Topic: How NOT To Get Scammed - page 9. (Read 4652 times)

Many people also follow the signal senders on social media on where there are many scammers try to give exact signals in the start and after that when they find that now their followers are trusting on them they start to scam people by giving wrong signals or by giving other scam services. We have to stay away from these people and have to do trade with our own research.

In Cryptocurrencies, when something sounds too good to be true, then it's definitely too good to be true, I recently saw a group in telegram that was offering Cryptocurrency loans with just 10% collateral, basically you could deposit 1 BTC and collect a loan of 10 BTC, it sounds stupid when I say it like this but the fact is that some starry-eyed newbies would still fall for it, afterall some people still fell for the money doubling schemes.

Need to advise users that using social media constantly because they are the one's that getting involve on this kind of issue and the easy prey for this kind of fraud. so I suggest that reduce using social media also to not getting involve on this huge deceit that will loss your interest in all.

Greed is one of the most important problems when making a financial decision, FOMO can also affect the decision, I came across this in 2017.

In Cryptocurrencies, when something sounds too good to be true, then it's definitely too good to be true, I recently saw a group in telegram that was offering Cryptocurrency loans with just 10% collateral, basically you could deposit 1 BTC and collect a loan of 10 BTC, it sounds stupid when I say it like this but the fact is that some starry-eyed newbies would still fall for it, afterall some people still fell for the money doubling schemes.

I would also advise you not to respond to messages from strangers who offer you a quick way to get money. I noticed that such cases of fraud have become more frequent and it is very important to pay attention to this.

Stop investing with ICOs and IEOs are best solution how to stop for scam investment, you can hold and save your money in the bank keep safety although ten years later and you money keep the same with the first time you save, but with bitcoin and altcoin investing you can increase higher or lower value just one week or one months later, but you have ready with risk by bitcoin and altcoin have lower price.

I believe that every good lesson starts with a good story and on this note, I want to tell you about the experience I had that made me cautious of "Get rich quick" schemes online especially those pertaining to Cryptocurrencies.

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I discovered Bitcoin in early 2013 and although I didn't take it seriously at first, I was earning little money from it doing tasks online (pay for view, faucets and such), I took it more as a hobby and never intended on selling the bitcoin, I just knew in my heart that it would do great so I wanted to accumulate as much as possible without having to spend my money buying it (this was before I got into mining), fast forward to 2015 when the money doubling schemes were everywhere, I kept seeing adverts online and even though I knew better, I decided to invest in one of them (Avabitcoin) with the coins I got from my early days of discovering bitcoin, Avabitcoin was a platform where you invest bitcoin and they supposedly invest it and return profits to you on a daily basis, I decided to take the risk and invested for the first day, got back my money plus 12% profit, and greed overtook me and I did kept doing it for 2 more weeks before they vanished with my funds. I kept going all in even when I had already doubled my money.

If you want to avoid getting scammed online, you just have to follow the following:

Greed: Greed has led a lot of people straight to rekt, like my story above would have told you, I couldn't resist the pull of greed even when I had doubled my funds.

HYIPs: When it looks too good to be true, then it's probably too good to be true, when you see any investments that promise high yield returns, please stay far away from them, when you see genuine projects that offers returns, most of their returns are so low, some of them are average of 10% per annum and it's a wonder that we see platforms offering 10% and above in a day and we gladly jump straight into rekt, like I said, if it sounds too good to be true, then it's too good to be true.

FOMO: If not for the hype that Avabitcoin generated, I would not have invested in it in 2015, learn how to DYOR and avoid what others have to say about projects they seem to support, infact your mindset should be that everybody is trying to rip you off so if you always look at every hyped project with that mindset, you would have a clearer picture of the project without the blindfold of FOMO.

Rushing: Avoid rushing into any investment because you heard it's paying others, one of the virtues of a Cryptocurrency investor is patience, Cryptocurrency investments are high risk investments and you have to treat it like gambling, never invest more than you can afford to lose, never go all in on any project no matter how good it looks.


EDIT:
Click on random websites: Many airdrop websites you see these days asking for personal details are fake and many of them are just clever ways to steal your private details and use it to steal your funds, be careful of the links you click and if possible, bookmark your sensitive websites (the ones that need private information like private keys and passwords) so that you wouldn't fall for a clone website.

Use new wallets: We can all remember the recent incident that happened with satowallet where the wallet stopped working and users lost a sizable amount of funds, we should stick to the existing and trusted wallets instead of just jumping into any random wallets swe see online, many of them don't have your best interest at heart.

Repeat Passwords:  I was just surfing through the forum a few minutes ago and saw a post where a guy managed to hack an ICO website and contacted the admins and the admins just don't care, never repeat passwords in two websites so that if a hacker manages to get their hands on one of your passwords, they would not be able to affect your funds in other platforms.

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If you have any similar experience, please kindly share it, it might help others (especially the newbies to avoid being scammed by shady projects out there and if I see good suggestions, I would edit this post and add them as well.

Then the solution is easy don't you think? You need to stop investing in icos and ieos, I know that those that are new to this market do not really want to do that because they want to obtain the same benefits as those that invested early in many of the top coins of the market, but they need to understand that ill will be a tremendous challenge for any coin being released today to become part of the top 50, so all of those profits that they imagine that they are leaving over the table are not there to begin with.

Honestly we can't be 100 percent safe from scam projects, few ones are well created and they will show no sign of been scam like many scam projects that steal whitepapers or use fake teams

Some of us can be easily deceive by their sweet lies like we don't even think about it before making decision and that is the reason why we end up felling remorse about it. I've had experience it, it makes curious and interested of course who doesn't want to earn huge profit in easiest way? I don't have enough understanding before about safety and security about scams that's why I lose some of my money. I have learned a lot of things after that incident and now I was able to overcome different problems because my experiences help me to realize my mistakes.

The only way to clean this market from scammers is that people stop investing in every single new project without doing their due diligence, until that happens scammers will have no reason to get out of this market when they can make so much money with so little effort, but when thousands of newbies join this market every week each one with the very same goal of becoming rich in a matter of weeks then is difficult for me to believe that the market will ever become free of scammers.