.com\/wp-json\/wp\/v2\/posts\/1438"}],"collection":[{"href":"https:\/\/www.aurumxchange.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.aurumxchange.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.aurumxchange.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.aurumxchange.com\/wp-json\/wp\/v2\/comments?post=1438"}],"version-history":[{"count":1,"href":"https:\/\/www.aurumxchange.com\/wp-json\/wp\/v2\/posts\/1438\/revisions"}],"predecessor-version":[{"id":1439,"href":"https:\/\/www.aurumxchange.com\/wp-json\/wp\/v2\/posts\/1438\/revisions\/1439"}],"wp:attachment":[{"href":"https:\/\/www.aurumxchange.com\/wp-json\/wp\/v2\/media?parent=1438"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.aurumxchange.com\/wp-json\/wp\/v2\/categories?post=1438"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.aurumxchange.com\/wp-json\/wp\/v2\/tags?post=1438"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}