Anons first Crypto. Post #4
I've been investigating cryptocurrency and the decentralized web since the start of May. This blog is an avenue of documentation and expression of my experience.
I'll keep this brief, I'm not sure who will see it here but hopefully if it benefits one person then this is worth it. I've only been looking into Crypto for maybe a month and a half however in that time I've noticed an incredible amount of organized shilling of certain coins, all sharing very similar traits IE origin, content (or lack there of), advertising strategies but more interestingly token distribution and initial airdrops.
Always DYOR when investing in anything, however in more recent times more notably ICO's only available on Uniswap in particular. I'm not trying to FUD their platform in anyway, I'm a regular user of it however people must know what they are buying.
Always check Etherscan; Is this the correct contract? How many holders are there? Do they have social media/are they active?
This should be at the very, very least the minimum you should find out before even considering a transaction, your reasons for needing to I'll leave up to you, but buyer beware.
Check to see if there are organic transactions, are people really buying this token or is it just going back and forth between the same wallets.
This ties in with looking at the liquidity too, both of these should be a decent basic indicator.
Who is advertising this? How did you find out about it? Is broken English a common theme? or perhaps a sudden influx or ready to go memes.
Asking yourself these questions should very quickly help you to identify a pattern in a ton of the new projects popping up.