Security is important when it comes to cryptocurrancy and it is vital to ensure the safety of your investment. Being a tech based newly emerging industry Security is still relatively weak compared to traditional forms of investment and requires alot of research and risk to the investor, in turn APYs and returns are currently high. Something as Security increases we will probably see reduce.
Security is an expensive industry especially when it comes down to technology, after all it doesn't require much just someone sitting behind q computer working anonymously and the pay off's are huge!
ULINK FINANCE
most recently I took a 0.1 BNB gamble on a shit coin called ULink which I thought was newly launched. Turns out it wasn't and there is an ethereum based version and a prior Binance version.
The returns have been massive and nothing but green. I should have been weary of that. But that's something new I've learned and not sure why it exists but you can actually code tokens to be a one way sale.
An experienced coder is able to see this by running a report but the majority of us can't or don't know how.
ULK has been promoting its boom and it has 3x maybe more this morning since its launch and its nothing but green has been luring in more and more investors due to its fake boom. No sales means it will continue to climb. It is nothing short if a honey pot scam.
You would think that there are minimum requirements or standards when launching a token to ensure it doesn't trap investors but yet here we are in a world where 100% of the responsibility is on investors and platforms still profit off scams.
I'd imagine that this will he a focus on future policy and regulations as someone profiting off scams is still involved in the scam. But fees are so low and a requirement of trades so it's probably not even worth pursuing.
The best form of defence we have is each other and knowledge.
So please be cautious and do not invest in the Honey pot scam Ulink Finance (ULK)
0.1 BNB is about $AUD100 so that's a fair bit of Hive/leo/CUB I've missed out on purchasing this pay. Focus on projects you know, that people in your circle are investing in and that are trusted.
There is no quick lambo in this game and everything is a risk.
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I remember you talking about it in the @leomarkettalk, but has anyone in the discord/telegram said anything about being successful removing funds? Based on your experience, do you think an audit by someone like Certik is required before you put your funds into another project?
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I think security reports are vital to ensure confidence in tokens.
Nope, no one in the telegram can withdraw and more people are joining buying more!
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Oh that really sucks. Does anyone know who is behind it or is it another anonymous project?
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The Feds.... they failed the bush fires
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Your post was promoted by @jfang003
Thank you, greatly appreciated
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Thanks for warning us about it, mate. I'm sorry you lost some money on this scam though.
Reblogging so more people are aware of this.
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Only $100 won't break the bank for me but for many others it might
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$100 looks like a big "gamble" just to confirm that a token is scam. 🤔😮
I think it is because people are getting airdrop from this token, thus making more people to come and join in into the wagon by buying the token. I got scammed also by that kind of Honey pot scam on BSC. We should really be carefull when using it really.
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