Topic: Don't get robbed by something you don't fully understand - page 2. (Read 568 times)
I never really understand how Ponzi scheme works, I belief that's why I fell for MMM Ponzi years back, if I took my time to study the platform very well I would have spot the flaws, OP is right, staying away from something you have no complete knowledge about is the best move one can make
I also don't understand why people would really invest in something they don't understand.
Your submission beggars acceptance. At least, in the circle of true business acumen. It was for that same reason that people should stay away from what they don't understand that made a lot of people stay away from Bitcoin in 2010 when it was barely a dollar. A lot of people are still staying away even now because they don't understand Bitcoin. They should wait till its price gets way above $100,000 or more. The Bitcoin whales we talk about today were those who took the risk and went all in and bought even when they didn't truly understand or believe in Bitcoin. So, we shouldn't blame or envy these whales for whatever privileges they enjoy today. 
People's interest and trust in gold are the ideas of scammers to launch their new actions. In this case, anyone can be cheated, especially for those who want a real and tantalizing profit. Here, we are not in the basics. basically, we really have to be wary of projects in crypto. Therefore we are advised not to be covered to receive a sizable profit. However, this must also consider the status and also must be thoroughly analyzed related to the truth.
I don't think there is any harm if people still believe in gold because the current stable price of gold makes investors prefer to save their assets in the form of gold and I am sure those who choose gold do not know more about the benefits of gold. longer than in cryptocurrency.
Newbies needs to spend time doing research on projects and seek knowledge about how to avoid some stupid mistakes in crypto space, there are some mistakes that you may never recover from, ask those who invested in OneCoin or Bitconnet
I still don't understand why many newbie invest in good names instead of good project, mere hearing Gold attached to the Project name, they will rush to invest on it without doing their research to be sure if the project is really what it was called.
Greed is really present in every investor but it's up to that investor if he will limit his greediness or totally ruled by it. A token that is backed by gold is definitely an investor must have but if you will analyze it deeply, you are only giving your hard earned money just for a coin that you don't even know it's real value. Be knowledgeable on the things that you don't fully understand so you won't be wasting your money on something you are not even sure of.
I still don't understand why many newbie invest in good names instead of good project, mere hearing Gold attached to the Project name, they will rush to invest on it without doing their research to be sure if the project is really what it was called.
Yea lack of understanding will make you throw away your money, the advice I can give a new crypto fan is to spend months learning how to play safe in crypto space starting from which exchange is better and what use cases works better
Once bitten is twice shy, this use case is very easy to use against investors and lure them to invest money but it thus happened to me once and after I witnessed what happened to the project and every other projects backed by real gold I make up my mind never to invest in such use case again
so far only a few projects that can really get support from gold because there are still many projects that fail and cannot work with gold and do not get support from gold because gold cannot actually support the cryptocurrency price movement by itself.
Using gold backed tokens to fool investors is now like using fake giveaways to lure and scam people, I'm not that surprised though because If you can relax and thing about it very well you will understand that this gold backed use case is a very smooth and easy way to deceive people, it's like make believe kinda trick
With years that I've been here in the forum, I've seen a lot of projects tying up to gold or precious metals.
And yet, only few of them emerged to continue their project and proved that they have real gold assets.
But one thing I can say if you are a serious investor, better buy physical gold rather than invest on a token or coin claiming to be gold-backed.
Because you have no idea about the absolute truth about their assets.
At least if you have your gold in your possession, whether small or large holdings, you are at peace that it will always be gold and not a token that may turn to be worthless one.
Continuity doesn't mean the tokens are really backed by anything sir, we know how big golds and diamonds are, if any project is really backed by them they will have a big place in crypto world by now, why aren't any of them gold backed tokens on top 10 list on CMC?? And yet, only few of them emerged to continue their project and proved that they have real gold assets.
But one thing I can say if you are a serious investor, better buy physical gold rather than invest on a token or coin claiming to be gold-backed.
Because you have no idea about the absolute truth about their assets.
At least if you have your gold in your possession, whether small or large holdings, you are at peace that it will always be gold and not a token that may turn to be worthless one.
A lot of people here are tricked by some bad projects but promising a lot of nice things about the price of the token. after attracting a lot of money from new investors and then they play games and do not care about the project anymore. Therefore, project analysis skills are also one of the very important skills to survive in this crypto market. Whether you are an investor or a bounty hunter, you need this skill. If you work without analysis, you probably won't get any money from your efforts, because currently more than 70% are fraudulent projects in this market.
The problem doesn't like in the fact that etc 20 tokens cannot be backed by real gold. We have sent gold ETF funds selling but the problem is whether you believe if the team members are really buying physical gold .
If you doubt a team, then you are welcome not to follow it, because in crypto you are not required to follow someone just out of doubt, but follow people who make you feel confident in them, each support has a specific foundation to support and so does otherwise.
The problem doesn't like in the fact that etc 20 tokens cannot be backed by real gold. We have sent gold ETF funds selling but the problem is whether you believe if the team members are really buying physical gold .
If you doubt a team, then you are welcome not to follow it, because in crypto you are not required to follow someone just out of doubt, but follow people who make you feel confident in them, each support has a specific foundation to support and so does otherwise.
What if the those few popular gold backed tokens on coinmarketcap aren't backed by anything but words? Honestly we need to be very careful, the projects might have high demands on nothing sake don't you think? Please let's know where we put our hard earned money
The problem doesn't like in the fact that etc 20 tokens cannot be backed by real gold. We have sent gold ETF funds selling but the problem is whether you believe if the team members are really buying physical gold .
There must be a documented videos and papers for these if they wanted the community believe that they are really buying gold. Also why every new project focuses on relating gold to tokens or cryptocurrency. If you check the market there already a dozen of gold back related which none of them are actually backed. Even they are traded on market the assurance that they could still be a scam project is big.
The problem doesn't like in the fact that etc 20 tokens cannot be backed by real gold. We have sent gold ETF funds selling but the problem is whether you believe if the team members are really buying physical gold .
Once bitten is twice shy, this use case is very easy to use against investors and lure them to invest money but it thus happened to me once and after I witnessed what happened to the project and every other projects backed by real gold I make up my mind never to invest in such use case again
Thats why dont trust easily when someone says their project is backed by gold. Its very easy to fool people who dont have enough knowledge or easily convince because of greed to earn instantly.
Learn from the past mistakes of getting scam and always verify the legitimacy of the project before believing their statement. Be wise because its your hard earned money that you will put at risk.
Learn from the past mistakes of getting scam and always verify the legitimacy of the project before believing their statement. Be wise because its your hard earned money that you will put at risk.
Gold token is a neat scam, everyone who haven't had a bad experience about them will surely fall for the use case, I did and so are many too but now I've finally understand that gold tokens aren't backed by any thing, it's all based on empty words
as long as the token has a price and exchange, I think we can think that the assets we have can easily be exchanged for gold. however, if you doubt that, you can exchange it for fiat, and buy it gold. Well, for direct exchange, I have not found such a project, only if it has a price, I think it can really be done.
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