Twitter user Razoreth shared his story of how he managed to turn $ 800 into $ 1 million in five months by “reselling Shitcoins” on the Uniswap decentralized exchange.
Thread: How I turned $800 into $1,000,000 flipping shitcoins on Uniswap.
Step 1: be incredibly lucky for 5 straight months.
Step 2: don’t sleep.
Step 3: don’t be afraid to be rugged.
Time for some history…
– razor (@razoreth) January 7, 2021
Nazareth got acquainted with bitcoin in 2011 and mined various cryptocurrencies until 2014, until he decided to move away from this business amid a downturn in the industry in 2014. He made his second attempt to enter the cryptocurrency market in March 2017 with a $ 2,000 deposit. He became one of the early users of the Binance exchange, where he turned his initial investment of $ 95,000, trading tokens such as BNB and WTC. During the market crash in 2018, that amount was reduced to $ 50,000, which he decided to safely withdraw.
The bulk of the story begins in August 2020, when Razoreth deposits $ 1,000 on BitMEX and quickly loses $ 200 on margin trading.
“I studied the topic and decided to abandon margin trading, and transfer the remaining funds to Uniswap. From this moment everything is like a fog, ”he writes.
The author began to follow successful traders on Twitter, joined all sorts of channels in Telegram and developed his own strategy: buy tokens no older than one day and never go to bed if a so-called rug pull can happen to any of them, that is, there is a possibility the sudden death of a project as a result of a massive withdrawal of liquidity from its pools, usually due to fraudulent actions of the creators themselves or a bug.
“The vast majority of the income from new tokens is made in the first three hours, so I tried to enter the top ten buyers,” the trader says.
To do this, he followed bots that post information about listings on Uniswap, and information about pre-sales on Telegram.
“I was one of the first to hit huge pumps (and dumps) like YFV, JGN, SUSHI, FARM, YFBETA, and a bunch of random farms,” he adds.
The author’s greatest success was buying and selling CORE for $ 200 and $ 5,000, respectively, Hacken for $ 0.04 and $ 1.50 – $ 2.30, as well as HodlTree and some successful presales such as YFBETA.
At the end of August, he had 1.8 ETH, and by the end of September – more than 500 ETH. Amid declining activity in the DeFi space in October, revenues fell to $ 60,000, after which they continued to decline in November.
“I actually lost about 100 ETH, but fortunately, even with idiotic moves, you can make money in crypto, so I ended the month with a profit of about $ 40,000,” writes Razoreth.
In December, he began to invest 50-100 ETH in any projects that could give profit, in particular, he was looking for all clones of tokens with rebalancing functions and share premium, thanks to which he earned another $ 300,000.
In 2021, Razoreth prefers to stay in BTC and ETH and admits that he does not understand what is happening now. He reports that after the first $ 300,000, he had to redesign the strategy, since there was no point in entering something for 1-2 ETH and hoping for a shot. With the development of the DeFi space, he proposes to pay more attention to quality projects and teams that still have great potential for growth and development.
“During this time, I have withdrawn about $ 300,000, there is still $ 700,000 left. Profit-taking allows me to take more risks. If I lose all of my remaining funds, I will at least end this adventure with $ 300,000 increased in bank balance. Always. Fix it. Profit, ”he urges.
As additional recommendations, he advises paying attention to all available projects, as well as setting alerts for the wallets of famous players in the DeFi space, such as André Cronier and 0x_b1.
“If you received the KP3R listing notice, you could become a millionaire in less than a day,” Razoreth says.
He calls the Etherscan blockchain observer the most profitable product ever created and calls for learning how to interact with smart contracts that do not have a user interface. So the author was able to get into several farms even before their release and earn significant volumes of tokens, taking advantage of the lack of competition. As commissions for the entire history, he spent 61 ETH or $ 72,500 at the current rate.
“Don’t be afraid to be deceived. Thus, I lost more than 100 ETH. This is the price of doing business. Scammers will always win in this space. Just learn their techniques and be a couple of steps ahead. If they’re doing something new, adapt. In a nutshell: be extremely lucky for five months, stay awake, get into everything, be cheated and take profits, ”concludes Razoreth.
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