Topic: Do not fall for success stories of bitcoin investors - page 2. (Read 458 times)

We can trace this stereotype being reinforced due to many investors being too enthusiastic about bitcoin as an investment strategy. We need to make beginners understand that bitcoin’s purpose is not solely for investing. I think that is the way to make them understand that it is not a get-rich-quick scheme the way they thought it is.

New investors can looks for the success Bitcoin investors as their  lessons so they know how to be a successful Bitcoin investors. But they don't have to follow every steps from that people because they have different ways to start. They must search for many ways to have more information before they start so they know when they can buy Bitcoin. But when they fail, they will not tells other people instead keeps that story for themselves. Perhaps, they don't wants other people know what happens to them so they prefer to hide it from others.

If they just learn from the success story without learning more how to start, they will difficult to make their own success story because they don't search for other lessons. They motivates themselves that they have a chance to be a successful Bitcoin investor. But they must search for their own ways.

Well, I don't think that the success stories of Bitcoin investors are a bad egg for other new investors, although it depends on how the information is being digested by the new investors. A success story is meant to be a tool of motivation in a positive way, not the other way around. Take, for example, the fact that Bitcoin has made so many investors millionaires, and I decided to start investing in Bitcoin with the DCA strategy so that I can accumulate a lot of Bitcoin and earn profit during the bull market. That's a positive motivation, and I think that newbies should handle stories like that and also think of a better way the stories can motivate them positively and not in a negative way.

I don’t know whether or not to call it a positive stereotype but the fact is a lot of people have come into the Bitcoin ecosystem with the mindset that Bitcoin is a get-rich-quick scheme because of the success stories they read online. Not all the stories are true and some of them are made up by characters who want to present themselves as financial experts and deceive the public into investing their money with them. But if you really do your research, you will find that there are other sides to Bitcoin than profit to be made.

It's good to listen to them though, Bitcoin has change a lot of lives in the past but anyone doing it right now is either a big investor that has invested hard currency on it, or gamble with some funds do futures with good profits or the person is lying entirely. Bitcoin still has profit efficiency but can only do that when you have a large amount of money involved. You can't invest $1k dollars now on Bitcoin and expect to write a success stories on the internet tomorrow.

When you see such stories, take it as a motivation but don't build on that storyline because if I'm to be honest with you, to hold Bitcoin isn't a child play, there is a mixed emotions that comes with the journey of the profits you will make, today you are up and with some profits and then tomorrow you are down. However, this can be limited if you invest or buy in bear market, that's when everyone don't have too much interest in buying Bitcoin and mostly cheaper.

You're right that the cryptocurrency space is often plagued by survivorship bias where only successful stories are shared creating a distorted view of reality. This can lead to unrealistic expectations and a lack of awareness about the potential risks and limitations. New investors need to have a balanced understanding of both, the possible benefits and drawbacks of investing in cryptocurrencies. They should research thoroughly beyond just success.

Secondly, stay up-to-date with market trends and developments. Diversify their investments to minimize risk. And lastly, be cautious of unrealistic promises or guaranteed returns. Your advice is invaluable, acknowledging the limitations and potential pitfalls new investors can make informed decisions and navigate the cryptocurrency landscape with greater wisdom.

The reason why some people share their stories good or bad here is for others people to learn from them to improve, but don't give your 100% trust on those stories without your personal research before you can follow the same strategy to earn profits.

If you have the skills about the industry, you don't need to follow the story of others people success to succeed op, because every successful investors you seen in the industry has some sacrifices they had pay to achieve those wealth in the society

I believe some limit crypto to discourage others people who don't have the knowledge about crypto, but those that have the knowledge of crypto, it will be very hard for them to deceive such people that have the knowledge of crypto in the industry.

We don’t expect to see people sharing negative stories because that will only develop some fears into newbies, but instead it’s a good thing to see successful stories because that will definitely motivate and convince the newcomers to finally invest in bitcoin due to its highly profitable potentials. Not only in bitcoin but even in different life’s aspects, people prefer sharing beautiful and motivating stories in order to inspire others, not to threaten with failures and losses behind the success.

Is it really that hard to be successful holding bitcoin? I've held for many years and never had to lie about my success.
If you look at bitcoin charts year by year, all you had to do was buy at literally any point, apart from maybe exactly the last ATH of 2021, which we held for no more than a few days, to make a lot of money.
If you said to me you made millions in bitcoin since the last bear market, I wouldn't be surprised, because all it would take was some conviction and capital to invest.

Op if you understand cryptocurrency and bitcoin in particular,  you will notice that the success stories are also part of the process to motivate people in the investment o bitcoin and it is not a bad thing and the same time there threads also warning investors to be careful whenever they are investing. They have to k ow the basic knowledge of bitcoin and it co Cryptocurrencies in the ecosystem.

There are some stories that I have seen and hers that investors lost a tremendous amount of bitcoins in the industry so all are part of the investment process. Bot the good and bad are all in the industry so whatever dealing with cryptocurrency be careful and patient.

If you buy bitcoin and hold for 4+ years, and you hold your bitcoin yourself in a safe way, there's basically no way to "fail". All of the fail stories about Bitcoin are from people keeping their bitcoin on exchanges when the exchange gets hacked, or lending their bitcoin through some third party, or only holding for a short amount of time and panic selling, or falling for some scam, or just the early days when it wasn't worth anything so people threw away or lost the keys. If you hold for 4+ years and store it properly in your own cold wallets (safe, secure, encrypted, with redundancy), it would be extremely extremely unlikely to "fail" with bitcoin.

Behind every success stories are many failures, there is no one that's born a winner without their trials, so just because they shared their stories doesn't mean things just work out for them without any battle and failures.

It is just common sense.

I feel everyone has their own path to walk on and what happen to Mr A cannot be the same for Mr B even when they are using the same pattern or searching for the same end result. A lot of people have indeed used the success stories of others to motivate them to start theirs but many don’t know that, they can only learn from those stories but shouldn’t expect the same to come for them, they can get it easier or harder than theirs. Stories are meant to guide you but that should let be your dependency when on that path. I think in scenarios like this, just be on alert for the worst thing to come, so that when it happens, you don’t feel regretful why you started the journey or lose hope in sight of what you’ve set to achieve in the first place.

It's fine someone wants to share his success stories and even the failures. There's nothing wrong with that if that person shares how his crypto journey went like a roller coaster. Because all of us are interested to know how these people able to make it. But for us, we've got our own stories to tell, so there's really no problem at all if someone is only looking to the success stories and doesn't want to hear the failures of these successful people. As a sharer and reader, there is nothing wrong on both end what you prefer and there is also nothing wrong with how you are pointing this out with the point of view you have.

Sharing only is becoming wrong if there is an intention of some pitch at the end of these stories. I've seen a lot of them for the past years that there's this guy who has been new to the market and then became an investor and shared his failure. But then, because of this 'xx' project, he's able to make so much money and able to change his life. In that perspective, that's the wrong approach when it's about sharing the stories of these people. They're obviously trying to market through the emotions of people and I think that's wrong. However, in the marketing world, that's how you really get the trust of the clients and potential investors when you're able to move their feelings.

Well, we're all grown ups and we can attest whether the success story is for real or it's just another marketing stunt. Just don't fall for those kind of stories that are selling products and services at the end of it as that looks unethical for some but, if you just like to read and you're not moved by such, then be inspired always.

Common mistake I guess. But actually, I never view those who shared their success stories, negatively. The part that we should be keeping an eye with is people's mindset when it comes on investments. Not because others are in big profit, same thing will come in an instant on your end as well. Everything varies; knowledge of an investor, circumstances that he/she lives on, decision making, and also the amount you have invested. Any of this could create variation with profit outcomes. If you're just eyeing with the part that you'd earn profit then you're in the wrong path. If it is that easy to make profit from this industry, all of us should be rich by now. There's no such thing as an easy way to earn profit. Much better if you would as well be preventive of loss than to just be optimistic or profit alone.

for you to be successful bitcoin investor you have to make a good research concerning bitcoin, so you can not say that bitcoin anyone that invest in bitcoin is not people that be successful, but one thing about bitcoin investment is  that you need to be patient for your investment in bitcoin otherwise you will lose, some persons panic in bitcoin due to they just heard the information of Bitcoin, so therefore I believe that any investment have advantages and disadvantages, but as investor do not have hope that you will make profit almost everytime.

It depends on how you perceive the story because many people have heard about some early investors who sold their houses, sold all their assets, invested in bitcoin and became millionaires and billionaires. Some newbies believed the story and imitated it, many sold their houses or even borrowed large sums of money to invest in bitcoin in the hope of becoming millionaires like those early investors. But as a result, they suffered losses and lost everything.

Because there are so many stories about becoming rich by investing in bitcoin, many newbies invest in bitcoin with a get-rich-quick mindset and become rich overnight...Everything has two sides and this is the dark side of success stories that we should not ignore.

Every reasonable person understand that paths are different with different challenges ahead, success stories are meant to taken as a motivation, inspiration that gives one the hope that he can suceed or do same in a particular space.

If I get you correctly, you are trying to point out the necessity of new investors having a grounded knowledge and not jumping into the market because of stories or podcasts but rather it should be taken as a process.
You have your story, so as me, it a matter of subjectivity and not a conclusion.

Success stories serve as motivation to the new investors, I don’t think it is a bad idea to share success stories just to motivate other people to invest in Bitcoin because we are sharing good news about Bitcoin anytime to get more people that will adopt Bitcoin globally.

Some stories been shared here are fake, but they help to give motivation; but whenever a newbie is trying to invest in Bitcoin, they need to do research and also learn the basics of Bitcoin, blockchain, and cryptocurrency so that they will know what exactly they are doing and where they are putting their money into.

You are right people who lose never share their story with others.  But those who profit continue to share their stories with joy.  But if nothing else, investing in Bitcoin and holding it for a long time will definitely make a profit.  Those who lose by investing in Bitcoin are those who can't be patient with Bitcoin long-term.  Many believe in Bitcoin, but when they see the price of Bitcoin falling, they panic and sell it.  And because of this they keep losing their investment.  If there is such a panic, he will never be able to profit.  So, to profit from Bitcoin, one must be patient and invest for the long term