Post
Topic
Board Altcoin Discussion
Re: Rug pull scams
by
TheUltraElite
on 13/09/2022, 10:37:35 UTC
Rug pull scams "pumping up" a new project, nonfungible token (NFT) or coin to get funding. After the scammers get the money, they disappear with it. The coding for these investments prevents people from selling the bitcoin after purchase, so investors are left with a valueless investment.
Being left with a worthless asset is a thing that has been happening since log back. In the physical domain, the term "white elephant" is used to denote the same.

But the point remains that the person who bought that asset did not do their proper research befor investing, so the fault is on them, not to the seller. NFTs may becom worthless tomorrow that is why they are risky assets, this needs to be understood by each one taking part in such hyips.

On the other hand those who have been tracking coins for long and investing in well known old coins make profits every other day.