Let’s face it… in this day in age, we are surrounded by a pool of social media influencers that are advertising projects on their various platforms. The “next big thing” that they are claiming to have involvement in IS the next big thing, but not necessarily for you. The next big thing is the deposit that hits their account for promoting it and then selling off their portion of the token when it reaches the all time high.
If you’ve been following the same person for a long period of time, you begin to build a digital bond with the particular influencer. It’s hard not to fall for these pump and dump schemes when you view the influencer as someone of importance and trust. Sadly, with the eye-catching promises surrounding these new DeFi projects, it’s hard not to fall for these schemes yourself.
We see these promotions all the time and then, seemingly out of thin air, all posts regarding the scam projects are deleted. If you’ve invested, your influencer is bound to run off with large profits with the value generated from their followers. This “next big project” turns into another day’s work and then it’s on to the next one. This leaves you in the dust with a token for a project that has zero use cases and is virtually worthless.
Any influencer promoting a cryptocurrency project out of nowhere should always be looked in to. The crypto community is trustless and, if they are participating in the crypto realm, the promoter becomes trustless too. If you see your favorite influencer promoting a project, do your research on it to determine if it’s legitimate or just another scam token.
It’s hard to tell which projects are fact or fiction. I’m no financial advisor but, speaking from experience, if the project leads you to a Telegram channel with nothing but positive posts about the project and people asking questions are getting banned, 9 times out of 10 it’s not what you were hoping for. Ask yourself what use cases the project has, what their roadmap entails, and who’s on the development team. If they don’t want to give out their information or experience within cryptocurrency, turn around and run as fast as you can!
With the communities surrounding social media platforms, it’s an unfortunate truth that trust is given to individuals who have no true reason to be trusted. Everyone can be anyone behind a keyboard or camera and that doesn’t necessarily mean they always have true, honest intentions in the real world. This is a factor that should never be disregarded, regardless of the amount of followers or trust that has been built within their communities.
Don’t fall for the hype that your favorite social media influencer is attempting to generate out of nowhere. It doesn’t matter if there’s a multitude of comments supporting the project or influencer as well. You always have to do your own research and, when you’re done researching, research it some more. The next time you feel drawn into a project you’ve never heard of, think twice before moving forward. Losing hard earned money is never the end game, and nobody wants to come crumbling down with the masses.
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I also posted this blog on my LeoFinance page here!