RE: Steemit Crypto Academy Contest / S6W5 - Common Crypto Scams And How To Avoid Them
Hello dear mam.
I hope that you will be doing well and enjoying the cold circumstances all around. I hope that you will be enjoying the best wishes that you have for the year 2023.
Yes, you are right that everything in the crypto space is not a scam but it is also right that there are many chances of being entrapped in the cunning schemes and techniques of the scammers in the crypto space due to its decentralized nature.
Ponzi schemes are what I call “circle” schemes. What these schemes do is pay the older cryptocurrency investors with what is raised from new investors.
Wow, you have written this definition in a very great manner. I really like it. The scammers use the investment of the new investors to the old investors as the rewards.
In this way, they are able to attract more new investors by creating a satisfaction scenario between them but at the end, when they have enough money, they ran away by scamming the investors.
Thanks a lot for your beautiful post and I wish you a very good luck for the contest ahead.
Hello!
I am well thank you and I trust that you can say the same. For us in South Africa it is our summer season. Although summer we are experiencing a wet Christmas today.
Just the right weather for soul food, time with the family and an afternoon sleep.
It is for me to say thank you for this great feedback on my post.
When it takes so much time to write a post like this and you get a comment like this it is all worth it. THANK YOU!
Often we are scammed as we see it as the last result and that is when all goes wrong as we don't do our homework.
Merry Christmas! 🎄
You're welcome. Stay blessed. 😊
Thank you, you also!