Topic: Be careful were you put your hard earn money (Read 470 times)
Hopefully, we don't just get the same reason when the bull run is done. Anyway, it's still quite far to think of it and everyone were amazed of what Luna / Do Kwon did of investing to Bitcoin to make it look great that their project is backed by Bitcoin reserves. But apart from that, there were more shady things and something else with that. Everyone learned there that still nothing beats Bitcoin and no people, no project that it controls it but only itself and the technicals beyond it, which had become its natural ecosystem.
Not even this field, we will see fraud and and scam everywhere. And the crypto invites many scammers. Like you have given the examples.
But if anyone want to get benifits so this is the time to invest. Invest and hold. I only believe in Bitcoin because this is not in anyone's hand. Satoshi is no where. But others projects have the owners so they can scam at anytime.
But if anyone want to get benifits so this is the time to invest. Invest and hold. I only believe in Bitcoin because this is not in anyone's hand. Satoshi is no where. But others projects have the owners so they can scam at anytime.
Anywhere there is money, expect some level of fraud and scammers trooping to that area. If money is concentrated one place, scammers will come there to take advantage of people that have little knowledge on how the thing work because they know innocent people will also come there.
Always do research, no short cut, this is the main reason why many people loss money in crypto, they don't want to follow normal process, they want to feel how it is to be a good crypto investor with a success story.
When they finish talking advantage of Bitcoin and altcoin all time high, they converted everything to ust to be able to earn free money 20% a year on anchor protocol.
And selll their ust at a loss because they where skeptical of depeg at the beginning and believe too much in Do kwon.
After having sold there ust's they took the remaining money to put in Ftx to loose in November because they where quite gullible.
It's just like profit from a bull run and be ruin by scammer or irresponsible player in the crypto ecosystem. Don't be too believing of anyone in the crypto ecosystem, especially with your hard earned money, tred with caution.
Self-confidence is important, but placing complete trust in patterns conveyed by other people can damage the investments and trading we do. Make a separate analysis regarding the investment you want to undertake and look at which category the investment is worth carrying out according to our ability to be responsible. Forcing investment sometimes will not produce profits, if it is not accompanied by our ability to see the potential opportunities with these coins.And selll their ust at a loss because they where skeptical of depeg at the beginning and believe too much in Do kwon.
After having sold there ust's they took the remaining money to put in Ftx to loose in November because they where quite gullible.
It's just like profit from a bull run and be ruin by scammer or irresponsible player in the crypto ecosystem. Don't be too believing of anyone in the crypto ecosystem, especially with your hard earned money, tred with caution.
Crime and fraud will continue to exist along the way and this is not only in crypto but will continue to exist everywhere. Don't invest and trade with the money you earn from hard work and when you are not ready to lose all of that money. Be careful if you want to get involved and don't easily trust other people before making your own analysis.
Not even this field, we will see fraud and and scam everywhere. And the crypto invites many scammers. Like you have given the examples.
But if anyone want to get benifits so this is the time to invest. Invest and hold. I only believe in Bitcoin because this is not in anyone's hand. Satoshi is no where. But others projects have the owners so they can scam at anytime.
But if anyone want to get benifits so this is the time to invest. Invest and hold. I only believe in Bitcoin because this is not in anyone's hand. Satoshi is no where. But others projects have the owners so they can scam at anytime.
And in fact, in altcoins, countless fraudulent projects have been born to date. the LUNA tragedy is just an example of a large project. But the truth is that many more are losing money from the many small projects that keep popping up endlessly. But all of that is part of a risk that everyone who is into crypto is familiar with.
And not only in crypto but also in other investment instruments, fraud often occurs. So basically everything has a positive side and a negative side. And it will be the same in all cases. And remember, there are projects that intend to cheat, but there are also serious projects that end up bankrupt. So they are two different things. And actually the competition between exchanges is also very fierce. So we don't know which exchange will follow FTX next.
But one thing to be grateful for is that from all the tragedies that have occurred we can learn lessons and the security system has also been updated. The exchange even displays a list of their wealth assets to make customers believe that their funds are sufficient even to serve if all users withdraw assets together. And yes, the FTX tragedy brought better changes to other exchanges.
And not only in crypto but also in other investment instruments, fraud often occurs. So basically everything has a positive side and a negative side. And it will be the same in all cases. And remember, there are projects that intend to cheat, but there are also serious projects that end up bankrupt. So they are two different things. And actually the competition between exchanges is also very fierce. So we don't know which exchange will follow FTX next.
But one thing to be grateful for is that from all the tragedies that have occurred we can learn lessons and the security system has also been updated. The exchange even displays a list of their wealth assets to make customers believe that their funds are sufficient even to serve if all users withdraw assets together. And yes, the FTX tragedy brought better changes to other exchanges.
I have recently made a new friend in the forum (you may know him already too, he is Cuban and recently joined Bitcointalk) and I just answered him that before doing anything with his hard earned money he should hodl it and learn for a while.
He has heard about a trading platform and was asking if it is reasonable to deposit there more or less a month's salary. Taking into account that he is newbie, I don't think this is the best idea, and told him that if I were him I would hodl the money and focus on learning about crypto first.
He has heard about a trading platform and was asking if it is reasonable to deposit there more or less a month's salary. Taking into account that he is newbie, I don't think this is the best idea, and told him that if I were him I would hodl the money and focus on learning about crypto first.
Quote from: Kara3
We need to be sure where we put our money, no matter how solid the project or exchange looks like, if the founders mismanage people fund, we will be burned if we don't take the necessary measures, imagine those who believe Do kwon's Luna.
Where you invest your money will determine what you are going to achieve in the future, because if you invest in a potential projects that is very popular in the market ,I think you will have something suitable to achieve at the end of your investment. Many investors has lost their money to scam project in the community because they didn't take their time to investigate the project very well before making it their choice , and other investors will learn a lesson from them not to fall victims to scammers in the community. There are reliable projects in the community you can invest in this bearish season and you will not experience any challenges in your investment because those projects has be in the community for long with good result to their customers.
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During the 2017, I saw Bitconnect went from around $400 to nearly $0 in just a matter of a few days. I mean just imagine those people who lost their money at that time. I don't know the structure of a ponzi scheme at that time, but I did research how's the ecosystem of the project, and how it operates, and I learned from that incident. Feel sorry for those who lost their money, and those who committed suicide unfortunately because of what they've experienced. The worst thing is that, the mastermind of that ponzi scheme didn't get arrested, and correct me, but he's still free as of this moment.One advice. Focus your hard earned money on Bitcoin if you really want to be careful... or at least if you want to lessen your risks. Look the projects who got either scammed or hacked. All of them are altcoins. Some scammers might use Bitcoin to lure those newbies, and that's the reason why we need to research first before investing our hard earned money. I see OP's post as a reminder, and because of this thread, we might see 1 or 2 newbies learning from it.
As an investor, let's always be vigilant because people can scam you anytime, and every time they want, and they have no compassion or empathy to you, so always beware.
Honestly, I do not find @OP's post to be discouraging, but instead it gives me a reminder that I should be cautious in every investment I made. That I should not get easily swayed by these get rich quick schemed offered by any company and don't trust people blindly. I agree someone might find it discouraging but we should also look at the underlying meaning of these discouragement.
Crypto investment is really risky, in fact it is labeled risk with very high possibility of losses especially when we invest on newly created altcoins. Only a few cryptocurrency specifically Bitcoin and other highly supported coins that has large community and stable demand that is worth noticing. Even with these high community projects we should still study the project we are interested to invest with.
The person should invest prudently and carefully choose the projects where he will put his capital and conduct adequate research using his experience and skills. These are necessary things that must be taken into account. There are many good legit currencies that have strong teams with solid foundations. But the market is largely dominated by unreliable shitcoins and scam projects and projects run by irresponsible teams that do reckless things leading to their eventual failure. Therefore, every person must keep abreast of the project’s updates, goals, and related news and invest what he can afford to lose because, as you mentioned, investing in any cryptocurrencies generally involves risks because the crypto market is highly volatile. Still, with the practical management expertise of these risks, experience, skills, and necessary qualities, the investor can face any challenges and protect his capital. Even though Bitcoin is the most secure currency in the market it is unwise to invest in it with hard-earned money blindly and unthinkingly. Crypto investment is really risky, in fact it is labeled risk with very high possibility of losses especially when we invest on newly created altcoins. Only a few cryptocurrency specifically Bitcoin and other highly supported coins that has large community and stable demand that is worth noticing. Even with these high community projects we should still study the project we are interested to invest with.
Another advice to add to this is also trading with caution and avoiding following thread especially when you’re not sure or certain of the project you intend getting involved with.
The cryptocurrency has faced a lot of challenges including rug pulls and scams and despite all that have happened, bitcoin still remains strong and striving and that’s one reason people ought to stick to bitcoin and not gamble with their cryptos. People should always know how to handle the internet and the dangers they bring and that’s why I always advice people to be very conscious while online and don’t just send money to random people online.
The cryptocurrency has faced a lot of challenges including rug pulls and scams and despite all that have happened, bitcoin still remains strong and striving and that’s one reason people ought to stick to bitcoin and not gamble with their cryptos. People should always know how to handle the internet and the dangers they bring and that’s why I always advice people to be very conscious while online and don’t just send money to random people online.
Scam project is full of everywhere in recent time. One needs to do enough research before investing in order not to waste his hard earn money.
I agree with you and a lot of research ought to done before moneys is invested in any online platform as no one will be held responsible if any negative thing happens. 
Scam project is full of everywhere in recent time. One needs to do enough research before investing in order not to waste his hard earn money.
Easy, just do your own diligent research before investing on any projects, there are words going around the world that crypto is the next big place where money swims in and out of, so this have caught the attention of even many more bad actors and hackers, I also believe that you will be ok if you don't invest too much money, I include this because even projects with transparent teams are still scamming people, and projects with anonymous team are doing quit well, so always invest only what you can afford to lose.
Anything different from Bitcoin is ten times risky more than Bitcoin, but you can still make money from them, my best advice is to use diversification because there is no way to tell which project will survive in this bear market, even if you are very good with analysis you can still become a victim to rug pull projects and many will still rug pull before the year runs out.
This is why I am much interested in Seedify projects, they are well audited and the past projects that got launched using Seedify all did well and till date they all survived, so all you need is good information and knowledge.
Anything different from Bitcoin is ten times risky more than Bitcoin, but you can still make money from them, my best advice is to use diversification because there is no way to tell which project will survive in this bear market, even if you are very good with analysis you can still become a victim to rug pull projects and many will still rug pull before the year runs out.
This is why I am much interested in Seedify projects, they are well audited and the past projects that got launched using Seedify all did well and till date they all survived, so all you need is good information and knowledge.
The bad incidents that have happened so far in the crypto space are enough to make newbies learn from the mistakes and experience of others, and that's the reason why it's regularly said that bitcoiners should never save their assets on centralized platforms and also not look for easy ways to multiply their coins. Some platforms promise to reward users with a high percentage of APY, which will convince them to stake in or save their assets without thinking of the risk factors. In the crypto space, security is paramount, and every crypto enthusiast is supposed to exercise caution, knowing that there are always scammers who are also working around the clock in search of victims.
I hope they well and I am supposed to believe that they have listened carefully and all those experiences that they have will give them a reason to improve and become responsible with their password and login credentials. Indeed, irresponsible investors will get the consequences. As the number of scam issues and hacking incidents is increasing, we have to take extra caution in choosing legit exchanges and a wallet where to keep our funds. We don't have to let these greedy people take our money too easily as we can avoid them if we really want to do it.
We've been saying this overtime in here... Getting involved in any investment platform of any sort isn't advisable for peeps that don't really know the differences between something genuine or not. It's an opportunity to be here - to learn and adopt the risk management system.
You are right; it is very important to know where our money is invested, and that is what will help us manage the risk of our investment. Knowing both the negative and positive sides of our investment is very important because it will help us identify whether it’s a scam or not.
However, it’s actually an opportunity to be aware of this forum, as you will learn everything about the crypto currency at large and how people see bitcoin, because it’s also very important for a bitcoiner to know it.
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The bad incidents that have happened so far in the crypto space are enough to make newbies learn from the mistakes and experience of others, and that's the reason why it's regularly said that bitcoiners should never save their assets on centralized platforms and also not look for easy ways to multiply their coins. Some platforms promise to reward users with a high percentage of APY, which will convince them to stake in or save their assets without thinking of the risk factors. In the crypto space, security is paramount, and every crypto enthusiast is supposed to exercise caution, knowing that there are always scammers who are also working around the clock in search of victims.
We've been saying this overtime in here... Getting involved in any investment platform of any sort isn't advisable for peeps that don't really know the differences between something genuine or not. It's an opportunity to be here - to learn and adopt the risk management system.
way-back at time when FTX, a platform operated and owned by bankman fried was still in existence, people gave in too much trust that they left Thier funds heavily stuffed in there - forgetting that it was absolutely in another person's control and could disappear in a twinkle of an eye.
Sandra 🧑🦰
way-back at time when FTX, a platform operated and owned by bankman fried was still in existence, people gave in too much trust that they left Thier funds heavily stuffed in there - forgetting that it was absolutely in another person's control and could disappear in a twinkle of an eye.
Sandra 🧑🦰
I think your post is discouraging people from ever investing in any project. It's really hard to tell if a project is going to scam you after a few years or not. It's still better to know that there are certain risks involved when investing and with that in mind, it shouldn't be a problem to invest because you understood that there are risks.
I believe it's better to have that management rather than doing nothing at all.
I believe it's better to have that management rather than doing nothing at all.
Honestly, I do not find @OP's post to be discouraging, but instead it gives me a reminder that I should be cautious in every investment I made. That I should not get easily swayed by these get rich quick schemed offered by any company and don't trust people blindly. I agree someone might find it discouraging but we should also look at the underlying meaning of these discouragement.
Crypto investment is really risky, in fact it is labeled risk with very high possibility of losses especially when we invest on newly created altcoins. Only a few cryptocurrency specifically Bitcoin and other highly supported coins that has large community and stable demand that is worth noticing. Even with these high community projects we should still study the project we are interested to invest with.
OP I really do not know about your stand though if wether you are talking from experience or not, that is what I can not tell but the truth is that you should have it in mind that the world is full of both the good and the bad. In the course of life one must encounter with the good and the bad. When it comes to blockchain one needs to be extremely careful and alert as it is said to be volatile so it is when scammers comes in disguise as airdrops, giveaways and lots more. Some come in form of third party exchanges which run away with peoples resources all on the name of hack. They are scammers and do not portray what they claim to be.
That is why you are advised to always save your assets in your own self custodial wallet for your own safety. Remember "not your keys, not your coin"
That is why you are advised to always save your assets in your own self custodial wallet for your own safety. Remember "not your keys, not your coin"
One should be dealing with these exchanges extremely carefully because most of this scam shit and bankruptcy that happened took place in exchanges. Secondly, if you are a day trader ensure you pull off your funds at the end of the trading day to be on the safer side. Self-custody is highly recommended. No entity should be trusted when it comes to storing your Bitcoin and cryptocurrency and always be in charge of your key because this is one of the main purposes of cryptocurrency.
You should know where you are putting your money and how It works before investing in any business of your choice.
Fraudin is normal and has been since time memorial, the zeal for us to get more than what we are expected makes us lose our hard earned money to fraudsters. Bitcoin investment is gengine,but the problem you might have would be your channel of communication, introduction and exposure to Bitcoin also your knowledge and understandin of how it works before investing.,also not being patience you will be a victim of fraudsters and hackers, which i didn't think if you're careful will happen to you,your private information are very important, so you must choose a safe place to store your money on centralize exchange and control your private key.
Fraudin is normal and has been since time memorial, the zeal for us to get more than what we are expected makes us lose our hard earned money to fraudsters. Bitcoin investment is gengine,but the problem you might have would be your channel of communication, introduction and exposure to Bitcoin also your knowledge and understandin of how it works before investing.,also not being patience you will be a victim of fraudsters and hackers, which i didn't think if you're careful will happen to you,your private information are very important, so you must choose a safe place to store your money on centralize exchange and control your private key.
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