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Like many others, I am a frequent visitor to the Cryptocurrency subreddit at https://www.reddit.com/r/CryptoCurrency
Recently, I've noticed an alarming number of posts and articles talking about all kinds of "influencers" that tricked their fans to invest into their NFT and/or shitcoin schemes just to pull the rug from under them and take off with literally millions of dollars.
Here's a few examples that quickly came to my mind, although there definitely is more:
- YouTube creator Jake Paul:
https://www.reddit.com/r/CryptoCurrency/comments/ta5loq/jake_paul_exposed_as_22m_serial_crypto_scammer/
- Adult movie star Lana Rhoades:
https://www.reddit.com/r/CryptoCurrency/comments/t2184f/lana_rhoades_has_seemingly_abandoned_her/
- NBA basketball player De'Aron Fox:
https://www.reddit.com/r/CryptoCurrency/comments/t0rdrz/nba_player_deaaron_fox_ditches_his_nft_project/
Examples like these from people that have millions and millions of followers, some of which might be on the younger side (obviously, I mean more of the Jake Paul's fans and not Lana Rhoades'!) make me sick to my stomach and I'm sure whoever is reading this feels a similar way. Well, the questions is what can we actually do about it since crypto and NFTs especially aren't exactly well regulated so most likely nobody will be punished for their actions.
In my opinion, the most important action everyone can take is DO YOUR OWN RESEARCH. While I realize this phrase has been said a million times already, it looks like there might be another million needed. People must take a more reasonable approach to their investment and stop expecting some lifechanging gains within a short period of time. I'm certain that it's greed that leads people to invest in all these celebrity/influencer NFTs/shitcoin. Although some might be bying these NFTs as an actual collectible from their favourite famous person, we have numerous examples that more often than not people end up getting hurt and losing money with these projects.
That is why it's so important to ask yourself if it's really worth putting your money into something. Check the official website, transparency, community, forums, social emdia, check the backing and sponsors and probably the most iportant - check the use case. In my opinion, the most important aspect of a project is it's use case. If it does nothing other than looks nice, it's not gold. It's shit.
One place where you can start your research is https://coinmarketcap.com/, one of the most popular websites to check current price, market cap and find out which cryptocurrencies can be traded on which exchanges. You can also use https://www.coingecko.com/ which works in a similar way.
There are also various other platforms that you can use to learn more about specific projects and discuss them with other community members. Some of these include Reddit, Discord or Telegram where you can usually find a dedicated channel/server.
Alternatively, there's many channels on YouTube that offer information about cryptocurrencies in general as well as specific projects you might be interested in. While I would prefer to not shill any creators and remain neutral, I would like to give a shoutout to Whiteboard Crypto (https://www.youtube.com/c/WhiteboardCrypto), a educational cryptocurrency oriented channel that I personally enjoy.
Doing your own research can take you some time, but I am sure the reward will be the security of your investment and assurance that you got involved in projects that you actually believe in. Almost all the information you would want is easily accesible on the internet, so don't be lazy and invest in yourself first!
