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How not to lose your money to crypto fraudsters

02 Nov, 2018 - 00:11 0 Views

eBusiness Weekly

Dexter Staples Own Correspondent
If you want to check the legitimacy of a cryptocurrency affiliated website say for research into a particular project, even if you’ve heard about their mining pools, the best practice in crypto is a well-used phrase “do your own research”. A pretty useful site that lists scam sites and organisations is badbitcoin.org.There is an ugly side to cryptocurrency. A lot of people got taken advantage of pretty hard by fake sites, fake mining pools, and cloud mining things.
It’s really annoying. It gave crypto a bad rep, and scared away some skittish potential new blood.
These days when links and stories go around I’ll check it out and if it has a faucet, I’ll stick around and use the faucet for a bit. But I will not put money into it.
If it stays open for longer than eight months, I will check the site out using these tools I’ve mentioned and see the legitimacy of the site.
If it seems ok, the next step is look for YouTube videos about it and if those again seem OK, then I will do a test invest. I have found one or two decent ones that have faucets, staking services, or dice. I do those sometimes just for fun. They’ve worked for over a year or so. But they seem to be the exception to the rule.
Another thing to pontificate, is that there is a huge crypto scene on Twitter. A lot of the really influential crypto guys are on twitter.
Kenn Bosak, Charlie Lee, Andreas Antonoplos, Tone Vays, Tai Zen, John McAfee, Boxmining, those are just the ones I can think of, off the top of my head. Twitter is a great place to get info and news on crypto. They refer to that as “crypto Twitter”.
It is kind of the new way of communicating what’s happening in the new market. The old way was the private Bloomberg chat platform for stock market traders.
On Twitter, you can see who shares tweets – retweets, and you can see who likes tweets. So you know the types of people that are into certain things. Whereas with Reddit, you can’t see who upvotes or downvotes posts, you can’t see who shares posts. So you don’t know what area or country or type of person is into a particular project or coin.
All of that being said about Twitter and how you can find out what’s going on with coins and things like that, you could follow the dollar sign tag and see what people are talking about there.
But that’s become widely overused and people try pump certain coins or tokens using the dollar sign tag. So that information is a bit muddied.
But it in itself is pretty cool and it’s cool that Twitter has that function. I mean some coins and tokens value is predicated a lot on hype. That’s not where all the value comes from but you get the gist.
I hope you think about the bigger picture before liking or retweeting a biased tweet. Or even before tweeting one yourself. Gains are gains in the short term, but we have to think long term and if that coin or token needs to hyped like that, it’s probably not worth being in. Dexter Staples is a Hararae based cryptocurrency enthusiast and early adopter, sharing crypto news and thoughts with the Zimbabwean cryptocurrency.

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