Topic: How I saved myself from cryptocurrency disappointment (Read 341 times)

Get quick scheme is ponzi and not crypto investment no matter how genuine the project appears. Every real project takes time to yield meaning any quick ROI is at a very high risk and projects that pumps to fast falls too fast and dozens of them falls that way and never recovers.

this is very exposing to the world of investment in crytocurrency. getting the right orientation about investment. making research about the investment. because its a volatile market. and an investment that grows with time. understand the market and be in a community that educate about crytocurrency. and there are scammers everywhere, follow the right channel by investing rightly.

In cryptocurrency there are a lot of things just need to know and how it works OP already experienced the possible things getting lost or gaining from assets. At the end of the day, those experiences are the ones to use to know what is the thing to support and what are the things to avoid. Again it's crypto space there is market volatility for the assets, possible projects surge or rug and people who help or just to scam.  Focus on learning by that you can easily earn and makes more conscious about the thing you are doing.

Investing on cryptocurrency has a lot of shortcomings which if we managed to overcome then we can definitely go to a financial freedom. Yes what all you mentioned are all valid and Im glad that you realizes that too.

Many newbies doesnt understand or pay attention to these cautious and end up losing a lot of money but they should remember that it is quite risky and losing is inevitable. There are times they could lose but ofcourse as long as you knew what to do you fan avoid that.

the fraudsters continue to look for ways and loopholes every time. so that their deception skills are getting more and more expert.
then it is true that a cheater is sometimes much smarter than most people. because they are very well prepared. while those who are deceived are not prepared.

Well, in cryptocurrencies, we find many loopholes for the carelessness of beginners who were originally in a hurry to invest in the crypto world because they wanted to quickly get doubled profits. and consequently the swindlers enter upon seeing the carelessness of the novice. so that beginners are easily tricked and not the profit they get. even loss and disappointment.


then it is important not to rush into the world of cryptoxurrency. especially if the beginner has a lot of money.
they should be more careful. and exactly as you said.
they have to learn first even if it's a little. or start from the basics. at least they know the characteristics of right and wrong investments. and trading sciences and the like.

What I will recommend for newbies in crypto to avoid scam is this;

If you are new in this space and has some money to invest, I will honestly advice that you should not invest until you study to a little bit and get ride of your newbie status. By then you must have gotten some understanding of how things work, of what looks like scam and what is real. By then you can make good decisions for yourself and take consequences of your actions.
Scammers are smarter than most people in this space, and when you have no experience of how things work, disappointment is inevitable.

Yes, every investment has its own risk and like the saying great opportunity will always come with great risk but the risk in Cryptocurrency investment can still be avoided thats if the investor who's still a newbie understands his/her limit, went for the long-existing project with good utility and invest base on DCA.
The reason why investors fall for a scam project is that they don't have good knowledge in knowing a scam project but they choose to invest in project where the Dev team promises profitability.
The only way anyone can save him/herself from disappointment in crypto investment is to have good knowledge about the market.

Every investment involves risk likewise cryptocurrency, so it's your duty to avail yourself from unnecessary risks or getting disappointed by doing a proper market research on any crypto project you're driving into, though there are some projects out there that can be woof in a sheep clothing but it end up being a scam project. in this case, you will be satisfied you've done your best than just going into a project without proper research.

You need to be able to differentiate between scammers and legit traders who actually want to help you. The only way you can achieve this is through learning the various tips as you build your network and grow as a trader. Set realistic goals in the beginning so you don’t expect too much, too soon. This is not a place to make quick money. Through strategies and plans maintaining discipline, will you be able to reach your desired goal.

So many times I've heard this one but I just wonder why people aren't learning yet despite the awareness being spread. We just let these people disappoint us and ruin our investment plan, we ended up losing.

Too hard to say but things have been done because of the love of money and many thought that crypto investment is a way to become rich. A sad reality that even until now, many still got hocked up and a victim of this kind of promise. I'm not sure if this will have an end or if we have this situation forever?

The best thing we do is,(DO NOT TRUST) easily in social media or any friends nowadays cause there are many scams offer.
You are right that mate no one can give you a big amount in a short period of time. We must mindset that kind of thinking but we won't get it or knew it if we are not fall into a trap and getting scammed or do not do our own research. Staking, trading, investing and mining these are the following we can earn some crypto through this.

OP, maybe you should also add "staking" as a way of crypto earning too. Many people don't even know that a good staking platform and crypto will keep giving the staker great passive income, pending when the farm closes. This is a good way to earn when you aren't trading. Instead of keeping your coins idle in your wallet, it's better to stake them; honestly. Some of these cryptos even make you earn in different tokens while some pay in their own token. In all, staking is a plus eventhough some people may disagree with my position on it.

everything that will jump into crypto is required first to understand the basics of crypto. and those who enter crypto trading must first know the advantages and disadvantages that will be faced. but indeed a beginner mostly only sees how easy it is for other people to get rich from crypto or be consumed by fomo. and hastily followed without not knowing what kind of paths and obstacles had been faced by the person he wanted to follow.
it's true what you said. don't think to multiply money drastically easily in crypto. because something that was started by greed (want to get rich quick) mostly fell into the abyss of loss.

And how would you suppose to do that?

We all know that every too good return there's always a high risk that's why it's better to minimize the risk of losing and choose a less risky investment.

I think what do you mean about crypto farming is crypto mining or i am wrong?
And crypto sniping is it more on altcoins than Bitcoin, right?
That's a lot of work to be able to call as sustainable way to make money.

I agree with what was written, entering the crypto world means that we must be able to accept the risks that exist such as pump and dump or fraud that is rampant in the crypto world. It doesn't mean that the crypto world is not profitable, but every investment has a risk side, just like crypto. . Therefore, here our minds must be really open and rack their brains to determine the right strategy with these ups and downs market conditions. always be careful in acting and also aware of the responsibility to manage crypto assets owned properly. crypto will be profitable if we can use and manage it well, be careful in acting and not in a hurry to act

I would like to add to the 3 major and sustainable ways to make money with cryptocurreny.
- Crypto Farming
- Crypto Sniping

Most people get disappointed because of unrealistic expectations. They buy Bitcoin because of some stories found in the Internet about young millionaires who bought their first apartments with their profits. Most of you don't realize that if they made a million USD and bought an apartment it means they sold it all and they did it years ago because most of these stories are from before 2021 so these people missed the last ATH and they could have 2 apartments today if they held.

Don't expect crypto to give you fast and high returns and you'll already boost your chances of being a winner in this test. That's right, investing is a test of your skills, understanding, mindset, personality, and many other things. You're weak - you lose.

Apparently, all those listed by OP are very helpful for newbies. And as they always believed everything in crypto will possibly make them rich in an instant. But they will never learn their lesson and grasp the real concept of crypto if they will never gain losses and failures. As a newbie before, everything is learned through its long process. And you will never be successful in crypto investing or trading if you are always driven by greed.  Greed is sometimes good but never use it as a motivation because you will never be successful in crypto.

@sunsilk, If anyone could have the thought that crypto is all about making quick money such a person will first believe it was a safe investment scheme.
But it, not all influencers were paid to advertise a certain project because some are doing it because they invested in the project and they want more new investors to hop in for them to sell their holding in profit while they also exit.

@ultrloa Influencers hype on the project seems to be easily spot out by you because you're well experienced in the crypto field.

The basic logic of how to make the right investment in crypto will certainly never cross the minds of beginners who suddenly enter crypto. Get-rich-quick schemes have indeed become a very detrimental Hype, because they see other people can easily earn a lot of money from crypto. they do not know the process and the risks that will be faced.

I even experienced this get-rich-quick scheme mindset at the beginning of getting into crypto and of course it resulted in a lot of losses, but after getting a lot of experience and lessons on how to invest well, I started to understand what I had to do.

Quick rich schemes on crypto is what mostly promoted by influencers also with your friend which has been hype for certain investment  options where they invest their money, but unfortunately this is totally risky and for newbies for sure they lose their money for those people who promise and easy way to earn money because as always to good to be true offers is not true and for sure scam.

For influencers its easy to spot if they are just hyping easily and we should avoid on what they are promoting to us especially if they have history that the coins or tokens they promoted became scam before.

I don't think that it's the actual reason and belief they've got. It's about the quick money that they think circulates in the crypto market and they're thinking that crypto is all about that.

I agree with the influencers.

They're just paid people to advertise those projects and they don't filter and study the project that is hiring them to speak for them so that they can endorse them to their fans.

I am not sure if OP collects content from somewhere else. But most of the advice is useful for crypto beginners. Because old users are already familiar with this kind of problem. The part of the thread I liked doesn't expect to become rich overnight from the crypto. Otherwise, you will have to cry later. I have seen a couple of things and I learned a costly lesson as well. Need to invest what you can afford a loss, then you don't have to cry. This is the very basic logic in crypto.

I think this also happens to everyone in the crypto world especially people who invest. The mindset that crypto is an instant way of getting rich and multiplying money is sometimes a self-defeating weapon. There is no instant way to succeed in crypto, you need to learn because crypto is very broad. Even the crypto world is famous for a lot of scams.
Therefore honestly the mistakes that have occurred you should make a lesson. You have to minimize mistakes and look forward to keep fighting and not give up. Forget what has been lost and keep trying to get it back. I am sure your efforts will pay off according to your efforts.

You are right but Investing and Crypto trading isn't suitable for any new crypto users.Because for investing you have to have knowledge about projects and have to find out is this a legit project.
And for trading you must have knowledge about technical analysis. So be experienced before you decide to invest.

It was exactly the same thing for me, Infact, mine was a bit different cus I actually came into this space through a friend who introduced me to a project then, the project was in their ICO, I knew absolutely nothing about crypto but this friend compelled me to invest in that ico, the project later turned out to be scam, and that was how I lost my first ever investment in crypto, after that incident, I decided on my own learn what crypto is all about, that was how my journey began.

 

Google taught me over 80 percent of what I know in crypto, I even found and became a member of this forum through Google, it was a joint effort between Google and the project I mentioned above, I actually Google searched the project to know what it is all about, that was how I found a link about the project which lead me to this great forum, and later on became a member here.

Today, I am always proud to tell my friends(those who come to me for education on crypto) that no physical person taught me anything I know of crypto today, I learnt everything through research on Google and this forum likewise many other online sources.



Another simple explanation is "diversify" and "don't put all your eggs in one basket", many people are guilty of this, when they find a project is looks good and promising, they want to go "all in", if anything goes wrong and project crashes, you end up loosing all your money, but when your money is diversified, you stand a chance of regaining losses on a project from another project.

This is exactly what many beginners in cryptocurrency have in mind, must of them think they can just invest $10 today and have 50x in short time gap, which is not the way.
one need the basic understanding about cryptocurrency, how it works and the risks involved before jumping into trading. I hope we Newbies will remove greed in our mindsets to learn so as to enjoy cryptocurrency.

Investing and trading are essentially the same thing, the difference is that by investing people understand buying something and holding for some period of time, while trading is done more frequently and includes using instruments like short-selling and derivatives. Both can go horribly wrong with crypto, you can invest in "good project" and watch it crash by 99% in an hour, or you can lose all your money with high-leverage trading.

But generally investing is better than trading, there were many studies that show that majority of traders are losing money.

As for mining, you need a starting capital, otherwise its just pointless.


Just because crypto trading is a skill that you can study, doesn't mean that you will succeed. There are no proven schools or courses or books that give people an edge in trading. The only people who make consistent profit in crypto markets are insiders and manipulators. And maybe some 0.001% of traders who "cracked the pattern".

Actually the caused is from the investor, when your expectations fails to come to reality in cryptocurrency investment, is caused by misunderstood of crypto chat, for the traders. But for long term investment via altcoins, is caused by lack of searching for vital information of a project.

.both of us is saying similar thing.. its greediness that makes some investors not understand that each move of acceleration of cryptocurrencies in a position way is profit.. majority of them always want it to accumulate before comprehending that each step is profit

The basis of disappointment from cryptocurrency investments is when they feel the facts do not match expectations. One can easily invest in any asset but not all of them understand what the risks are. Profit is the target of every step they take, but good governance is not understood. This is the basis why begginers investors do not succeed with their first investments.

Yes, they need guidance as well as experience because sometimes experience is a good start to understand how the market works because in my opinion theory doesn't always work without failure.

it depends on your target and the kind of investment you run.. while some people feel biase or disappointed into cryptocurrency investment, is when you invest without knowing the rudiments of cryptocurrencies, that is while any cryptocurrency investor especially new once needs proper guidelines or orientation of crypto before investing..at times some purchase cryptocurrency because some certain elements is speculating the information of a particular coin and they will queue up to purchase without researching for the potentiality of the project...so such contributes for some people failure during investment.

This happened because their belief is that cryptocurrency is a totally safe investment when everything that comes with great benefit will also come with great risk. However, some crypto influencers also have a part in newbies investing in pump and dump coin and this will never stop until the newbies understand that they need to understand how to make a safe investment in crypto.
I am saying this from experience cause i was once a victim of E-Dinar Coin and MMM Japan.

The end results of this mindset in cryptocurrency is always dissapointment , sometimes it leads to give up totally.  With a mindset like this it tells that one is not ready for cryptocurrency because cryptocurrency is not quick money making machine.  Having a mind full of patience that is when one can enjoy the benefits of cryptocurrency.

When you say sustainable, it should have a maintained level of gaining profit and I don't see trading were fit for it.
Out of the 3 that you've given above that you've said, 3 major sustainable ways to make money isn't true that trading belongs to this criteria.  It's very crucial to make money in trading and trading isn't an easy way to make a sustainable profit, there's always a risk were involved not like investing is you will wait for a perfect time of selling your asset while mining you need a large of capital for the mining machines or facilities.

All precautions that you've mentioned above were right and you should learn from those of your previous mistakes, disappointment becomes quitting and quitters become a loser, therefore, never quit but instead, learn from it.

You have good precautions things to avoid fraud that can occur in crypto. But not necessarily people who are new to crypto will think like you because many of them think that crypto can give them big profits in a short time. They think that way because they see many examples from social media even though they are not necessarily true.

With so many fraud cases happening and being shared on social media, this should be a lesson for new people that nothing is instant and everything has to go through a process. They need to find out more if they find one thing that interests them to avoid being scammed.

There are ways to minimize or get rid of those risks you are taking about.

Don't participate is such activities. They aren't meant to make you rich. Random people on the internet don't spend their time thinking what they can do to make your financial situation better. They want to better their own! Pump & dump schemes are created to allow the organizers to sell a coin they have previously acquired. They make the money, you are left holding a worthless asset. 

Don't give money to trading experts, crypto gurus, social media influencers, or websites for investments. Start with the basics. Buy Bitcoin and be happy with the returns long-term.

People believe it's too late to invest in Bitcoin. The ship has sailed. What they need to do know is find the next Bitcoin before it's too late. That will never happen. Bitcoin wasn't developed to make its original creator rich, but this is the exact reason why all other altcoins exist. Stop chasing fairytales and stick with sound money.

I don't suggest trying your luck with trading if you haven't spent weeks and months researching the subject and learning as much as you can before. Otherwise, you will become just another person who has lost money in an unfamiliar market.

Most newbies are really bound into investing into a "platform" which promises them with good return because no one tells them to avoid those as it's a scam.

Many have been considering it as a business. Anything that has a risk on it can be said of a business based on your perspective and as for the debate if being into crypto is a skill.

I agree that's on the side of trading but being into it teaches and forces you to be skilled whether you're a trader or not or by just being a holder and a passive investor.

I'm impressed thats this is coming from a newbie, I believe this is the right thing to do as a crypto newbie

1. When I entered into crypto space I lack the gut to invest, I learned a lot over and over again before having the gut to purchase my first BTC, put aside buying coins and go straight for learning, be curious and ask questions, Google is also a good teacher.

2. Invest only what you can afford to lose, no matter how good a project utility might seem there is a chance of failure in future, you can never predict how smart and hardworking the project's team will be so using the amount you are ready to lose won't pull you down.

3. New coins do come around almost every day and I don't think it's a good place for a newbie to start his or her crypto journey, new coins and tokens are for crypto experts who are good at research, a newbie still has a lot to learn so better stick with top altcoins if altcoins are your aim.

4. Mining isn't for every newbie, there are things to check out first before buying any mining equipment like electricity cost which will determine how efficient your mining rigs are and secondly real miners are always in for a long term, mining isn't a get rich quick scheme like many thought, some times it will be profitable and some times it won't, getting your return of investment back might take longer than expected, find mining calculators online.

As a newbie that has Falling into crypto currency scams and disappointment. The following is how I overcome those disappointments

Risk involve in cryptocurrency
i. Crypto pump and dump;
Crypto is highly volatile and a lot of people do not consider this before investing.
ii. Fake investment scams; This risk applies to a lot of newbies like myself. Someone will just tell you to bring your money and they'll help you invest,
It's important you recognize scams when you see them
iii. Emergency of new coins;
New coins emerge frequently it is now your own to DYOR(Do your own research) to know which ones you should invest in.
iv. Money-laundering through crypto exchanges;;This is also very common.VSome people are actually fraudsters but they just use Cryptocurrency as a camouflage.

What should your mindset be about cryptocurrency?

Mindest 1: Crypto is not a get rich quick scheme. If you have the mindset of putting $10 into crypto today and getting $100 tomorrow, please, I beg you do not venture into crypto.Having the get-rich-quick mindset makes you fall for a lot of scams.

Mindset 2: Cryptocurrency itself is not a skill or Business. This might sound a little bit controversial but it is what it is.
Cryptocurrency is neither a skill nor a business. At the moment, cryptocurency as a whole is more of an investment. The skill and business part of crypto is in Crypto Trading.

So, you should know this and know peace.

There are 3 major and sustainable ways to make money with cryptocurreny.
1. Investing
2. Crypto Trading
3. Crypto Mining.