Reddit Posts
Green Flags to Look For When Investing in Crypto
Too much time in the bear? Maybe analyze some projects...
Password manager LastPass was hacked in August and they just now revealed that hackers had gained access to your URLs and passwords(including crypto exchanges), which they did not even encrypt. Save your crypto exchange passwords ASAP!
We are in a legitimate bearmarket. Most of the posts are in denial! Here's some things to learn.
I own a mix of fee key crypto currencies. This is the overall view of past 1 year! since Jul 2021, we are consolidating and fighting longest BULL FLAG ever seen! We better go up soon else if it falls below this getting up might be real hard long bear run before bulls take over. so let's NOT drop!
Mentions
The key is first identifying which wallets are self custody wallets & which are not. If you're worried about a scam video or website, I would advise first googling "self custody bitcoin wallets". Then click through a couple of the results, looking for wallet names that you see repeated on different lists. Then, you could pick one or more & do a separate search for "is x wallet self custody". Click through a couple of those results to confirm that multiple sources confirm that it is. The setup process on a true self custody wallet is pretty similar across all of the various ones, and each will walk you through the process when you launch the wallet for the first time. That part is pretty easy, but here's a brief explanation on how that should go: 1. It will ask if you want to create a new wallet or restore from a backup. You will choose Create New. 2. From there some wallets will take you straight to setting up the seed phrase and others might create the wallet in the background & take you straight to the wallets full interface. Wallets that do that will usually have a nagging large warning that you haven't backed up your seed phrase & certain functions won't be unlocked until you do. Don't play with fire, immediately follow the prompts in the warning to Back Up Now. 3. The seed phrase setup will consist of the app showing you a list of either 12, 18 or 24 words & telling you to write them down. Write them down on physical paper only. DO NOT type them into your computer or notes app, even if you plan to delete when done & not save the file. Also, do not take a photo or screenshot of it. You do not want the seed in any kind of digital format whatsoever. It's back to analog, baby! 4. After you've written the words, most wallets will require you to verify the the words & the order you've written them in. The way each app does this is slightly different but don't worry it's intuitive, just follow the instructions. 5. At that point you're done, but here are a few best practice recommendations for you: -If you've chosen a wallet & go to whichever app store for your phone to install it, check how many downloads it has. A long standing reputable app should have tens of thousands of downloads. Fake wallets spoofing reputable wallets occasionally make it onto the app stores. If you see a well known wallet with only a small number of downloads that is a RED FLAG. -Checking that a wallet for windows is legit may take a few more steps but you still need to do it. Sometimes there will be a Wikipedia page for the app that should have a link to the official download site but there are other ways. I don't have as much experience verifying software authenticity on windows but I know it can be done. Maybe someone can reply to this post with a link or instructions. -If you keep your backup on paper, it is not sufficient to only have just one copy in your home. If there is a fire or flood that destroys both the paper & the device containing the wallet, it will be unrecoverable. You will need to keep a 2nd copy hidden at a second location. It could be at work, at a trusted friend/family member's house, wherever you think would be safe. However, I don't really care for this option because having to trust others should be avoided. I'll list a better one below. -A better option than paper are the various products on the market that let you etch or stamp your seed into metal plates. Cryptosteel is the one I'm most familiar with but I'm a bitcoin geezer so I'm sure there are many other options out by now with various price points. With these you should be safe to have just the single backup, but I think some come with more than one plate so you could make multiple & hide them in more than one location in your home. (To protect from loss in a sinkhole maybe? Lol, I don't know) -I also don't advise keeping a copy in a bank deposit box or the "secure storage" of any other 3rd party for that matter. That includes with any lawyer(s) that may be handling other assets of your estate. Any manner of "executive powers", "times of war", "emergency declaration", "martial law" could wipe out our 4th amendment (or attorney client privilege) with the stroke of a pen. Self custody should mean self custody. -Start thinking about a recovery plan for how your heirs would access your coins if something happens to you. With this in mind, you probably don't want to hide your backup so well that no one would ever find it when clearing out your home. Or if you do hide it well, you'll want to provide a family member with printed instructions on where it's at. If you're as paranoid as me, you'll want to once again not type those instructions into a digital device. Hand write that shit old school! I may be leaving out some important recommendations but I encourage others to reply with more. If you have follow up questions I'll be happy to answer those as well. I've been away from this subreddit for quite a while & only recently been back reading & participating. I have been seeing some REALLY bad advice about storage & inheritance planning. I think we need to be openly discussing this more so noobies can see the wide range of practices & why some are good and some are really bad.
No, fuck them! Any company who accepts cRyPto is a massive RED FLAG. BlockFi was legit and thought they were being safe with customer funds. They got burned because they didn't stick to BITCOIN ONLY. Ledger got cute and started adding support for other cRyPtos. Their shit's all fucked up now. Almost every cRyPto exchange went under in the past 3 years.... but NONE of them BITCOIN ONLY exchanges went under during this bear market. Cory Klippsten's article, [The Race to Avoid the War](https://www.swanbitcoin.com/the-race-to-avoid-the-war/) is spot on. Bitcoin has a small window of opportunity to change the world, and we must fight for it running on all cylinders. Altcoins are the number one thing getting in the way. It's confusing the public about the mission and utility. Seriously, boycott ANY company that supports that fucking garbage. If you want to live on Bitcoin, use the Oshi app. Use [BTCmap.org](https://BTCmap.org) to find local places near you to support. Go to local meetups and find local farmers to buy food from. Use the Orange Pill App and advertise that you are looking for certain goods and services and willing to pay with Bitcoin. Do not use bitrefill! Use the [Fold App](https://foldapp.com) if you want to buy gift cards with dirty fiat.
Too good to be true = RED FLAG
It shows how binance cant deal with the regulations.. If crypto.com can (which is in my view a shittier exchange). Why cant binance.. RED FLAG. For me
If it’s got such huge upside then why are they already burning tokens?! That’s a clear RED FLAG 🚩
Came to say this ITS A GO BOYS AND GIRLS BULL FLAG HAS BEEN RAISED!
Losers with FTX accounts …. Sure would have been nice if there was a group on Reddit trying to warn people about SBF and what a scum scam artist he was … kinda like many are doing here trying to warn people about RH ( hey just noticed Richard Heart has same initials as RobinHood … that alone should be a RED FLAG 🚩) but hey when they eventually are rugged they can’t say no one tries to warn them ….
So a new DEX oppoed up from nowhere, with a proprietary token has rugpulled? Who could have imagined that? Honestly, if a new or minor platform has an own token for me is a RED FLAG and I totally avoid it.
This is actually a great summary. I just wanna add that if you see the coin Shilled from a new profile (on reddit) that's a throwaway account and a RED FLAG. RUN
"Ill post what she lets me do" ​ ​ woah RED FLAG, you sound like you are in an abusive relationship. If I felt like my wife needed me to LET her save money, buy clothes whatever.. I would feel abusive.
> he went to transfer this to his wallet but eToro's bot sent a message that **he will have to make a security deposit of 15% of the total balance** before they will transfer it to the wallet **🚩RED FLAG 🚩RED FLAG 🚩RED FLAG 🚩RED FLAG 🚩RED FLAG 🚩RED FLAG 🚩** Actually [not a red flag, more like crimson flag.](https://youtu.be/phVopxbFUYU?t=39) Your father was probably directed to a *fake eToro* platform and has been trading with "fantasy money". They *claim* he has \~10k USD, but in fact all he has is a scammer on the other end saying that's what he has. If he deposits the 15% he will also lose those 15% and they will try to milk him more. ​ >We are fine doing that, but it seemed a little bit like a scam It is a scam.
They could name the company RED FLAG 🚩 and people still invest ..
It should not be surprising to anyone. It is not hyperbole to say 99% of all crypto is a scam. There are very few outliers and the difference is discernable if you're willing to look. For example, if a crypto exchange has their own crypto it should be a immediate red flag. If the only "utility" of a crypto is memes and jpegs, it'd not sustainable and should be an immediate red flag. Look for projects which have some sort of utility beyond trading. If they had and ICO red flag. If they had an ICO and have absolutely nothing besides a whitepaper, MASSIVE RED FLAG.
> -> a team of anonymous founders or developers is a RED FLAG. Why should they stay hidden? (Except Satoshi Nakamoto :D) Every project that may have problems with global regulations has a very good reason for founders/developers to stay anonymous. Things like privacy coins, mixers/tumblers or non-KYC DEXes. Arrest of Tornado Cash developer is a confirmation of this thesis.
> a team of anonymous founders or developers is a RED FLAG. Why should they stay hidden? (Except Satoshi Nakamoto :D) Why are we giving this guy Satoshi a free pass and not letting other founders remain anonymous?
If this was a legit project, they'd be jumping for joy with each exchange listing. They'd put their list of exchanges on their website and MAKE IT EASY FOR YOU TO BUY IT. The fact they don't have this listed on other exchanges - is a HUGE RED FLAG.
Yeah that 99% figure from him was a RED FLAG
Im 100% sure this wouldn’t happen to me. You seem to have a huuuuuuge surface of attack. Someone messaging you is the first HUGE RED FLAG.
Binance has $30B in self-issued vapor coin. GIANT RED FLAG
RED FLAG??? It’s always been a red flag! Buy your shit and send it directly to cold card!! “Come in man”
If a company says we're fine or unaffected. THAT SHIULD BE A HUGE RED FLAG
‼️Justin Sun’s involvement in this shitshow is a huge RED FLAG for the people using huobi global exchange. Get your money out of it before Sun sets on your savings.
>Yet they have the audacity to talk about decentralization and community. They probably just use those shiny words to allure retail investors who don't check the tokenomics/project. ​ >17% - Starkware Investors 32.9% - Core Contributors (employees) 50.1% - Starkware Foundation (of which maybe 9% will actually go to retail) This is already a BIG RED FLAG that I can't even understand if people will still fall for this BS. The Starkware Investors and Core Contributors are almost even enough to have power over their community if they wish. Thanks for this OP, hope everyone reads this carefully and check for themselves.
If your price of coin depends on a person tweeting about it, you are not doing it right. BIG >!FUCKING!< RED FLAG.
Fuck yeah!!!! BEAR FLAG INVALIDATED!
Yep. There used to be one that ran on “cloud” and actually rewarded. Not like the one you can find that “claims” to mine cloud mine but yo withdraw you must deposit $BTC RED FLAG . Those were the days back then I wish I was not skateboarding and being a normal teenager and was on pc every day not for games but for crypto lol
O...you didn't hear? Symbols like the don't tred on my flag or.... THE BETSY ROSS FLAG!! are now considered symbols of Melissa extremist in our eligible for investigation under the FBI as well as can be put under the Patriot act....think about that one. There are more symbols but those 2 should be huge red flags
When you first got the device, you generated a new 24 word seed phrase from the device itself right (using the buttons and little screen) ?? From your phrasing it sounds like you got your ledger and it was already set up so that you just needed a PIN code. If thats truly the case, then its a huge RED FLAG. Your device should NOT come pre-configured with a 24 word seed phrase.
HOW WAS THAT NOT THE FIRST RED FLAG? It was the idiot test.
This is what you would call a RED FLAG! Run!
Here, check out this part again: >And I don't really see "there are worse places than America" as a solid counterpoint against criticisms against the reality of America. I edited some guy's comment as a commentary about how America is also dealing with inflation and stagnant wages and you went into a GREATEST COUNTRY ON EARTH GODDAMNIT, WHY DONT YOU TRY LIVIN IN SOMALIA FOR A DAY, IF THIS FLAG OFFENDS YOU tirade. Again, deep breaths bruh, and less projection for whatever real or hypothetical "teenager" you're oddly enraged at. I'm not a teenager but maybe don't spend your free time talking to teenagers at all, especially if it almost gives you an aneurism to think about.
It's not simply scummy. It's a HUGE RED FLAG. This guy doesn't get it. Solana is trash, with garbage leadership. Get out now! ​ Wtf....
I mean... in short term they made rash decisions in a row. So now they either surprised and realised they fucked up AND THATS A RED FLAG cos cdc is not a small company or they did it as a plan what is ALSO A RED FLAG How can you trust a company to lock your 3500 - 35000 - 350000 euro for 180 days when they can make another rash decision in a month later like... "Changed our mind no rates, 1% cashback sorry, no sorry" I dont know if it was a rash decision or a planned one... But they went back and forth with the earn rates like how the wind blew and now they are changing their minds every other day regarding the card rates... And all they ask you to lock your money in a 180 day prison Seems okay
Yes it is a scam "I searched for the website name on google and social media (Reddit, Twitter, etc.), but found nothing." RED FLAG "I decided to try to withdraw the money to a bitcoin wallet, but in order to do so, it asks for verification where you must deposit a minimum amount of 0.015 BTC (595.65 USD)" RED FLAG Stay away
The NowPayments Reddit account is fielding comments with over positivity. RED FLAG
That's why I always alert to stay away from influencers who make their money by using links to unknown projects and some are even creating and pushing their **own coins! HUGE RED FLAG!**
If this isn't open source this is a RED FLAG PROJECT
**FYI everyone. A lot of new scam projects will offer free drops over weeks, months or years to build report with you, then once they have you on the hook, you may get an "airdrop" that is compromised. when you try to sell or move that NFT, a scam contract could clear out your ENTIRE WALLET.** ​ **Not all scams are instant. NEVER accept a free airdrop to a wallet you have any nfts that you have purchased. NEVER. If the sender gets negative. RED FLAG.** ​ **This is reddit people. DYOR. NOTHING IS FREE. USE YOUR BRAIN.**
Bullish on WHITE FLAG
Relay nodes are completely centralised. The foundation has the official list. There exists an official list of relay nodes. RED FLAG. Mining pools are not miners, and they have no power over the network. 1 mining pool could have 80% of the hash rate and that still wouldn't make it centralised. If you think it would, you do not understand how mining pools work.
.#1---2FA on everything, preferably connected to an email address that's used for nothing else- Bonus points if it's encrypted like Tutanota, ProtonMail, Mailfence etc and an authenticator .#2-- Pass/pin,pattern lock and encrypt on open for your phone,, your SIM and for all transactions on all applications and soft wallets...its annoying to have to do every time you open your phone, then again for the exchange app, then *again* for every transaction, *then again and again* for the wallet confirmation and back to the exchange but if your phones ever stolen or lost--Good fucking luck asshole, you got 3 tries to open my phone then it's bricked, then you have another 3 tries to open any of the important apps before they're locked, and if you put the physical SIM into another phone you got 3 tries too...Have fun with that .#3-- Never answer ANY solicitation from ANY place you keep money, via ANY mode of communication....Don't click a link in an email, don't field and interact with a call from your bank or credit cards etc, don't click a link or correspond via text. Hang up, take the credit or debit card out of your wallet,(or look up the official customer service number/email If it's crypto related and be careful it's the right site) use the number on the card and *CALL THEM BACK*. It's common for your bank or investment company or credit card or insurance or whatever to call you if there's a problem, you say "OK, thank you for notifying me about X, I'm going to hang up and call customer service back directly for security reasons" 100% of the time they will understand...if they get agitated or annoyed or pressure you to deal with it right that second that is a HUGE BLINKING RED FLAG that it's a scam. .#4 get a Hard Wallet and read every fuckin smart contract. That hard wallet should be used to send crypto to an exchange and back for sales and storage ONLY....STOP using the hard wallet to interact with metamask and staking and defi and trading, stop all that shit, you're just exposing yourself to a ton of smart contract risks, if you want to play around send it to a new soft wallet and interact with defi and dex and other apps through that, its annoying, and costs a little more in fees but if you have a boatload of money in a hardwallet and you want to stake your 8 Billion ShibaCum on DogCumCoin.Defi.yh-- Send that shit to a fresh wallet and limit your exposure, all you need is one fucked up scam contract that grants permissionless transactions to be approved on your hardwallet and you're fucked...just use it for storage.