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Description:
This is not by any means a comprehensive
list of checks to avoid the challenges in the cryptocurrency space but
it is in my honest opinion a very good start to doing some of your own
due diligence and avoiding some potential losses. I think a great
approach to risk management in trading is to simply size in by maybe
even if you are interested in an opportunity start with a small
percentage of what you may have been thinking of contributing to a
project and adding more at your discretion at a later date when the
project is more proven to you personally.
1. Youtube checks : Beware a new channel 3 months or less of content by either platform or promoters of the platform. B: Youtuber that is a serial scam promoter. 6 months to 1 year plus of failed projects promoted by this creator ( mostly Shitcoins down 95% or more from all time high currently, Dapps & other platforms folded or disappeared in 30 days or less ). C: flashy lifestyle vlogs traveling & or showing most likely rented cars or Homes. D: NEVER be influenced by the quoted size of a youtubers contributions to any project. This can be a costly trick to influence you to contribute more. E: NEVER be influenced by a back office showing overnight success by promoters of any project as this data can be manipulated & lead you to thinking the project is secured with more capital & interest than may be actually there. 2. Only Telegram chat support Note: Encrypted anonymous chat programs where you can not decrypt content to use it in a legal setting. Some people want privacy and I understand that but it can also be a breeding ground infested with criminals using it like Plato's ring of Gyges. 3A. No website or Website expires in less than 4 years B. Website registered privately C: Website not a .com D: Website using similar or identical scripting to a recent failed opportunity so called forks aka Free copies of another popular idea. 4. Fake CEO either actor or fake name: Anonymous owner IMO is better than fake because privacy I can understand but fake trust building is a none starter. 5. No documented trades: actual historical trading data and preferably forward positioning and trade ideas. NOTES: When I say forward positioning I mean documented calls on 3rd party platforms like Twitter or tradingview etc while the entry is still available not just after the idea is in profit already. Examples: https://twitter.com/TraderAlfred/status/1524434251416014850/photo/1 https://twitter.com/TraderAlfred/status/1473499418645118986/photo/1 6. Using hot buzzwords: Metaverse, NFT, Yeildfarming or mentioning of leveraged trading. While these topics are very popular right now unfortunately they do not have a proven track record of being profitable or are on the outer extreme spectrum of speculation. 7. Showing Financial licenses to build confidence: A recent popular trait of these financial opportunities is to acquire licenses in various jurisdictions to build confidence in their legitimacy. The license alone is not a bad indicator but especially when it is coupled with behavior that is strictly prohibited by said license it is a red flag. An Example would be an A.S.I.C. license from Australia but soliciting potential investors in unsupported jurisdictions like the USA and Canada ( both countries have strict protocols requiring entities to be licensed locally to offer financial products to citizens here ) 8. Compensation plan structure: While there is nothing wrong with a company offering a compensation plan there are structures that are simply not sound mathematically. An average person referring people to a structure will only be able to see people in the first 3 levels statistically. This means opportunities with 7 - 9 levels of compensation inherently will benefit mostly those closer to the top as almost everyone in the structure will fall under them. Regardless of a smart contract or centralized database this presents a backdoor for a small few to exit with a majority of the liquid crypto once the organization is built to a level of maturity. Also paying front loaded compensation of 14% or more before any investing of the funds has taken place is a bad sign as well. Most fund managers work on a 2% maintenance fee ( regardless of performance ) and 20% of net profits structure. It is certainly a red flag when there are compensations of 7x or more and they are based not on performance but paid to promoters in advance of any profitable activity at all.
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