Difficult to Exploit: Hidden Traps in Crypto World "Free Coin Acquisition" Projects

In 2019, the crypto world was filled with various so-called "wool-pulling" projects. Opening mainstream websites, one could see such advertisements everywhere: today it's walking rewards, tomorrow it's trading rewards, and the day after that it turns into registration rewards. These projects, which claim to offer tokens without any investment, not only attracted people within the crypto world but also pulled in those outside of it. Office workers were busy participating after work, and the elderly gave up queuing for discounted products; everyone was keen on this seemingly "free lunch" activity.

This phenomenon raises a thought-provoking question: Can one really achieve financial freedom just by participating in these projects?

There is an old saying: "There is no such thing as a free lunch." This phrase reveals a simple economic principle: due to the scarcity of resources, things that seemingly do not require payment often hide other forms of cost. In other words, while you are busy "shearing the sheep," it is very likely that someone is quietly "plucking" from you.

In the crypto world, these types of projects can be roughly divided into two categories: one provides rewards in mainstream coins, while the other issues emerging tokens.

Projects that offer mainstream coins often require users to put in considerable effort to obtain substantial rewards. For example, in August 2019, a trading platform promised that as long as users completed registration and identity verification, they could earn EOS tokens worth approximately 1.7 yuan every day.

Putting aside the risk that the platform may privately misappropriate EOS, once users register, they have the possibility of using the platform, which is essentially a disguised promotional tactic. More importantly, in order to receive a mere return of 1.7 yuan per day, users need to provide a centralized unknown entity with extremely sensitive personal information such as their phone number, ID card information, selfies, and even personal handwriting. Whether such a transaction is worth it is a clear answer.

In addition to registration rewards, there are various creative "money-making" methods available on the market. For example, health applications that allow users to earn money by walking, or social token projects that rely on recruiting new participants to make money. These projects invariably require users to constantly expand their social circles or demand a recharge at the last moment to withdraw rewards. Participants can hardly achieve financial freedom; just breaking even would be considered lucky.

As for those projects that issue emerging tokens, their rewards often fail to bring real value. EIDOS is a typical case. When the project first launched, anyone could receive an EIDOS token airdrop by transferring any amount to a specific EOS account. In just two days, EIDOS's trading volume exceeded 15 million, attracting a large number of users to participate frantically, and various trading platforms rushed to list this coin to capitalize on the hype. However, the good times didn't last long, as EIDOS plummeted more than 80% in a single day, and the project team took the opportunity to launch their own trading platform. Participants then realized that they had actually been pawns in this large marketing campaign all along. Upon reflection, how could tokens that are so easily obtained truly have value?

Although the cryptocurrency industry is relatively young, competition is extremely fierce. Project teams often use airdrops to attract users, while most investors frequently participate in various projects out of fear of missing out on the "get rich quick" opportunities. However, what they often end up with is just a pile of worthless "air coins."

Interpersonal relationships, time, electricity, network costs, and even personal privacy are all intangible assets that each person possesses. You may think you are "shearing sheep", but in reality, the project parties are utilizing these resources of yours. After collecting the information, they may run away with the money or find ways to exclude you and instead attract real consumers. This kind of "killing the donkey after the grinding" practice is not uncommon.

As a well-known host once said: "When you encounter a seemingly great benefit, be vigilant. It may not be a gift from heaven, but a trap set by the devil." Students need to study hard to seize the opportunity for the college entrance examination; farmers engage in spring plowing and summer cultivation to reap bountiful harvests in autumn; even those big shots in the crypto world who are already financially free once invested large amounts of money to buy tokens or participate in mining in their early days. So, why has there suddenly appeared an opportunity to get rich simply by filling out a few forms in an era where everyone wants a share of the pie?

If there were really a way to get rich effortlessly, it would probably be through buying lottery tickets. But we all know that it is an extremely low probability event.