Topic: Ignorance and greed, that's the cause of it all, everyone be warned. (Read 432 times)

A trader should really be confident in his actions. Otherwise, it will be really difficult to get a positive result.

Give a poor man a dream they will believe you because they are trying to get away from their poor stage, I don't blame such people you know they don't like their ways of live and they want a change so they will try to look for opportunities, buy themselves some fantasy hoping it will change their life

Because I don’t understand cryptocurrency or the crypto market,
I was almost deceived once, but I can only say that the liar is really advanced now. He will package the project perfectly, and even the white paper will look perfect.
I have been following up on the project, and I very much believe that the project can make money,
But in fact the project is an empty one, he just wants to scam money and then runs away
So be vigilant no matter what.

   To enter any industry, you need to pay a certain amount of tuition. Some people paid time, some paid money, and some even paid the price for happiness and health. I have bought more than 60 altcoins, but at present I only have Bitcoin and Ethereum.
I must do a good job in asset allocation, and the cost of toss is too high.

Waw you are very right lot's of people have been scammed on a daily basis and they are stealing people funds which is very painful. I believe whenever you are looking for money I believe you should always check your offer well first and think about it how possible it is and there are also lot's of scammers in bitcoin so if you are looking for money you have to be very careful to avoid been scammed.

One could blame the crypto media for advertising these huge gains from unknown coins. When people read that others have gained 200% profit in 1 week from dodgydogecoin they will either invest in it themselves or try to seek out the next big thing - usually from a scammer waiting for prey

Newbies should always stick to the top 50, then venture lower as they learn more about altcoins, bitcoins, DeFi, and more importantly - how to spot a scam project. If the teams isn't doxxed, then stay away!

The Hunger for getting Rich quickly interests us a whole lot make millions loss a whole lot of fortune, without proper analysis of what we want to venture into....we must have seen how a whole lot of people fall for scam scheme through cryptocurrency and bitcoin... hopefully we get to learn from the mistakes of others,try not too be self-centered making wrong decisions to quickly.
Ignorance has been a bridge to scamming a lot of people just ventures into whatever they like with having complete and full knowledge of Cryptocurrencies.

Most yield finance projects will not survive long because they have no solid ground to begin with. They are just earning from the users that will put their funds in. They need to find other use case where they can generate income and not only relying from the farming feature. One should be very cautious when investing in these farming platforms because most of them will be abandoned by their team.

It's why I don't invest in any yield finance projects, they are the most risky ones because they promised impossible returns every weeks or months which makes old staking projects stands out, PoS projects gives returns annually and that's within 5% to 15% range but those yield finance projects gives 5% every week or months

I think it all depend on the person. Being greedy could really go down a person but others are not. They tend to get more lucky than everyone else that instead of going down they tend to become successful. This is why I believe that failing down still depend on the individual. There are lucky individual out there.

Perfect, that's why I emphasize on everyone been a victim to the scams and not just the newbie. We have put mush focus on newbie that we fail to realize others are also been victimized by this scammers. The reason isn't different from that of the newbie though as it's usually greed that this scammers target, which is why they come up with the best juicy offers they have.

Users already existing in the industry should be aware of most of these scams tricks by now so they can't give the excuse of ignorance instead they're ashamed of their greed and hide behind them not knowing.

Aside from worrying about newbies about making indecisive decisions due to ignorance, we should also pay attention to those who have been long in the game already but still makes careless decisions due to greed. As you enter a project or receive an offer, check out its validity and realness first before making an action. See if it is too much or too good to be true. We've been warned by it a lot of times already yet we keep on making the same mistake as we get attracted on receiving high profits through an easy process.

Actually don't take advice from anyone, any story can be made up. This is the internet/social media age where everyone wants to look successful without actually been successful. I'm not saying that story wasn't real but just go through twitter and you'll start seeing different stories popping up if similar success to that of those guys that made millions from dollars of investment.

That's just one example, there are different out there which is why many are getting pressure into patronizing this pump and dump projects getting launched daily.

It's one thing when you buy this tokens and another when you get them through airdrops or giveaway, that is okay because you're not actually risking anything provided the projects aren't malware inbuilt in their respective sites or wallets.

I think sometimes the situation of the person, played a vital role to be scam although he already knew what is going to happen since, maybe his situation and emotion, are combining to be more impulsive, and correct greediness also one of the reasons someone gets scam, because of the reward or promise he forgets that it's just a way to lure, him and invests his earning to it.

  Thanks for the advice on how to be wise and preventive ourselves to scam .This is important thing I will always put in my mind on your advice.

You are right, but this thread is not only about newbies, it is also about people that are not newbies but because of greed invest in ICO and other new projects, that most of the projects have resulted to exit scam while some were later resulting to pump and dump. You are right that newbies are most vulnerable to scam, but not only them can be scammed, even people that are not new in the cryptocurrencies businesses and deals should be very careful of scammers.

That's the problem. There are so many trending stories of the guy who made millions $$$ and not enough stories of the guy who lost money investing in a project. Crypto is so unpredictable, just because a newbie made some money buying shit coins doesn't make him an expert. Be careful of who you take financial advice from.
Not many investors are interested in the technology of the project, take doge coin for example. Doge has zero use cases..zero! But since Elon tweeted about doge. The media has been singing doge to the moon.  This goes to show the mindset of many investors.

I believe there is a reason people go after buying newly launched coins even before they hit the exchange, we have stories of investors with any knowledge or barely knowing anything about the cryptocurency industry becoming rich overnight just by investing in pre-sale of a project fueling this belief that they can replicate similar steps. Some examples are the market today, dominating their respective technology and giving impressive returns of investment.

While majority blindly follows the trends, we have those who invest because they believe, have studied and understand what they're investing in. Investors of project like polkadot, Solana etc that their investment are giving them huge returns believe in the technology this project are working on and today their believe is been highly rewarded.

Not all the project out there are here too scam you, you have to distinguish between the scams and the authentic ones, all the moon that and this or safe, Elon bullshit aren't worth it even though they can make you millions short term especially if you joined the ride very early. Ignore all this scams and focus on the technology a project is working on, obviously it has to be realistic and not fairytales.

They just go an do an auth post instantly just by seeing the application format.
Quite sad that there are users here that are still willing to advertise a scam platform and they'll get paid with the people they scammed.
It's a dirty money.

It's human nature to want to get rich quickly...

currently, the crypto business is a business with big money so every day someone or group tries their luck in the market by making their tokens/coins and then holding ICOs, IDOs or so on. but inexperienced newbies are tempted by cheap prices and abundant bonuses so that they forget the possibility that they will be deceived. Ignorance and greed are the causes of a person's loss in crypto.

Exactly about bounty hunters but my post is for traders or speculators as well.

Those people don't want to read, listen to advice that gives them knowledge, lessons about losses, etc. They only care about profit and skip all advice, risk. They mostly want to have pump signals. 

The game will be like this

• Begin with small capital
• Being lazy, win big
• Use big capital (initial + big profit) to gamble again
• At the ends, they will lose all capital after only one failed decision or a streak of few decisions.
• Most of them can not learn anything from it, and will repeat they cycle again

Greed is the reason why many people are still getting victimize by these scammers. Though we are aware of the consequences if we bite a too good to be true offer, still, we are taking risk to see if there's a good outcome waiting.

I think if you are fully aware of what you're getting into then its fine as long as you have the strategy to take advantage the situation. There are many kind of scams, however in crypto there are certain coins that are risky but can give us huge profit if you're able to hit the right timing to sell, meme coins are an example.

Thus its a must to fill your minds with knowledge so you wont be kind of person who can be easily lure of scammers.

This is the practice of all our bounty hunters. They don't give a damn if they support the fraud, if they were paid a penny, and the hunters were able to get theirs, what will happen next is no longer interesting.
In general, today there is already so much information on how not to become a victim of scams that only ignorant and stupid people are caught in a deception. If such people have extra money, do not want to listen to the advice of more experienced people, do not study on their own, how can we help them?
Once they have lost something, they will begin to think. So don't worry about them. Sooner or later, everyone gets their lessons

Even scam projects can be good ones if you know what you are doing, participating at a right time, and take profit as expected or as planned. Scam projects are undeniably scam projects but it does not mean 100% of people who participate in would have losses.

In a single project, there are winners and losers as same as on wider market, the crypto market. Newbies who invest in cryptocurrency in March, now can call it as a scam market but who invested in March 2020 and took profit in early 2021 would call it as a good or perfect market.

Scam or good projects, they can be different in brand names, marketing strategy, borrowing technology but they have common price actions. If you are good at price actions and market psychology, you can find good entries and make wise exit decisions.

Garbage? I dont think I bought a garbage tokens, somehow they have some sort of utility at least. Pump and dump tokens by whales and you actually ride on it on a decentralized manner isnt considered scam as there are risk involved in trading that. It could be a risky gamble but you cant consider those who bought an ido a scam already. Anyway thats my choice right? Im trading private sales tokens, ICO tokens, and some IDO tokens. Avalanche  not look like a scam. Well it depend on how you look those projects.

You are right, people always be uncertified because of much want and unnecessary needs, actually you are making a point where by people fall victim because of greediness, i notice that many people who are victimized of scam today is not because they are novice or newbies in the community, which can equally result out of their scam, from my perspective it's well detected or known that it's out of their ignorance and multiple needs of money that leads them to the hands of scammers, we all know that scammers are everywhere, and we have to take precautions via investment, because it's the percentage of investment platforms that call the attention of people invest in the platform of scammer.

I mostly agree, but things aren't black and white. While 99% are scams, as long as you are personally capable of looking for that 1% that isn't a scam and like another 1%(of the previous 1%) that's an actual decent project with a decent use-case, then "investing" in new projects isn't necessarily bad. It's not that much different from investing in a new small tech business; you just need to be really really smart about it, which, unfortunately a lot people aren't really capable of. Hence why I also don't recommend speculating in altcoins for the masses.

Just because you may make some profit it doesn't mean you aren't being scammed too. When you are buying garbage and that coin gets pumped, you are participating in a scam and if you made profit you will be on the scammers side and if you lose money you are on the victims side while still providing liquidity for the scammers.

Are you sure about that? Im one of those investing on new projects and for me I believe there is still hope for gaining some profits. If those days are gone then how can the market can increase its market cap? There is a chance yes to not gain or worse lose money but it goes the same for gaining profit. Its a 2 way chance, and so far Im not that down for some of those new projects I picked but barely hanging and at an average. If those didnt survive then maybe you are right. But until then, I will do it.

This is extremely most with the problem of new people who are entering crypto with extreme greed.
To be honest, I once also like this when I started to own cryptocurrencies a few years ago, I lost a lot of cryptocurrencies before for different scam projects. And I always keep saying "it's okay I only got that money from working online", "this is a lesson to me", the second one is not bad and not good too since it could be a lesson without losing money, so prevention is always good.

Scammers and also their victims are likely not going to end.
If there are still many people who are greedy and ignorant as you said. Moreover, many people are new to crypto, they're lazy to read and also learn, or even ask someone else before getting into a scam. They come into something that they don't know, they put their money, they get scam, and they believe that crypto is harmful. Whereas, that is their own action.

However, sometimes, they don't want to tell others because they have been very interested in the profits that they can obtain in the next day, they are also urged by the scammers to do as soon as possible and if not, they will miss the chance.

And yeah, here they are, being victims of a very common scam. 

The reason why still there are people still investing on new projects simply because they still believes that there will be another bitcoin so they can be a millionaire or billionaire in the next 10 years if they invest on them now itself. But those days are gone and it is going to be only one bitcoin forever, no copycats are going to survive.

Scammers are everywhere. That is why every people should be very careful. Even those people who are very careful on not getting scammed but still fall victim to scams. I find some people able to scam the scammers (not bitcoin related though) online but there are also people who are being stupid even though they are not.

Where I'm from, there are those they call 'Mumu or Mugu', its a Nigerian pighin word used to describe someone who is believed to be stupid or act stupidly and can be easily fooled. To a scammer, these set of individuals always exists to fuel their scams and basically what they play around with is your ignorance and greed.

Your ignorant on a thing, yet your too lazy to investigate or ask questions. It doesn't raise your suspicion on a too good offer as to why they are offering it and to you in some cases. Just because of greed and perhaps you've got something to prove in your neighbourhood,  you jump in not wanting to te anyone until you get scammed. That's when you come to the open! Well, its good that you do, in that act, you expose the scheme and prevent others from being victims themselves but then, do your enquiry and due research before investing in a project.

I once heard a user that said, he or she goes as far as trying to know the personal details of the individuals behind a scheme by searching them on social medias like LinkedIn and others. So, in order to be secured, you've got to go the extra mile of unravelling the identity behind a project and any found loophole be used fir extensive querying and ruling judgements.

You are not wrong, some newbies can be scammed because of ignorance while even people that are not newbies can be scammed while trying to risk, like on new ICO project, some people know how dangerous new projects can be but they try their luck, out of 100 projects, less than 5 or less are getting unsuccessful, some will be successful but will remain stangant, some will later be dumped. I like people that are patient waiting for another bull run to come, all it needs is patience, the price of the strong coins will dump, then we can buy again to enjoy the bull run.

Although this warning has been said enough, still many fall victim to scams thats are very stupid, just using you common sense you should know, that offer is to juicy to be true and quite unrealistic but because the average user in the community wants to make money as fast as possible, they end up falling victim to this scammers.

Not only the newbie are falling victim to scam, everybody is not minding your experience. You might have not been fooled by the doublers but the crowdfunding scammers are making a living off milking you. Looking at the price this project are placing on their worthless tokens (since they don't have a worth yet as they're unreleased project), it's just ridiculous how people line up to buy them.

Every week there's a news of project that did ICO,IEO,IDO or whatever they call it this days, scamming investors. Yet they still have numbers of investors queuing up to invest when a new one is launched. Why, because of greed. Already there are thousands of altcoins out there why do you think the new ones coming will be better? They're just another hype project that will be dumped on the market when release.

Lets not let greed get the best of us, ignorance isn't an excuse, get yourself informed, don't go buying overpriced projects just because you want to be among the first investors so you can dump on others. Not only the newbies are been fooled, we all are and it has to stop.