The cryptocurrency market is going up again. We had to wait for more than a year and a half to see it show any signs of recovery. During that time, more than 85% of the total capitalization was lost, and many cryptocurrency projects found themselves facing severe problems, which is why we’re all only too happy to see the market back in the green zone.
That being said, the market’s rise prompts many things to happen, and not all of them are good. The most obvious consequence of the market’s growth is increased interest from everybody inside and out of the crypto verse. More people want to join in and get a piece of the action. And that means that more people too will find ways to create scams and exploit the new wave of enthusiasm.
Maybe it’s already happening. Andreas M. Antonopoulos thinks it is, at least. Mr. Antonopoulos is a well-regarded cryptocurrency markets expert, and he says that he’s already getting is inbox flooded with crypto-related scams.
The gangs are back
The expert says that he’s getting “10-15 requests a day” from alleged crypto marketers.
Scammers were not very active during the 2018 Crypto Winter. The last significant scam happened from August to December 2017, just before the market crashed. There were plenty of hacks during that time, but no scams worth mentioning. But the winter is over, and now they’re coming back in legions. Why? Because the new rally is in and now it’s worth their time to try and cheat their potential victims out of their digital wealth.
And whatever else you can say about the scammers, they’re a bunch of very creative people. So the chances are that they won’t just try to repeat the old classics but that they will also come up with new schemes and tactics that will enable them to steal crypto coins from the unsuspecting.
FOMO is in the air. Newbies are joining the cryptocurrency space and falling prey to scammers.
Please educate your friends and family:
– Promises of profit are 100% ponzi
– Request to "recruit", "affiliate" etc are 100% pyramid schemes
– ICO/IEO are 99.99% pump-and-dump
— Andreas (BEWARE of giveaway scams!) (@aantonop) June 20, 2019
In Mr. Antonopoulos words, FOMO (fear of missing out) is hitting once again because the new rally is here. So, whatever else you do during the new bullish market, your first priority should be to be careful and keep your money, let it be digital or otherwise, safe.
Promises of profits are not your friend. Efforts that “recuirt” members or want “referrals” are pyramid schemes most of the time. Which means that it’s impossible for anybody to make any money from them unless they’re the founders. But those are not the worst.
Mr. Antonopolos writes that “ICOs/IEOs are 99.99% pump-and-dump.” They’re not new at all. They were ever present during late 2017 when we saw the previous bullish market. These are the ones that you need to be more careful about and avoid at all costs.
So now you know. The new Crypto Summer is here, but so are the parasites and if you’re not careful you could lose a great deal of time, effort and money at their hands. Keep well-informed and keep in mind that making a buck always take an initiative. If something looks too good to be true, the chances are that it is really too good to be true. Be especially careful about your mobile phone and apps.
The scams are coming. Stay informed and stay safe. It’s always better to stay alert than feeling sorry later.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.