Crypto is risky right? In recent months we’ve seen a real upsurge in scams and rug-pulls- which does nothing for those new to the space or anyone who’s been robbed.
Creating a safer environment through innovative and positive project development is critical for all.
Imagine you are a developer deeply invested in an ecosystem. Trying to create pioneering projects that innovate and open up defi for new users as well as those who have been in the space for a while. You’ve been around a time, you’re respected.
Now imagine too, that all your genuine, hard work is often overshadowed by fly-by-night, unscrupulous folks who care little for the environment and what it could be and simply want to make personal gain at the expense – not only of investors – but the ecosystem they use to defraud them….
In a sea of sh*t and meme coins that threaten investors with rug pulls and scams, there are only a few (it seems) genuine projects trying to make a positive difference, both for investors but more importantly, for the ecosystem itself.
For every genuine project there are 10 with nefarious motives, threatening rugs or scams to defraud their investors – us, regardless of whether or not we are seasoned defi users. More than that though – it risks the integrity of the space in which it occurs and that is a black mark on the ecosystem, that has a fundamentally negative (and cumulatively so) effect on the likes of BSC or any blockchain. This is the opposite of what we want.
We need safe projects – not just in name but in deliverables too – to ensure the ecosystems in which they are built are trusted in the long term – otherwise there is the risk of the perceived integrity of those spaces being eroded.
I’m relatively new to crypto but this has become apparent very quickly and I have been extremely cautious in my approach (slow and steady) and I’m involved with a few projects with noble goals (by no means an assurance) – projects like SAFERmoon who aim to improve the space for all and are – to all intents and purposes – building positively. By allowing new projects (even those with no coding experience but a gem of an idea) to build their token on blocks of pre-audited and safe code, their tokens can be launched with greater trust – which benefits both the new project, investors and the ecosystem itself. But while noble is great, there has to be a benefit for us as investors and that comes from Utility. There are a raft of meme type coins – so investors who want to be a little safer, should definitely focus on utility. Hype can be infectious – but it can also be expensive if the potential scam is realised – tokens offering utility are more likely to be serious about the long term.
While SAFERmoon are promising their new project generator (it’s apparently almost finished) SAFERmoon have also been delivering for their holders. Repeatedly. Beyond reflections they have also offered 3 rounds of staking with other well respected BSC projects Blizzard Money and JetSwap Finance.
SAFERmoon is currently the only RFI token to allow fee-free staking (no 10% cost to stake and unstake as is the case with all other RFI tokens) while still receiving reflection rewards on transactions of the native token. In fact, they achieved that within 3 weeks of their inception. SAFERmoon holders have been making money during the current bearish run, while holders of other tokens give their investors the ability to buy branded sweatshirts and offer promises to lean on.
Ultimately new investors in meme-type coins are generally dragged along in marketing and swept-up in promises. My advice is to take a step back and look for utility and genuine goals – this is a pretty standard piece of advice for big crypto but seems to be overlooked or plain ignored in the altcoin arena – certainly lower down the list. There are great projects out there, you just need to be objective and the gems will present themselves.
If it’s JUST hype / promises, be wary!