RE: Picking up some SPOREs tonight on TraderJoexyz.com! 🪄🍄🍄🍄🚀

[carys]

Interesting find. I noticed liquidity pools on Trader Joe, some of which have INSANE APR's. I think they must be scams. For example, the HUSKY-JOE liquidity pool. How would you go about researching whether that type of thing was a scam versus a great opportunity? I have tried to figure this out, but I have no idea.

Comments

[coininstant]

By searching around, asking reddit, and use your gut. This one doesn't seem right, it's a bit high, I don't know how it could even be possible. I thought the TIME one with 50,000% APY seemed too high, now it seems just right compared to this one.

I might test it out with like ten bucks and see, lol

1. Research the Project
   If the team's transparent you could do background checks on them.
2. Check for Smart Contract and Code Audits
3. Verify Using Trusted Sources like CMC for things like contract address
4. Analyze the contract address with sites like https://cryptofighter.systems (if it's a bsc token) Look for vital analytics, number of holders, 24 hour volume, when was last transaction, when was liquidity added or removed.
5. Investigate Social Media Accounts and Search Results.
6. Most of all, use common sense, follow your instincts.

I agree, this business is totally risky, that's why I say for every one of these don't put in more than you're willing to lose. Assume it will be rug pulled, and is a scam up front. Also pull out the gains in the beginning as they roll in so that if they do a rug pull or exit scam, then it's not a total loss. Start small, feel the project out. There is no exact science to this, it is the very edge of the Wild Wild West of crypto finance. Be careful out there, and good luck.

I actually decided to test it out with a very small position where I can track it for myself! Investing what i'm willing to lose.