Thread by @crypto_nime

A Thread: How to Get Rug Pulled and Lose it All

1. Idk how long you've been here, but you might have heard about the famous rug pull #squidgametoken "the next shib" they say. So I made this thread on how to save yourself from depression.

2. Not observing risk management - Going all in with your life savings is the best path in losing it all. The most common advice is not to risk more than 3% of your total capital. This still depends on how much your capital and your goals which brings us to number 3.

2.1 Diversify don't go all-in into that coin - if you really want to enter but are unsure if it's a good time to enter, buy 30% of your initial capital for that coin then DCA along the way.

3. Not identifying your goals - ask yourself, what are your goals being crypto? how long are you willing to wait to reach your goals? (1month, 3months, 1year...), then understand your financial situation and how it will affect the first two questions.

3.1 Once I started to identify my specific goals why I'm here that's when I started to act smart and calmer with my investments. Heck I didn't need to look at my chart every 30seconds.

4.1 Blindly following some influencer without doing your own research is an easy way of losing your hard-earned money.

4.1.1 You can't buy a coin called $SHIBACUMROCKETINUCOIN for 2k and expect it to end happily ever after. You prob heard this a million times but ill repeat it again, "If it's too good to be true, it prob is."

Ok, so moving on to the ways on how to identify and avoid a rug pull.

5. So you found a coin/token you think is a good investment, start by checking the website. Are all the links working?

5.1 Find the team, are they doxxed? What are the coin's uses other than automatic reward/staking/farming?

5.1.1 Check the roadmap, has the team been following the schedule?

5.1.2 Check the social sites - Check their Twitter, Compare the likes of old tweets and see if the growth is natural or suddenly has an unnatural peak

6. Avoid pre-sales or just wait for the first sell-off from the initial investors. Most of the time after a pre-sale you'll see a big sell-off from the initial investors. In short, DON'T FOMO in a newly launched token.

7. Read the white paper - good projects have a solid whitepaper that will give you stats, diagrams, problems they are solving.

7.1 If a whitepaper has less than 20 pages, it's not a whitepaper, it's a sales page designed to get you to invest your money ehem maybe that's what you're into tho <.<

8. Looking deep into the code - the easiest way to identify if it's a rug pull is by looking at their smart contract.

8.1 Basically I could go full shit technical here but here are some easy ways to check, first, obviously get the smart control either from BSC or ETH. They look like this (0xd3d865e400e1686ce35d83c642a96f13d46946d5)

8.2 Go to bscheck.eu - paste the smart contract here and read what the report tells. This site currently only supports ETH and BSC

8.3 Other useful sites - Tokensniffer.com (this site is currently down idk why) basically they compare tokens to whether that token is similar to other tokens.

8.3.1 Rug doctor ( rugdoc.io ) - a nice website dedicated to reviewing smart contract code and identifying common rug pull techniques.

8.4 Well I provided these common sites where you can see the liquidity, wallets, etc. Let's move on to the community.

9. Most of the time, the community of the coin/token talk in telegram or discord. Check how active they are, you can also ask your questions there.

10. Aight. Glad you read through the end. This is actually my first thread, if you think this thread was helpful, go like and retweet it to help some degens around. I'll be posting more threads in the future. #WGMI