Topic: Be careful when it comes to New crypto coin investment. (Read 452 times)

Dis thing wey OP tell me why e get to a point I no come dey do any other crypto if no be Bitcoin and a few others wey don stay very long for the market so tae we don build small trust on top dem, if we dey remember things well we go know say after every tym wey be say BTC dey complete em cycle wey be say bull dey come, in dat particular year of bull, Many new pump and dump projects dey come out wey be say pipo dey use Make money taking advantage of the bull run, na d exact same thing wey dey almost happen now, I know say na for all dis kain period naim some legit coin dey lunch too but we still need dey careful make we no go do pump and dump project make our money for loss once, for me it's either BTC and two others wey I no go mention dia name or nothing.

This just reminds me of an experience I had with my friends in school during that covid-19 period when people were looking for a way to make money at all means. Most of my friends were buying a particular coin then, I can't even remember the name of the coin again because it wasn't any of the popular cryptocurrencies, their own thought was that they'll be able to make profit from the coin when it increases in price. There was no research on the coin whatsoever, they just started buying it just because one person in the group who claimed to be a crypto guru bought it. After sometime the coin reduced drastically and they were complaining on how they've lost a lot of money in it. Some of them were like they'll never go into anything crypto again because of the risk involved neglecting the fact that the purpose they had in mind is not how it works.

I always have pity on newbies when they want to invest on new crypto coin especially when they do not make research. They are many celebrities that have done same thing that Davido has done and people still fall victims though some who are good in trading made some profits.

Their projects always sound too good to be true and the social media hype placed on it by other celebrity influencer makes newbie to invest. I totally agree to focus on Bitcoin and others potential coins even though you would need a reasonable amount of money to start with.

When some people dat dey launch new projects like that, dem go think say the project worth am to invest their money, maybe it could be an opportunity to change their life. If I am not mistaken, about that davido coin himself no even reach 24hrs before he sold everything wey him hold, and that one sef suppose be a red flag for those that hold it that this coin no go do well. Majority of people wey rush that project na him fans, them believe say obo get money, maybe him project sef go do well and change people life. The project benefits people that sell at the right time, they no hold am reach 24hrs but people wey dey very greedy, dem no gree sell their own, and they lost their money.

However, we really needs to avoid any of these scam project because e dey very obvious say the projects are not here to give free money, they are also here to take from us. E just be like say na rich people dey continue to make more money. We shouldn't believe that any of these influences projects will do well, dem also bring out the project to make more money from us. I heard that BrainJotter wanted to launch his coin, which is jota coin maybe dem later launch am because I no hear anything regarding the project again.

Well sometimes you no go blame some people, especially Nigerians when it comes to participating actively in Ponzi schemes because the way the country be now, even if you get where them dey pay you better salary, if you no get alternate sources of income e no go work oo, especially for those people wey don already get their own family, e no easy for anybody, that’s why even with the risks involved and not being ignorant about the possible risks them still go try luck, Esther for Bible say “if I perish, I perish” and na the kind of mindset wey some people dey carry enter those Ponzi schemes. Now we don even dey used to the concepts of Ponzi say na only those people wey join first first na e dey manage cash out small thing there and say one day e go still crash, and with kind of mindset, e good because even if you dey enter, you get the consciousness say your money fit go, so you go know how much to risk. People wey e bad for, na those wey no dey approach am with this mindset, na there e bad pass.

Naturally humans get the instinct of greed and them no dey wan use ear hear about anything way go bring possible profit  then don jump in whether bad thing don happen before or not. There own be say make them also catch out small thing before the system crash. Just imagine MMM that year after then run with people money, who believe say Nigerians go still team behind any Ponzi again with their money but today many people still the run am despite the risk, and so it is with all this newly introduced coins backed  mainly by market hype . It takes very disciplined person to avoid all these cheap but highly risky schemes.

Sometimes I go just dey ask myself why some people no fit use wetin don dey happen in the past with other failed projects to take learn lesson, even when e don happen to them plenty times, for the sake of giving the benefit of the doubt, them go still dey fall inside these crypto scams wey dey pose to be crypto projects. No be today all these project devs and owners don dey use this hype technique, so tay the thing supposed don dey cast for the industry by now self, but e shock me say the marketing strategy still dey very effective and them dey even fit use an catch people more than twice. After them catch me once, I come lose better money, omo na so I wash hand comot oo, even if I see project now we I suspected say e get more of substance than hype, I go still feel skeptical about am and at the end, I go fit just comot mind. Make people stop to dey follow hype like bee wey see honey, because las las e go still end where person no go expect.

An investor should give top priority to understand the level of risk tolerance in investing. They should check whether the amount he is interested in investing or invests is suitable to continue for a long period of time. Many investors start hoarding Bitcoin on impulse but may not be able to sustain it in the long run due to lack of proper care. He needs to have a reliable source of alternative income that can make it easier for him to accumulate a portion of Bitcoins from his discretionary income. Also some investors tend to pick unqualified shitcoins which can multiply the risk level for them which should be realized by their advice.

All the activities related to capital can be outlined by a consultant through proper evaluation but to implement it at the field level the investor has to take the key decisions and ensure himself proper utilization of capital through proper activities.

I dey usually talk say anybody wey dey make any form of things to be look at as an investment wey to spend money dey involved, make the person think am well because that person should be able to take the responsibility of their actions when things no work the way them expect, getting in terms with any other coins wey no be Bitcoin can be very risky, so understanding your risk tolerance level and staying within it will surely be the best thing to do as regards to whatever thing we dey put our money no matter how small or big, no go do pass yourself, always make sure to take good care of your needs before anything else.

Celebrities these days are the promoters of scams. They do not care about their fan base and what the heck they would go through, they just take advantage of them and do their dirty deeds and their fans too do not react to such experience dey just laugh over it and let it slide like that and when other celebrity sees it, they too would repeat the same rubbish and their fans would keep mute over it and it keeps going on and on without any calling them to order.
It is true that David launched his own token and it dumped on the supporters. Till this moment nothing has been said or heard about it and his fans who got rugged kept mute over it. It is just like that and life goes on.

For me, my interest in cryptocurrency doesn't go beyond Bitcoin, and other stable coins like USDT of which is the most preferred for trading professionals.

Any other kind of coin that is newly launched looks like a mystery for me because since scammers have now become easily avoided or studied very well to counter their motives, the new kind of scams may include all this fake new coins that is launched and so we must all be very careful in patronizing them because of the greed of making profit.

Na so e be na, the way our people they badu shitcoins like say those our celebrity them get the mind to do bad things them for done wicked our people well well because make we just imagine say person way they like wizkid bring one shitcoins come name with his name, you can imagine the way people go troop on am because them go feel say as him get money him no go gree anything happen to the project and secondly them go they feel say e no go waste time for the coins to rise very far, so actually na so some of our people done lower their belief on shitcoins reach ooh, whether na scam them no go even care to check first, however I think I been they hear rumor about davido own, I no no whether na true be that.

Humans are naturally greedy but it is within our ability to control our greed when we deem it fit to do so. Investing in a project is not a bad idea but what have the investor done to making sure they protect their investment is the question. I am meant to understand that sometimes it is not about the greed but the steps an investor has taken to making sure where they are putting their money is a safe place to be called an investment.  Humans are naturally greedy to say and would want to make huge profit from any available venture they see but that does not stop one from finding more about the business or project they are about going into. Making out time for a research could help save ones fund from being swindled be scammers. Having ideas of the team behind any crypto projects could give a good knowledge of who you are putting your funds into so that you would be rest assured of the productivity of your investment on the long run.

No matter how many times you talk some newbie go still go invest for any Alcoins wey dey see say money go commot, many newbie don take cryptocurrency as a place wey be say if you come you go make quick money, maybe them think say na the same thing invest be like airdrop wey be say people dey do now, investing in Alcoins is like putting your money on a risk because you don't know if the coin is going to dump or pump and many Alcoins no dey end, normally them get some Alcoins wey still dey normal but as a newbie you don't have anything to do with Alcoins, just learn about bitcoin when you have money and you invest.

I no dey advice anybody to buy any other coin if not be bitcoin and again na person wey money dey capable I still dey advice to buy bitcoin because I no fit give person wey to chop sometimes advice to buy bitcoin, before thinking of buying bitcoin make sure that you don't have any problem of money and again you have another sources of income, cryptocurrency no be anybody mate, although even bitcoin too dey risky but no be the same risky E be with Alcoins, you can invest in bitcoin and still get mind to get money wey you use buy but Alcoins no be like, if you Don loseguard E don do be that.

As much as I know, any crypto coin that does not have potentials values and no reputation is literally a scam.
Do you know that if cryptocurrency was a centralized currency the authorities was meant to hold such Crypto coins developers and their teams as davido coins responsible for conspiracies of fraudulence act which should be unlawful term of Obtaining people (investors) funds by tricks (OBT)?
So I can not say davido make profits out of that his project if not, that was a scamming schemes.

Being honest, I don't also think well learned Crypto enthusiasts would invest on such coin because ideally no one knows when when the coin would crash to secure their funds.
Perhaps investing on such coins is purely a gambling and it is not worth taking the risk on investing in a potential gambling schemes as that of the new developed Coins.

I am still wondering why people (inventors) will even invest on such coins when there is a reputable coin as Bitcoin to be precised when we are investors have same goal of making profits.
So why taking such step of gambling in the name of investment in the first place?

You dy really correct on this bro, you don talk well, you know say sometimes na ignorance they cause all this kind thing and for instance na mostly newbies dy fall for that trap, but when you see experience investors or a veteran investor investing heavily on a newly launch token like that, just know say na greed push am there.

You know say in this crypto space we find ourselves, greed na one major thing wey dy make people lose money, because them go definitely know the truth but them go still risk their hard earned money on it base on say them focus more on the rewards than how much they stand to loose, but they fail to understand that shit coin will always behaves like shit coin, so the best thing to do na to just avoid am, an focus more Bitcoin, but if you dy too stubborn and you choose to gamble with ur money, the only advice I fit give you is that, try use money wey you fit afford to lose, so that you no go too reason am if things go south.

E be like say the more people they complain say money no they na the more people they waste money for scam projects and they easily get duped by anyone online. My dear i dont blame the government for some kind things wey they happen for the country. Instead of to invest in things wey they profitable and reasonable even if the returns go take few years to start to they come, Nigerians prefer to carry 70% of that money go club, drink, smoke and womanize then the remaining 30% they go they look for where they go try put am so that e go make them get plenty money all of a sudden. Since majority done they stuck with these kind of mentality, na so so plenty scams go they come out everyday and na so people go they fall for am.

Any good investor wey get eye for altcoins to use am make big profit supposed know say  all these celebrity promoted coins and tokens na things to avoid, and before you gat put your money into any coin nah say you go don do better research about the coin and their team wey the back the coin  to know if them get reputable background. Altcoins in as much as it fit bring fast and huge profit within a short period of time nah same way it fit reck you in a blink of an eye.

That is why I prefer to invest my money on BTC, than any other new crypto coin, because BTC is good for long term hodling when u have other sources of income u can use to back yourself up during d difficulties time not to touch d BTC until 5 years or 6 years before u can sell to make enough money from d hodling. Why are u putting what u can't afford to lose in new crypto coins because they are not reliable like BTC and ETH, and anything can happen that will make d new crypto coin to start dumping till it disappear from d market to make those that invested to lose.

I no some people use to make profit from new crypto coins but d profit is not all d time because there are some new crypto coins that will favour their investors, while there are some new crypto coins that will not favour their investors, but u have to chose wisely.

My brother, for this our country, currently majority wan take their chances, that's why once new thing wey relate to making money just pop out you go see say people go just dey rush into am regardless of whether eh legit or not, some no even care to do research about am so far say eh pay the next man, dem go see am as opportunity. All those airdrops no be wetin people suppose dey put their hope on to make money for Cryptocurrency because no be all legit, some of them na scam organisations dey run am that's why at some point when some of those airdrops projects they about to launch, them go dey ask people wey dey mine am to pay for gas or tx fees to claim am. These ongoing projects for Telegram done teach me say many people for we country  dey so ignorant about Cryptocurrency dem dey only go mine airdrops cause them feel say them go fit make money through am  and funny enough eh get people wey still dey refer to those projects as Bitcoin, my brother I laugh when I hear person call hampster Bitcoin. That's why as Cryptocurrency enthusiasts wey done dey informed about Cryptocurrencies at large to an extent eh go make sense say make we dey enlighten those ignorant people when we come across them so them no go make mistakes or fall victim to scam activities all in the name of making money through Cryptocurrency.

The truth be say no matter how you teach people about scam project and coin, the greedy ones go still fall for am even the people wey dey coordinate the scam coin them know this matter too. As e be say the coin dey related to the celebrity name, their fans and investors go surely go after am because them believe say the token go get value not knowing say na trap be that. As soon as the coin just increase in value, the key celebrities wey dey involved  for the show  go don sell their own quota leaving their fan base to no penury.  Na newbies dem wey no want to hear and see the wrong dey always fall for these scams them.

Every oma for himself. They no dey advise person wey want better thing for him life two times. The thing be say, many people wey they fall for that new coins na people wey they hear say cryptocurrency the profiting. Especially after those airdrops wey come out many unbelievers con believe for crypto projects well well. We remember say e get the time wey be say people no believe say airdrop fit pay but now the trust for paying airdrops done increased and the thing done still make people they do things blindly.

As ah they always talk am, we go always they accountable for anything wey we do, no excuse whether we be beginners, intermediate or professionals. These days anything wey we see online, make we do better research for that thing. To get money for this country no be bobo juice. E no go come make sense say persons just come from now where promise us heaven we believe they put our money inside. Nothing come free in this life, there must be a trade and the earlier people understand this the better for them.

We should be careful on who to listen to when the projects are being advertised, reading projects whitepaper and roadmap and verifying on whether the roadmaps are tangible enough and are being achieved or if it's just a hype. Influences have really done great harm to people. They utilize their huge following on social media to make their money at the expense of their followers.

Another mistake people make is presale purchase of tokens, This should be seriously avoided since most recent projects launch far below their presale price and gives it investors terrible loses upon launch.

For me, the safest thing to do now is buying and holding Bitcoin. The crypto space is very victimizing currently and getting scammed is easier now, so in Bitcoin and it's holding I trust.

e no de pass like that oh. Most altcoin expecially those ones when be say na celebrity bring am up na just for the profit of the person when bring out the project and nothing more. Talk about $DAVIDO coin or the token when Trump and him people de bring out, all na that kind pump and dump stuff and the way e de normally be na say dem wan use Thier influence pump the coin and if you know de careful enough to come in when e de hot and exit as fast as you can, you go kuku learn your lesson the hard way.

Some lucky ones de when still benefit from these new coins oh but it takes experience and luck to benefit from them and na why e no de advisable make newbies carry themselves enter that kind stuff because e go spoil thier entry into the crypto space. If your mind never touch ground and your money no long like that such that if you invest into these coin and all your money go like that, e go  worry you, e make sense make you wash your hand comot for the matter when gat to do with new coin.

New coin will Come and go but Bitcoin no de go anywhere anytime soon. People de talk say the reason why some of them no too like to invest in Bitcoin na say e de take too much time before Bitcoin go pump forgetting that the same way when most of those coin de take pump na the same way when e de take also dump. If your mindset no be that kind when de follow every ponzi scheme when de trend, you go focuse on Bitcoin leave every other coin that comes as a major distraction.

Plenty coins now na Wetin dem Dey do be that, na teams just Dey use am scam people, na why if we Dey make investment, the best thing na to invest in Bitcoin, but we know say plenty people now get interest for altcoins, even as we know say the risk Dey high, so if anybody wan invest altcoin, make dem make sure say na strong altcoins dem Dey put money, d ones wey don Dey crypto space for long time, but all dis new projects me I no Dey advise anybody make him put money ooo, but mostly now na project wey fit make people Rich quickly dem Dey look for, and dem believe say na from all dis new projects dem fit get am.

I see as d thing Dey trend for twitter that time, I no just come hear about the coin again, I know say bad thing don happen. We no suppose Dey follow our celebrities blindly, anything wey dem talk, we no Dey even care to do our research, we go just do am, and Dey don’t even care about their followers, they only care about Wetin go enter their account.

After devido launch him own coin, other celebrities also launch now like Sabicoin, that one na sabinus get am, and Jotta coin wey be say na brainjotter get that one, and all no really end well.

You said the fact. But many newbies won’t believe they need quick money and they think crypto space will do that for them; they don’t know is only bitcoin worth investing in crypto that will give you peace of mind. Many of them think since bitcoin is not pumping the way they see other shitcoins are pumping, it is not worth investing; they don’t know they are misunderstanding it. The best thing for them is to invest in bitcoin and hold for a long time; they will get a huge return, as they are told, but they don’t want to wait for that long. That is why they get scammed by all these shitcoins. 

New coins as all altcoins alike are 100 % volatile and Risky. Getting into it you need to be a gambler and have a certain amount of luck to yourself because in a day it can go 100x gain or 100x loss. As a newbie it’s not adviced to meddle with Altcoins ( Na who get mind go still push hand).
But in some cases proper analysis and follow up on the activities of the  developers can help you cash out by knowing when to Buy or sell.

When you tell newbies to avoid investing in any other coin they don't want to hear and until they have invested and they didn't get anything or it crashed then they will know the value of the information they have been given for free to invest in bitcoin, bitcoin have more guarantee when it comes to investing in any other coin but no they want a coin thay will do 100x for them and some of them are ready to chest the risk that it comes with so those are all part of crypto but some risk need to be considered reasonably.

Majority of does pump and dump coins always have a good hype and you see a lot of people investing in it and at the end of the day after investing seriously, then you will be waiting to get a good return but eventually when you don't get any money in return that is when you will know the value of investing in bitcoin, because their is a kind of lose you will record them you will know how important the information is.

The moment you understand the kind of business that cryptocurrency is then you should be aware that is not a get rich quick scheme.

Make newbies for the cryptospace avoid any coin wey no be bitcoin, only if you luke to gamble with the little funds wey you get to use invest. The reason be say those altcoins, majority of them na pump and dump projects wey the dev create to use scam greedy and self centered people who won get rich over night from project wey no get foundation. Cryptocurrency no be get rich quick scheme, and the best way to benefit from this space na to buy bitcoin and hodli for long because investment dey take time before e ripe.

Sometimes when we dey caution newbies say make them avoid altcoins investments, e go belike say you be enemy of progress or you no want make them hammer for the crypto space. When you tell them to buy bitcoin and Eth, them go tell you say those coins no dey volatile enough. Them want the one way go do x100 so them see huge profit. This kind people no be who them dey pity when market crash for their head, people way buy $davido no see mouth to complain till today say them scam them.

A good crypto investor way dey in search of altcoins or memecoins to invest gat know say all these musicians their coins na targeted rug pull projects through a pump and dumb mechanism. Buying any coin because it's owned by your favourite musician na the dumbest way of reasoning anyone for this industry go go with because the end be say nah your loss.

Normally the current pattern now wey them done the use put coin for the market searchlight na through hype, mostly paid hype by influencers and any person wey fail to run him own research about a new coin coin before delving into it na him sabi. Anything him see make him collect. However, even if the coin appears to be genuine na to just make sure to enter with money you fit careless to lose just in case . The same way wey new coins na fast way to take make huge profit nah so it take still be same way to take loss huge money faster.

If you wan they fine big profit you go always they fine coin way you go dy gamble your money with, if not aside from say this influencer nah musician abi anything way dem believe say them be watin concern dem with crypto currency if no be to look for way go exploit there fans.

Any coin way be say eh no get any better use case aside from the hype way the influencer way they promote am they hype am or the paid YouTubers way they talk about am such coin and token nah Watin person really need to avoid because the end no they always come out positive.

That is why it’s not advisable for you as a beginner to always engage in shitcoins because you will always regret it. Moreover investing in shitcoins is one of the most risky act in crypto space and in most time you will always lose instead of gaining. Talking about Davido’s coin  that is a scam project, everyone knows that. That is why a lot of people that have been in the crypto space for a long time didn’t even invest or buy the coin, because he use his popularity to scout money from his fans and those that trust him, which what end up happening will affect him. In other ways most victims of the crashing of the coin will never trust him again.

So the best thing to do is to stay away fro all those shitcoins and focus on popular coins that you will hold for a longtime and gain your profit.

This days a lot of people done they bring out crypto coin and majority of the people way they bring out this crypto coin just they do am to exploit other people, them go lunch there personal crypto coin then put there money inside con make public advert so people go come buy am and as soon as people don come buy the value of the coin go they go up as soon as the coin reach the kind price way them like them go con sell off there own coin and as soon as they sell am off the value of the coin go drop and some people go lose money and them go gain and one thing about this kind thing be say na them they always be the highest holder of that coin so if them just sell off there coin e go just drop for value.
If we go fit remember when davido lunch en coin way them they call davido coin, as soon as en lunch am en come make am know to everybody using his social media account's, a lot of people rush go buy am na so the crypto coin con  dey grow in value and price before we no watin they happen davido sell off all en coin way en they hold na so the value of the coin just drop, davido make huge profit from that thing way em do, some people way really get the knowledge of cryptocurrency way also don dey inside crypto business for long follow am sell too con gain, the rest people way no they fast to sell there davido coin loss there money.
So they very careful with all this new crypto coin way them dey lunch, a lot of the people way they lunch them won just con exploit people, e go better say you focus on old coins like Bitcoin and ethereum to avoid losing your money.