Topic: Don't be a crypto sheep - page 2. (Read 409 times)

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.

Everyone tells people to do their own research, yet no one tells how to do it exactly. It's so easy to just say this phrase, but beginners can interpret it in hundreds of different ways. To many just going to some crappy coin review site or reading blogs or twitter would already count as research. So here's some points:

1. Look for both positive and negative information about a coin.

2. Study the fundamentals of crypto and then learn to do your own analysis.

3. Learn from the past - we already have years of data that show how bad can shitcoins perform in the long term.

Reading articles would help, however, don't focus on the one sided article only, if you can read different article with different sources the better, or reading positive and negative comments would also help, at least that would help you make a good decision. I like that you mentioned the scam accusations section as you can really find a lot of real information regarding the project you are planning to invest, if you see the name of the project has an active scam accusation and the accusation is supported by trusted members in the forum, better stay away from that project as they would not support the accusation if there is no valid evidence or read flag of a certain project.

For newbie, I know experience is the best teacher but if they could prevent getting scam just to learn, then that is better.

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. A project does have a good team behind it, active development, wonderful and awesome roadmap, well-detailed and informative whitepaper, always keeps in touch in the community.....

...but despite all these positive characteristics, why in the end, there's no good result even it counts for years?

So here, newbies must understand that even putting DYOR and trust to that project, keep in mind that there's no assurance that these projects will all succeed. What I mean here is, remove the mindset that it's a 100% success in the end. I'm not totally discouraging newbies to join new projects but just changing their views to avoid expectation then, in the end, will blame the project owners even you admit that you always see them releasing continuous update logs and trying to make their project alive.

Knowledge is very powerful. It's very important for newbies to first learn about basics of bitcoin and other cryptocurrencies of interest, different wallets, transaction fees, how to keep funds secure, trading basics and history of crypto price movements etc to avoid falling into traps such as scams, hacks, bad trading decisions such as FOMO leading to loss of funds.

If you haven't got enough time to research then "Bitcoin" is the best option for you.
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This is absolutely true, with well known projects like bitcoin and ethereum the risks are low as they are well established with good marketcap.

This is exactly why Bitcoin should be the only option for newbies. As a newbie, even if you wanted to research a coin properly, besides googling it and reading fairy tales on their whitepaper there's not much else you can do. You could contact their Telegram channels, sure, but what exactly could a newbie ask to put the team members into some kind of difficulty?

Stick to the King. You may throw a swear or two at me months later if BTC drops a bit while some shitcoin pumps 300%, but trust me - you don't want to buy something you have no idea about and turn a grand into a buck. While Bitcoin also has a chance to drop at any time, once it drops, everything else drops as well - including your shitcoin.

Before making any kind of investment its necessery to gather proper knowledges about that specific field. Its not like that you have to know about risk factors, possibilities and outcomes just only before investing on crypto currency where its same for other fields of investment. Every investor should spend enough time before taking the final decision of making investment anywhere and when its crypto then you are taking extra amount risks if you are investing just by reading sime comments or following predictions from untrusted sources.

For newbies i always recommend them to go for established projects rather then new one. Yeah you can easily gather information of any project by checking their whitepaper, roadmap, project background, team etc but thats not all.

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

Firstly, i would like to say this an amazing forum equipped to learn thoroughly about cryptocurrency. I have heard alot about it and finally got in. I'm not entirely a noob in crypto space as i have learnt few things in the past year.

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.

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.

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.

This is my two cents and i hope i made a little sense and i've posted in the right section. Thanks for reading