Rug Pull Technology
Rug Pull Technology is the tech used by scammers who want to steal money from anyone who is foolish enough to fall in to the hype of useless shitcoins.
Scammers will quickly create a token off the back of some hype, get it pumping up in price so others start to FOMO in, and then they will run off with the money, dumping everything and you’ll never see them again. Rather like pulling the rug from underneath you.
Picture the scene.
Our mate Harold in the image above heard about the latest new shitcoin that was steaming hot off the press as it was jumping on the latest trend. He decided to pile what money he could in to it.
After reading the “white paper” of this shitcoin, he believed this new coin was going to make him filthy rich in fiat as the developers had all kinds of things lined up, promising to change the world.
As more and more people started cottoning on to this new miracle coin, Harold saw the price of this shitcoin shoot up and started feeling euphoric until…
Oh no Harold, what’s that huge red candle down to 0? Have the developers stopped working on the project? Where are they? Did they just leave and take everyone’s money?
Harold got rekt and rightfully so as he didn’t do enough research. However, he did experience the full benefits of Rug Pull Technology first hand so there’s that.
He now wishes he just stuck with Bitcoin and continues to stack sats.
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