Just woke up in the morning, found out my coin exit-scammed. I believed in the project, it wasn’t a shitty dog-coin, it was a decentralized casino, which I thought was a novel idea. Today, the team announced they’re ceasing operations, price’s dropped 95%, can’t even withdraw coins from the staking contract from the site, and I don’t wanna even bother with it, cause it’d be a tiny amount. Apparently the devs didn’t sell any coins, which I don’t really believe. What’s worse, I could’ve sold for a nice 2x profit, but I believed in the project and bought the dip.
The warning signs were kind of there, the audit had some things that in hindsight, were kind of dodgy. Don’t even know why I’m writing this, I can survive without the money, but it is a real freacking kick in the gut…
Lesson 1. Don’t go all in on microcaps (really shouldn’t have done that).
Lesson 2. Don’t be an idiot.
RIP my folio, won’t have money to invest in crypto for a while.
43 thoughts on “Just got rugged. Half my ‘folio gone.”
> it wasn’t a shitty dog-coin
*Narrator: he was, of course, wrong*
“It wasn’t a shitty dog-coin, it was a decentralized casino”.
Decentralized casinos are also shitty coins, some would say shittier than the dog coins.
“it wasn’t a shitty dog-coin, it was a decentralized casino”
a dog coin wouldve been safer
Telling us the name of it would be most helpful
Most of us didn’t need to get rugged to lose half our portfolio :/
That’s ok, save up again, reinvest in another bad project and get rug pulled again. Circle of life.
$50 or half your portfolio, I always say this: take profits when you see them. Have a benchmark set, 5%, 10% or 50% or whatever, when you see yourself up to that mark, take profits. I start to take profits at 20-25%. I exit 75% of my remaining position at 50% or above and start over. Exit all of it is a risky project. I also cut losses at negative 20-25%.
That’s me, might be conservative, might be liberal. Set your own standards and follow them. You were up 2x and could’ve come out break even or with some green.
Stop trying to HODL for the moon. You’ll lose more often than not. Taking profits and compounding gains will get you there faster. Maximize gains, minimize losses.
Sorry for your loss. But most crypto is already like cassino.
In retrospect what in the audit turned out to be important?
>can’t even withdraw coins from the staking contract from the site
OP says they got rugged but there are still transactions going in and out of the staking address?
What were the things that were kind of dodgey?
Tell others what the red flags were. Otherwise your “lesson learned to Not be an Idiot” will be in vain.
Welcome to the game. Now get back in there and try again.
“it’s not a shitty dog coin”
“it’s a casino coin”
> the audit had some things that in hindsight, were kind of dodgy
Like what? The purpose of this community is to help people, not share sob-stories. We’re all sorry that you’ve lost your money, but at least have the grace in posting relevant details that the rest of us can learn from
>it wasn’t a shitty dog-coin, it was a decentralized casino
YOU WANT SYMPATHY? HERE’S SYMPATHY FOR YOU
We heard you like casinos so we built a casino on a casino so you can lose while you’re losing.
And an F for the loss bro. Never been rugged and hope I never will be.
The best advice I can give about alt coins .. you’re planting seeds. You don’t go all in. Instead you put like 1 percent of what you have into a bunch of projects you find that have promising fundamentals.
I call this seed planting. You walk away after. In many months you often find that one of your seeds grew into a plant. Or a tree.
This, over time, assuming humans are transitioning to this new way of interacting with value, you will grow many plants and use their seeds to grow other plants
You thought a casino was a good investment?
As I was reading I got to the words “decentralized casino” and I rolled my eyes so fucking hard , possibly hardest eye roll of my life .
How else is Matt Damon supposed to get your money?
Rip dude but atleast u can say u had the balls to gamble half ur portofilio on a rando shitcoin, i put 50$ into a shitcoin once and theyre still there worth 5$ today and after all this time im still salty about that 50$
If it makes you feel better most of our portfolios are 50% down from ATH..
oof. that sounds… like a bad idea. sorry for being rugged, dude!
Sorry for your loss.
In general, I don’t like the concept of casino coins though. Using a blockchain to settle transactions doesn’t stop the company cheating in the game layer and you can’t put the game layer on-chain because of the transactional volume.
If they want to open source their game layer and have you be able to checksum your client against a public repo, that doesn’t need a blockchain.
Someone correct me on any of this but I can’t personally see the use-case here.
Was your coin in the Top 10? Top 50? Top 100?
Shitty dog coin? dogecoin is consistently in the top 10 and shib is up there too,
yeah make sure the team is doxxed oh well I’m sure you’ve heard it all already
> I believed in the project, it wasn’t a shitty dog-coin, it was a decentralized casino, which I thought was a novel idea.
I’ve really got to get into the scam coin business.
Ah, and it begins. All the rug pulls will be starting to happen. Either that or massive unrecoverable crashes from 90% of all the coins people swore were legit projects they believed in.
Also, I’m kind of confused how something that you say is decentralized goes belly-up when the team suddenly “ceases operations?”
That by definition means it’s not decentralized lol.
Go back to the posts that shilled this to you and name names loudly. Make sure that there are red flags when those same people try to launch another project.
[Rhett Creighton](https://twitter.com/bitcoinrhett?lang=en) Created Bitcoin-Private as a fork of Z-Classic and rugged it overnight costing me 95% of my investment. He seems to be keeping his head down lately which is good.
[Kurt Connolly](https://twitter.com/kurtconnolly1) and [Rev Nissan](https://twitter.com/rev_nissan?lang=en) Created Decent-Bet and online casino suite and immediately dumped it after the ICO costing me 100% of my investment. They are apparently now founders of Cryptofy a trading app. DO NOT TRUST THIS APP!
These scamming pieces of shit need to be banned from the community and put on blast when they try to start up new scams.
You guys are dumber than /r/wallstreetbets. How tf you gonna look around at everything that’s happened and still believe in some new trash coin?
Lol. It’s all a scam. This subreddit is seriously the funniest thing on the internet these days.
The web 3.0 anthem so far is rug rug rug.
You’re not a real crypto investor until you’ve lost the maximum of “What you can afford to lose” on a shitty Defi or dApp project that convinced you it was a 1000x opportunity.
Feelsbadman. Sorry mate 🙁
Hahahaaha. “decentralized casino”
bet now you wish it was a shitty dog coin
I made like 5000 dollars off of doge coin before they got fucked. I’m lucky I guess.
At least you lost half quickly with no effort.
I did stupid trades for months and only then was 50% down.
All crypto is a casino
Should’ve gone with doge, over any cheap imitation of it
Decentralized casino. Sounds lawful.
Polyroll didn’t rugpull. It just died a natural death of not having enough players to sustain paying out APR to stakers or perform buybacks. I expected them to have ceased operations within 3 months, but to have sustained operation for 6 months is impressive. Businesses fail all the time, crypto is no different.
First things first, you learned a valuable lesson.
Secondly, any project that comes out and *promises* a casino, a metaverse, a swap, an nft project, for the most part are band wagon promises, in other words they’re getting wise on what to *promise* investors to have them fomo in. Once that’s done, too late for the investor.
Buy the rumor sell the news. Can’t trust these shady projects. Stick to usecase and doxxed teams.
Anyone can create a website with bought metaverse pics and even fake profiles, for like 3500$, scam for 3.5m$, worth it for scammers.
I expect to be downvoted because a lot of investors are probably on some of these promised projects, but they know what I mean.