Topic: Education is the key but knowledge is padlock (Read 279 times)

Knowledge is a resource we must master and we can get knowledge from reading a lot of data or information from trusted sources. And if you want to invest in any field, you should be able to get more knowledge so you understand how to invest properly. In your case, your friend has betrayed the trust you have placed in him and he is not a good friend.

That is a valuable lesson for you because by experiencing it, you can now find out how to secure your personal wallet, even from those closest to you. But the good news is that you can still start investing in bitcoin if you still have money and I'm sure investing in bitcoin this time will be better than before because you can manage it yourself. Make your previous mistakes as a spirit to achieve your dreams.

it hurts when people you trust to deceive and use you for their interests. however, don't trust anyone when it comes to money. moreover giving access to the investment place that you have. Since I've known crypto, people have always advocated keeping your private keys as good as possible and not telling anyone other than the people you really trust. however, it doesn't apply when you don't have a good reason to give it access to your wallet.
So far, I also have several friends who use crypto, but among us, none of us know each other's private keys. it's like a bank account if in the real world. give access to another person, then he is free to use it.
however, it has already happened. all you can do is learn from it. not everyone can be trusted, even when he teaches you something useful. but we must respect it. besides that, we also need to do our own research about what we do, especially when it comes to money.

You can no longer refer to him as your friend because people who are friends do not scam one another and anyone who is capable of defrauding a friend in the same way that he did to you is unworthy to be called a friend. Due to the recent spike in cryptocurrency scams, it is always advisable and safer to gain a foundational understanding before ever considering getting a wallet or investing in cryptocurrency. People are easily tempted by money, and I have personally witnessed blood brothers deceive one another over money. For this reason, crypto experts constantly caution people against giving out their private keys and other sensitive information to strangers.
This is bad but I believe it will serve as a lesson to you and other newcomers not to trust easily in the crypto world.

I am very sorry to hear that a friend was willing to misinform you and not just that, but also to steal from you. I had friends that wanted to introduce me to Ponzi Schemes that were linked to Bitcoin and I denied.... I fired up Google and I started to research into those schemes and I realized that they were Ponzi schemes, so I warned them.

They did not listen to me ...and eventually lost all their money and now they blame Bitcoin and they hate it. We should not listen to friends for financial advice, but should rather do our own research. 

I was reading this story at the same time laughing. Ignorance indeed is a cancerous disease. If OP had not taken his time to do research he would have been still be following his friend sheepishly while his friend was comfortably stealing his investment at his convenience. This made me remember my early team age when I first got to hear about visa atm card. My friend introduced me to it then and I had no knowledge how it works he told me I would pay some money to get it then as I was not an account holder that he would hold the card for me. Me not knowing how the system works agreed to it and gave him some money to get the card for me and he held the card with him and I was giving him money to save in the card for me not knowing that he was using it as a conduit to scam me. It got to a point when I started asking him questions about my money and the card. It became obvious that I decided to find out more about the card and to my greatest surprise only account holders can have such card which he has been eating my money so when I met with him I asked him for the card and he did not hesitate to give me when I looked at the card based on what I was told, the card was not having any name inscribed on it so I asked him about the account related to the account there he knew I had found out about it and I now know what he was doing. After that day I did not see him again till today. That was a very a costly mistake I made back then but I was relieved after I discovered that and it are me to always ask questions and sis my research before going further with anything.

You were too naive, I understand that when newbies are exposed to bitcoin for the first time they are overwhelmed by all kind of new information and they require of some help to deal with all of this.

But you should never let anyone other than you to have control of your funds, it could be said that bitcoin and this market in general was born out of this ideal, and if you betray this ideal then sooner or later you will lose your money.

I guess this is the quote that summarizes your post at least partially: "Insanity Is Doing the Same Thing Over and Over Again and Expecting Different Results"

I just learned that it is not proven that Albert Einstein said that. I always thought it was him. Anyway...

Education is the way you gather information and theory and turn them into accessible and applicable data in your head. Everything you can recall and use is what I would describe as knowledge.

This is why it is indeed a problem when you are an educated nerd for example in accounting and you know all the rules, but you can't apply any of them in real life set ups practically. You know what to do, but you don't know how to do it. But this is still a bit tricky though.

What if you know a recipe, a very complex one, for some food. You can't do it yourself but you know a cook who has no idea about the recipe. When you exactly explain him the recipe and the cook executes it, I guess that would just be education. The cook knows how to execute it because he can conclude from other recipes and knows for how long the specific ingredients must be cooked. So he has knowledge?

I guess an engineer is a better example because there it is more likely that someone knows what to do, but not how to do it. If a car is broken and perhaps I know what the problem is and I studied engineering, I know that part X within part Y needs to be substituted. Just knowing this probably doesn't get you anywhere if it is in the middle of the engine block. Then you probably are only educated.

Not so easy to come up with a sharp differentiation on my own.

I am sorry for your loss, but before you invest in anything, you must search on your own, and this does not only include searching on Google, but rather an attempt to find out the defects from independent parties, and thus ensure that you will not be defrauded as your friend did.
Also, all investments are personal behavior, and when you trust someone with your investment, it is often an organized entity.

Well, this happens to people who trust their friends very much and are lazy to learn the curve of Bitcoin's technical and economic aspects.  Your friend could have trimmed your profit when the price surged but got busted when the price of BTC plummeted.  That is what I observed on how your friend manages your investment.  Since Bitcoin is surging when you invested, your friend probably thinks that he won't be caught stealing a little amount from your investment occasionally but when the price crash, the obvious has been exposed, you are still lucky because you did not lose everything others will just run with the money.

May your experience serve as a lesson to every who are very trusting to their friends.  When it comes to money, a good friend may turn evil and we have the same cases of friend cheating and stealing money after they were trusted.


In addition, the major lesson here is to not trust our friends 100%.  We should have a reservation and always verify things especially when it comes to financial thing.

When you were a beginner, you made mistakes. But despite their experience, many people continue to act in the same way. And besides, as an online user, you should never disclose your login information. It makes no difference how close they are. That should be applicable to anything you have been using on the internet, not only Bitcoin. Just purchase a hardware wallet for Bitcoin to protect your assets. You should be able to purchase a hardware wallet, in my opinion. Knowledge and education are not the same thing. What you have just acquired is knowledge. Education is the way you become literate.

Knowledge is power, we lost so many opportunities because of a lack of information and technical know-how. I know so many of us as being in a situation whereby we have been used because of a lack of knowledge one way or the other.

Holy smokes! Thats some serious story right there. It realy sucks how some folks prey on others' ignorance. Im glad you've learned from this and gained some killer insight into financial responsibility. You gotta do your own diging and not just swallow what someone else feeds ya.

Crypto, man, thats a tough one to tackle. You gotta be super cautious of fraudsters and risks when youre throwin your hard-earned cash into the mix. I'd suggest you research differnt cryptos and their history before you plunk down any more dough. And hey, spread your investments out a bit to mitigate risk, yeah?

Bottom line, its rad to learn, but its equally rad to own up to your choices and do your own digging. Dont let anyone bamboozle ya!

Sorry to hear this, but frankly speaking there have been lots of big red fat warnings signs that you should have noticed when you were talking to your friend. The amount of $2000 you invested is not insignificant and when someone says that he has control over the password and the keys and you have no choice but to agree, haven't you been suspicious about that? Don't the words password and keys make you feel uncomfortable when somebody else wants them from you? Anyway, I don't know how good of a friend he was for you so I guess that might also play a role when you trusted him. One way or another, $2000 is a lot of money but you can probably be happy that you didn't put even more into that wallet.

This is what these forums are good for. When a situation like that happens, a good advice would be to go to the most popular forum and ask a simple question and you will have many many people wiling to answer you in order to immediately protect you from losing money. I am sure if you had posted even the simplest question like whether it is ok or not to give someone that data, lots of people here would have screamed at you with a big fat NO!

I have studied in high school, college, and many courses afterwards and I can guarantee you that I learned nothing from them compared to what I learned by researching stuff myself. This doesn't mean that I am master of what I researched myself, there are still so many things to learn, its never enough, I will never feel I know it enough. However, compared to what I learned at school? The things I learned myself was much better. And I can take this further and say that 4 years of college is useless for so many majors, the thing I studied for could have been just 1 very compact year and be done, half of them were useless.

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It's quite sad you have to go through all this loss as a result of your ignorance not knowing anything about Bitcoin or how it works, resulting to you falling into the hand of this scammer back then in 2017. But however, I'm happy you finally got to know about this forum, an encyclopedia of all you need to know about Bitcoin, it's history and a community of experts who are always ready to give professionals advise to any challenges as you may face as you journey through your Bitcoin career.

But in addition to what you have just known (I.e Don't ever share your Bitcoin wallet password with anyone), I will like to add that, Bitcoin is also the best option for long term investment, I.e instead of keeping your money in the bank, I rather prefer you invest in Bitcoin, as it has the potential to double in profit with respect to bull in the market price.

From $200 to $1100 loses, how did you lose that big money?

I failed to follow up your case. $200 is your initial loss to hire your friend creating that account / wallet for you. At the end, if he stole your coin in that account/ wallet, he is bad enough to steal all of your $2000, not $1100. Or $1100 is the value of your initial $2000 investment at the time your friend run away with those coin?

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I don't know how you can assign everything to your friend as it is very easily to search with Google and understand about basics.

• Securing your wallets
• Security checklist
• Reminder: do not keep your money in online accounts

How long have you been friends with this guy? I really would believe you just met him at a bar or a party and you got along because he shared a dope.
Because I couldn't imagine a friend where you both have been together for quite a while and know common friends scam you like this.

But then anyway, you paid a price. Two lessons to learn, don't be trusting too much and the other is that learn first before giving the money.

It's very unfortunately that his friend is not  being honest and untrustworthy, meanwhile in a bid to help the OP in funding the wallet unfortunately stole some of the OP while capitalizing on lack of proper understanding of how bitcoin work by the OP, it takes a lot effort and courage for any newbie to sit down to seek knowledge of how to create, open and fund a Bitcoin wallet then, though it's easier now with plenty informative platforms like YouTube with enough details on how to create it, I hope newbies will learn alot from the OP on never to entrust anybody with a private key and password of a wallet.

Grateful he has avoided you, because people like that do not deserve to be friends. He is willing to deceive you for a small money. Maybe the money can only be enjoyed for a few days, while the friendly relationship will disappear forever. But don't make him an enemy, maybe because of its existence you already know about Crypto investment. So just take the wisdom behind what happened.
If someone says something, it would be nice for us to analyze first, do not immediately believe it. Someone conveys the truth about Bitcoin investment, but behind it has the evil intention he wants to do. The truth and crime goes in line, and it depends on who will control it. If the one who controls the good person, then the truth is winning, if the one who controls the bad person is of course the evil that wins.

Maybe we say that at school is our teacher, or certain people. Without us knowing that in this forum there have been a lot of our teachers, because they convey something to us indirectly. They write something important information, without limiting who the person to go to that information is.

Even at this point there are people calling themselves 'expert' in this industry. They should be calling themselves "experienced" than expert because experience is the only thing one could attain from being in this industry for years. I myself as an example; I've been in this industry in general for 8 years and I am still learning things. Experts are simply individuals who has absolute knowledge of something and we are mostly not at that state. But I agree, taking advantage of these so called individuals would be much better but atleast never rely into them.

Learning it to yourself would be more advisable given that resources are their and there are people who could be your guide on your actions.

WTF?  so are you telling me that you are unable to store 12/24 words securely to conserve your savings?  Because we're talking about savings, I absolutely don't believe in investing in bitcoin and saving in the bank, if anything, on the contrary.

But if you lose your password or forget your bank account password, you can recover it, but if you accidentally lose your bitcoin password or your private key, you will lose everything. Both have their pros and cons, there is no best when comparing them and both have distinct use cases. Bitcoin is for investment and bank account is for saving.

Remember the popular saying in cryptocurrency, "Do Your Own Research"? Yes. Take note of the word "your" not "our". That being said, in the early days of Bitcoin we had a lot of so-called Bitcoin experts who collected huge amounts of money from unsuspecting victims to open buy Bitcoin for them with the promise that they would make a lot of money overnight. They ran away with their money.

I am glad you have learned a valuable lesson. The internet is the best University where you can acquire knowledge and save yourself money, stress and heartache. Newbies should always take the counsel of so-called Bitcoin experts with a grain of salt and do their own research.

Education teaches you how to find knowledge on your own. To show that you are really educated is when you are able to seek out and verify knowledge on your own. Develop the habit of trying to do things on your own and finding out things for yourself. It is also said that you should not just trust people but also try to always verify what they say even if this persons are very close to us, in your case, you trusted without verifying, and it is why you have learnt this very big lesson. Trust less, verify more. I hope that other people will be able to learn from this your experience.

When someone is lack of knowledge on a particular thing it always become a fool.op I may said that you are just after profit at first term that is reason why you are easy scammed.things like this always happen to does who are blinded by the profit they are thinking to make. As for me anything i want invest into, I always need full ideas about it and I pay for whatever I want to learn but I don't give people much way to be in charge my properties.
For proper understanding we always need to go for our own research and that is best way. It may the process of your own research you may able to discover things that even your mentors will forget to discourse with you properly.so personally research is very important in thing we do.

$200 for a wallet address dag it!!! That's a clear evidence that he does not have you in heart he is nuts looking for ways to benefit himself through you. If he truly wanted you to learn about Bitcoin/ crypto then the first thing he should have taught you was supposed to be about security and privacy, like how to keep your wallet safe, what type of wallet should your use, what secret phrase and private keys are and what to do with them and preferably teach you some of the basics on how to identify a scam.

Now that you have learned the lesson although it was costly I'm sure you'll never fall for something like that and if you still know those under his mentorship I'll love you to talk to them about this because I think he's a con artist and he might also be trying to trick those ones as well, make sure you try your possible best to prevent them from experiencing what you once experienced.

That's a costly and valuable lesson learned, and it's great that you took the initiative to research and educate yourself on this experienced.
I'm sorry to hear that you lost money to your friend who was taking advantage of your lack of knowledge about personal passwords and keys to your wallet but I hope this doesn't stop it here your interest in crypto despite making this lesson to improve yourself.

Next time make sure to take extra precautions when it comes to personal passwords and keys, and never share them with anyone, no matter how trustworthy they seem.  It's crucial to always be vigilant and protect your assets.

Read this article, https://bitcoin.org/en, all language was in there that you can easily understand.
Here also in the forum, spend your precious time reading value pinned post topic that seems to educate you well regarding Bitcoin technology.

Exactly, but then this guy's none the wiser years ago (I presume) and is directly and blatantly exploited by his so-called friend in exchange for a few bucks. In any case, I hope this becomes a lesson to OP that no person in this industry is truly trustworthy and you have to always be on the lookout regardless of how trusted the person you are transacting with. And NEVER EVER SHARE YOUR PRIVATE KEYS. They are called private for a reason. You don't share it with anyone, not even your spouse or whoever the fuck you hold dear to your heart. You keep your money to yourself and you keep your investments that way. Also, be careful with clicking links on the internet, every link nowadays from a dubious site is an invitation to getting your wallet drained nowadays.

You should be mindful of the friends you keep. Not everyone should be trusted. How could you have not known about this on time like from the start it was a scam.Private keys from it's name should be known by you and for you only. If you hadn't known ontime, maybe he could have made you invest more funds to your wallet and then take them out little by little. So have you changed the wallet or do you use that same wallet till date? cause last I recall, you can't change your private key. You just have to get a new wallet. What wallet did he open for you?

So your friend opened a wallet for you and therefore knew about your private keys?  My question now is: would you trust yourself to share your bank account passwords with some friends?  Obviously not.  Bitcoin is even better than a bank account because no trader can ever associate your name with the account let alone know your passwords.

I really wants to share this story, 2017 was the first time I heard of cryptocurrency. The person who introduced me to it completed Sappho my knowledge over education. He wants me to learn about bitcoin but at same time he wants to use me to accomplished his purpose. At first he told me to get wallet is $200 which I gave to create a wallet address, this money is not part of my investment you get, and when he finally show me my wallet, he said he's the bitcoin wallet moderator so he will be incharge of the password and keys as a novice I had no choice than to followed up gradually.

Now I invest $2000 dollars for a start and anytime I open it my money was increasing because those was booming season for BTC but after few days I will discovered that my money is not same amount but rather it has reduced than, this keep occurring at same time, I was receiving hash transactions to God knows where.

One day I was led to open google and verify what's all about bitcoin and altcoin, that's I begins to realized password and keys are personal stuffs no matter who opens the account for you, I loss a $1100 to my friend wallet who happened to have been fooling me all this while. He eventually ran away from my range when I discovered what he was doing.

Lesson: No matter who taught you in schools research is the best knowledge. Education is me telling you something but knowledge is you observing by yourself.