#cryptocurrency scams seem to be running wild in #Uganda . From Generals to omuntu wawansi people a getting taken for a ride and losing millions. It's a little late bust as promised here is a thread on how to spot a #Crypto #scam and not fall for fake investments

The first trick to avoiding scams is DO NOT look for #investment opportunities when you are desperate. Desperation will cloud your judgement and make you an easy target to scammers

Second - educate yourself. Do some due diligence. As they say in the city do not just enter things fwaaah with your checkbook in hand! You wouldn't buy a plot of land without doing a site visit and checking the title so why not take time to verify your crypto investment

As @SilverKayondo pointed out in the morning they are certain basics that can tell you right away if what someone is peddling to you is an actual #cryptocurrency or snake oil with a nice brochure and colourful pdf...

...
Does the company/coin have a whitepaper?
Can you inspect the code/smart contract?
Is the coin built on a blockchain ?
Do they have a clear and convincing business plan?
Where is the coin listed and how do you exit? Can you exit?...

... if they fail to satisfactorily answer and or demonstrate the above questions turn your heels and run away. He who isn't swindled lives to invest another day

Furthermore if the technology and jargon is above your head seek advice from a disinterested and neutral third party like @blockchainug or better yet hire someone experienced in the issue to advise you and negotiate on your behalf, it's a small cost that could save you millions

Just like how the Nigerian Prince scams tormented many newbies in the world of email and we wised up and did not throw out email I ask that we do the same with do the same with #blockchain and #Crypto technology. Let's educate ourselves and each other to end scams

As the old adage goes a fool and his money are easily parted. And today I would like to remind all of you that a little patience and humility when investing will pay greater dividends than any checkbook.