Topic: A mistake you would surely regret - page 5. (Read 1111 times)

Many people are attracted to the bull thinking its the best time to approach the market, it's mostly green and price are on the rise, and that is a wrong mentality cause its more difficult now to differentiate good projects from bad in the alt market. Many scam project are using this opportunity to dexive newbies with promises of huge returns.


As a newbie this are basic lessons that must be learnt, on how to avoid scam and security based lessons.

Newbies are so moved by gains that they feel crypto is the way to get such outrageous profits from little investment and this is the mentality that is getting them scammed.

Like I said it's better to invest in only 5 projects than aggressive investment in too many projects or if possible invest only in bitcoin cause its has lesser risk of crashing and would give returns if you hold for long.

Newbies can be easily deceived and eventually get scammed in this bullish season where everyone get crazy investing and while scammers are also doing their thing. That is why one should not jump into investing just because majority are investing. It’s still better to study the market first and make extensive research on the coins you are planning to invest.

Long term preparation is still a must. And once you are confident enough to invest and take the risk, then invest on your own risk. But always chose to invest for long term. Bitcoin itself is not inclined to give us quick and immediate profits, but it’s always a long term investment where patience and faith are highly tested first.

Newbies are mostly found in this category, on how they easily got enticed by what they sees, they never knew that there could be deception in cryptocurrencies, the marketers and influencers are also doing their own job to propagate the traffic needed and announce the project to the world, we are the ones that should be able to decern from what to go for and not to accept from all we are seeing on the internet.

Crypto is now for everyone since the market is bullish, everyone will become a crypto investor because almost all coins are going up as bitcoin price is moving up. The prediction of Bitcoin price to hit $100k might happen since it is already surpass its All Time High before halving.

FOMO is happening everywhere now, no one will want to miss out that’s why some are investing in the wrong project.

Always remember to invest the amount of money you can afford to lose. Don’t take loan to invest in crypto because of the nature of the market, do not rely on any coin to do 10x and borrow money to invest in the coin.

I never said all altcoins are bad, and it just as tho you read the first line of the topic and decided to say what you felt like, you woudl be a big lier to claim that noone has ever been scammed before through one altcoin project or the other or haven't you been on X or Reddit platforms.

If you really read through the topic you would clearly see I adviced newbies to invest in only few altcoins rather than investing I every project that comes their way, and moreover it would reduce their chance of falling for scam since they have limited slot and would want to do more research to fill them in. Not all newbies can identify good altcoin project and even many if us that have been here long enough would still have issues finding those with good potential cause some projects with all the hype and visible attributes would end up not doing well even if they had no intention to scam anyone and an other looking shady with no real life utility or usage like a meme coin would just do much better, since uncertainty is a constant its better to have limited slots to invest in that to invest aggressively in all or every project that comes your way.

OP, seeing is believing, how many people have you seen that told you that they lost a lot of money to scam projects? I've never been scammed in this bull market, and I have invested 40% of my money in altcoins and 60% in Bitcoin, so far I have already made life-changing money and it's not even alt season yet.

Bitcoin is the safest and this doesn't mean that there are not good altcoins that can bring life-changing gains for you, I can name a few altcoins that have made my alt portfolio look very fat, better than Bitcoin in terms of ROI, like Gswift, Nakamoto games, Portal coin, Kaspa, Delysium and so on, you have no idea what you are saying, there are indeed many scam altcoins but there are also many that have the potential to bring you huge gains.

You will only lose if you fail to take profits, but as for beginners I recommend buying and holding Bitcoin only because to be a successful altcoin investor you need to know how to identify good altcoins, many lives have been changed already through IDO since the beginning of this year, it takes extra effort to be able to identity promising alt projects is all, that's why it's not recommendable for beginners.

every time there is a bull run, scammers will definitely emerge massively and come up with crypto projects with high returns if someone invests in them. even though there are many crypto enthusiasts who provide warnings and knowledge about the correct investment in crypto, there are still many people who fall into this trap and lose a lot of their money, just because they want to get short-term high returns from what they say are "revolutionary and innovative" projects. ".

and because this is important for a crypto investor to be able to know more deeply about the project they want to invest in. if investors understand crypto investments and the projects they want to invest more deeply in, then their chances of being scammed will be quite small.

In such a period like this, we are not only avoiding the shitcoins investments alone, we need to be more careful on how we let the fear of loosing out grip at us, the market is getting more highly volatile and we need the patience required to make in waiting for the market to pump back whenever it dups and not that we sell and release from what we are holding and after that, the market rises again and we missed out, don't trade if you don't have the confidence of making trade and the required knowledge.

A beginner comes to the market to get a quick profit, so the first option, which requires waiting for a profit for 10 years, will be immediately rejected. The first option will be chosen by those who have previously lost their money investing in crappy coins and who have learned a good lesson in practice where to invest their money.

The first coin, Bitcoin. Second to fifth is up to you, you can enter coins like Ethereum and four other coins that will potentially not make you lose money.
Fast investments that offer high percentage prices for each project you invest in are not a guarantee.

I dare say investing in Bitcoin is safe if you are willing to be patient for a certain time.
Today's price increase of almost $73k was once only half of today's price.
Apart from being safe, Bitcoin is not a fraudulent coin.

We must avoid any project that is too hyped and has offered their investors too much ROI because it's too good to be true which won't gonna happen just like what we have seen in the other case scenario in another project before. To prevent ourselves from investing in such project, we need to stick with bitcoins or any other trusted project based on our personal research, not because of the influencers but because those are also investors and they will gonna pull their investment once they fooled enough people investing on their short-term project which they hyped too much these days.

Its always going to be a better option to invest in only bitcoin, finding good projects in the altcoin market is very hard and you would find so many with no utility and still claiming to have a better innovation than bitcoin, so many scammers are flooded there.

Investing in bitcoin is a far safer and more guaranteed option to give returns than even 10 altcoins put together, the only problem is that people hate the idea of having to hold for long and would rather settle for the quick money mindset and end up losing all their money to scam projects that promise huge returns.

The point is all about beign safe, at least having to pin down your choices to only five would give you a better chance at making better decisions than wanting to invest in all the projects or so many coins/projects that comes your way and this is for those that love investing in too many projects.

Last time I made a post about investing in only bitcoin, many users on the forum did not quite agree with me cause they maybe like altcoins, and although i don't invest in altcoin I can't write them all off, they are some good projects too and some that actually help the entire crypto space like Ethereum, so many development came from ETH.

I can't decide the best 5 coins to invest in, I won't take blame if anyone loses money due to such advice, or if investing in 5 as a minimum is best, the point is just to try to minimise the amount of alts you diversify into cause there there so many scam projects and most newbies can't well differentiate the bad from good ones neither can anyone do it perfectly, but if you accept this reality and set a limit on how many you would give attention to then you have a better chance at making good decisions.


I wasn't referring to top coins, but at least it's fact that they have more tendencies to last longer than other projects that Bearley have any utility, most top coins that dies happened as a result of scam or maybe fraud from insiders, you know that TERRA LUNA didn't just die because of the bear season, it has survived many bear season before that one, from what I read online it was as a result of scam from the ceo of the project.

I think it's better to work with a big project that is trusted than a new project that you have very little idea about, anything can happen when investing and we are well aware of the risk so I think a better risk management would be to work with well known projects than new ones unless you have the skill to identify the good projects.

Now a question to you

What would you advice that is better, old projects that have lasted a while or new projects, and bases on risk which should be a better option?

Time like this is a time where everybody claim to be experts in cryptocurrency because they are seeing green everywhere.
Everyone will be given hints in crypto projects they tends to believe in, and due to the bull run, the market is favorable to them to some extent before the scam projects they believed in start failing them, when it start happening like that, they all start to be lame crypto as scam.
An intensive research is needed before investing in any crypto project apart from bitcoin in my opinion. There are altcoins that can still give 10-50x during this bull run, but you need to do more research before getting to know about them, learn and ask questions and invest, and also, avoid FOMO.

This is an important advice, investing what you can afford to lose a good advice, but I will not advice newbies to stake their coin this time because they might need it when it will not be available for them to un stake them.

Bitcoin maximalists will say you should have only Bitcoin in your portfolio.

If you want to limit your portfolio to 5 cryptocurrencies, what are other four together with Bitcoin, a default one?

You must know top coins can die too. Many top coins died in past years and in latest bear market, we have Terra LUNA and FTT tokens. If you pick 4 other cryptocurrencies because they are top cryptocurrencies, you can be rekted too.

I am not too sure that anyone who already have bitter experience for investing in the wrong projects will dare to invest again in this bull run on the upcoming projects unless some of the project compensated the loss they have made in the following cycle. It's acceptable to take risk with very small amount from your total portfolio like 10% but who just go 100% on the complete new coins are expecting to win a lottery.

Every individual has its own level of risk tolerance, can you handle it when things goes side ways, are you investing with your personal conviction or it is because that is what everyone seems to be doing or talking about, is best you determine your personal risk assessment and stick to what  is best for you, let it not be had I know at last. Do your thorough research before you end up with a scamme project by not being carried away by market trends of influcers.DYOR should be your watch word.

Investing in new projects is just too risky, most of the new projects entering the market are just fake coins, most of them are created by scammers just to defraud people. It’s better to invest in bitcoin, and if you prefer altcoin investments, then you can decide to invest in altcoins that have been in crypto space for some period of time, but not new projects. If you are investing in new altcoins, then you are just gambling with your money, and their is high chances that you are going to lose the money.

And do you have to trust influencers? No most of them are doing it for their own selfish interests, most of them are being paid for advertisement, and they don’t care to make research about the legitimacy of the project they are advertising for, all they want is just to be paid. Also some of the so called influencers are also scammers, some of them knows the developer of the coin, the just decided to collaborate, and if they end up scamming people, they will end up claiming the are innocent.

Don’t be too confident about a project, always diversify your money, if you invest all your money in a particular project, if anything goes wrong, then all your money is gone, but if you diversify your investment, if anything happens to one, you won’t be losing all your money completely, their will be other coins which you will rely on. But I will say avoid shit coins.

Truly, the green has triggered so many investors to start thinking of the nearest altcoin to buy that will give them 100x and above. Many would be lucky, and many would fall victim again. One way or the other, we would hear news about regrets. Either an investor delayed investing in a coin and it went up, while others would be regretting that they took little profit because of the small rise when they would have waited for a long time to take a good profit. These are common regrets of investors.

I also think that the hype of cryptocurrency will lead so many people to take bad actions. Especially beginners in cryptocurrency. Unlike other years, we saw lots of influencers, news, and hype in cryptocurrency. This changed the minds of people who had not believed before to believe in it. Most of them believed or were convinced that if they invested, they would become rich in no time. This mindset is what may hinder them from success since they decide to take a bold step and invest.

In my opinion, this is the very first mistake: never invest in a project solely based on someone else's recommendation. Take the time to understand the project, its team, goals, and potential risks. Just because a lot of people are investing in a particular project doesn’t necessarily mean it’s a good investment. Crowd behavior can often lead to inflated prices and eventual crashes.

Mistakes also arise from greed. Seeking outrageous profits like 100x can often lead to significant losses, especially if you’re investing in projects you don’t fully understand. It's easy to get caught up in the excitement and FOMO, especially when everyone seems to be shouting about new projects and massive returns. Quality over quantity is the key when it comes to building a solid portfolio.