Not so long back ADA (Cardano) began to gain a lot of attention within the crypto world. Already considered a promising, trustworthy coin by those in the know, it saw some healthy gains before dropping back down and beginning a slow steady incline again. Being a project with a very strong vision and also being the first and only (I believe) to be put through a peer review process during its initial development stages. Something I assume is still a part of their development plans moving forward. Making it a very investible project and coin. Which also attracts the attention of not so pleasant personalities trying to relieve innocent and unaware investors of their crypto.
(Be aware, something being peer reviewed does not automatically mean it is genuine, and can simply be a means to install fallicious credibility. I will release an article talking about this in more detail in the future)
If you are active within any crypto communities such as Reddit. You may notice that when a coin or project gathers momentum, more stories of successful and attempted scams come to light. Naturally this is going to happen, con artists seek what is in demand, as they know they can use FOMO and FUD tactics to increase their chances of pulling their flex.
It seems that the next target of choice is going to be Algorand. I have noticed more communities are talking about Algorand and have heard of an increase in scams surrounding this coin. As we speak there is a live stream on YouTube being viewed by over 1000 people/bots. (Add bots to make it look as though you are genuinely involved in the next big thing)
https://m.youtube.com/watch?v=hWFaQOxCAy0
As you can see, this channel has 121k subscribers. And looks pretty official. However, this is not the video I want to talk about. This could be considered generally normal. Some guy talking about crypto and how he thinks this will be the next coin to blow.
You can also see the thumbs up to thumbs down ratio. It seems some are wise to this attempted flex. Hopefully that is a strong enough sign to deter the impulsive type.
It's the live video that was streamed shortly before, that was then deleted.
As you can see, they presented an image of Algorand's Founder, Silvio Micalli. In a bid to install confidence into viewers and potential victims.
Silvio Micali (born October 13, 1954) is an Italian computer scientist at MIT Computer Science and Artificial Intelligence Laboratory and a professor of computer science in MIT 's Department of Electrical Engineering and Computer Science since 1983 - Wikipedia.
I think it goes without saying, Silvio himself or Algorand have absolutely nothing to do with this video. I don't think I need to point out the grammatical errors so blatant to see. Typos that also seem consistently noticeable on their website (don't visit their website. Simply clicking links can lead to undesirable outcomes)
Being unable to comment on these types of videos is always a red flag. Spelling mistakes, and ones that can be considered lazy opposed to genuine. Seeing how many other videos a channel has and community engagement is always something to look for.
I remember being 14 years old, playing RuneScape, listening to Leanne Rimes - Can't Fight The Moonlight and Usher - Pop Ya Collar on repeat. And watching my brother cry his eyes out because he was convinced by some random dude that if he sends X amount of valuables, he'll receive double back. (Seemed nicer and somewhat more ethical than being lead into the wilderness to be brutally ambushed and murdered, but I digress)
He's technically still waiting. (I do think he's got over it now, but technically, he's still waiting)
As anybody who falls victim to this type of scam, will be.
Nobody is going to take your crypto and send you double back.
They do however, share something that is very true. I feel it may even be a little twist on linguistics from whoever made the video.
"You can only join once"
To some, this may come across as it being a limited offer and in the name of fairness. You can only join once to allow others to share and receive some of the rewards.
Nope, it means what it literally says. You can only join, and send your Algorand once. Why?
Because once you've sent it. It no longer belongs to you. They will NOT be returning your Algo for you to send it a second time. Obviously.
The only positive that could be taken from this, is that Algorand is clearly becoming more popular and is gaining the attention of a wider audience.
I hope to see more conversations on similar topics. The only way the crypto community can minimise the risks and prominence of scam artists and tricksters besides being vigilant on an individual level, is to have them feel exposed by showing that we are more aware and savvy than they think.
By the way...
Here's my Algorand wallet. Send me ALGO and "you will be get" nothing but a good feeling for being a nice person.
UBADVPQOOYTHWWF34SVHN3O33MIRXWAHQO5SIMQFEIWSSS37RFN4ZMMOHM
Here's my XLM wallet. Send me Stellar and "you will be get" nothing but a good feeling for being a nice person.
GDQP2KPQGKIHYJGXNUIYOMHARUARCA7DJT5FO2FFOOKY3B2WSQHG4W37
Memo: 2941217641
Here's my XRP wallet. Send me XRP and "you will be get" nothing but a good feeling for being a nice person.
rw2ciyaNshpHe7bCHo4bRWq6pqqynnWKQg
1671092986
