Don't be a crypto sheep | Bitcointalksearch.org

Lordhermes

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Quote from: seoincorporation on August 11, 2020, 07:34:10 PM

I agree with OP, we need to have our own judgment to decide on what projects we trust and which ones let go. If we see tons of people joining to the same project, that doesn't warrant it will not end in an exit scam.

So, if we are not secure or if we have doubts about a project, then the best option is to stay away from it.

Many good seeming projects with troops of followers on social media failed and exist to scams, meanwhile, investors fail to perform DYOR on some project making them moved by the huge followers thinking it a good projects. One other thing that keeps investors like sheep if following crypto influencers, they are mostly whales that deceive newly investors setting a trap that favours them at last. Thorough research is the perfect way.

Yamifoud

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Quote from: Latviand on August 13, 2020, 12:43:16 PM

This is a good and enlightening topic for those people who are new here.

You should really not rely on the things that you only see here in the forum and other platforms. Doing own research and making independent on the things that you've encountered will make you have your own decision making become beneficial for you. Not all programs are applicable based on our preferences and skill so don't expect the same result as what you've expected when you engage in a certain program. Look for what's the best for you and seek for the information that will really become effective for your own growth and learning.

Being dependent on yourself is much better than being a follower by those people who are actually not seeing you there. Being knowledgeable about a thing that we do is only a weapon to become independent. And even it looks like we are a crypto sheep but actually, we decide our own path to follow, not being dictated by someone above.

If we don't stop learning, it gives us a wider crypto understanding. I know that not all things can be acquired by all individuals but being ignorant of something we know less is very ashamed. The most important in crypto space is to create a concrete decision and one goal.

Bitum

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On the one hand, it is good that there are such investors because they give people who understand a little more of the subject to earn precisely from such investors, and on the other hand, it is bad for the whole ecosystem, because people start to despair and think that everything is worldwide ponzi scheme

Latviand

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This is a good and enlightening topic for those people who are new here.

You should really not rely on the things that you only see here in the forum and other platforms. Doing own research and making independent on the things that you've encountered will make you have your own decision making become beneficial for you. Not all programs are applicable based on our preferences and skill so don't expect the same result as what you've expected when you engage in a certain program. Look for what's the best for you and seek for the information that will really become effective for your own growth and learning.

Assface16678

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This is the most common problem of the newbies that would like to earn a lot of money they are making an investment to the platform or coins that have huge money back to them after a single week or months and why do they discover this? Sometimes came from the people on their surroundings and some of the groups common this kind of transaction happen in the telegram which is the most common communication tool we have right now.

To all newbies and would like to make an investment to those coins and platform, we won't tires to tell you again.. and again to make a lot of research and background checks about those platforms and coins because this has money involved and we want to make earning but the outcome of being tired to have a background check is just a step towards to your mistakes.

Knowledge is the most powerful right now if you do not have any knowledge and information relates to business, investment, cryptocurrency, and more you do not have any chance to survive in this environment.

abdulodoi

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Quote from: GeorgeJohn on August 12, 2020, 02:15:15 AM

Quote

I really like your points, that shows that you have a positive ambition to be here

Thank you for the commendation, i really appreciate it. Taken to your advice, will always consider the advantages and disadvantages of a project henceforth. I had always focused on ADVANTAGES only.

smyslov

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Quote from: abdulodoi on August 11, 2020, 01:53:54 PM

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I will urge the newbies to not just make decisions based unknown recommendation but to research deeply into a project. Yes you can say do all bounties you can and whichever is successful is a luck. It doesn't have to be that way as it can be time consuming and i believe time is money. Take your time to learn about a project by going through their whitepapers for specific roadmap and usecases, try asking the team members questions and see if they seem less serious or unsure. Go through their social media channels and see how they interact with followers. This way you won't be a sheep following other sheeps blindly.

The first and the most important thing is how to do a research, this is the first thing that you must learn you need to know where to check and how to check your guidelines are all correct scammers are good in imitating a good project and some prefer to scam at the last resort because they cannot keep up anymore, like what happen to Adab just because they cannot acquire license they choose to scam their investors.

Rebek

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I agree entirely with the advice above. Researching into projects before putting your funds in them is really important. There are always Interesting articles on projects however most of them are for hype and they do not bring out the true picture of the projects. Following the hype always can cost you a lot. Projects with good fundamentals can always stand the test of time.

tranthidung

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Farewell o_e_l_e_o

Quote from: mk4 on August 11, 2020, 11:15:03 PM

Speaking of research: It's funny how A LOT of people barely understand Bitcoin's basics(with some not even knowing the basics on how custodial and non-custodial wallets work), and yet they immediately try to go with altcoins. The perfect disaster for inexperienced "investors".

You nailed it @mk4. People tend to be lazy to learn so that they are unknowledgeable and they are also greedy.

People said "Hey I am bitcoin / crypto investor" but in reality they don't know why their transactions are not credited to account balance when they move funds from one exchange to another. They don't know what is hash of their transaction, how to check and get it for support. Some also make noise like "What is it, the exchange is hacked. My BTC was deposited to my account but when I check block explorer, it was move to another address, blah blah".

For such people, such self-claimed bitcoin investors/ enthusiasts, what covers their mind is money, not bitcoin, not crypto.

Another story is, instead of buying a good coin at bottom price and wait for its pump, they jump to coins already have x-fold pumps and hope that they can get 20 or 50 percent of profits within minutes or hours. Who care about risks, it is pumping (like SRM)! or TNT (Tierion) - many people FOMOed and got lost with the shitcoin after it was delisted (TNT/BTC) from Binance.

In such situation, emotion decides their gambling activities and they get lost.

GeorgeJohn

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I really like your points, that shows that you have a positive ambition to be here.
The highest strategies to follow this noble forum is to be creative in idea's, and to be observed, and to be determined.
Do not be be discouraged keep on trying your best because a " journey of thousands mile started with a step" and know very well that before prosperity comes their is a forgotten sorrow's.
Just be hard working in all ramifications of crptocurrencies activities, definitely what you find difficult is going to be easy for you.
Before you invest in any platform find out the disadvantages and advantages of it, and also the rudiment of it.
Be careful and monitor environment.

cryptoaddictchie

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Investment is really risky. I could say that altcoins has a pros and cons and newbies who follow other's game usually end up losing.

Quote from: abdulodoi on August 11, 2020, 03:09:43 PM

If you haven't got enough time to research then "Bitcoin" is the best option for you.

We all knew that bitcoin has more chance of staying alive over the next few years. But an investor would likely to risk for some profits. Altcoin projects is really a wide range of selection and the moment you stepped on a trap then your money will be gone. But people knows what their doing get rewarded fairly by doing a good homework on these altcoins.

I suggest instead of betting luck on some altcoins that you are not confident to invest with. Why not learn the concept of trading which could extend your knowledge about market approach than simply risking on shitcoins.

crwth

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You have made excellent points with regards to people who just follow blindly and not do anything about it. But I do not think that everyone is acting like this, especially during these times, knowing that it's going to be hard to get scammed these days. I think it's essential to get this message across every person who is looking to get into crypto.

What's more important, IMO, is to share something that would be helpful to others, like a possible scam entry point. Whether there are phishing links, malicious content, etc. it's better to share that information to help everyone.

20kevin20

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Quote from: abdulodoi on August 11, 2020, 03:09:43 PM

This is absolutely true, with well known projects like bitcoin and ethereum the risks are low as they are well established with good marketcap.

Market cap doesn't really mean anything when it comes to coins that matter tbh. You have BCH, BSV, XRP and Tether sitting in the top - do they make for good investments? I wouldn't say so.

Relying on this basic information such as supply in circulation, market cap or volume isn't going to help much at all. All it does is it creates a potentially false perspective of the coin. I'd rather look for some answers, such as... is the coin centralized? Does the team behind the coin have a significant premine they're holding onto? Is there a real progress or just a fake roadmap to bait fools?

But again, these are things you ask yourself only when you already know what's up with these alts. Hence, best option to go for is BTC or, if you don't want it, then better not invest in anything before you know at least the basic stuff about crypto.

witcher_sense

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Quote from: mk4 on August 11, 2020, 11:15:03 PM

Speaking of research: It's funny how A LOT of people barely understand Bitcoin's basics(with some not even knowing the basics on how custodial and non-custodial wallets work), and yet they immediately try to go with altcoins. The perfect disaster for inexperienced "investors".

Investors that prefer altcoins over bitcoin are usually driven by common misconception that can be simply described as a theorem: the lower the price of one unit of particular altcoin the wider the space for it to grow, the more x it will give. "Bitcoin has already given a lot of profits to early adopters, and presently it is not affordable for most investors to obtain one unit of bitcoin, but anyway it doesn't matter because it will not give investors as many profits as it already gave in the past, so I better to invest in altcoins, which haven't grown yet."

What they don't understand is that total supply of altcoins is sometimes billions and trillions of coins, and more importantly unlike in bitcoin, supply in altcoins is controlled by central party, and they can print more to enrich themselves. There is no place for growth of price, only for growth of total supply.

Darker45

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Quote from: harizen on August 11, 2020, 04:27:15 PM

In my own view, maybe at least 7 out of 10 people are surely making their own DYOR before putting up money on a certain project.

This is a very optimistic range. On the contrary, I think that less than 50% of the people buying Bitcoin and altcoins are doing their research, much less careful and thorough research.

During the height of ICOs, there were probably only a handful of investors who diligently went over whitepapers detail by detail and made careful analyses out of them prior to investing.

In the first place, had their research been exhaustive they wouldn't have invested in more than 95% of those ICOs on the simple ground that those are not going to work well, or even work out, in real life.

pooya87

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Quote from: abdulodoi on August 11, 2020, 01:53:54 PM

Take your time to learn about a project by going through their whitepapers for specific roadmap and usecases,

the whitepaper only contains the idea and is not going to tell you whether the project is good or bad. the idea is most of the times excellent.
the roadmap and use cases are also promises and they also don't tell you whether the project is good or bad. the promise may not be kept as is the case with altcoins.

Quote from: abdulodoi on August 11, 2020, 03:09:43 PM

with well known projects like bitcoin and ethereum the risks are low as they are well established with good marketcap.

just because the market cap (aka the supply) of some altcoin is huge and it has gotten bigger pumps and has a better shilling community it doesn't mean that altcoin is good and "established". in case of ethereum it is the worst altcoin of all times. it is centralized, mutable, expensive, buggy, slow, hard to use as a smart contract platform in comparison and hasn't delivered any of the promises they initially made to pump it this high. as an investment it is also terrible because it has unlimited supply hence it is inflationary.

mk4

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Speaking of research: It's funny how A LOT of people barely understand Bitcoin's basics(with some not even knowing the basics on how custodial and non-custodial wallets work), and yet they immediately try to go with altcoins. The perfect disaster for inexperienced "investors".

ShowOff

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Its sad when we get a lot of the fact that in the long run dozen of new altcoin dont hold up well in the market due to a lack of interest. Investing in altcoin is not a bad thing to do, but dont get too excited because there are many possibilities that can still happen to altcoin and it is a failure.

Absolutely agree that bitcoin is the best choice for anyone looking to invest. Bitcoin has been shown to provide benefit in both the short and long term for trader and investor. Without excluding the worst odds and price fluctuation, I thought bitcoin was the king of crypto for a long time.

Wexnident

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Investing in new projects could indeed give you big profits if the project proved to be a success, but that mentality really kills most people. Stop thinking of it being successful, but rather start thinking of it being a failure, or being a scam, and determine the movement you would do based on that. There's a reason why the best traders out there have the ability to minimize the risk, cause even if they were to mistakenly invest on a scam, they would still know how to minimize their losses. Start thinking for yourselves, and stop following mob mentality. Being attracted to amazing offers doesn't make you think for yourself, it makes you become suckered in by others.

Quote from: abdulodoi on August 11, 2020, 01:53:54 PM

If we try our best to check these things and project still fails, you will know you have done your due diligence. You may also look through scam sections or start a social media post about the project and use relevant hashtags to see if anyone has found any discrepancies.

True, failure doesn't necessarily mean a bad thing. It actually provides you with lessons to follow for the next project you'd invest in, for moves you'd properly do next time. Don't be afraid to lose, or to make mistakes, be afraid of not learning even after making mistakes. Also, avoid social media when looking up scams tbh, most of them are actually just shills instead of scam accusations most of the time.

Velkro

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Quote from: abdulodoi on August 11, 2020, 01:53:54 PM

My main aim for this topic is to share an opinion about being careful of being a crypto sheep. Alot of us tend to invest either our time or money in projects just because we've seen some positive comments or an attractive article about a project and sometimes they eventually become scams. I have also noticed some people get paid to just keep the groove positive in a group, known as shillers. These guys can mislead you.

First of all welcome

You preaching good words, problem is, i hope it will help anyone to not getting involved in altcoins as a whole.
Too many people lost tons of Bitcoins trading Bitcoin <--> Altcoins, seen it too many times, sad to read every time.
Bitcoin is true technical revolution, copy-pasting it like altcoins do, doesnt add value, even if they claim it does.

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