Every possible wrong crypto advices - page 2.

Ever-young

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Quote from: GiftedMAN on May 27, 2024, 10:31:55 AM

Quote from: FirmWars on May 27, 2024, 02:37:22 AM

This will be fun, drop you 5 wrong crypto advice you can think of, I will go first.

1. You don't need knowledge before you start trading, you can even make profit while you have no trading knowledge.

This one is absolutely one of the reasons why some investors are really finding it hard to profit in crypto, either they withdraw there money when they are not supposed to, or they invest when they are not supposed to invest, meanwhile they are supposed to understand the basic knowledge before involving themselves into crypto, that will help them to be more careful and do things at the right time and also learn how to be more patient.

Kristiyana

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Quote from: Unity for Humanity on May 29, 2024, 04:12:41 AM

While giving advice to someone when we are 100% sure about certain matter and when we have full understanding about that matter then we should advise other on that matter otherwise if we give wrong advice to other he may get confused. We cannot be given wrong information while proving how much we know, because wrong information can be a danger to anyone on such a platform.

Actually is not that they are giving wrong information in the platform the topic is caption every possible wrong crypto advices is just like fun op don't intend to mislead anyone with this topic. though I don't blame you for saying that because not everyone that will understand, those people who are still new in this platform most of them can see it the other way round, of course wrong information can be a danger to anyone, because most people will be confused after reading this thread.

Unity for Humanity

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While giving advice to someone when we are 100% sure about certain matter and when we have full understanding about that matter then we should advise other on that matter otherwise if we give wrong advice to other he may get confused. We cannot be given wrong information while proving how much we know, because wrong information can be a danger to anyone on such a platform.

BABY SHOES

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Activity: 294

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HODL - BTC

A little strange about this question... Well I could be way off base with this advice. Lol

1. There is no need to worry about storing assets on the exchange because it is clearly safe because you verify it.
2. Why buy an expensive hardware wallet, there are free wallets, just use Trustwallet - open source.
3. Bitcoin is already too expensive, choose an altcoin with a low MC with a possible upside potential.
4. Use any money to buy altcoins.
5. Meme coins can you get rich quick than bitcoin.

tabas

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Quote from: FirmWars on May 27, 2024, 02:37:22 AM

2. Buy your hardware wallets from local stores nearby, you will save a lot on custom fees and shipping fees.

I don't see anything wrong on this one. There are local stores that are affiliated with the manufacturers. For example with Trezor, they have accredited resellers locally for every country: https://trezor.io/resellers
What's wrong is when you buy it locally and it's not with an accredited reseller and there's already a preloaded seeds or a generated recovery phrases already.

Dave1

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Here's mine,

1. Bitcoin is a scam, do not invest on them, only invest on shitcoin and memecoin
2. Blockchain can be altered
3. Borrow money and invest it on crypto (others might disagree with me here)
4. Saved your private key, mnemonic phrase in the cloud or email
5. Don't back up your private key and mnemonic phrase

So there's a lot of misconceptions and if you are a beginner, you might have encountered most of it already.

Zlantann

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Quote from: FirmWars on May 27, 2024, 02:37:22 AM

This will be fun, drop you 5 wrong crypto advice you can think of, I will go first.

1. The government will seize all cryptocurrencies, so it is better to sell your coins to avoid losing them in the future.
2. All cryptocurrencies are the same, so you can buy anyone and make a profit from it.
3. Bitcoin is demonic and will be a single currency that will be used by the devil at the end of time.
4. Bitcoin can make you rich within a short period, so you can sell your properties, take loans, or borrow to invest in it.
5. Bitcoin is anonymous.

My views about these misconceptions.

1. The government can't control the crypto space because coins like Bitcoin are decentralized.
2. All cryptos are not the same; that's why we need to do our research about these coins.
3. There is no religious proof that Bitcoin is connected to any satanic project.
4. Bitcoin is not a get-rich-quick scheme, so investors should have a long-term approach.
5. Bitcoin is pseudonymous, but you can make it anonymous through the help of some privacy tools.

acroman08

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Quote from: FirmWars on May 27, 2024, 02:37:22 AM

This will be fun, drop you 5 wrong crypto advice you can think of, I will go first.

1. Bitcoin is an extremely profitable investment so you should invest money you cannot afford to lose if you want to double or triple it.

2. there is no point in learning how to properly trade bitcoin, you can easily join a group and then the "experts" in that group advise you on what to do or follow the strategy that they are doing.

3. you should take advantage of the Bitcoin doubler you see online, especially if a well-known person is the one hosting it.

4. Quickly sell your Bitcoin if the price is suddenly dropping fast if you want to save your money.

5. as Luzin has already mentioned, Craig Wright is the creator of Bitcoin, anyone who says otherwise is a moron.

Porfirii

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Quote from: Alone055 on May 27, 2024, 02:59:06 AM

1. Invest in Bitcoin now and you will get rich in a few years.

-snip-

Is that a really popularly admitted wrong crypto advice? Because I read it day in and day out in the forum, and I feel a little bad every time I have to remember that the price increase or even the repetition of the cycle are not sure things, because for some it is little less than blasphemy.

Although there are worse ones. An acquaintance has the habit of saying that in the short term the price will go up or down, with complete certainty (derived from his ignorance) which means a potential disaster for those who pay attention to him.

Kristiyana

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1. Don't invest in bitcoin because it has a high level of risk to avoid losing your money.

2. Invest in memecoin instead of bitcoin because is very good for long term holding.

3. Invest heavily in memecoin so as to get a huge profit in return.

4. Telegram wallet is the most reliable and secured wallet to store our assets.

5. Invest in a newly launch project so that you will be the first to get profited.

Maus0728

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1. You can probably hodl until the next bull run, you don't have enough bitcoin to sell during the current bull run so make sure that you should take the greedy route.

2. Jump right into trading, don't learn the basics because "experience" is the best teacher, don't do demo trades because it's a waste of your time.

3. Never question any advice that's given to you by people that have been in cryptocurrency game longer than you.

4. A crypto project that's got a good standing in the community is probably not a likely cause for worry that they might scam people and pull the rug under the people that trusted them.

5. The haters of bitcoin is wrong, all of them don't make a valid point, bitcoin when used as a tool is a never do wrong.

GiftedMAN

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Watch&Pray.

Quote from: FirmWars on May 27, 2024, 02:37:22 AM

This will be fun, drop you 5 wrong crypto advice you can think of, I will go first.

1. You don't need knowledge before you start trading, you can even make profit while you have no trading knowledge.

2. Once you invest in Bitcoin today, be rest assured that you are a future billionaire.

3. All cryptocurrency investors hate banks,this is because they don't save money in the banks.

4. All cryptocurrency investors are scammers that's why they are always hiding their portfolios.

5. You don't need to hide your seed phrase, even if someone else has access to it, they can't do anything to your funds.

albon

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Quote from: LogitechMouse on May 27, 2024, 08:55:35 AM

5. Invest on a project because they will give "GUARANTEED" returns. In the world of investing, there's no such thing as guaranteed especially in cryptocurrency.

I see that most investors are greatly enticed and scammed by advice that contains phrases like quick profits, guaranteed returns, multiplying capital by 100X, achieving the dream of wealth, and countless other illogical pieces of advice. Of course, it is the responsibility of every beginner to gain the necessary experience and conduct his research to determine whether the advice or recommendation he is listening to from someone is trustworthy or is just a trick to steal his funds and put him at risk.

Naturally, not all people who offer crypto advice to their followers and communities have good intentions; one of these influencers and analysts may promote one of the platforms or illegal currencies just because he received marketing fees from their teams, and it does not matter the fate of the people who listened to him and implemented what he advised, so every person must be sufficiently aware and cautious because not all the advice they will find will be in their favor.

moneystery

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Quote from: FirmWars on May 27, 2024, 02:37:22 AM

5. You can become rich by taking a loan to invest in crypto.

this is the most misleading advice in crypto, because taking out a loan to invest in crypto is reckless, since one could possibly lose the value of their investment in crypto and they would most likely not be able to pay back their loan. that's why people need to avoid borrowing money from banks or other people just to be able to make a profit from the crypto market because it is very risky.

LogitechMouse

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There are many wrong crypto advice that most people are giving especially to newbies, but here are the 5 ones that just came to my mind.

1. Invest all of your money in one basket. Even you're a Bitcoin maximalist, I don't recommend doing this AT ALL.
2. Follow the herd. Sometimes, following the herd can lead you to losses. Sometimes, being a contrarian is the way to go.
3. Don't do research and just follow what these crypto influencers are recommending.
4. Store your assets on a CEX because putting it there will give you an opportunity to earn more through staking (basically not the actual staking, but you can really earn when you put assets on CEX).
5. Invest on a project because they will give "GUARANTEED" returns. In the world of investing, there's no such thing as guaranteed especially in cryptocurrency.

I know that there are many more, but one advice that I can give is that, beware of the advices that you're hearing especially online. Some might help you, but some might be the reason for you to lose money.

SatoPrincess

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Bitcoin is only used by criminals
It’s too late to buy Bitcoins, invest in altcoins.
Borrow money to buy Bitcoins.
Save your private keys on your email.
Bitcoin is a scam.

tranthidung

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Farewell o_e_l_e_o

Quote from: FirmWars on May 27, 2024, 02:37:22 AM

This will be fun, drop you 5 wrong crypto advice you can think of, I will go first.

The key in education for newbies, children as empty brains, is to teach them doing right things.

What you do here is oppositely. I don't say you are teaching them to do bad things but it's better if you start with advice to do right things first.

What you are doing here, is to ask them using their brains, extrapolate your posts and other wrong advises, and do oppositely. What if newbies, children do bad extrapolations so that they will not be able to do right things.

Remember all bad things are overwhelming, isn't it?

rachael9385

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Quote

This will be fun, drop you 5 wrong crypto advice you can think of, I will go first.

1) Bitcoin is not a good store of value
2) Sell your properties to invest in Bitcoin
3) Understand the whole concept of Bitcoin before you buy.
4) Sell immediately you starts losing your asset.
5) Keep your seed phrase in one location.

More loading

Luzin

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Quote from: FirmWars on May 27, 2024, 02:37:22 AM

This will be fun, drop you 5 wrong crypto advice you can think of, I will go first.

1. Craig Wright is Satoshi Nakamoto the creator of Bitcoin.
2. Keep all assets in one wallet.
3. Don't keep your private keys.
4. Let others keep your seed wallet.
5. Never control your emotions in trading
6. Buy coins using all the money you have.

There will be more, but I think friends on the forum will mention better. CMIIW

Zaguru12

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Quote from: Alone055 on May 27, 2024, 02:59:06 AM

2. Use a single, multi-coin wallet for all your crypto holdings because it is more convenient to have them all in one place.

3. Don't sell any of your assets no matter how high the market may go because it will always go higher in the future.

2. This depends on the wallet you’re using, using a hot wallet you’re definitely risking everything if they are on the same wallet in fact even if they are on different wallet but on same device then there is still no too much difference. But a cold wallet like hardware wallet could still be much safer even if you have multi-coins on them. You cannot because of you want to split your coins into different wallet have some portion in hot wallets, except those on hot wallet are not that big. If you must use too different wallet then it should be cold wallets and not same device that’s more secure.

3. This actually has been a debate but agree that not taking profits is definitely a huge risk of it, there is never a loss when you take profit. But still there are coins that you have great conviction or narrative about that they will pump in future example is bitcoin so why not take out your capital and some little profits from it. If it rugs you will still be on advantage

Quote from: EluguHcman on May 27, 2024, 06:40:31 AM

Quote from: FirmWars on May 27, 2024, 02:37:22 AM

5. You can become rich by taking a loan to invest in crypto.

At some points OP, I consider some sense out of this because if you can loan from an understanding body who may ask give you a more convenient time to pay back, then I don't see anything wrong here. Bitcoin is not a get rich quick to venture into loaning to Invest under pressures of paying back in a short time otherwise, there is a succeeding faith to be prosperous on loaning to venture on crytop investment.
This is just about understanding but it would be a failed attempt when the investor dares to take loan invest crypto conditionally on paying back in a short time.

No matter how huge the potential of bitcoin increasing in future Is and how long a loan repayment time is, never take loan to invest in a volatile asset. The possibility of it growing in profit is still a probability just as much as the risk too

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