Crypto is not a get rich quick ponzi

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Quote from: ethereumhunter on January 15, 2020, 08:33:59 AM

New people attract to crypto because they read from the story that crypto can give them a big profit in a short time. But they don't know the truth, so they decide to buy bitcoin at a random price, but suddenly, the price does not increase as they want. If they can spend time to learn about the bitcoin market, they will see that crypto is not a quick way to get rich. They need to learn how to analyze and get at the right time so they can see the chance to make a profit in the short term and long term.

We hope that the other new people can learn from people's mistakes, so they can learn more and do research and analyze before they buy bitcoin. Only with that will allow them to make money from bitcoin.

Sad but true. I think that those people you mention are looking for a way to earn quick money because they read a story about bitcoin that people can earn money. Well, I think it is better that there is no story like that so people won't just buy bitcoin without proper knowledge whatsoever to not lose money.

Theb

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I'll understand it if they have holdings of Bitcoin before hand and they are just buying on breakout now to take advantage of the price pump, at least they still have a margin of safety involved which gives them space for errors. But what I don't understand is the newbies who are buying because of the hype and and sudden price increase. They immediately doubled the risk as they are trying to catch an already moving train. If you really don't like to study technical analysis my advice is for you to just buy Bitcoin when nobody else in the market is buying it and when the price is already at the bottom, these just gives you a very good position on the next bull cycle.

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Quote from: sovie on January 16, 2020, 03:28:01 AM

Warren Buffet said "buy when everyone fears to buy and sell everyone is running to buy."

You're probably a fan of Warren Buffett and it seems sounds familiar at me, this line of words reminds me also on Warren Buffett's famous rule. "Be fearful when others are greedy, and be greedy when others are fearful".

Investing in crypto is not easy money, you need to wait patiently either in a long term or short term period of time, once this will fluctuate the price move also either down or up. Volatility is an asset of crypto that there are massive adoptions and hoping to gain profit.
Let me also drop here a Warren Buffett quote "I don't look to jump over seven-foot bars: I look around for one-foot bars that I can step over." . In my own understanding, we should have a patient and don't expect quick profit in a short period of time and most especially crypto is not a Ponzi scheme.

sovie

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Warren Buffet said "buy when everyone fears to buy and sell everyone is running to buy."

But nobody pays attention to his quote. We always do reverse and get struck. Take example of Bitcoin SV for instance, it was 170$ on 14 Jan 2020 and pumped to 440$ on 15 Jan 2020. Everyone start buying that and its now going down again.

LbtalkL

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You are right, But for me cryptocurrency are not just about money, get rich whatsoever. It is a life changing creation that unites different people around the world thru blockchain. It is both good and bad investment, as we all know there are so many sh*tcoins that exist on the market it is our task to determine them but it is hard sometimes.

ethereumhunter

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Quote from: Wysi on January 12, 2020, 03:43:19 AM

The reason I have come up with this topic now is for the fact that the value of bitcoin has been good from past one week or so and this is the time when most of the newbies end up buying at peak assuming they will get huge return on investment very quick just like they thought for 2017 bull run without understanding how crypto works and ended up being the losers or panic sellers. I urge everyone to take a moment and do research before investing.

New people attract to crypto because they read from the story that crypto can give them a big profit in a short time. But they don't know the truth, so they decide to buy bitcoin at a random price, but suddenly, the price does not increase as they want. If they can spend time to learn about the bitcoin market, they will see that crypto is not a quick way to get rich. They need to learn how to analyze and get at the right time so they can see the chance to make a profit in the short term and long term.

We hope that the other new people can learn from people's mistakes, so they can learn more and do research and analyze before they buy bitcoin. Only with that will allow them to make money from bitcoin.

secone

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Quote from: Wysi on January 12, 2020, 03:43:19 AM

The reason I have come up with this topic now is for the fact that the value of bitcoin has been good from past one week or so and this is the time when most of the newbies end up buying at peak assuming they will get huge return on investment very quick just like they thought for 2017 bull run without understanding how crypto works and ended up being the losers or panic sellers. I urge everyone to take a moment and do research before investing.

this is reality, people who see greeenbull will buy bitcoin and hope bitcoin rise again, and sell it by panic when he see reddump.
some people in crypto trader just a "trader" who never see any technology behind it .

agentx44

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Quote from: Wysi on January 12, 2020, 03:43:19 AM

The reason I have come up with this topic now is for the fact that the value of bitcoin has been good from past one week or so and this is the time when most of the newbies end up buying at peak assuming they will get huge return on investment very quick just like they thought for 2017 bull run without understanding how crypto works and ended up being the losers or panic sellers. I urge everyone to take a moment and do research before investing.

Crypto won't make you rich as fast as you want it too not unless you invested way back when its price is still very low and you were able to hold it up until the bull run last 2017. From that you can be an instant billionaire for sure but if you are just a newbie and you are making actions based on your emotions which tells you that bitcoin will continue to rise up, you better think it through. The halving is near and a bull run is expected but still you should make sure that your investment is secured and you have a back up plan if ever things wouldn't go how you want it to.

Taskford

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Quote from: aioc on January 15, 2020, 03:35:34 AM

Quote from: Wysi on January 12, 2020, 03:43:19 AM

The reason I have come up with this topic now is for the fact that the value of bitcoin has been good from past one week or so and this is the time when most of the newbies end up buying at peak assuming they will get huge return on investment very quick just like they thought for 2017 bull run without understanding how crypto works and ended up being the losers or panic sellers. I urge everyone to take a moment and do research before investing.

Not only doing research but also remembering that, you need to invest what you can afford to lose and remember that the market is very volatile and you have to expect the unexpected, only invest in coins with proven usability and not new coins that just come out of the market.

That's why for newbie who want to start in this market situation better for them to start with BTC and learn with the flow of the market since by this they can get a experience on how trades works and they can assure also that they are not into dump and pump scheme coins where mostly scam there traders and supporters.

Negotiation

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Crypto is not a rich fast currency because Bitcoin is one of the many currencies in Crypto To work in crypto, you have to work time consecutively which is very risky for newcomers This is why we should take some time to research before investing in crypto then we should move forward.

aioc

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Quote from: Wysi on January 12, 2020, 03:43:19 AM

The reason I have come up with this topic now is for the fact that the value of bitcoin has been good from past one week or so and this is the time when most of the newbies end up buying at peak assuming they will get huge return on investment very quick just like they thought for 2017 bull run without understanding how crypto works and ended up being the losers or panic sellers. I urge everyone to take a moment and do research before investing.

Not only doing research but also remembering that, you need to invest what you can afford to lose and remember that the market is very volatile and you have to expect the unexpected, only invest in coins with proven usability and not new coins that just come out of the market.

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Quote from: Wysi on January 12, 2020, 03:43:19 AM

The reason I have come up with this topic now is for the fact that the value of bitcoin has been good from past one week or so and this is the time when most of the newbies end up buying at peak assuming they will get huge return on investment very quick just like they thought for 2017 bull run without understanding how crypto works and ended up being the losers or panic sellers. I urge everyone to take a moment and do research before investing.

Who are these "most newbies"? Where did you see the data?

To my own observation, at least, today's new players do have a reference now compared to what happened last 2017 bull run where only a few anticipated of the big crash that's why continuous accumulation even on that high price was encouraged. Today, they already know that a big crash may happen anytime even in the middle of the peak. And to those who got wrecked last 2017, no way they will just easily put money on bitcoin again after they witnessed and experienced the wrath of the bear market.

As far as the latest price is a concern, I don't see any wrong movement if newbies will consider buying at this price rate even price will crash to $6,000 tomorrow or next month although it wasn't likely to happen*. But of course, it was obvious that before putting money on something, there should be considerations.

"Investing in crypto" is not the same as the usual investment we have known in general.

Upgrade00

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~~Crypto~~ Bitcoin is not a get rich ~~quick~~ scheme at all. Making people rich is not the fundamental purpose of bitcoin. It is primarily meant to be used for pair to pair transactions and allow users to transact without a third party. It's volatile price is a bonus for both long and short term traders.

Some users are down by almost half of their investments from the 2017 bull run, and many would have cut their losses already, but, 'it's not a loss until you sell'.
So if one thinks this is the best time (price) to get into bitcoin, it may not be a bad idea. The best advice is to do sufficient research before investing in any financial venture.

DannyHamilton

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Bitcoin has risks. Bitcoin has potential. From everything I've seen and heard over the past 8 years since I discovered Bitcoin, I believe the potential VASTLY outweighs the risks.

If you have 0 bitcoin and it lives up to its potential, you've suffered a disaster (because you've missed out on an amazing opportunity).

If you have your entire life savings in bitcoin and it falls to its risks, then you've suffered a disaster (because you no longer have the resources to take advantage of other opportunities).

It seems obvious to me, that the right answer is to manage your risk based on your personal risk tolerance. Own enough bitcoin that you'll reap worthwhile benefits if bitcoin lives up to its potential, but not so much that you'll suffer significantly if it falls to its risks.

shedir

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Easy money doesn't exist, and even when it happen, people that get rich quick generally can't handle it. I've lived it myself, and learnt the lesson from experience

gentleman2019

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And related advice: never invest more than you can afford to lose - in any investment really, and be especially careful with something as volatile as crypto.

msarro

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Everyone feel that since bitcoin is going up, lets buy bitcoin and we will sell this when bitcoin will go further high. With this mind set many buy bitcoin and spend rest of their time cursing the bearish market. Bull market is always recommended for selling while bear market is recommended for buying.

mk4

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What research is left before investing in bitcoin? It has proven itself to be exactly what it claims to be.

Actually knowing what they're investing in. Like sure, we're mostly bullish on bitcoin here, but I would never tell a certain person to buy bitcoin even though I really am truly bullish. High risk investments is really not for everyone; and to add to that, in general, investing(or speculating) in something you really don't know much about is mostly a really bad idea even though the investor still ends up profiting in the end.

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Quote from: noormcs5 on January 12, 2020, 08:56:44 AM

More often the opposite of this happens. People are forced to buy high and sell low because of lack of faith in crypto and no patience.
I everyone has patience and power to hold, no one will lose in crypto. It is still the most profitable investment than stocks and Forex.

That wouldn't be healthy if no one's willing to buy. No money getting pumped in Cheesy

jossiel

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Bitcoin is pumping and dumping and that's not an attitude of a ponzi because it will never go down. There's balance in bitcoin's ecosystem that's why it is not a ponzi unlike the people that haven't invested yet because it's the definition they think about bitcoin.

End of 2017 was full of hype and many thought that it's an overnight success for them. Lucky for those that got that opportunity but regret and sorry for those that were with us in the losing side because we held in 2018. I think newbies can now understand what bitcoin is after seeing it during the bear market.

robelneo

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Quote from: Wysi on January 12, 2020, 03:43:19 AM

The reason I have come up with this topic now is for the fact that the value of bitcoin has been good from past one week or so and this is the time when most of the newbies end up buying at peak assuming they will get huge return on investment very quick just like they thought for 2017 bull run without understanding how crypto works and ended up being the losers or panic sellers. I urge everyone to take a moment and do research before investing.

It used to be before 2017, when the market drop from all coin's all time high, and from them on so many coins are exposed as useless coins which offers nothing to the community, their platform were useless and so many scammers run away with money, because of this, investors have matured and they selecting which coin to invest and that does not include new coins coming up in ICO.

BrewMaster

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that is wrong. and it is a common mistake among newcomers too. what you said is only true about bitcoin not crypto in general. as a matter of fact a large number of altcoins are complete scams as it is evident from the past years' disappearance of hundreds of them specifically the ICO tokens that were the definition of a Ponzi scheme.

noormcs5

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Quote from: UserU on January 12, 2020, 08:47:43 AM

Quote from: noormcs5 on January 12, 2020, 07:29:39 AM

Those who enter in crypto field thinking they will become rich quickly, will only end up in a loss. You should think crypto as a long term investment. The longer you can wait in crypto, the better it will be for you. People who come in crypto for short term, get disappointed quickly and then leave the crypto saying its a ponzi scheme.

Crypto is just like any other investment schemes like stocks and forex. There are those who buy high sell low and vice versa. Willing buyer, willing seller.

More often the opposite of this happens. People are forced to buy high and sell low because of lack of faith in crypto and no patience.
I everyone has patience and power to hold, no one will lose in crypto. It is still the most profitable investment than stocks and Forex.

UserU

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Quote from: noormcs5 on January 12, 2020, 07:29:39 AM

Those who enter in crypto field thinking they will become rich quickly, will only end up in a loss. You should think crypto as a long term investment. The longer you can wait in crypto, the better it will be for you. People who come in crypto for short term, get disappointed quickly and then leave the crypto saying its a ponzi scheme.

Crypto is just like any other investment schemes like stocks and forex. There are those who buy high sell low and vice versa. Willing buyer, willing seller.

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Quote from: quarkfx on January 12, 2020, 06:24:21 AM

its common for some to buy when there is a raise in price thinking that they will get profits quickly is the buy at top its bad obviously is rally is not over then they end up with little profits for big risks , disciplined traders avoid due to risks in this type of move

as I have seen newbies don't exit from this trades even there is are in loss ,either they try to average out or wait for price to go up again and lose more and finally they get frustrated and lose huge

Those who enter in crypto field thinking they will become rich quickly, will only end up in a loss. You should think crypto as a long term investment. The longer you can wait in crypto, the better it will be for you. People who come in crypto for short term, get disappointed quickly and then leave the crypto saying its a ponzi scheme.

quarkfx

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its common for some to buy when there is a raise in price thinking that they will get profits quickly is the buy at top its bad obviously is rally is not over then they end up with little profits for big risks , disciplined traders avoid due to risks in this type of move

as I have seen newbies don't exit from this trades even there is are in loss ,either they try to average out or wait for price to go up again and lose more and finally they get frustrated and lose huge

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Quote from: Wysi on January 12, 2020, 03:43:19 AM

this is the time when most of the newbies end up buying at peak assuming they will get huge return on investment very quick

That's what doing newbies always. And I think that is the one of most important reason why bitcoin continuously go up when start small bump. Same thing happen when they get panic and start sell then bitcoin go down continuously. But when you will ask them to buy when dumped bitcoin they will reject you. I have encountered same situation when bitcoin went $3K, I had suggested some people to buy it and hold but they told it will dump more. But what happen? Bitcoin start bumping and same people bought bitcoin at on $5K price. That's what was their thought.

Since we don't know what would be bottom, that's why I believe if someone want to buy then go with current bottom. No need wait for long time, because who know it would dump or pump.

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Quote from: Wysi on January 12, 2020, 03:43:19 AM

The reason I have come up with this topic now is for the fact that the value of bitcoin has been good from past one week or so and this is the time when most of the newbies end up buying at peak assuming they will get huge return on investment very quick just like they thought for 2017 bull run without understanding how crypto works and ended up being the losers or panic sellers. I urge everyone to take a moment and do research before investing.

You are giving a wrong message to the Newbie and discouraging them from investing in Bitcoin. This is not December 2017 where the bitcoin prices are very high and the investment could result in a loss. The current bitcoin prices near 8000$ are ideal for investment and can give good returns in one year time.

Coyster

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Quote from: Wysi on January 12, 2020, 03:43:19 AM

<...>

Bitcoins prices is not even near it's peak and we are not in any bull run, I don't think anyone would be rushing in to buy because of a bull run, because imo there is none, BTC price is at 8000+ this morning.

Do they have to do any research at all, if they are to buy now, it may not be a bad time to do so, if they are going to be hodlers, patient ones, then they will get ROI in the end. Were they should do much research on or maybe not even go to is with this scam altcoins and icos

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How do you know that most of the newbies were buying at last week's "peak"?
Can you still call them newbies if you are saying "just like they thought for 2017 bull run"?

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Crypto is not a get rich quick ponzi

There are plenty of ponzi operators out there using crypto for their get-rich-quick investment scheme.

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Quote from: Wysi on January 12, 2020, 03:43:19 AM

The reason I have come up with this topic now is for the fact that the value of bitcoin has been good from past one week or so and this is the time when most of the newbies end up buying at peak assuming they will get huge return on investment very quick just like they thought for 2017 bull run without understanding how crypto works and ended up being the losers or panic sellers. I urge everyone to take a moment and do research before investing.

Actually the value of bitcoin is on the right path, if you will see the value of bitcoin from the start until now its stable, from the looks of other only that the price is going down since they bought it in the higher price, but in the start of 2017 the value of bitcoin is $5000 if you look in the price now its $8000 the price has gone up not down, and its getting better, i disagree on people who is pulling the price pretending they know everything but in the historic data in the image ill show below shows its on the right path the curve lines higher than the black line are pump but with the black line as a path its going up

this only shows that it will reach new all time high next year will be $9000 to $10000 stable price this only my analysis but i think i have a point since like what i said 2017 value is $5000 and now after 3years its $8000
its $1000 a year right see for yourself

Wysi

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The reason I have come up with this topic now is for the fact that the value of bitcoin has been good from past one week or so and this is the time when most of the newbies end up buying at peak assuming they will get huge return on investment very quick just like they thought for 2017 bull run without understanding how crypto works and ended up being the losers or panic sellers. I urge everyone to take a moment and do research before investing.

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