A Simple Yet Powerful Message That Will Always Hold True - page 3.

Jegileman

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Quote from: alastantiger on October 15, 2023, 10:32:13 AM

The message to newbies has always been the same since the beginning of time. From bitcoin creation to the very time altcoin started to pop up, till the era of NFTs, airdrops and other silly nonsense that shows up to deceive the naive ones. This is the simple message being reiterated - "Just buy bitcoin and hold your own keys or else you are going to get scammed"

The idea of making quick wealth will always be the same pressure that is leading most of this people to invest in altcoins, leading to exposure of their private keys. They neglect the red flags for fast wealth which has caused them more damage than good for the crypto community. Not that many people are not informed, they just don’t care to practice what they’re being thought or what they’ve learned until they fall victims of circumstances before they amend their ways. I don’t wish bad for them, it’s just annoying to see people keep repeating the same mistakes that many people have being called victims for in the past and told several times about it.

ChicksX

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Quote from: mvdheuvel1983 on October 20, 2023, 07:23:28 AM

I agree that you should buy bitcoin and hold it. But this advice is for those who are not very experienced with cryptocurrency. There are other cryptocurrencies and projects in the crypto sphere that someone with good information and knowledge can take advantage of and make money from it then take the profit and invest it or buy some bitcoins. These are all accumulation strategies. The caveat here is that if you know you are not experienced or knowledgeable enough about this, do not do it. Just buy and hold.

For those not looking to make a quick profit/ risky investment due diligence is extremely important. However, the current Bitcoin market, and to a lesser extent wider crypto market, is showing signs of more stability. This means many people are looking to BTC and others as a less risky hedge-style investment.

mvdheuvel1983

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I agree that you should buy bitcoin and hold it. But this advice is for those who are not very experienced with cryptocurrency. There are other cryptocurrencies and projects in the crypto sphere that someone with good information and knowledge can take advantage of and make money from it then take the profit and invest it or buy some bitcoins. These are all accumulation strategies. The caveat here is that if you know you are not experienced or knowledgeable enough about this, do not do it. Just buy and hold.

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Quote from: Antotena on October 20, 2023, 05:21:42 AM

The problem of newbies is that they don't asked, as soon as they get small information and are able to buy their first coin, they think they have arrived and knows everything meanwhile they lack the security measures and what it takes to keep safe their coins, mostly think having coin on exchanges with 2FA and phone number is enough to control scam not knowing that the exchange can run off one day.

Some of them complain that self custody of coins is even harder than managing coins on my exchanges, they don't know that the harder you keep coins from exchanges, the less worry you have when they cease to exist one day.

Those newbies just don't understand how to look after their coins properly so they still think like that until now, but for the small number of newbies who have experienced losing their coins through the exchange will definitely use a wiser method in looking after their own coins where they just will store them in a personal wallet by no longer relying on the exchange as a place to store their coins. They must cultivate the idea that the exchange is only a place to buy and sell coins, not a place to store any assets because the risk of losing is much greater than in their personal wallet.

Antotena

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Quote from: Peanutswar on October 19, 2023, 01:17:06 AM

This principle as always making by the newbies came from the other people that with the use of the crypto you can instantly millionaire with the help of the altcoins too, they keep making a risk to have this faith at the same time but they didnt realize its not applicable as always to everyone, if you make an investment and still not on your full custody of your coins, its not yours, reason why make a good investment with your own wallet and keep holding like meme said, we dont trust anymore the centralized platform theres no key, theres no assurance, and not full authorization.

The problem of newbies is that they don't asked, as soon as they get small information and are able to buy their first coin, they think they have arrived and knows everything meanwhile they lack the security measures and what it takes to keep safe their coins, mostly think having coin on exchanges with 2FA and phone number is enough to control scam not knowing that the exchange can run off one day.

Some of them complain that self custody of coins is even harder than managing coins on my exchanges, they don't know that the harder you keep coins from exchanges, the less worry you have when they cease to exist one day.

CryptoHeadlineNews

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Quote from: alastantiger on October 15, 2023, 10:32:13 AM

The message to newbies has always been the same since the beginning of time. From bitcoin creation to the very time altcoin started to pop up, till the era of NFTs, airdrops and other silly nonsense that shows up to deceive the naive ones. This is the simple message being reiterated - "Just buy bitcoin and hold your own keys or else you are going to get scammed"

Yes, that's indeed the exact truth Bitcoin has and still telling newbies today, but due to lack of patience and ignorance people still falling victim to such scams as portrayed in the image above. Hence, this should be a guide to every newbie of how good/important it is to "Doing Your Own Research" because if only had they done the proper research before investing, I'm sure they would have taken the right decision by investing in a coin that have been proven to withstand the taste of time. And not a coin for people who aren't patient but wants to get rich quick. Since its known as an asset for long term investment.

cryptoaddictchie

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Quote from: goxcraft on October 19, 2023, 10:51:33 AM

The key difference between Bitcoin and altcoins is that altcoins can't survive for long when Bitcoin is still running.

Yes, you are right. If you invest at the right time, altcoins can give you a big profit. Not just big, but massive. But we can't rely on that profit for long. As we all know, it will hit the bottom more than we think. Like Luna, Shiba Inu, etc. These projects were hyped the most. But now look where they are.

Regarding that Im not sure since its not happening yet but thats impossible right? Maybe for some literally low projects but not for quality one and old projects.

We really cant rely thats why you convert those profits into usdt or bitcoin or safe altcoins that are strong like ethereum. Just turn those profits into blue chips and good to go.

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Quote from: cryptoaddictchie on October 19, 2023, 10:35:22 AM

Well thats true but not for everyone who earned a lot from altcoins free airdrops or nft hypes. I love bitcoin but will not criticize altcoins and nfts who give me some profit way bigger if I bought bitcoin at that time too. Well Im saying this based on experience too and not just by the turn out of event on altcoins. Its a case to case basis so we cant neglect the fwct that altcoins helped also in your portfolio if you did the same. Being a full bitcoin investor is not bad but some people like to explore too and of course they must have level of knowledge before going into that cause its really very risky.

Yes, altcoins are useless. But not as useless as everyone says. If it were totally useless, nobody would have bought it. I am not criticizing any coins. Bitcoin is the one and only true coin. There is no denying that.

The key difference between Bitcoin and altcoins is that altcoins can't survive for long when Bitcoin is still running.

Yes, you are right. If you invest at the right time, altcoins can give you a big profit. Not just big, but massive. But we can't rely on that profit for long. As we all know, it will hit the bottom more than we think. Like Luna, Shiba Inu, etc. These projects were hyped the most. But now look where they are.

One thing I realized not everyone has the mental strength to hold or focus on Bitcoin (only one single coin) for long period of time. That's why a lot of people, invest in altcoins for a quick profit.

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Well thats true but not for everyone who earned a lot from altcoins free airdrops or nft hypes. I love bitcoin but will not criticize altcoins and nfts who give me some profit way bigger if I bought bitcoin at that time too. Well Im saying this based on experience too and not just by the turn out of event on altcoins. Its a case to case basis so we cant neglect the fwct that altcoins helped also in your portfolio if you did the same. Being a full bitcoin investor is not bad but some people like to explore too and of course they must have level of knowledge before going into that cause its really very risky.

Vaculin

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This comes with a realization that only bitcoin is the most secured crypto investment of all time. Although there are always new born coins in the market that claim to be more secured and more profitable but in the end, they all lost and vanish like thin air, and only bitcoin serves the last coin standing. But I believe investing in bitcoin is not enough, since you have to be responsible as well to secure your private keys by keeping it to your own self and not disclosing it even to your close friends. Bitcoin is certainly a high risk asset, so you need to deal with the risks with knowledge and patience, that way you will come to lessen or definitely overcome its risks.

You know this type of message is what we should always bear in mind. That bitcoin is not just an option when every other investments are failing, but it should always be our priority so that we can avoid from different scams that this altcoin market has a lot to offer.

Doan9269

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Quote from: alastantiger on October 15, 2023, 10:32:13 AM

The message to newbies has always been the same since the beginning of time. From bitcoin creation to the very time altcoin started to pop up, till the era of NFTs, airdrops and other silly nonsense that shows up to deceive the naive ones.

This was not the reason why altcoins were created, they were created out of good intentions as well, but because most of them are centralized unlike bitcoin, individuals take advantage of that to create such projects in other to scam people, when everything first started, things weren't as this bad, NFTs are profitable, airdrops are rewarding, all memecoins are being trusted.

But when people realized that the whole process in doing these are not in a regulated manners, they take decisions on theirselves to use it on other's weakness and scam them, this is one of the reasons why every newbies should focus on bitcoin because it's secured, decentralized and consistent with trust.

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This principle as always making by the newbies came from the other people that with the use of the crypto you can instantly millionaire with the help of the altcoins too, they keep making a risk to have this faith at the same time but they didnt realize its not applicable as always to everyone, if you make an investment and still not on your full custody of your coins, its not yours, reason why make a good investment with your own wallet and keep holding like meme said, we dont trust anymore the centralized platform theres no key, theres no assurance, and not full authorization.

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Quote from: jrrsparkles on October 18, 2023, 02:50:12 PM

There are few times when the shitcoin market went crazy and the best time in my opinion was in 2017 when every project went to the moon and people who invested pennies made life-changing returns but it was one hell of a time and I don't think that time period will repeat.

Even in 2017 lots of people invested thousands of dollars and got back pennies or nothing.

The hype meant that lots of scammers entered into the market with the aim to profit off the greedy investors. They copied successful altcoin project models and combined that with lots of marketing to create a very attractive product.
As investments rolled in, they slowly made for the door, by the time they finally made their exit, hundreds of investors with millions worth in capital were left bag holding a worthless token.

Buying into hype is very dangerous regardless of the asset.

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Quote from: alastantiger on October 15, 2023, 10:32:13 AM

The message to newbies has always been the same since the beginning of time. From bitcoin creation to the very time altcoin started to pop up, till the era of NFTs, airdrops and other silly nonsense that shows up to deceive the naive ones. This is the simple message being reiterated - "Just buy bitcoin and hold your own keys or else you are going to get scammed"

PS- Image source is from a Telegram group. I don't claim ownership of it.

This a simple but valid information not just for newbies but for everyone. Buying only Bitcoin and keeping it in a safe decentralised wallet is important. If you don't have your keys, then you can lose your funds anytime. People have failed to learn from the mistakes of others until they become victims.

Quote from: jrrsparkles on October 18, 2023, 02:50:12 PM

There are few times when the shitcoin market went crazy and the best time in my opinion was in 2017 when every project went to the moon and people who invested pennies made life-changing returns but it was one hell of a time and I don't think that time period will repeat.

And the typical middle-class mindset is also the reason why they want things to happen fast so they think that taking risks will pay back but what they don't know is they don't really understand the concept of taking risks with their investment choice and fall for scams and shitcoins.

I think this is the reason why many people still put their money in shitcoins. The altcoin sector has been advertised as a get-rich-quick scheme and people don't care about the risk because of greed. Newbies are always the victims of these shitcoin scams because they lack the necessary knowledge about how the industry works. But some well-informed people don't care about the risk because of the projected gains but the best option anytime any day is Bitcoin.

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There are few times when the shitcoin market went crazy and the best time in my opinion was in 2017 when every project went to the moon and people who invested pennies made life-changing returns but it was one hell of a time and I don't think that time period will repeat.

And the typical middle-class mindset is also the reason why they want things to happen fast so they think that taking risks will pay back but what they don't know is they don't really understand the concept of taking risks with their investment choice and fall for scams and shitcoins.

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Quote from: Stepstowealth on October 18, 2023, 10:31:24 AM

Quote from: alastantiger on October 15, 2023, 10:32:13 AM

This is the simple message being reiterated - "Just buy bitcoin and hold your own keys or else you are going to get scammed"

Hearing and reading about scammers, some people can think of scammers to be far away. The scammer can be your friend or even family, The scammer can be your mentor or someone you look up to and have made the mistake of trusting them with your keys. The scammer is not only an anonymous individual from somewhere around the world, the scammer can be someone close. If you always remember this, you will know that the only person you can really trust to hold your keys is you.

Well you are right but I must say, when it comes to your keys, trust is not an option. Funny that even yourself can't be trusted because you could misplace them that is why it's important to write your private keys and recovery phrases and store in a secure location to avoid a situation of misplacement.
It's a true and powerful message but people will still fall victims to these scammers because they are blinded by promises of getting rich quickly. Some fall quickly after being presented with a fake investment profile. That is why before investing, it is important to make a proper research so that you don't lose your keys to these as scammers as they tend to seek your private info such as security codes. Some go as far as tricking their victims into sending crypto to compromised wallets.

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That makes sense and it's true story for the most. We've got friends that have been in that scenario that we told them to buy Bitcoin and they're completely good.

Well, honestly for those that have never listened but yet still made profit or did it the right time to sell that's good if that's what happened to many of them.

But the majority of them never took profit, bought not Bitcoin but instead meme coins and other altcoins that don't even have liquidity. They just don't want to listen but they want to have an idea and want to show that they're better from someone they've heard the idea of Bitcoin.

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Quote from: $crypto$ on October 18, 2023, 12:10:36 PM

Quote from: Hypnosis00 on October 18, 2023, 09:38:16 AM

I believe the message is very clear - Buy only Bitcoin. But, what are we gonna do with these altcoins like Ethereum and BNB? For newbies, this should be the best option but for us who have been in the crypto market for many years, I don't think we just ignore altcoins. Maybe I was wrong but can't just ignore the fact that some altcoins are more profitable than Bitcoin. For me, altcoins are still a good investment but that is right, we should be careful in choosing them. And it also depends on the time we bought them.

Scams just happen to those who have no knowledge about crypto and those who are greedy. If we know how to secure our funds from the hands of these scammers, they will just fail.

Let's just say the risk is greater in altcoins than bitcoin, altcoins still have owners while bitcoin does not - this is in my own view.

You are not wrong that actually altcoins are also profitable, but you must know that it cannot be long-term but must be short-term that is my principle, even though we know altcoins have an increase if the altcoin season arrives, it's just that a big risk can still overshadow you from any loss of coin value that does not increase anymore.

The best investment option is obviously Bitcoin by having its own key.

The Bitcoin network is arguably more secure because of its high hashrate, but I wouldn't necessarily agree with what you say about owners. Most popular altcoins have known creators or development teams but that doesn't mean they have any direct control of said project as it stands now, Litecoin being a prime example of this.

$crypto$

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Quote from: Hypnosis00 on October 18, 2023, 09:38:16 AM

I believe the message is very clear - Buy only Bitcoin. But, what are we gonna do with these altcoins like Ethereum and BNB? For newbies, this should be the best option but for us who have been in the crypto market for many years, I don't think we just ignore altcoins. Maybe I was wrong but can't just ignore the fact that some altcoins are more profitable than Bitcoin. For me, altcoins are still a good investment but that is right, we should be careful in choosing them. And it also depends on the time we bought them.

Scams just happen to those who have no knowledge about crypto and those who are greedy. If we know how to secure our funds from the hands of these scammers, they will just fail.

Let's just say the risk is greater in altcoins than bitcoin, altcoins still have owners while bitcoin does not - this is in my own view.

You are not wrong that actually altcoins are also profitable, but you must know that it cannot be long-term but must be short-term that is my principle, even though we know altcoins have an increase if the altcoin season arrives, it's just that a big risk can still overshadow you from any loss of coin value that does not increase anymore.

The best investment option is obviously Bitcoin by having its own key.

Stepstowealth

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Quote from: alastantiger on October 15, 2023, 10:32:13 AM

This is the simple message being reiterated - "Just buy bitcoin and hold your own keys or else you are going to get scammed"

Hearing and reading about scammers, some people can think of scammers to be far away. The scammer can be your friend or even family, The scammer can be your mentor or someone you look up to and have made the mistake of trusting them with your keys. The scammer is not only an anonymous individual from somewhere around the world, the scammer can be someone close. If you always remember this, you will know that the only person you can really trust to hold your keys is you.

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