We’re going through a wave of scams, rug pulls, protocols shutting down. As a result a lot of people have lost money on a long list of new protocols. What can we do to reduce out risks? Actually there are several things we can do to mitigate the risks associated with investing in new protocols. Watch this video as I explain in detail with a handy chart available to paid members of this channel what you can do yourself to reduce the changes of getting scammed and rug-pulled.
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TIME STAMPS:
00:00 Many scams and rug pulls happening
01:15 I created a handy chart for paid members only
02:10 Many things to verify BEFORE investing to mitigate risk
04:00 Evaluate the team
04:15 Anonymous or not?
06:17 Doxxed or KYCd?
07:20 Known parters?
08:50 Prior successful projects?
10:15 Evaluate the audit
10:30 Look for EVIDENCE, don’t trust people’s word
12:01 Already audited?
12:20 Is an audit underway?
13:25 Is an audit planned?
16:20 Contracts and treasury controlled by multi-sig?
17:15 Protocol employees often steal money
18:45 Many protocol are run by very young and inexperienced people
21:45 Planning to use a multi-sig?
22:45 We want protocols that generate value for investors
23:48 What’s a Ponzi scheme?
25:27 Good projects like Uniswap and Abracadabra provide VALUE
27:00 Is the protocol only redistributing tokens between investors?
29:30 Minting unlimited farm tokens?
32:40 Charging huge entry or exit fees?
39:55 Is is an OHM fork with an impossibly high APY?
41:59 Do you understand how the yield is generated? If not, YOU ARE THE YIELD!
44:50 Lose the FOMO (fear of missing out)
45:35 Avoid bad people and fools
46:00 Even after checking all this, a hacker can still take your money
47:00 Is there a bug bounty?
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DISCLAIMER:
This presentation is for informational, educational and entertainment purposes only. Nothing is this presentation is financial, legal, tax or any other kind of advice. Nothing presented here is an inducement to make any particular investment or to follow any specific strategy. Make your strategy with the help of your own certified professionals only. Whatever you invest in is at your risk. Please do your own research and consult certified professionals before investing in anything whatsoever.