If You Invest In Meme Coins, Prepare To Lose Your Money!

Moi kaikki – hi all. Pekka Kelkka aka Papa Blockchain here! Welcome to Papa Blockchain uncut web3 education channel.

Please read the text and watch the video till the end. You will be surprised at the risks involved in “investing” in Meme coins

Rug-pull; They will steal your coins using many mechanisms.

Meme coins; The paradise of rug-pulls!

NOTE! not all Meme coins are scams but too many are!

Tens of rug-pulls on Meme coins in the last couple of weeks!

I did research randomly on “the freshly minted” Meme coins. This is what I found out:

• The logos (thumbnails) look almost the same as the more mature Meme coins
• The name of the Meme coin is very close to the more mature one. Quite often they ad AI to the name
• Some websites don’t work
• Some websites try to spread viruses to your device. If they manage, they can access your wallet and steal your coins!
• They can control (to have access) all the wallets allowing them to steal all the coins any time they want. This is coded on the smart contract
• They can blacklist all the wallets storing their ´Meme coins. When the wallet is blacklisted you don’t have access to your coins. This is coded on the smart contract

…I found all of the above with short research on Meme coins – there will be many other mechanisms to scam you!

Dealing with Meme coins has nothing to do with Web3 and very little with cryptos and blockchain

Dealing with Meme coins is not investing or trading. It is gambling. As we know only a tiny percentage of gamblers will make money. Most of the gamblers lose most or all of their money. This is no different with “gambling” with Meme coins”

Dear friends and colleagues; Let’s be careful out there!

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