I tend to write my posts a week in advance and just schedule them as they come to mind, but with so much going on, It's becoming harder to stay up to date.
My blog has turned into a bit of a shitcoin obituary of late, and if anyone is taking note of the speed of how many scams or unraveling, you may start to reconsider your thought process when it comes to shitcoins. Fresh off the Luna blow up and Chainlink pause we get another DEFI dumbass cocking up and reking their investors.
QuickSwap is the latest in a long line of epic fails.
To all you web 3 shills, this is a great lesson in how websites work, you see the data you get when you load a website from a URL that comes from a hosting provider, this is a centralised point of attack.
I can get access to your hosting password, I can mirror your site and render it on that URL but from a server of my own. So your meta mask or so-called web 3 tech won't know it's dick from its asshole.
You'll just sign in, approve the transaction because hey the URL seems correct, you won't check the wallet address, because man web 3 is so fucking convenient, yes convenient at fucking you out fo your money.
Once you sign the transaction, the new wallet takes the funds and funds off with it.
⚠️DO NOT SWAP⚠️
— QuickSwap (@QuickswapDEX) May 14, 2022
Similar to other protocols hosted on @GoDaddy, QuickSwap has been domain hijacked
Funds in LPs, the Dragon's Lair, Syrup Pools, & YOUR wallets are safe
Only swaps have been affected. Please DO NOT SWAP
We are working to resolve the problem & will update ASAP
Yield farming is a rat trap for retards
Yield farming is a game of musical chairs, it's all about attracting more and more people into the pool, and once they've handed over a certain amount of liquidity through buying your governance token, you fuck right off with their hands, cash out into a stablecoin or bitcoin, coinswap those funds and move on.
Once the users figure it out there's no one willing to provide exit liquidity so you're stuck with a token that is an NFT - Now fucking tanking.
Once the token's value hits a point where an on-chain transaction makes no economic sense it's over, that is now just metadata on a blockchain and you're out of luck.
Yield farming explained in 30 seconds: pic.twitter.com/R8HnQXiZaN
— Jameson Lopp (@lopp) May 14, 2022
Shitcoin apologists will find an excuse
Every warning I bring is always met with some white knight shitcoin apologist trying to reconcile their position. It's either one of the following brainless responses
- Well I've made money on X & Y
- Well my coin isn't a shitcoin
- Well I've never been scammed
- Well I only invest in top 10 shitcoins
- I only invest in shitcoins where I know the founder
Frankly, the hopium is palpable, you do know that NONE of the reasons will help you avoid getting scammed and losing your money. It could be the quick or the long rug pull, eventually, you're going to get your taste of it.
In fact the longer you don't get scammed the better, it lulls you into a false sense of confidence, it encourages you to increase your exposure and when you're fat and ripe for the pickings when you are at your most confident you made the right choice, is when you are most vulnerable.
That's when you get taken out behind the barn and you get strung up and shot.
So your shitcoin will leave you stranded, but I won't I'll be here to tell you what a dumbass you are, because you are one. Then once we've all had a laugh, we can get back to stacking sats baby.
Have your say
What do you good people of HIVE think?
So have at it my Jessies! If you don't have something to comment, "I am a Jessie."
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