Shitcoin? How i made over 16,000$ with only 600$ and lost it all.

Before answering this question, i must first refer to DeFi and give a brief description about what it is.

DeFi

Decentralized finance( DeFi) refers to a new fiscal system that’s erected on blockchain technology and operates in a decentralized manner, without the need for traditional fiscal interposers similar as banks.

One aspect of DeFi is the use of smart contracts, which are tone- executing contracts with the terms of the agreement between buyer and dealer being directly written into lines of law. These smart contracts can be used to grease a wide range of fiscal deals, similar as lending, borrowing, and trading.
DeFi has the implicit to revise the fiscal assiduity by making fiscal services more accessible and affordable for everyone. It can also give lesser translucency and security, as all deals are recorded on the blockchain and can be checked .

still, DeFi is still a fairly new and fleetly evolving field, and there are some pitfalls to consider. One concern is the lack of regulation in the DeFi space, which can make it vulnerable to fraud and swindles. There have also been cases of security breaches on DeFi platforms, performing in the loss of finances for druggies.
In addition, the value of DeFi means can be largely unpredictable, making it a parlous investment. As with any investment, it’s important to precisely consider the pitfalls and do thorough exploration before investing in DeFi.

Overall, DeFi has the implicit to bring significant changes to the fiscal assiduity, but it’s important to approach it with caution and understand the pitfalls involved.

Let’s have a look into the so called Shitcoins.

Shitcoins

Shitcoins are a type of cryptocurrency that has no real value or use case, and is frequently created with the sole purpose of making a quick profit for the generators. These types of cryptocurrencies are generally low- quality and warrant the technology or relinquishment to justify their value.

Unfortunately, numerous people have lost significant quantities of plutocrat by investing in shitcoins. One reason for this is the lack of regulation in the cryptocurrency request, which can make it delicate for investors to identify fraudulent or low- quality systems.
In addition, the hype and enterprise that frequently surrounds the launch of a new cryptocurrency can make it tempting for people to invest without completely probing the design. This can lead to investors making poor opinions and losing plutocrat when the value of the shitcoin inescapably crashes.

It’s important to be cautious of investing in cryptocurrencies that warrant a clear use case or have a history of questionable geste . It’s also a good idea to do thorough exploration and due industriousness before investing in any cryptocurrency, to insure that you’re making informed opinions.
In conclusion, shitcoins are a parlous investment that can affect in significant losses for those who aren’t careful. It’s important to approach the cryptocurrency request with caution and be apprehensive of the implicit pitfalls involved.

Personal experience

in the past time around the beginning of 2021, when the DeFi was thriving and flourishing again, i had my hands on many scammy Shitcoins where i invested a small amount of my basket. Money that i personally was affording to lose without any pains. I managed to make some good profits but only after taking huge amounts of risks, because out of pure luck, i managed to cash out from some of them hours before they rugged everybody else.

when time was passing, i continued my hunt of these shitcoins and degen plays in Telegram and Discord. I am very well connected to people and i do hear about projects in their super early stages. Sadly all the money i made in this periode of time was reinvested again in plays here and there. 99% of them went to rugpull or soft rugpull and took everything. These scams in my opinion are as well one of the biggest causes of the bear run we have in Cryptocurrency, as peoples wallets are completely drained.

Around mid November to December, i took the final decision to stay away from these degen plays and keep my money safe from them. It is true that i made some profits out of them in the beginning, but i lost it all. This is exactly if you gamble 600$ and you make 16,000$ out of it and you decide to gamble it all again and you lose it. Dumb but fun.