The Chance For Rugpulls Might Grow As We Get Closer To Regulation.

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Scam Alert written on multiple road sign

As we get closer to the beginning of the US banking system accepting cryptocurrency, we may see more rug pulls regarding memes. The latest rug pull is TZKI which is a coin I invested in nearly a week ago. Soon after I invested, the project team decided to launch another coin. At this point, red flags should have been going off. I quickly reduced my tokens and invested in other projects.

My husband and I were in San Antonio for the majority of today doing mom and dad stuff! After we returned home, I checked our market, and I noticed TZKI was down 85%, if not more. After looking on the homepage of the exchange we used to purchase TZKI, I learned that they had disabled trading. So, I went to Twitter, and apparently, the TZKI coin rug pulled!
I am not surprised because it didn’t make sense to add another coin so soon unless they were trying to make money quickly.

I have decided to add to the ten cryptocurrencies I have right now, and shortly, I will be staying away from any new memes. TZKI marks the second popular rug pull in about two months. Right now, I want to work on getting my XRP bag to a healthy level, so extra money will be going that way! I still have my SHIBA INU and other alts.

I feel bad for some of the people who invested large amounts in TZKI, but the listing of the second coin at the same price should have resulted in a big caution sign. I still have my reservations about some of the other projects, but it isn’t my job to tell you what to buy or not to buy. I have no issues telling you about what I’m doing, but you have to make financial decisions on your own.

ALWAYS check your currency, do 24-hour checks, weekly checks, and anything else to see if something has come up. One Twitter account stated that the issue with TZKI was that everything sounded right. They knew what to say and how to say it! This is true, but there was something they couldn’t fluff up, and that was the pace. They were trying to move much too fast for someone who wanted to make a lasting impression on the crypto world. So, be careful when you are investing and do not let your guard down. You will see more situations like this in the near future. They know their time is limited and they will try to scam as many people as possible. Now might be a great time to be extra careful.

As always, I am not a financial advisor.

Without Regulation, Cryptocurrency Remains A Test Realm Thanks To Situations Created By Companies That Produce #CoinMarketCap

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Document Management System (DMS) being setup by IT consultant working on laptop computer in office. Software for archiving, searching and managing corporate files and information. Business processes

We are a nation that thrives on second chances, most of the time. My first college professor was a professor who spent five years in prison. While he was serving time for robbery, he started working on his degree. Before he finished out his sentence, he was entering into his grad program. This was my first encounter with a person who spent time in lock-up.

It changed my idea regarding people and how they could change, given the right tools. Flash forward to this morning. Coin Market Cap posted a message about a Saitama promoter who happens to be someone with a criminal history. The charge was almost 12 years ago. A Twitter personality reached out to the site and questioned them about the potential for a lawsuit, then the tag disappeared. 

After the banner showed up on the site, which shares the information of thousands of cryptocurrencies, people started to dump almost immediately. This dump resulted in Saitama dropping to 0.000000029800. After the mention of legal issues with this form of manipulation, the site, and another sister site removed the banners. On the banner, the site led people to believe that Willi D. was part of the development team calling him a partner. Saitama has started to go back up and is now sitting at 0.000000062543

This was captured off Twitter.

The interesting part about this situation is that an exchange called Binance owns the platforms that published the link to the influencer’s records. Now with Saitama having exchange-like goals, I find it interesting that this sort of attack would happen so blatantly. Binance is no stranger to manipulation. They are currently in trouble because of market manipulation. States like Texas and New York will not let them operate due to their business practices.

I feel like this is an effort to slow down deals with upcoming companies because Saitama has been able to make deals that other cryptocurrencies haven’t been able to gain, other than, Bitcoin. I think XRP is also starting to make big money moves shortly.

At this point, I do not see how we will have another year go by without seeing cryptocurrency without regulation. This might be the last hoorah for a lot of coins and exchanges as long as they keep playing dirty. We are living in the railroad wars once again, only this time, coins are the conductors.

The Biggest Threat To Cryptocurrency Is Misinformation

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Photo by Ali Khalil on Pexels.com

I think it’s time to address how false information is gaining traction in the cryptocurrency arena. From crypto influencers to prominent YouTubers, many people land themselves in the middle of the crypto misinformation lane.

Over the past month or two, I’ve seen coins pop up with copyright issues and problematic histories. We’ve all heard of the Squid Game coin and how it performed a rug pull gaining millions of dollars off investors. It is listed once again, and people are still investing. These investors are new people looking to get their feet wet in cryptocurrency.

Today Saitama is down because their launch party did not showcase rumored information that people close to the project generated. This move led a lot of investors to take their money and put it elsewhere. The backers of Saitama stated that their Saitamask will be available in two weeks, but this wasn’t the most damning issue. The problem many people encountered was the lack of mentioning exchanges that have been rumored all over Twitter and YouTube.

While the launch mentioned the development of a Saitama blockchain and 6 percent staking rewards plus a few more goodies, it wasn’t enough to keep people from selling. A lot of people with large amounts sold their Saitama and came back in at a lower cost. However, I am more concerned about the new investor.

So I’ve put together a set of tips for people looking to get their feet wet in cryptocurrency.

1. Never believe 100 percent of what you are hearing.

People will often lie to try to get their tokens to the finish line. Research the token and the community chat regarding the token. Make sure you are comfortable with what you are hearing. If you feel like something doesn’t sound right, don’t invest.

2. Do not overlook things like potential copyright issues.

If a token is taking on the name and identification of a well-known show or character, be careful. People stated that there were red flags during the Squid Game token, but many people missed it. The fact that it is back and ready to cheat more people is surprising.

3. Never invest more than you are willing to part with.

I recently purchased a car that was thousands less than the one I initially wanted. The reason I bought my car was that I wanted to free up more money for investing. I’m not going to miss the money I invested because it wasn’t something I was looking to keep in the first place. However, I have heard about people investing their rent, utility money, and other needed funds on crypto. This isn’t smart, and it could cause someone to be homeless down the road.

4. Always Research.

You should read numerous articles and talk to financial advisors before jumping into crypto.

5. Know the difference between cryptos with utilities and meme coins that act as collectibles.

You should familiarize yourself with blockchain information, whitepapers, certifications, NFTs, Swaps, Metaverse, and anything else that new cryptos aim to be. You have to know what you are looking for regarding cryptocurrency.

6. Understand the difference between exchanges.

Not all exchanges are the same, nor are they all safe to use. Some exchanges are swaps that will rely on swapping USDT for Tokens or ETH. Some exchanges like Coinbase, Voyager, and Etoro will allow you to buy your crypto without swapping anything.

7. Pay attention to the bridge.

Some tokens cannot be converted to an erc20 bridge. I live in Texas, and we cannot use Binance, so I do not trade coins that are converted for the Binance bridge. Some people have sent their cryptocurrencies to the wrong wallets due to not understanding the bridge issue.

8. Do not fall for people on Twitter trying to help you get into your acct.

You wouldn’t give a common stranger your bank acct information, so this should be a no-brainer. Do not give anyone access to your wallet. It could cost you millions.

9. Do not spread false information to get your coin ahead of others.

It will prevent future people from wanting to invest and perhaps bring down strict regulations in the future. Keep it simple and let people know that whatever information you have, is a rumor until it isn’t.

10. Have Fun!

I am not a financial advisor.