No one trusts the crypto community. Why should they? Majority of projects are rugpulled and investors are scammed on a daily basis. When will this stop? Do people need to start taking their own lives before someone does something about this? Below are four reasons why the community has deteriorated and a call to action/solution below that.
Reason 1, AMA Channels take money from developers for broadcast- Cost of AMA to developer: 2-14 BNB ($800-$6000) Process: for one hour the host asks questions/developer answers over voice/video. Potential/current investors ask questions at the end. Some examples on telegram: GodReviews charges 4 BNB, Caesars\_Calls, 10 BNB, GollumsGems 10BNB,etc “we do unbiased reviews/ask hard questions and do your own research” are common statements by AMA team. AMA team takes money from developers naturally taking developer side, forgetting investors. Reason for high price: most effective way to advertise a new token. Regardless of project quality, very likely the price will go up shortly before/during/shortly after project’s AMA with highly followed AMA group.
Reason 2: Audit Companies take money from projects for audits: Companies like Coinscope and Certik charge developers $2000 for audit. Funded by developers, this is always a conflict of interest for the auditing agency, especially with no guarantees for money back to investors. Recently three highly rated projects audited by Certik got rugpulled: Coyote Coin, Elephant Money and Safuu. Certik pointed out vulnerabilities, but what projects do not have vulnerabilities pointed out? Paying for someone to state something is of high quality is advertising, not an inspection/audit
Let’s pause and talk about micro-worker companies. These include websites like picoworkers, rapidworkers, timebucks and microworkers. Breakdown: “Employer” paypals $25 to the website and then provides instructions for 500 people from a third world country to “upvote”, “like”, “follow”, “share”, “join”, etc. 500 people earn 5 cents to upload proof of work screenshot. Repeat process x number of times. Depending on country/region, many are overworked 14 hours a day, less than $150 a month full time job. YouTube companies for more info. Development teams use these to inflate their numbers. Don’t believe me? Read on…
Reason 3: Developers use microworker companies to Inflate upvotes, followers, telegram membership numbers/comments/likes: Coinsniper, coinscope, coinhunters, nextcoin, coinalpha, freshcoins, coinvote, coinfair, watcher, coinmooner, coincyclop are upvote websites. At the time of this post I did a simple experiment, visited coinscope website and sampled top voted token. Project name: Puli\_Token ($PULI). Before I make the below statements, I must give the disclaimer: I have not looked at the project’s utility, or smart contract, not inferring this is a scam project or to avoid. Sorry Puli\_token devs, you were at the top on coinscope during my research and your numbers don’t make sense, so you get to be my not so good guinea pig. (again I did not search long for this, it was literally the first project opened)
To continue my point: 100,924 votes on coinscope at this time, yet only 437 members on subreddit, 46,200 twitter followers and 18,858 members in telegram. Besides the fact that these numbers are very lopsided (why only 437 in reddit?), simple addition from all communities, (65,495) does not come anywhere near 100,924 (you can only vote once). How many are the same individuals from different platforms?
Additionally, 46k followers on twitter with only 119 comments/254 retweets/366 likes on their most recent posts in three days does not add up. My evaluation: the development team used microworkers to inflate coin upvote, twitter following, and telegram members. Then did not pay attention to detail/cheaped out inflating tweets to match. Is 437 reddit members the actual following for this project?
Reason 4: micro-task companies used on Crypto Info pages as well: have you looked at a subreddit like cryptomoonshots lately? 1.7 million members?!. Yet drastic comment variation: post with zero comments to a few thousand upvotes with only 13 comments including a very sharp change between two posts, showing 24 comments on top screen and only 4 comments inside (microworker comments that are blocked showing artificial inflation).
Additionally, getting access to the views chart, I would be willing to bet money it went from zero upvotes one minute, 2000 votes next minute to 0 votes again. How can this be possible? Again, developer employing a microworker company to inflate numbers. When the job comes into picoworkers, it typically gets executed very quickly creating a quick spike followed by no activity. Compare cryptomoonshots posts/participation to a legit subreddit like r/defi CryptoCurrency has an even distribution of upvotes and comments. Typically, there are more comments than upvotes and they happen very gradually. When I post on r/defi I usually see 30k views. The moderators of a subreddit like cryptomoonshots wont let me post there, because they know I will see that not one person looked at my post because they are all microworkers that just followed. Intent for mods? Scam to charge new developers money to post their project in a group of 1.7m fake members that wont do anything.
Call to Action:
The above current system encourages everyone to invest in a project that can pay their way to the top. It steals opportunities away from developers that are bright and talented, with great ideas.
1. If an AMA team accepts money from the project for broadcast, don’t listen or join them. If you do join, calmly raise your hand and ask the question on how much the development team paid to have the AMA. r/CryptoCraversLLC does free AMAs. Developers can reach out, but since this is free, don’t be surprised if we upset you with our line of questions.
2. If you know audit company charged developers for audit, ask for re-audit from someone who they did not pay/is unbiased. If rugpulls happen after an audit, spread the word to other communities that use the same audit company.
3. Don’t look at upvote companies unless they have anti-microtask worker protocols in place. If they are mentioned, stone wall comment that all upvote companies are a scam unless there are clear anti-microworker protocols in place. Voice your opinion on social media platforms that are scams. Report them to the social media platform if something does not look right, don’t turn a blind eye.
Finally, please share/voice this posts information to inform and educate the crypto community: let’s start a revolution! put all of these companies out of business and change this space together!