*** I have created a lessons learned post which covers most of your questions and should help you spot a scam. Also pasted below as mods have not approved yet and I want to go to bed. ***
I deleted the wallet I used to create this so the token is forever safe on the blockchain. Enjoy all.
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I often get messages from scammers asking for me to verify my wallet or send tokens and they send 2x back etc. I was bored so I came up with a creative way to have fun with the scammers.
I created my own shitcoin and send it to them. The scammer gets a notification in their wallet of choice that lets them know exactly what I'm thinking.
If you want to do the same the BSC address is below. They're as close to free as possible on pancake swap.
There is NO 100X potential, Devs are NOT DOXed, LP is not locked {insert rocket and explosion emojis}
Have fun and stay safe out there!
**Try Pancake swap V1*\*
The tokens are basically free so if you buy any use 0.0000000000001 BNB or something small.
Please have fun, but don't spend more than a few cents you will get enough to send dust to scammers for a very long time.
Thank you for the comments, awards and support. This has really made me happy to share this with you all. The comments are brilliant! **
BSC: 0x58b2f2937f9cbdbe4617f524f8f71e2c2aba599e
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Earlier today I shared the FuckYou token in this thread.
I had a lot of common questions and learned a lot in the process. I want to share some of these to help you understand how easy it is to create a shitcoin and manipulate the token price so you can hopefully avoid scams in the future.
Financials
- Up front: I've taken no profit and that was not the intention.
Cost to create a token on Binance SmartChain
The most expensive cost was withdrawing BNB from Binance to Binance SmartChain as they charge a fee and minimum transaction is approx $100 in BNB. This was my total cost for the project.
Cost (approximate gas fee) to create the token are as follows:
- Token Create: ~$5
- Pancake swap transactions (Create LP, Authorize, etc): $6
- Liquidity pool: (Rest of the $100, approx $85)
- Time: 1hr
- Alchohol: 2 Beers
Token Pricing
What is amazing is this followed pretty much every shitcoin on BSC so we can learn a lot from the pricing over time.
- It is very easy to set the token price to anything you want when creating the token. Basically you can type in the ratio of BNB to Tokens, therefore if a scammer is saying the token is already $XYZ, this is meaningless as they can set the price. I set the price to: 0.000000001 BNB. This didn't last long.
- At the beginning of the project it is actually very hard to keep the price down as I wanted these to be free. The token moons by default. This is due to the way AMMs work. The first person to purchase got 1/2 the supply for a few cents. After approximately 15 purchases we had killed 6 zeros!
- These first 10 purchasers or so are your whales! They're likely to be the only people who make any money from the token but we will get to that shortly.
- The whales hold all the supply at this point
- Never Trust the Market Cap and Price! They are easily manipulated and ALWAYS pump due to the nature of how AMMs work. They are calculated from the total supply. We achieved at one point a Market cap of $412 Trillion USD. To give you an idea of how much this is,
- This is what 1T USD cash would look like for scale. There is a person in that image on the left. Apparently our value was $412 x this!
1 Trillion USD
- It looks great in Dex apps but its fake!
Market Cap
- Our price mooned too!
Price
- The below chart is beautiful. Token went up. Looks too good to be true right! It was... (most are)
- Pretty much every shitcoin chart looks like this. If you're not before the first pump you're late.
- Then the early purchasers start to take profits. An early purchaser (whale) is in before the pump and remember there is only approx 10 people so are you likely to be in the first 10? They typically go to the dev team and marketing etc.
- So the whales start selling. And they sell less than 1% of their bag, and they take the majority of the liquidity (we will come to this shortly)
- Whales are smart, you don't want to take all the liquidity as you need to get out slowly. You want a slow drain.
Congratulations to those of you who made a few $$ I still personally think the token is priceless. The satisfaction of sending one lasts for hours.
- Then we enter the second part of the chart, this is where 99.99999% of us enter the shitcoin. This is the slow liquidity drain. The price slowly declines over time with a few (much smaller pumps) from new buys.
- What is happening here is the whales are selling a tiny portion of their bags for the majority of the liquidity pool. This is extremely profitable, our first purchaser spent maybe 10c and could drain thousands out of this token over time.
Slow drain of liquidity
- On the positive side, at this phase the token is much more accessible to everyone as the supply continues to be slowly provided by the whales.
- Whales are not friendly, they're not trying to save the token, this is the onlyway they can cash out.
So what should you look at if you're trying to assess if a shitcoin is a good buy? The Liquidity, volume and holders.
- How to read:
- Foget how much an LP is worth its meaningless. Apparently 1LP is worth 1275 BNB LOL
- What is important is the TOTAL Liquidity ($22). This is how much could ever be taken from the LP and also includes the value of the token so its even less.
- So if you are a whale, you cannot sell more than $22 worth. Really more than $5 worth or you will tank the coin. This is why they slowly drain over time. They watch liquidity and remove when there is enough.
- If there is a small amount of liquidity that you don't feel comfortable you could sell when you reach your profits then don't buy.
- Remember these are point in time; everyone else is also waiting to drain some out of the LP. this is why its gambling. There is far less in the LP than the tokens are worth and whales are slowly draining.
How easy is it to rug pull (so i needed to google this but there is basically a button in Pancake swap.
- Go to the liquidity tab, click remove and you take all the tokens and all the BNB! {I have no intention of doing this :) }
Scammers
There are now at least 3 clones of this token, 1 with the same name and everything, another FuckYouBNB. and they are fast, it doesn't tak long to copy it.
How to create a shitcoin
I assume you know how to use wallets, and DeFi tools, if not there are many youtube videos.
- Copy any)contract sourcecode e.g from here
- Paste the source code into Remix
- Change the name of your contract on line 704
- Replace the name of the token and the token symbol on lines 722 and 723
- Connect your wallet to remix
- click Compile and Deploy (in the deploy tab)
You now have a contract deployed on BSC. Too easy! This is why there are so many scams.
At this point you probably want to sell the token, so you
- Go to Pancakeswap.finance
- Click Trade, then add liquidity. Add how much you want (this sets the price)
- Shill on Reddit!
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