Everyone is saying that this cycle is crazy because there are so many rugs and scams.
But let me tell you something as someone who has been in this game for 9 years:
The concept you're hearing, “right now there are only scams” is not necessarily true.
Listen, every single cycle has had its scams.
In 2017, we had the forks of Bitcoin (when a blockchain splits into two separate chains) like Bitcoin Gold, BTG
BTG was used to trick people into entering their private keys, and then stealing their actual Bitcoin.
The devs even pre-mined over 100,000 BTG.
Then in the last bull run, we had a lot of Ponzi schemes, protocols in DeFi, and rugs on NFTs.
But this cycle, we've got pump and dump, meme coins, Pump.fun and all kinds of stuff.
So the thing is, scams are always there.
But the only difference in this cycle is that more people have jumped into crypto.
It’s simple, the more normies that jump into crypto, the easier it is for scammers to target them.
That's why most people think there are more scams right now.
Honestly, the best thing you can do is to have the right knowledge.
There is no other way you can protect yourself from all this BS.
I know this so well because I'm going through my 3rd cycle.
Enjoy,
Letter by Cryptogit.
But let me tell you something as someone who has been in this game for 9 years:
The concept you're hearing, “right now there are only scams” is not necessarily true.
Listen, every single cycle has had its scams.
In 2017, we had the forks of Bitcoin (when a blockchain splits into two separate chains) like Bitcoin Gold, BTG
BTG was used to trick people into entering their private keys, and then stealing their actual Bitcoin.
The devs even pre-mined over 100,000 BTG.
Then in the last bull run, we had a lot of Ponzi schemes, protocols in DeFi, and rugs on NFTs.
But this cycle, we've got pump and dump, meme coins, Pump.fun and all kinds of stuff.
So the thing is, scams are always there.
But the only difference in this cycle is that more people have jumped into crypto.
It’s simple, the more normies that jump into crypto, the easier it is for scammers to target them.
That's why most people think there are more scams right now.
Honestly, the best thing you can do is to have the right knowledge.
There is no other way you can protect yourself from all this BS.
I know this so well because I'm going through my 3rd cycle.
Enjoy,
Letter by Cryptogit.