Understanding the Scam

A. Types of Cryptocurrency Scams

Ponzi Scheme: This classic crypto scam is making a comeback in the world of cryptocurrency. It starts with a convincing pitch: an opportunity to earn big profits in a short amount of time. However, behind the invitation to earn big lies a sinister plot. The returns promised to early investors are paid using the funds of new investors, and the whole scheme eventually collapses when the flow of new investors dries up.

Phishing Scam: This cryptocurrency scam is all about tricking individuals into giving up their valuable information, such as passwords and bank details, by pretending to be a trustworthy entity. In the world of cryptocurrency, phishing scams can target exchanges, wallets, or even individual users. Crypto scammers are getting more advanced everyday. So always be on the lookout for anything that seems too good to be true.

Cloud Mining Scam: This crypto scam lures unsuspecting investors with promises of huge profits by investing in cloud mining operations. The idea is simple: rent mining power from a company to mine cryptocurrencies and watch the profits roll in. However, many of these companies are nothing more than fraudulent operations. They just wait to make a quick getaway with their clients’ hard-earned investments.

Romance Scam: A romance scam is a type of online scam where the scammer creates a fake online profile to pose as someone they are not, usually someone attractive and wealthy. The scammer then uses this fake profile to build a relationship with the victim, often over a period of weeks or months. Once the scammer has gained the victim’s trust, they will start to ask for money for various reasons. In some cases, the scammer will even ask the victim to send them cryptocurrency. Cryptocurrency romance scams are becoming increasingly common, as cryptocurrency is a relatively new and unfamiliar asset to many people. Once the victim has sent the scammer cryptocurrency, it is very difficult to get it back.#Binance

Coinbase CEO Brian Armstrong has said that the US Securities and Exchange Commission (SEC) had told the crypto exchange to delist all cryptocurrencies on its platform except for Bitcoin.

In a July 31, 2023 interview with the Financial Times, Armstrong said that the US securities regulator wanted the crypto exchange to delist the nearly 250 tokens on its platform prior to filing a lawsuit against the exchange

#FDUSD #Binance $BTC

Responding to a tweet about high transaction fees with Ethereum, Elon Musk simply said “Dooooge” — hyping his favourite crypto but also pointing to how it can be used to make Decentralised Finance (DeFi) more accessible to everyone. The Tesla CEO often uses his Twitter handle to drop suggestions for crypto investors at a time the market is witnessing a global boom, and this is another occasion where he has posted about meme-based cryptocurrency Dogecoin. DeFi systems aim to provide an autonomous and decentralised option for financial services that are otherwise regulated by banks. Most of the DeFi applications are based on the Ethereum blockchain, where the transaction fees are now fairly high, because of the cost of each Ether (ETH) token.

Crypto news portal CoinDesk tweeted a story about the DeFi protocol becoming inaccessible to small investors due to Ethereum's high transaction fees. Musk tweeted a one-word reply under this story, “Dooooge”, referring to his favourite cryptocurrency, the Dogecoin.

#dyor #elonMusk $DOGE

Memecoins thrive on speculation, and Musk’s inclusion of the Dogecoin (DOGE) logo in his Twitter bio has fueled rumors that gained strength following the rebranding to ‘‘X’’ and the potential inclusion of payments. Launching a super app, including payment infrastructure, seems to indicate the inclusion of crypto payments, and market sentiment grows increasingly bullish.

Dogecoin (DOGE) price pumps 16% as Elon Musk’s tweet connects $DOGE and X, but the hidden story rests among the new generation of memecoins and a protocol titled DigiToads (TOADS). The astounding presale results put this blockchain ICO on a trajectory to topple Dogecoin (DOGE), and analysts believe that DigiToads is next to explode.

DigiToads (TOADS) Presale Crosses $6.6 Million

Investors must always look at second-order effects to get ahead of the market. DigiToads has been a substantial net beneficiary of the increased inflow into memecoins, and the presale speaks for itself. After eclipsing $6.6 million, the central target for the total raise has shot up to $10 million.

TOADS is part of the cohort of new DeFi projects fundamentally improving the models and economics of the top altcoins from the last cycle. It takes all the standard methods of value accrual typical in the meme genre, principally a viral marketing strategy, a cute mascot, and a burn campaign, and blends these with a utility-focused ecosystem.

The ecosystem, The Swamp, delivers numerous passive income sources for investors, and $TOADS ownership providing cash flows will lead to a drastic repricing at launch on August 21st hence analysts’ price forecasts of a 2,100% surge before the end of 2023.

The Swamp includes an NFT Staking mechanic, allowing holders of the DigiToads NFT Collection to earn payouts. The Swamp’s taxation system, Toad Tax, guarantees the sustainability of these payouts and directs 2% of all transactions to this pool. Additionally, burning 2% of transactions and constantly decreasing the total supply of $TOADS.

The Swamp airdrops tokens to all community members funded from revenue generated by the in-game item store from Toad Cade- the ecosystem’s play-to-earn game. Which opens up another revenue stream for investors.

The native DEX, the active treasury management system, the charity initiatives, and the educational platform also feature in the broader DigiToads’ flywheel. And this pivot toward utility, earning, and community makes $TOADS one of the best altcoins to invest in over the next six months.

#elonMusk #Binance $DOGE