Doge paved way to a lot of scam coins: Beware of SH*T coins like Safemoon, Elongate, safemars, safegalaxy, safe whatever.
I see a lot of safemoon shills on every subreddit, youtube and Facebook. I just don't want to see more people falling for trash projects like these so please beware. The fake bots will already downvote this thread but I am hoping it will at least reach some actual users in here.
Here are a few coins that I looked into that are completely scams but are widely being promoted.
Safemoon, safemars, safegalaxy, elongate, Zepplin dao, ravenX, fox finance, moon pirate, moonrate, hungry bear. Basically any coin which says "they will give you coins for any transaction on the chain and then will burn x% more".
The idea of naming it "Safe" "moon" should be a good enough of a red flag. Safemoon and these other coins has 1 wallet with more than 50% of the coins. You will see a hoard of fake users/profiles just trying to promote it. These coins have no utility, it is just a ponzi scheme with the entire idea being that people who come in last are gonna be bag holders and everyone below will make a portion of the bagholders investment if you bail out early before the rug pull. These people are trying hard to get you into safemoon etc. because they wanna hoard more money and they don't give a fuck about the people who are gonna be bag holders in the end.
Do not think that lot of people are buying the coins and you are gonna be missing out on 100x gains, majority of the people posting screen shots or talking about their experience are fake profiles.
How they try to entice you?
- They are going to show their profits
- They are going to promise exchange listing (Binance, Kucoin, their own exchange) which will never come I promise you.
- They say they are transparent because they put couple of stooges for some dogshit AMA
- They come up with some charity cause to make you feel not guilty about being part of a ponzi scheme or play on your good nature in general.
- They make the coin value be well below 1 dollar like ($0.0000001) so its more enticing to you to get in on, giving you hope that its going to reach 1 dollar someday LOL.
It's mind blowing how some people play these mental gymnastics with themselves to justify their ponzi scheme. "I made 100x gains", "is it wrong for the little guy to make money", "i will put 50% of profits into legit coins".
I don't want these shit coins to be the face of crypto for all the new comers. Stop promoting/getting into these scam coins for a quick buck, it is just gonna give crypto space a bad name.