Topic: Don't invest money you can't afford to lose out of greed. - page 4. (Read 712 times)

One thing we also need to know is the process by which the newbies were introduced to the system. The first person that tells them about cryptocurrency and investment wins there heart and it is possible that the person may be an altcoin fan because they are many these days. If that be the case, it will be very difficult to reconvince the newbie to believe only Bitcoin.
However, altcoin investment isn't bad because it has made many millionaires in the cryptocurrency market. But where it becomes bad is when the newbies doesn't understand the risk behind it. But for he that understands the risk and abide by it, there's nothing wrong with altcoin investment.

That kind of people are being hyped by social media, they are not researching about that altcoins and  if they scam because they lose so much money, they will blame it to those who promoted that alt coins. I know that we can blame the one who promoted the altcoin, but have you been a research about that altcoin? are the portfolio is good and convincing ? or you just buy it because it's hyped? We need to know what are we buying or else you will lose so much money, DYOR(DO YOUR OWN RESEARCH).

The worst thing any Newbie could do is invest in an altcoin he or she has no concrete basic knowledge about, as there are a bunch of scam coins now in the market with very high volatility looking for those that may unluckily fall victim, because though next year we expect to see another Bitcoin halving, which has a potential causing an increase in its price, it's advisable everyone invests an amount he /she can always afford to in Bitcoin,  so that if in case the market price value doesn't go as planned, you don't panic about selling your coins at loss.

The part I emboldened in your comments is absolutely misleading and not necessary. Although refute the statement with your last line but it's unfortunate we live in an era where people find it hard to read. It is possible some people might not read to the end and will draw conclusion from the little they read up there since it suit their needs.

It's not even ideal to rush into crypto or whatsoever investment. Take your time and learn some learn-able about whatever you want to venture into in order to know if you can be able to withstand its nature. Crypto is not for the weak mind and as such one must prepare self for market up and down.

Anyone who was introduced to cryptocurrency and told to invest in altcoins has just made a mistake that they will regret for the rest of their lives. Only bitcoin has the greatest chance of surviving market volatility. We've read and seen many people testify about how they sold their properties and invested the money in bitcoin, making a large profit. They may have invested what they can afford to lose while remaining financially stable.

If you come into the market as a newbie and invest everything you have, you may end up losing it all due to FOMO. Investing all you have in bitcoin could save you but that is not guaranteed if you’re in for a short time trade, a long time trade will be the best when you buy bitcoin the first time after making the mistake of investing all your savings. As a newbie in cryptocurrency, never invest all you got into crypto.

Even though it's uncertain when the next bull run will occur, everyone is looking forward to it. It's an opportunity for everyone, so I won't tell anyone not even my enemy to miss it. We should be well-prepared and invest as much as we can, but we also need to use caution If we need to invest in alternative coins and not just invest in any project without conducting adequate research. I currently focus all of my energy on investing in bitcoin; I haven't thought about holding alternative coins yet, but I might do so soon.
Some people actually got into cryptocurrency because they had heard about the upcoming bull run and had been advised to hold as many coins as they could. As a result, they invested without doing any study or gathering expertise, which is foolish and is likely to cost them money or lead them to invest in projects with no future.


Most newcomers mistakenly assume that the cryptocurrency industry is a place where they can get rich quick and make fast money, but I no longer hold this against them rather, I think it's because they are ignorant and have been misled by stories of others who have made money from cryptocurrency. I think they'll be reminded of it by reading this post and won't be motivated to invest without having the knowledge. If they ever want to survive in the crypto sector, knowledge will be their greatest asset.

Great one, OP. Now is the time for crypto influencers and trading signal professionals to claim to be experts in crypto trading by giving a lot of advice to newbies with little or no experience in cryptocurrency to invest in some project they don't know about, promising a huge profit.

The risk in cryptocurrency is very high, which is why investing your entire life savings or taking out a loan to invest in cryptocurrency is a bad idea because no one knows how the market will move.


No coin is more reliable than Bitcoin, and as a beginner in cryptocurrency, Bitcoin is the best option to start with to reduce the risk of losing your capital quickly.

It is not too late to invest in Bitcoin because this period can also be an opportunity for new investors to stock up on Bitcoin for the future, as Bitcoin has a bright future ahead of it.

As far as i know now is not the right time to invest because we don't know if actually bitcoin getting to $30k would be a trap for the prey, and who are the prey? They are those people that jumps into market when the atmosphere of the entire cryptocurrency seems to change and beginning to make a new wave of bull run, don't be surprised after bitcoin gets to 30k there would be an every possibility that it may gets back to 25k or 20k before getting to 35k thereabout, who knows?
So any  newbie venture into cryptocurrency should be extremely cautious of the market otherwise when it turns back there will be lots of cry over the investors who always invest when the atmosphere changes.

Greed has kept many people down because some people wants even get rich over night but to invest is not a bad thing though, only that before you invest in any business you should a prime knowledge of the industry you want to invest. For instance: you can't listen to a marketer telling to invest on a product you never have ideas of before, you may end up losing your money for his or her own self interest. As for newbies no point to invest because you're new what you need is the knowledge of how bitcoin or altcoins works! If you're much convinced on a long run, you can take the risk but I always we should use spare money for investment.

Cryptocurrency is not about investing in other coins just to make money during a bull run. Rather than investing in other altcoins, it is preferable to invest in bitcoin to avoid losing what you are not capable of losing. The act of entering cryptocurrency to invest in any project because they've heard about the bull run is part of greedy, and greedy don't tell people what they're doing until they're done with it.
The best thing for any beginner is to avoid being persuaded by anyone else to invest in any cryptocurrencies simply because of the bull run. If you lose your money, the person won't bear the pain with you, so I advise you to research the coins you choose to invest in.

Especially on Bullrun a lot of newbies would literally buy tokens out of nowhere thinking that they could easily earn a big amount of profit on that token since its Bull run they probably earn a profit, there are also some lucky people who get rich on that method but it does mean it's gonna happened to everyone as well, after that, in the long run, they lose a lot on their investment when they still holding their token so always take profit. It's a common mistake because we all sometimes become greedy.

But yes I would always invest especially in Bitcoin, a big percentage of your portfolio should always be Bitcoin. Not necessarily only bitcoin you could gamble a little bit on other altcoins in the market may be on the top altcoins that have a lot of potentials, I mean yes its altcoin but its high-risk high reward and it doesn't really matter since you only invest what you afford to lose at that token.

Many beginners fall into crypto because of the promise of high returns, especially in newly launched altcoins.  Apart from that, promotions carried out by altcoin projects are also a factor that attracts people.  Basically, they must know that investment decisions should not be based solely on promises of high profits or promotions.  As an investor, it is important to conduct careful research and objective analysis of an altcoin project before making an investment.

Another mistake is sometimes they don't care about the whitepaper, even though it is a document that explains the technical details about a crypto project.  Though it is very important for investors to read the whitepaper and understand how the project functions before making an investment.

I also agree with you (OP) in saying that choosing to only own Bitcoin and keep it for the long term is a good choice.  Because most altcoins are traps for greedy people even though there are also Altcoins that have great profit potential, but also require good research and understanding before making an investment.

Therefore it is very important for beginners to understand that investment decisions must be based on careful research and objective analysis, not just a greedy desire to make quick profits.

This thread brings back the memory of a thread I tried to several days ago about a guy who collected loans and even used his mother's pension money to invest in cryptocurrency(probably some hyped coin/token) and then lost everything and he was so devastated that he attempted to commit suicide.
In the example provided, the guy is a techy guy and I'm sure he knows the simple rule of investing only want you can afford to lose but the fact of getting more money blinded him and he did the opposite of the rule, newbies should never, I mean invest what the k ow that they can't lose no matter what was promised to them they should at least try to resist that temptation of FOMO.

The best thing that newbies can do is to invest only what they can afford to lose. The market is too ruthless with everyone and mostly with them. They'll never notice that they're already out of money if they chosen a wrong crypto to invest and that's why they need to be picky and also DYOR before committing to a project. Investing to bitcoin only is one of the best choices but we can't stop people from choosing other projects that they think will make them profitable. It's not about to become rich within the bull run but about taking advantage of the situation because it only comes every after 4 years or so.

Fear of missing out and greed drives them to lose their money. They think that these overhyped projects and get rich quick schemes will make them more money overnight but they end up losing their money.
Absolutely, scammers always promise unrealistic profit, if you are greedy and put your money into their account they will scam you right away. If you can stop your greed you can save yourself from getting scammed.

The point here is don't invest the money that you aren't supposed to be investing because it has other purpose. Don't risk something that you might wanna regret later because of your greed. If someone wants to invest they should learn first what they are investing because it's risky or dangerous to blindly trust your instincts if you believe you will get the profit just by riding with the hype.

Hype market is dangerous since it's a way of the whales to gather small fishes then collect money and suddenly dump the market although it's a clear sign of manipulation but what I'm just saying is learn first how the market works.

Beginners can't do their own research, they don't have the knowledge and experience to do so. In fact most people should just stay away from trading and altcoins, it's a risk that is not worth it. Owning Bitcoin and holding it for long term is already a good investment. Alts are just a trap for greedy people.

Hmmm, I think that's a great move if people are thinking like that because if they already know where they need to enter then surely they have some experience and they don't want to miss the journey. Yes, there are some risks involved but the end result is beautiful just needs a little patience and consistency.


That sounds a piece of good advice on the basis of entire savings investment but I have point here if someone wants to invest some of his money and he is dreaming to invest and make 10X of it on somebodies advice or motivation whether he is a good analyst or not I think as the experience of the past trend we can say yes you should invest but need a little patience as mentioned above you won't regret. Because need to take risks and invest some part of your savings I think it's worth to be risks because just saving is not going to help out you in the future.

It’s those high profit promises that gets the crowd interested in crypto, altcoins projects spend lots of money on promotion, they pay your favorite celebrity to endorse their project. I think people buy altcoins because they think they already missed their window of opportunity for buying bitcoins, so they buy altcoins instead believing that they are buying at the bottom and they believe the altcoin will be as big as bitcoin in a few years. I doubt these set of newbies know what a whitepaper is, or even do their research to know if the project is legitimate.

So it's really more sophisticated now for newbies to note the possible ways to avoid a scam project if they see one. I remember back when I was still studying the crypto space, my mentor would say that if I wanted to know if a project was real, I should search for their Twitter page and look through it to see how active their page is. I should also take note of how many followers they have and how many likes and retweets they have too. He told me to go on Telegram and search for the project's Telegram group or channel and see the level of activity going on there and how their group admins are responding to users that are asking questions there.

I did as he was instructing me, and I was able to detect a few things. If a project is phishing, there are some questions you might ask in their telegram group, and they will automatically delete you from the group and also delete your question. The same thing applies to their tweets on Twitter and other of their social channels.

You said it all @Zaguru12, some celebrities and influencers are even the ones helping these scam projects gain popularity on social media. I must say that I have fallen victim to altcoins in the past, and that's because I was a newbie and was not able to figure out all these things by myself until I became too exposed and also learned from the experience I got. For those reasons, I would not advise newbies to go into altcoins, but if they feel to do so, I had just say, "trade at your own risk, you might get lucky."