How To Survive In the Crypto Jungle.

The current state of the market isn’t really driving a lot of movement, but that doesn’t mean that the Defi ecosystem has gotten easier to navigate. This is why we are looking to provide our community with the information needed to start a safe journey in the digital world.

Each new year brings to the table new technological breakthroughs, new integrations, new markets and a whole plethora of problems. While blockchain technology becomes more and more secure, easier to access and more widespread among traditional investors, the DeFi market reputation stays the same.

Many people think that the DeFi ecosystem is inherently unsafe, full of easy-to-exploit loopholes, security breaches and all kinds of unreliable features.

This couldn’t be further from the truth, as the great majority of pitfalls lay behind human actors, easily avoidable mistakes and malicious parties.

This will be an introductory guide on how to avoid those pitfalls, what to look out for, and what to actively research to thrive in the DeFI ecosystem. There are many topics that need to be discussed, so today, we won’t cover anything in-depth, and we will instead give you a brief run-down of the more common perils that you can encounter while looking for a new asset to add to your portfolio.

Each topic will be dissected in a more comprehensive manner in the future, so if you are looking for more specific information about a particular aspect of what we are discussing, fear not for Synapse is here: we know that not many projects are willing to discuss the glaring flaws of our market, but after building multiple layers of security specifically for our users, we feel the need to also educate our community on what they may encounter outside of our ecosystem, especially if their experience with the Network was their first within the Web3 space.

Low-Quality investments are almost as bad as Scams.

This is a general argument that can be made in almost any market, but especially in the crypto space, investing in a bad product will result in immediate and harsh consequences.

This bear market has a few benefits, and one of them is the fact that the projects that are still building now, are usually either led by good teams of veterans or are inherently good in what they bring to the community or their partners.

A bull market will result in many projects just pumping out content and features for cash flow, and at the end of the bull-run, many investors will find themselves with no ROI, simply due to their hasty choices in a period of full green.

And while sometimes it is very easy to spot a low-budget scam from a legit product, looking at a project and telling immediately that there isn’t a need for it isn’t always as clear cut.

You will need to know its tokenomics, its roadmap, events that surround that particular niche, and their team resume before making an educated guess on a projected trajectory, meaning that a lot of homework is always required, and the knowledge of some niche-specific tools is very well appreciated before approaching any financial decision.

We will cover some examples in our follow-up articles, also pointing out what you can use that is freely available to check out teams and projects that interest you.

Good Networking is Important, Networking without purpose is a Scam.

Even as a normal user you will find yourself interacting with a lot of strangers, and with many projects introducing premium tiers of their services, specific discords or telegram groups for their members, and other community-specific integrations, you will need to be careful about your steps.

First of all, managing your contacts is important, and the automatization of some processes is necessary to not clutter your interfaces, especially if you are scouting for multiple projects at once.

Second, you will need to learn the most common scams present on your platform, be it Twitter, LinkedIn, telegram, or discord, how to recognize them and how to avoid them.

Third, you will need to be prudent even when everything seems alright because all it takes is a single mistake within the wrong context to give away precious information about yourself.

Fourth, and this may seem counterintuitive, you will need to listen to the sources that are backed up by real data, peer reviews and active users, while also doing your research on those same sources to ensure that you cover all of your angles.

This may seem obvious, but always pay attention to your telegram groups and to the team members of the projects you follow: many people will try to impersonate them and cajole you directly into sending your funds into their own pockets.

I’ve had people copy my own bosses’ profiles and tell me to send them USDT because they had to verify transactions, send me my salary or even fix their car, and while this usually leads to a good laugh, one mistake is enough for your hard-earned money to go to waste: always be careful with your account movements.

Scams Are Scams.

Even if you are well prepared, guarded against other people, and careful with your portfolio, there are a lot of ways to fall prey to an actual well-devised Ponzi scheme, investment scheme, or a simple phishing scam.

The ease of access to this market has made it very easy to actually set up old and new ways of stealing your money, and the actual rug pulls, while rarer and rarer, are still something to look out for.

There are some very common ways to get your money stolen in this market, and we will cover them all in our follow-up articles, but for now, let’s take a look at some of the most rampant ones.

1. BTC Investment schemes: people will contact you and pose as experienced BTC managers, looking for you to make a deposit so they can multiply your investments
2. Romance Scams: people will contact you either on dating apps or groups you are in and try to romance you into sending them money
3. Rug Pulls: People will try to have you pump a project, ensuring the safety of the investment, and then disappear with the money invested in said project.
4. Phishing Scams: people will have you input your personal information into fake pages, trying to steal your money, identity, or both.
5. Crypto Giveaway scams: People will have you sign in for a giveaway that usually asks for your account verification in the form of a small payment, usually it also involves some fake social media personality or other similar methods.
6. Fake exchanges: Scammers may lure investors in with promises of a great cryptocurrency exchange — maybe even some additional bitcoin. But in reality, there is no exchange and the investor does not know it’s fake until after they lose their deposit.

Synapse Wants You To Succeed.

While It may seem that a lot of the info we provide is redundant, especially for veterans of the space, we must not forget that a lot of new players are entering the market each day.

People that have never approached the crypto world before, and for which the first impression may be drastically changed simply by learning a few methods that more seasoned investors employ to successfully navigate our market.

And the more people have good experiences with the DeFi ecosphere, the more people we will retain, thus creating more movements for everyone in the space, and enlarging our market cap bit by bit.

We are also happy whenever our investors are able to thrive outside of our ecosystem, and when a couple of heads up are all that it takes for you to have valuable resources, we for sure won’t miss the opportunity.

The Synapse Network as a whole has had the protection of its users as one of its core principles since the start of our journey, and with the many recent integrations that we added to our safeguards processes, we also want to give you something that is instead applicable in all of your interactions with the market.

Our follow-up articles will focus on a single topic at the time, giving you some practical examples and free analytical tools that you can use to bring your own research to the next level.

About Synapse Network

Synapse Network is developing a cross-chain investment and start-up acceleration ecosystem based on blockchain technology to give everybody an equal chance to contribute to great upcoming projects and to do so early on. We are bridging the gap between the traditional & crypto market. The idea of the Synapse Network technology goes beyond the standard offer of launchpads available on the market, becoming a true technological brand providing tech solutions.

Website
Twitter
Telegram Announcement Channel
Telegram Global Group
Github
Youtube
Linkedin