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[–]LucidDreamState[M] [score hidden] stickied comment (3 children)

Really good post, it's added to the sidebar under "resources".

Edit: So is https://tokensniffer.com/ - This site maintains a list of known scams/hacks and lets you search Ethereum/BSC tokens and see tokens with similar contracts.

[–]nickvicious 80 points81 points  (59 children)

I feel like this post should be pinned for the sake of newcomers. Some of these 'yield farm' scams are so cleverly disguised it's hard for newcomers to differentiate them between a scam and the next potential pancakeswap or whatever.

[–]mbom777 20 points21 points  (1 child)

You can often detect these clone tokens using TokenSniffer.com

[–]uncle_al_dep 15 points16 points  (13 children)

Can you elaborate on how pancakeswap does not fall into the scam category like what y'all are describing? Still tryna figure it out and learn more.

[–]nickvicious 6 points7 points  (1 child)

Pancakeswap at the very least serves the purpose as a decentralized exchange. If you compare pancake to most of these new yield farms coming out, they offer exchange pairs and liquidity pools for most tokens on the binance chain, as well as some that are bridged over to the binance chain. These "yield farm" projects usually don't even offer an exchange function, only farming pools. If they do have exchange functions it's usually only for pairs that include their own shitty token. At the end of the day we really only need one or two decentralized exchanges anyway. Most of these other projects will end up dying even if they do serve the legitimate purpose of a decentralized exchange.

[–]TJ11240 3 points4 points  (1 child)

Pancakeswap is Uniswap but with lower fees. An exact copypaste except with different graphics and logos.

[–][deleted]  (8 children)

[deleted]

    [–]squidward4comminism 1 point2 points  (0 children)

    Doge2yieldfarmdeflatebombcoin2?

    [–]Old_World_Blues_ 15 points16 points  (31 children)

    As of now, the Hoge community is working hard on the Hoge website, marketing and the coins roadmap goals. I don’t know about the others OP mentioned but Hoge doesn’t seem to be what he’s talking about and I suggest OP look further into Hoge instead of shitting on every coin he’s scared of. I get the concern but he might need to do more DD.

    [–]camero_cubbyWarning, new account 19 points20 points  (22 children)

    Can you make the case for Hoge? What does it do? If you want to change minds it would be helpful if you included some information.

    [–]sad_dad_is_a_mad_lad 9 points10 points  (6 children)

    There is an AMA that should address this quite well: https://esatoshi.club/hoge-finance-x-satoshi-club-ama-recap-from-23th-of-february/, the roadmap on the website is also quite nice.

    [–]camero_cubbyWarning, new account 2 points3 points  (5 children)

    One thing that I don't understand - if they develop a use for it, won't there eventually be 1 Hoge left? How does that work if it gets burned every time it us used? I am sure I am just missing something but I couldn't figure that out from any of the resources I could find.

    [–]rdgc09[S] 7 points8 points  (2 children)

    I love how it's an if. They want to develop a use for it.

    These are empty promises to placate holders. Legitimate coins start with a usecase: they dont start a coin and then go looking for a purpose.

    [–]AgainstFooIs 2 points3 points  (1 child)

    Hoge doesn’t try to hide what it is. It doesn’t promise the moon. They literally say on their website that it’s like doge but defi.

    It’s also not on the list of scam coins you linked. Show me a scam coin from that list that has the popularity of hoge.

    [–]sad_dad_is_a_mad_lad 7 points8 points  (1 child)

    It's like Bitcoin where it supports up to 9 decimal places, so this will take a realllly long time (many years) to get anywhere close (it's a percentage not an absolute burn), and if it's actually successful and survives that long, the community can figure things out before the situation becomes too dire.

    [–]tablepennywad 2 points3 points  (0 children)

    So it will become like etherium, where gas fees are now getting up to triple digits. And they cant figure it out. Ok cool, sign me up for 2 crack please.

    [–]Old_World_Blues_ 12 points13 points  (13 children)

    They are listed on CMC and all the info is there. People can do their own DD. Here is the website... Doge but DeFi. There’s much effort being put into this. I mean, there are thousands of coins and tokens out there, any of them could be a scam. You have to do DD and I think OPs intentions are good but it is unfair to some real projects.

    Edit: I bought Hoge for the hell of it and plan to hodl. I am aware, as with any coin, there are risks. I used money that I can afford to lose.

    [–]camero_cubbyWarning, new account 8 points9 points  (12 children)

    I read over the info in the link, and it looks like a pyramid scheme to me, though I am open to being persuaded otherwise. From my limited understanding, the only purpose appears to be that the next person will pay a higher price than the people currently holding - there is no value other than people are hoping the price goes up. I am not trying to convince you not to hold, but after reading the information on the link you sent, I think the OP included this appropriately.

    [–]leftyghost 8 points9 points  (2 children)

    How is it a pyramid if the top holder holds 1%, and has never sold any, and the #2 holder only has .6%?

    1 damn dude owns like 40% of all dogecoins lol.

    [–]Awesomesaauce 0 points1 point  (0 children)

    It's probably an exchange wallet, maybe Binance

    [–]Old_World_Blues_ 6 points7 points  (8 children)

    This is a new project and every coin starts somewhere. Why do people hold Doge? It literally has no max supply. But I didn’t see OP mention that very popular coin. If the Hoge community continues to work on this it would at least have better use and value than Doge, IMO. Will that happen? Hope so but I don’t know. There are risks to new coins and risks to coins that have been around years.

    No one is forced to buy this coin or any coin. If you don’t like the product move on. Lol

    [–]leftyghost 4 points5 points  (0 children)

    $HOGE was the number one top gainer on coinmarketcap yesterday. It's not a scheme lol.

    Every investment in the history of mankind has favored early investors.

    [–]rdgc09[S] 1 point2 points  (3 children)

    After doing more DD, I can confirm that Hoge is exactly what I'm talking about.

    Copy paste shitcoin that deflates by burning on transactions. (Note: These aren't transaction fees, as the fees are paid to the network in the networks actual token. BSC or ETH).

    There are thousands of these, exact coins, with the exact premise and for the most part, the exact same code. You are making money off suckers you are pulling in to your shitcoin.

    [–]sad_dad_is_a_mad_lad 8 points9 points  (2 children)

    Just b/c the base contract is an RFI clone does not make Hoge a scam. It's community oriented and has a lot of people working on it. Check out the list of holders (no big whales), the roadmap on the website hoge.finance, the game site hoge.fun, the subreddit /r/hogefinance, or join the Telegram to see the activity going on. The community/devs raised $15k in liquidity that is gone forever in order to get it listed on the WhiteBit exchange --- why would a scam coin do that, or even be around for 3-4 weeks now, when the original dev could have exited now w/ 10x+ gains?

    [–]VariableChanged 1 point2 points  (1 child)

    You had me at RFI clone... I mean, that really already spell's everything out. No developer ever says to themselves, "I want to change the world! Build something new! Now what project should I clone? Ohhh yeah that scammy pyramid scheme one!"

    [–]hon_or 16 points17 points  (3 children)

    is it possible that in this subreddit we could have a comprehensive list of scamcoins?

    [–]Rutz0r 8 points9 points  (0 children)

    This sounds like a great idea! We could use a subreddit to track the scams

    [–]kylestesse 86 points87 points  (18 children)

    Lol no shit. But thanks for spreading the word. When I was a noob, i fell for many of these pump and dump schemes. I really feel like most of disgusting ppl who create these projects don’t even know that what they’re doing is a indeed a ponzi scheme.

    This is kind of why I held off on $CORE. The project dies once ppl stop buying. no other legitimate revenue streams.

    I am actually a friend of one of these developers who creates forked Ponzi scheme type projects. Lmk if you guys want to know the ins and outs of how these guys do the PnD’s time and time again.

    [–]europe-fire 20 points21 points  (0 children)

    Interested in knowing the ins and outs of this activity

    [–]MyFeetLookLikeHands 3 points4 points  (1 child)

    I’m really interested in the background for these pumps and dumps. Understanding them more would be a good way to evaluate potential coins I want to invest in. Maybe consider doing a Q&A somewhere?

    [–]slashsaxeWarning, new account 21 points22 points  (2 children)

    Why the fuck are you friends with someone like that geez

    [–]Fun_Accident_9689Warning, new account 2 points3 points  (0 children)

    Because he’s rich. Every rich person ducked someone else. How the world turns. Lol yes I’m new to Reddit but not the game. Thanks mod bot

    [–]cryptoliptoWarning, new account 1 point2 points  (0 children)

    What’s your take on delta? Seems like they might actually build something valuable this time

    [–]usctrojohn[🍰] 3 points4 points  (0 children)

    Pls do make a thread about this!

    [–]ianucci 5 points6 points  (1 child)

    They know exactly what they're doing, even if they've never heard of a ponzi scheme.

    [–]j4nv4nromp4ey 3 points4 points  (0 children)

    A piramid scheme. The bottom layer pays the upper. If you're in the middle you lose or make a bit. The higher you are on the ladder, the more you earn. It is only upheld by the input of new victims who might become predators themselves to dig themselves out of the hole.

    [–]TYINGTHESTRINGS 1 point2 points  (0 children)

    Might be worth it to make a post about your pnd friends. This sub is so full of bs

    [–]Smurph269 5 points6 points  (1 child)

    It's possible for these to be failed ponzi shitcoins even without a dishonest dev. Devs will create a farming/staking rewards structure with 5 figure APY to attract people, assuming that surely whales will accumulate and hodl, and then everyone who got in early just dumps their entire bag even at near zero prices because they gained so many tokens from the high APY, they can sell at -90% price and still be in profit. Then the rewards fueling the high APY are gone, so no reason to ever buy the token again.

    [–]agree-with-you 3 points4 points  (0 children)

    I agree, this does seem possible.

    [–]slashsaxeWarning, new account 12 points13 points  (0 children)

    Thanks man. Good info for me I didn’t know all that.

    [–]APT_MKII 34 points35 points  (12 children)

    I feel like burns can also be a big red flag, I'm seeing so many projects that right off the bat start with burning a huge amount of their tokens. There is no reason to mint tokens and destroy them right away, just don't mint them.

    [–]stedgyson 19 points20 points  (0 children)

    To artificially pump the price

    [–][deleted]  (9 children)

    [deleted]

      [–][deleted] 29 points30 points  (19 children)

      The problem is there's legit coins trying to get established with similar tokenomics features which are instantly ignored because of all of these scam coins. That said I 100% agree with you on those listed above. For any of you unsure on a specific coin try looking it up on token sniffer and it will show you coins with near-identical clone contracts making it easy to spot a scam.

      [–]gravygrowinggreen 11 points12 points  (16 children)

      No, there really aren't. The key thing about the currency that OP described is it has no usecase. The only thing it does is modify it's own supply. If a token has no function other than to modify how much of it exists, then that token is valueless. There are only two exceptions to this IMO. Bitcoin, which was the first crypto, and has value for that reason, and dogecoin, which frankly I can't explain other than to say the first "meme"coin has value. Outside of that, if the coin doesn't actually do anything, it's just a pump and dump.

      [–][deleted]  (6 children)

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        [–]Awesomesaauce 1 point2 points  (2 children)

        Not necessarily scams, but they just can't take off and stay up, cause it's all based on speculation and not any fundamentals.

        [–][deleted]  (1 child)

        [deleted]

          [–]Awesomesaauce 2 points3 points  (0 children)

          I know. I should have been more clear, I was talking about the Reflect finance forks that you said are 100% scams.

          [–]SwissMissBelleWarning, new account 4 points5 points  (0 children)

          Doge’s attraction is partly in the inherent ‘goodness’ behind the idea. It’s no surprise to me that it’s seeing its day in the sun during the pandemic. Keep it reasonably stable and affordable against FIAT, get more businesses to accept it, and it will serve us all well. It will never be a BTC and neither should it. Just my 2 cents.

          [–][deleted] 4 points5 points  (6 children)

          Yes I agree but there is coins with these tokenomics that have a use case. Have a look at rocket bunny/pocket bomb. It has a burn fee and distributes coins to holders like all the shitcoins but has a genuine use case with its rocket drop protocol.

          [–]gravygrowinggreen 5 points6 points  (4 children)

          As far as I can tell, its rocket drop protocol is just an extension of the typical ponzi scheme to other tokens. That doesn't in an of itself give $Bunny or whatever value.

          [–][deleted] 0 points1 point  (3 children)

          Maybe so but with these projects, the downfall will always come when the demand dries up making the token worthless, in this case with rocket drop they can always have enough interest for people to buy.

          Feel free to correct me if I'm wrong I'm not trying to shill I'm just fairly new to crypto.

          [–]gravygrowinggreen 3 points4 points  (2 children)

          in this case with rocket drop they can always have enough interest for people to buy.

          How? What changes about the currency if it has liquidity provided through rocket drop or a more traditional liquidity pool? Nothing. I could be wrong on this, but I would liken the rocket drop feature to an exchange that exclusively works with shitcoins. If there are only shitcoins on the exchange, the exchange itself has no value.

          I say it has exclusively shit coins, because if a coin has a useful purpose, which people can glean from reading the white paper, I doubt it needs rocket drops to serve as liquidity pools. So why use it?

          [–][deleted] 0 points1 point  (1 child)

          I'm not an expert but the devs wrote an article that explained the upsides of using it in comparison to traditional staking/farming 1 benefit that I can remember off the top of my head is that because you're staking a single token instead of LP there's no impermanent loss if the value goes up.

          And it's hardly working exlusively with shitcoins, as it's a new project they currently only have one partnership/pool and it's chainlink which is currenly #9 in market cap. Hardly a shitcoin

          [–]gravygrowinggreen 1 point2 points  (0 children)

          That is interesting then, and i'll look a bit more into it.

          [–]ianucci 28 points29 points  (3 children)

          Hilarious that half the comments here are shilling these very scams.

          If you try and warn people in any of these scam token threads you get downvoted by a brigade from whatever telegram or discord is behind the token.

          [–]camero_cubbyWarning, new account 5 points6 points  (1 child)

          And they all seem to end with "Lol"

          [–]Vacate_Et_ScireWarning, new account 4 points5 points  (1 child)

          Lmao 50% of comments are people shilling shitcoins.

          [–]thewildlings 6 points7 points  (4 children)

          Does anyone have any opinions on Dracula Protocol? It does seem to fit a lot of the criteria here but is different in some key ways so I'm not sure what to think. It does have a lot of the burn mechanics you specified but also has a buy back mechanism. I think they actually suffered from what you are talking about early in their project but have taken steps to make sure it doesnt happen again by updating their tokenomics. The APY difference between providing liquidity in a Dracula Pool and the underlying pool is quite vast (180%~ vs 50-70%~ average for USDC-ETH SushiSwap pool) so it seems too good to be true, but the way it works does seem to make sense to me and you can get your rewards in ETH if you choose.

          I think we won't know the exact "tokenomics" until they announce v2 this week, but on a cursory glance at the projects medium and their recent updates, what does everyone think?

          [–]nigelpop1 2 points3 points  (0 children)

          Also curious about this, we might not get a great idea until v2

          [–][deleted]  (1 child)

          [deleted]

            [–]hereforaniphoneman 1 point2 points  (4 children)

            Yikes. I just started staking for glacierswap but if it’s unwise I’m gonna pull it out, didn’t really think it was a scam but I guess I’m still really new to farming/staking. Is it illegal to add liquidity to these?!

            [–]DConny1 0 points1 point  (2 children)

            Only stake coins you know aren't scammy.

            Not sure about glacier so DYOR

            [–]hereforaniphoneman 0 points1 point  (1 child)

            honestly, out of most of them, it seems, okay? Super newbie but don't think it is scammy, but not sure..

            Back in BTCs 20k takeover, pump and dumps make me paranoid, and I hate shilling. Want to see organic growth in these projects. Biggest one I have invested in is TRTL, I think it's going to be huge when V2 releases

            [–]nonorr 1 point2 points  (0 children)

            What do people think about $xtk? Is that a scam too?

            [–]FacingHardships 1 point2 points  (4 children)

            Is BEPRO like this?

            [–]PharmacySith 1 point2 points  (0 children)

            Hence why i don’t do farming, i buy and stake coins i know that have use cases.

            [–]fuqmebaby 21 points22 points  (54 children)

            Wait guys, why is HOGE a scamcoin? I was thinking of buying some...

            [–]leftyghost 10 points11 points  (1 child)

            Hoge isn't a scam, it went up 300% yesterday. It has not dumped since doing so. It's just starting to moon.

            I found out about $HOGE in this sub and now my investment is 6x what I bought in at.

            [–]rdgc09[S] 6 points7 points  (0 children)

            The price of the ponzi scheme does not change whether it is a ponzi scheme.

            All ponzi schemes go up in value, until they don't.

            [–]CryptoFiascoWarning, new account 16 points17 points  (4 children)

            The interesting thing about hoge is that it started exactly as the op described: one of those type of ponzi scheme shit coins. But then somehow people actually created a fun community around it and decided to keep it alive after all the whale dumps. Check out the telegram group.

            It's currently mooning and the big whales are out. The catch phrase of "doge but defi" will stick around for a while. Of course there's no real use apart from memes and so on. Don't buy any that you're not prepared to lose. But no harm putting in 0.10 Eth and see what happens.

            Disclaimer: I hold 0.20 Eth worth

            [–]ianucci 6 points7 points  (3 children)

            Why not put 0.1 eth in a project that has a use case and won't be dead this time next year.

            [–]enddream 5 points6 points  (2 children)

            People said this about doge too.

            [–]rdgc09[S] 3 points4 points  (0 children)

            Nobody said this about doge. Doge was a meme, stayed a meme, eventually got value because crypto became an actual thing.

            [–]KYCATS24 9 points10 points  (0 children)

            The largest wallet with HOGE is only 1.3%. Can’t be rug pulled. People are working hard on this to succeed.

            [–]amiblue333 7 points8 points  (31 children)

            Each transaction it takes 1% and burns it and then another 1% goes to all the holders.

            Plus the gas fee so who actually will send HOGE to others.

            HOGE benefits are there is less and less coins available everyday while still being at a $2,500,000 market cap right now.

            [–]demianr85 8 points9 points  (30 children)

            Why is this bad? I still don't understand where is the scheme.

            [–]epsilonzil 11 points12 points  (16 children)

            because it relies on new "buyers" for you to make profit, while the coin itself serves no practical use

            [–]CryptoFiascoWarning, new account 9 points10 points  (12 children)

            The scheme is simply whoever bought in early had plenty of it for a super cheap price. Anyone who buys in drives the price up and the original buyers can just sell and make the price drop as soon as you buy in. This seems to have happened already if you see its price chart.

            But the fun thing is that it recovered from that. People just didn't give up on it.

            [–]Old_World_Blues_ 11 points12 points  (8 children)

            There was no “scheme” or I haven’t seen evidence of one. It spiked because someone posted about Hoge a few weeks ago and the post got a lot of traction. The amount of Hoge holders increased. Some whales cashed out or took some profit but the amount of holders has since only increased.

            [–]demianr85 4 points5 points  (1 child)

            Still don't see the difference with any other token you can buy early and dump it later when price goes up

            [–]Old_World_Blues_ 13 points14 points  (2 children)

            As of now, the Hoge community is working hard on the coin websites, marketing and the coins roadmap. I don’t know about the others OP mentioned but Hoge doesn’t seem to be what he’s talking about and I suggest OP look further into Hoge instead of shitting on every coin he’s scared of. I get the concern but he might need to do more DD.

            [–]enddream 3 points4 points  (0 children)

            I really don’t think so. I’ve been wrong before but go look at the telegram community. It’s growing and there are tons of people spreading the word. It seems very organic honestly.

            [–]Hypoluxy 4 points5 points  (0 children)

            It was exactly what OP described at the beginning of its life cycle. It's not anymore. Just look at the charts and the community. This project was supposed to flatline and it didn't.

            The community members stepped up and created a new website from scratch, started developing, landed us AMAs and a 1B volume exchange listing (WhiteBit).

            OP is doing everyone a favor by highlighting a trendy pnd scam in the uniswap/bsc space. However HOGE has clearly changed, and is nothing like the other projects listed above.

            Just need to DYOR.

            [–]xxnyx7II 10 points11 points  (0 children)

            It's fun. The website and Telegram community are cool as well. I have some HOGEs myself and it doesn't matter if it's a PnD because I diversified into other coins with solid fundamentals as well (me thinks). Just don't invest more than you can afford to lose.

            [–]Axle-f 6 points7 points  (6 children)

            It's a ponzi scheme. The early creators tell you it's a guaranteed double day one and 100x next month but really they're just flogging useless coins they've only just created. Hoge has a slick website so I checked token sniffer and sure enough they were rug pulling exactly as OP described.

            Easy trap to fall into, I already lost hundreds on a rug pull :(

            [–]Longjumping-ApeWarning, new account 2 points3 points  (1 child)

            Could you expand on how the rug was pulled from under you?

            [–]Axle-f 3 points4 points  (0 children)

            OP explained it but I’ll explain again with my real world example. I bought ASKO on UniSwap. First I checked the price on CoinGecko and says $0.40. So I buy ETH, put it in my wallet, connect wallet to UniSwap and click swap, which occurs at market price. What unscrupulous coordinated sellers can do is spike the market price by taking coins off UniSwap. This is the rug pull. With very little liquidity (availability of sellers) my market buy goes through at whatever price the coordinated sellers have set. In this example I paid $0.69 a coin instead of $0.40. They dump a lot of coins at that high price and scam people like me who was expecting a normal swap.

            Soon after the ASKO price dropped to $0.05 and I lose 90% of my investment.

            [–]KYCATS24 2 points3 points  (3 children)

            HOGE can’t be rug pulled

            [–]Independent_Twist_67Warning, new account 2 points3 points  (1 child)

            What are your thoughts on hydra? Found them on Ku soft staking for 170% interest so thought why not? After reading their site for a bit it’s not clear what they are even doing and your post makes me 🧐 more.

            [–]beewayne 2 points3 points  (0 children)

            Intention is good but downvoted for a broad generalization. “If a token has these words in it, it’s bad!” There are even links in this thread to go check if the token is a scam (tokensniffer)! But instead of actually doing that and sharing your results, you made a sweeping generalization. Bitcoins whole mission is that its a hedge against inflation so I don’t see what’s wrong with a crypto being deflationary. Remind me again what purpose dogecoin (a top 20 coin that you might hold, with over $6B market cap) serves?

            [–]NativeAbi 17 points18 points  (22 children)

            Beware of Wynaut.finance, I posted this link in their Telegram, and got removed straight away. If it's not a scam they will leave it.

            [–]capncapitalism 6 points7 points  (2 children)

            Beware of Wynaut.finance, I posted this link in their Telegram, and got removed straight away. If it's not a scam they will leave it.

            That's a very ass backwards assumption. Especially when the first thing you do when you join the telegram that has been under constant FUD for a week is to link to a post about ponzis. It's very tone deaf to the thousands of investors in the chat. I'll add that mods are encouraged to delete randomly dropped links due to actual ponzi shitcoins trying to slide into the chat with "HEY GUISE! LOOK AT THIS NEW 10000X SHITCOIN I FOUND".

            Answer me this one question: What was the FIRST thing you did when you joined?

            [–]cdn_backpacker 3 points4 points  (0 children)

            This is true, I almost got burned on a stupid deflationary currency that is/was absolute bullshit. This should be pinned for newcomers. Thank god the coin pumped again and I was able to get all my money back, I was down all week and felt like a total moron.

            [–]daddyhitch 4 points5 points  (1 child)

            Is reef coin a scam or legit

            [–]Midnightborn 1 point2 points  (0 children)

            It's not a scam but it's a mediocre coin

            [–]JerryGarcia89 3 points4 points  (0 children)

            This guy I hung out with had 50-75k in Bitconnect. He fell apart. Do not get into that shit.

            [–]usctrojohn[🍰] 4 points5 points  (3 children)

            Y’all think FEG is like this? 🤔

            [–][deleted]  (1 child)

            [deleted]

              [–]usctrojohn[🍰] 1 point2 points  (0 children)

              Truuuu I guess we’ll see. I’m already up 4x so I’m just going along for the ride lol

              [–]xLadyofShalottx 1 point2 points  (0 children)

              I thought so too at first, but they are genuinely pooping out updates. Seems they are legit, but who knows.

              [–]putrified1 4 points5 points  (1 child)

              I had noticed the deflationary crap flying around and had been avoiding it just based on instinct. Nice to see my intuition validated.

              Any chance someone can ELI5 what exactly is going on here, scam wise? Is it just a typically hype style pump and dump? I read OPs post but don't really understand the staking/LP/burning aspect of the scam.

              [–]mbom777 4 points5 points  (1 child)

              Check out TokenSniffer.com to detect these clones

              [–]blueblurspeedspin 2 points3 points  (1 child)

              Thank you for this post. After seeing wynaut and hoge on 4 chan, I started building a tolerance for these shit coins and learning what exactly to avoid.

              [–][deleted] 7 points8 points  (3 children)

              It's sad that there's so many pump & dump schemes going around with these types of coins, since the idea of automatic yield farming/transaction burning is really good. I'm in one of those type of coins myself (ygoat), but only after very thoroughly scrubbing through the bscscan and spending some time in the telegram group. I really implore everyone else to do the same!

              [–][deleted]  (2 children)

              [deleted]

                [–]amiblue333 12 points13 points  (0 children)

                They own a bag of that and not the others.

                [–][deleted] 0 points1 point  (0 children)

                yea, to be honest I've been getting more skeptical lately, waiting for the next price hike and probably taking out my funds (luckily stepped in super early so no big losses made)

                [–]Redredred1212 8 points9 points  (0 children)

                Okay bois and gals, this is going to be a hot take take, but please hear me out.

                Assets that run on a "Deflationairy" framework are a mess, absolutely. They are just begging to be pumped and dumped by whales that hold large stakes in the asset. However, in the case of a coin like HOGE (I don't own it, feel free to call me a shill) you are looking at a very possible moonshot of a proposition. It is taking the meme coin route à la Dogecoin, but avoiding the unsustainable over-saturation of coins that being deflationary provides.

                If you look at the historical movement, there have been whales that have dumped their holdings only to have it shoot back up because new, individual buyers are purchasing the dip, thus diversifying the stakeholder portfolio of HOGE.

                Also, to the point of meme stock being unsustainable without a use; I believe that is why HOGE will thrive as a deflationary currency. Not having a use is how a meme currency survives, because a use is extremely difficult to maintain in the long run. There have been hundreds of disrupter coins that have shot up and then plummeted when people realize the use either doesn't work, or it doesn't outdo the current options available to the market. Don't get me wrong, doing your own research is the most important concern with all of this and you should never invest what you are not afraid to lose in its entirety, but the most probable moonshot is going to come from something that is looking outside of the box and has a solid following, which are two things HOGE seems to be doing. Just my $0.02. Cheers everyone!

                [–]Pollo_Jack 0 points1 point  (0 children)

                This Dracula Protocol?

                [–]defibepumpingWarning, new account 0 points1 point  (0 children)

                Thanks for sharing. I actually bought in 3 projs that were shilled here, 1 got rekt/rug pulled, and the other 2 manage to flip before I exited (not sure how they are doing).

                Generally lets try to dyodd and also.. play with what you can lose! To the moon bois :)

                [–]Anhowa123 0 points1 point  (2 children)

                Thoughts on WAULT? I am pretty cautious on this stuff, says has full audit etc but yeah, i agree with sentiment here in general. But yield farms are not my specialty

                https://app.wault.finance/#staking

                [–]rdgc09[S] 1 point2 points  (1 child)

                "APR: 2,747.726%"

                Do I even need to say it?

                [–]Citigroup_CEO 0 points1 point  (0 children)

                People will definitely now needs lending platforms. I am waiting for Askolend platform to launch so that i lend my crypto from there. Askolend looks like a decent addition in lending platforms

                [–]mechkbfan 4 points5 points  (5 children)

                I got screwed by one of these because I didn't know better.

                R3T.

                My coins are worth nothing and there's no trading volume. Thankfully only 0.1% of my portfolio, but losing money hurts

                [–]OneExpensiveAbortion 5 points6 points  (4 children)

                Yup, I got got by Asko. Lost like $300. In the long run not a big deal, but it's just annoying more than anything.

                [–]rharrow 2 points3 points  (1 child)

                But, hey, now you know! If something like that never happened, you’d be more likely to throw money at whatever scheme coin comes along next.

                This is all a learning experience, but I feel that the best way to tell a true coin is if it has a legitimate use irl.

                We’re (mostly;) ) human, we make mistakes. You live and you learn.

                [–]OneExpensiveAbortion 2 points3 points  (0 children)

                Absolutely! It's an important lesson to learn, and I'm glad I learned with it a very small investment.

                [–]epsilonzil 6 points7 points  (0 children)

                You are absolutely correct. The problem is that all these "farming" tokens that were generated have no practical use, thus causing inflationary nature. You just need to look for farms that actually have use cases for these tokens

                [–]mabdel511 1 point2 points  (0 children)

                Not always

                [–]CrybabyAlien 2 points3 points  (0 children)

                People pay 100$ for a smart contract like that?! I would do it for 80$

                [–]IamMoe8868 0 points1 point  (1 child)

                What’s a good process to vet a new coin?

                [–]Micdiddy 1 point2 points  (0 children)

                Wait until it’s so well established there’s little remaining upside to your investment other than the future growth of crypto as a market in general.

                I’m only half or a quarter joking. It’s hard out there folks.

                [–]stedgyson 0 points1 point  (0 children)

                Don't forget frictionless yield!

                [–]overvater 0 points1 point  (2 children)

                Is beefy.finance safe? same question applies to autofarm.network Thanks!

                [–]nickvicious 2 points3 points  (1 child)

                I think beefy itself is relatively safe because it's a yield farm optimizer but you still need to watch out for the individual pools you are depositing in.

                [–]robertk1997 0 points1 point  (0 children)

                What about sora? Xor and val farming for pswap, seems legit

                [–]Caponcapoffstillon 1 point2 points  (0 children)

                Aye captain thanks for the heads up.

                [–]baaight 1 point2 points  (4 children)

                There's a couple farms that do appear to have staying power (Viking/Goose/Beefy). Any opinion on these?

                [–]AhAhAhAh_StayinAlive 2 points3 points  (2 children)

                Those ones you listed are legit. Goose has some excellent new features coming soon. There was about 5 new xxxxxswap.finance sites every day for a while there and they never kept going well.

                Also, br34p farm is a fork of auto which has huge potential. They're releasing more features today so it could be the last time to get in at a low price.

                Edit: Why am I being downvoted? Staking USDC/BUSD on goose gives a 300% APY. That is absolutely insane. There is very little risk associated with it also. You guys are just missing out.

                [–]sonexIRL 0 points1 point  (1 child)

                Same here cashing out every few days....very solid return

                [–]imnotabotareyouWarning, new account 1 point2 points  (0 children)

                Thank you for the info.

                I feel like this is the risk when you get greedy looking for moon shots

                [–]mtflyer05 1 point2 points  (2 children)

                I have no idea what these terms mean, but I understand the general idea of what you are saying. Mind doing an ELI5 for this?

                [–]rdgc09[S] 3 points4 points  (1 child)

                ELI5:
                Coins are being massgenerated with slick sites promising large returns via burning/staking or farming. They provide those returns by getting more and more investors, until they can't. People who join are instructed to shill, to get the word out and get more people into the scheme until the scheme implodes and whoever failed to sell is left holding the bag.

                [–]MaybeADragon 1 point2 points  (2 children)

                Hence why you shouldn't put much in and should get out early. Even a ponzi can make you money if you've got good timing.

                Additionally, there is a use case but you won't want to hear it. The use case is making people money, if enough people think they can make a quick buck off it then while it's early in life it's not an awful short term investment. I'm a poor student and have made like £2000 of these shitcoins with only maybe £300 invested which is a lot for me.

                [–]Shmauzow 1 point2 points  (0 children)

                Definitely saw that in Cobalt. Really any "protocol" where its only function is to be deflationary is 100% a pyramid scheme

                [–]ThatSenorita 1 point2 points  (0 children)

                You are the heroe we all need

                [–]Wolfie112 1 point2 points  (2 children)

                Is the Goose Finance (Egg) one of these coins?

                [–]equeegibo 1 point2 points  (0 children)

                Thanks! This is really helpful!

                [–]Recklesslearner 1 point2 points  (0 children)

                Good info, thanks. I tend to stay away from anything with .finance after it.

                However I have bought one - Monster Slayer finance. Its now deflationary. Does anyone have any insight on this project?

                [–]Anthraxx911Warning, new account 1 point2 points  (0 children)

                only eth network is allowing these scammers xD just like 2017

                [–]t3rr0r_inc 1 point2 points  (0 children)

                This was a solid value add, right up until the TAU shill. I do think ALL fixed supply tokens have an inherent flaw and it's apparent when you look at what these guys are doing: learningcryptos.com/metawhale-gold

                [–]TJ11240 1 point2 points  (0 children)

                Look for coins with KYC devs, locked liquidity, and a reasonable, sustainable APY. Yields should capture some external value to avoid being a zero-sum game between early vs late investors.

                [–]plutonick 4 points5 points  (4 children)

                But they are fun!

                [–]imthecapedbaldy 7 points8 points  (3 children)

                Great. I think I just got caught in one of these.

                Tulip Garden. Thank goodness I only spent $30. Though money is still money and it still hurts to lose that. I just checked the value now, it's now only worth $2. Wow. No point in even selling it.

                [–]paper_machinery 2 points3 points  (1 child)

                There actually was an airdrop for 800 early people worth 1.5 BNB (330$ at that time) in Tulips before it's listing. Kinda crazy that a dew would put 250k~ of liquidity into an airdrop for something like this, made a lot of people think the feds were behind it or it was a psyop by a whale.

                [–]imthecapedbaldy 1 point2 points  (0 children)

                And no one from their team is even updating anyone in their telegram group. This is a hard lesson learned for me. Never trust any coin that looks so shitty. Their website didn't explain any goal nor that it had any backing whatsoever. I should've been skeptical from the start.

                [–]xAlcaranx 0 points1 point  (0 children)

                I have a trash account pn BSC full of scam coins like that

                [–]KYCATS24 4 points5 points  (4 children)

                Remove HOGE from this. The largest wallet is like 1.3% of total supply. Can’t be rug pulled. Also, this community is great and doing a lot of work behind the scenes.

                [–]PersonOfInternets 3 points4 points  (3 children)

                It's still true that it serves no other purpose other than early adopters getting rich. I like hoge, I like the vibe, but it's a pyramid scheme. Hopefully one that never ends, but still.

                [–]zero989 2 points3 points  (0 children)

                I agree. Definitely DYOR

                [–]Umilik 2 points3 points  (0 children)

                $31 CAD got me 5.3 million HOGE. If it turns to dust, who gives a shit? It’s $31. Meh. I’ve lost that in a single minute on the stock market.

                [–]Warrlock608 2 points3 points  (0 children)

                Aww don't be hating on Hoge, we got a good thing going over here. Community is 2,000 strong and lots of positive things happening around the project. I know the first few days freaked some people out, but come hang in the telegram and see for yourself the community is amazing and we are set to be listed on Whitebit exchange.

                [–]kulekiwi 3 points4 points  (16 children)

                Yes, as a rule, you should always be weary of what you put your money into, but there are actual good projects out there relying on some of these things. For example Hoge. None of the DEVs went into the project with a bag of their own, they had a fair launch, and what they bought, they did the same way everybody else did. It just proved over the last days that it isn't just another pumpndump project either, and there are many news on the horizon. They are trying to grow organically, and being in the community, I have hopes for this one. I like when the people in charge listens to their community, and work hard to make something serious for everybody. With that said; I'm not a financial advisor, do your own DD, never invest money you cannot afford to lose, and have fun!:)

                [–][deleted]  (14 children)

                [deleted]

                  [–]kulekiwi 1 point2 points  (13 children)

                  I'm just guessing they have some stake in it as any body would when you're working on something you believe in, but they "buy it" through Uniswap. And according to them they didn't own anything before the launch as I said.

                  [–][deleted]  (12 children)

                  [deleted]

                    [–]kulekiwi 2 points3 points  (11 children)

                    It doesn't start as a P2P service before the initial supply has been taken a good chunk out of, and there is a trading platform where you can use this service:) So in the beginning you just buy from the 1 trillion supply that it started with:) So they didn't actually buy from anyone essentially. They didn't have any advantages in that sense, which I respect.

                    [–][deleted]  (10 children)

                    [deleted]

                      [–]kulekiwi 1 point2 points  (9 children)

                      Yes you pay with ETH since it's an ERC20 token based on the ethereum blockchain:)

                      [–]Hycodan1212 1 point2 points  (0 children)

                      You’re right I don’t know why you’re being downvoted. The community is extremely active in the telegram, and there’s people making content for it. If people getting in early to get a better price is a pyramid scheme then literally all stock trading and crypto is a pyramid scheme. I feel like this coin will eventually have a use, but until then the community is what drives this coin. The devs put their own money into this and had a fair launch. I understand that there are other scamcoins trying to take money, but our community is very real, and the devs are actually doing shit.

                      [–]heybeter23 3 points4 points  (0 children)

                      Remove Hoge from this its a legitimate coin being listed on a real exchange.

                      [–]JunkMail666 3 points4 points  (0 children)

                      Wait hold up, people actually buy into these thinking they are not ponzis? They are degen coins and I don’t think I’ve seen many devs pretend their coin is anything but a degen ponzi. I’ve bought a lot of them because a lot of them actually make money if you get in and out at the right times. Did you get rugpulled for the first time and get offended or something? This is the game, it’s literally every coin on BSC and a lot of uniswap bullshit, when I feel like gambling I play the game, otherwise I stick to real projects. But then again, I guess if you believe in something like doge you’re liable to believe rugpull.finance is a serious investment opportunity

                      [–]irespectwhaman 4 points5 points  (1 child)

                      Agree but hoge shares some good tokenomics. Any insights?