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Topic: Crypto misinformation is turning into an issue for people new to the game. - page 5. (Read 522 times)

hero member
Activity: 2688
Merit: 625
I have seen topics and posts around with incredible amounts of misinformation. Mostly posted by newbies as their first or second post. Most people that have been in the crypto game for a while knows to take most "news" about crypto with a grain of salt. But some people that are newer to it might fall victim to fake information or fake investment "guides" that tell you to invest in some token that is, to an experienced person, obviously a pump and dump or scam coin. A friend of mine who is semi-new to this called me a couple weeks ago frantic, telling me that he had seen a prediction about some random token and told me that he might invest in it if the returns were real. He asked me if he should go for it, and I told him that he looked alot like a scam project. Its a good thing that he didnt put capital into it, because within a week of him seeing this article on the token, the website for it was gone. This is an example of how easily people that are new to this get tricked into losing their capital. Theres really nothing anyone can do about it, but I think the easiest way the prevent scams and slow them down is to educate people that are new to this.
Not all the times that we could really educate out people on certain or various things specially on Bitcoin or crypto as a whole which means that they are really exposed into those so called ponzi and hyip sites out there which
do involves bitcoin or crypto as a form of payment which simply means that theyve been just dragged because of their greediness and sooner or later they would really be that exposed on whats crypto and thats
the time they would really be making out some research and see on whats the real deal and those scams that  they had engage earlier on.
hero member
Activity: 2030
Merit: 777
Leading Crypto Sports Betting & Casino Platform
Not only scam sites which disappear overnight, but I have also seen considered trustful, well known investment advisors' platforms promoting articles with titles stating in alarming tone an altcoin X or Y is going to overcome bitcoin this year or next year. The approach is always the same: they talk about bitcoin as an oldfashioned investment and then introduce a random altcoin as something revolutionary.

As consequence I see many newbies saying they don't have any interest for bitcoin. They prefer to totally focus their funds in different altcoins, what in my opinion is a big mistake, because bitcoin drives crypto market, not altcoins.

You can always try to educate people about this, but if they are too greedy for fast profits, nothing can stop them from wasting money.
full member
Activity: 700
Merit: 182
This is the saddest part for bitcoin. This are the result what bitcoin got after this misinformation:
  • Stock investors didn't get trust to invest in bitcoin.
  • Those person who comes and invest then they loss for fud news. Then they start to trust mis information and leave bitcoin.
  • After loss and leave for fud then they warn new people to stay away from bitcoin.
  • Beauce of everything we lost new people

These are the sources who spread misinformation:

  • Government. What general people trust most
  • News channel, News paper what people also trust.
  • Social media handle which is control via government.

I think because of them people easily trust misinformation. And what is the cause of a bad effect about bitcoin to the people.
legendary
Activity: 2520
Merit: 1721
MrStork Exchange Service
Keep in mind, cryptocurrency is not just a game. Crypto is more of an investment in which there are many digital assets.
crypto risk is indeed very big. If you don't really learn and do research, the money invested will be very easy to lose or be deceived by scammers, like the story of your friend who almost became a victim of a scam investment.

As a beginner or someone who has been in crypto for a long time, knowledge of crypto must also be improved and research is very important to do. There are currently many ongoing DEFI projects and NFT projects. many of them are made by scammers who then hype them up to buy them immediately and then make a massive sale so that "RugPull" occurs. this happens often. Be careful in every investment.
copper member
Activity: 2142
Merit: 1305
Limited in number. Limitless in potential.
[...] but I think the easiest way the prevent scams and slow them down is to educate people that are new to this.
Isn't this the point if someone's want to learn something?

While the internet is easy to access and almost all questions related to finance and investment can be seen there, there are still people who will just barge after hearing something too good to be true and invest right away without getting enough knowledge on the hows and probably end up being frustrated and scammed. It's not just for crypto but also to all finance related stuff.
mk4
legendary
Activity: 2716
Merit: 3817
Paldo.io 🤖
It's unfortunate, but this level of gullibility isn't specifically exclusive to the cryptocurrency space. People fall for these stuff simply due to the fact that most people are totally ignorant when it comes to finance and investing in general. Stuff like this exists in the traditional financial system as well.
member
Activity: 189
Merit: 52
In a world of coins, use them.
I have seen topics and posts around with incredible amounts of misinformation. Mostly posted by newbies as their first or second post. Most people that have been in the crypto game for a while knows to take most "news" about crypto with a grain of salt. But some people that are newer to it might fall victim to fake information or fake investment "guides" that tell you to invest in some token that is, to an experienced person, obviously a pump and dump or scam coin. A friend of mine who is semi-new to this called me a couple weeks ago frantic, telling me that he had seen a prediction about some random token and told me that he might invest in it if the returns were real. He asked me if he should go for it, and I told him that he looked alot like a scam project. Its a good thing that he didnt put capital into it, because within a week of him seeing this article on the token, the website for it was gone. This is an example of how easily people that are new to this get tricked into losing their capital. Theres really nothing anyone can do about it, but I think the easiest way the prevent scams and slow them down is to educate people that are new to this.
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