Topic: Knowledge is the New Gold - page 2. (Read 794 times)
Many people out there still don't know the danger of keeping their asset in exchange, even people that have been into crypto for a very longtime arr very comfortable in keeping bitcoin in exchange. I'm so glad for the forum, if not here I'll also think that every wallet is the same and I won't know the risk of just dealing with exchange wallet. Honestly is a gold, because when you have knowledge it will only bring more value to you.
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But people currently do not look at the advantages and disadvantages of cryptocurrency before they go into it because there are not after learning but there are after profit from the investment so that is one of the things that makes them to lose from their investment in cryptocurrency especially in Bitcoin
If you're speaking about the market in general, looking for the disadvantages or advantages are a waste of time because most of the altcoin are typically the same. They move the same, have similar marketing and mostly built with intention to make their founders rich. Bitcoin on the other hand wasn't built with the intention of enriching the founders but the believers. Altcoins are a gamble and they all depends on Bitcoin for success. As Bitcoin is talking a hit, the entire market is feeling it in all sectors no one is excluded. Knowing that altcoins needs Bitcoin is knowledge and that's golden in the Industry because It'll affect the way you go about your investment. It'll save you from losses that would had happened if you decide to trust altcoins more than Bitcoin.
Knowledge in what you're involved in is golden, if you don't have the knowledge that you can determine your fee price that you'll like to pay for your transaction to confirm, you'll be giving away free money to the miners. Some people don't know how to adjust their transactions fee when sending out a transaction and if you're using a wallet that doesn't allow you to do that then that's a clue that you're using the wrong wallet. There are other things that you should have knowledge on and as you engage on the forum, you'll be coming across them, one after the other.
Something interesting happened over the weekend and I think it’s worth sharing. A friend of mine reached out to me that he was having some problems with his Trust wallet. According to him, he received some bitcoins days ago through his trust wallet address and even though the transaction was confirmed on the blockchain, the bitcoins did not reflect on his wallet balance so there was no way he could move the bitcoins. I suggested he download Electrum and import his seed phrase to Electrum. He told me that wouldn’t be a problem since he had his seed phrase saved as a photo in his phone. This took me by surprise because he isn’t a newbie to Bitcoin. He’s been a p2p trader for about three years and still did not know the danger of saving one’s seed phrase online. I explained to him the consequences of storing his seed phrase online and advised him not to use that wallet anymore. His only defense was that Trust wallet allowed him to screenshot his keys so it shouldn’t be that bad.
Anyway, he successfully imported his seed phrase to Electrum and was able to move his bitcoins with less fee. What’s fascinating about the story is this. I got a text from him this morning that someone has a similar problem with his wallet and he needs my guidance once again to help this person. He then told he charged 30% of the bitcoins as his fee. I laughed because I thought he was joking. But he wasn’t. He’s actually thinking of making a business out of this. Turns out that people will pay for things they can do by themselves if they had the right knowledge.
What a nice story and the ending part is what summarized why we should learn so we don't have to pay for little thing that could have helped us to save some bucks. Since everyone of us have different ways we think about the use of wallet for transactions. I do that really know why someone would have to screenshot their seed phrase on their phone and they are not even scared what will happen if they eventually lost the phone to someone else who could go through the get to know about the seed phrase. Our safety is what matters in the cryptocurrency market and we ought to seek it first by all means so we don't have to loss fund. Anyway, he successfully imported his seed phrase to Electrum and was able to move his bitcoins with less fee. What’s fascinating about the story is this. I got a text from him this morning that someone has a similar problem with his wallet and he needs my guidance once again to help this person. He then told he charged 30% of the bitcoins as his fee. I laughed because I thought he was joking. But he wasn’t. He’s actually thinking of making a business out of this. Turns out that people will pay for things they can do by themselves if they had the right knowledge.
Something interesting happened over the weekend and I think it’s worth sharing. A friend of mine reached out to me that he was having some problems with his Trust wallet. According to him, he received some bitcoins days ago through his trust wallet address and even though the transaction was confirmed on the blockchain, the bitcoins did not reflect on his wallet balance so there was no way he could move the bitcoins. I suggested he download Electrum and import his seed phrase to Electrum. He told me that wouldn’t be a problem since he had his seed phrase saved as a photo in his phone. This took me by surprise because he isn’t a newbie to Bitcoin. He’s been a p2p trader for about three years and still did not know the danger of saving one’s seed phrase online. I explained to him the consequences of storing his seed phrase online and advised him not to use that wallet anymore. His only defense was that Trust wallet allowed him to screenshot his keys so it shouldn’t be that bad.
Many people are adamant of taken screenshots of their seed phrases with their phone and even me I was literally doing same thing before I saw a thread in this beginner and help section that discussed about the risks associated with taken screenshots of one's seed phrases as every picture that is being taken can be sent to Google cloud and it will be visible to others over there so immediately I opened another wallet address and did an offline backup of my seed phrases on electrum wallet and also saved it in my diary and notepad in my phone.
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Anyway, he successfully imported his seed phrase to Electrum and was able to move his bitcoins with less fee. What’s fascinating about the story is this. I got a text from him this morning that someone has a similar problem with his wallet and he needs my guidance once again to help this person. He then told he charged 30% of the bitcoins as his fee. I laughed because I thought he was joking. But he wasn’t. He’s actually thinking of making a business out of this. Turns out that people will pay for things they can do by themselves if they had the right knowledge.
At some time in our lives, most of us have paid for something we later discovered it was so simple and easy when we gained the knowledge so it is a normal thing. There's a statement that is always common within the area I reside and it is that something that you don't know is bigger than you until you know it, so if you do something for others out of your freewill and they decide to transfer same knowledge to others and receive a compensation in form of money I don't see anything bad there.
People lose more of their assets to ignorance or a lack of knowledge about the crypto space than to scammers and hackers. Even if there was no risk of a bad guy getting a hold of his phone and stealing his already screenshot seed phrase, what if the phone becomes broken and the data lost, what becomes of the screenshotted seed phrase saved in his gallery assuming he didn't back up his photos to the cloud(which is another terrible way to store your seed phrase). He loses his assets forever.
Also, screenhots should not be allowed on crypto wallet apps. These wallet apps developers are indirectly promoting this reckless behaviour.
based on my own understanding concerning people who lose their cryptocurrency based on their mistake I stand to blend them because cryptocurrency is all about researching continuously because if you don't research in cryptocurrency you will end up investing when it's not proper for you to invest that is why many people have to advocate time to learn the consequences and the benefits of cryptocurrency before they start to the investment but people currently does not look at the advantages and disadvantages of cryptocurrency before they go into it because there are not after learning but there are after profit from the investment so that is one of the things that makes them to lose from their investment in cryptocurrency especially in Bitcoin Also, screenhots should not be allowed on crypto wallet apps. These wallet apps developers are indirectly promoting this reckless behaviour.
I want to say knowledge is a powerful tool that can dig/earn gold & not the gold itself. Its a intellectual asset. And once one learn that knowledge that can't be lost/theft like physical gold and remain with him forever. So one can keep digging sea of gold with his knowledge power.
That statement is figurative, that is metaphor if I want to be precise. It does not mean that knowledge is the solid metal found beneath the earth or the aspect of it being treaded in the FX market, what it simply mean is that knowledge has become something of treasure which has high worth. I agree with that statement completely because money and affluence are just product of knowledge. Even things natural resources such as crude oil, solid minerals, fertile land and water require knowledge to put them to good use and without knowledge, they cannot be harnessed. We are now in an age where technology is making impact. We now have Artificial Intelligence, super computers, machine learning, nanotechnology and many other innovation whose common denominator is knowledge. Indeed knowledge is the new gold.
I want to say knowledge is a powerful tool that can dig/earn gold & not the gold itself. Its a intellectual asset. And once one learn that knowledge that can't be lost/theft like physical gold and remain with him forever. So one can keep digging sea of gold with his knowledge power.
It is very important to be aware and stay organized. Hard earned money if we can't catch the fraud of a fraudster then our earning is in vain because the fraudsters will cheat us and steal all our money and wealth. Knowledge is always valuable, many would argue that the time spent on education should be invested in business or other activities. But I am different because whatever time it takes me to get an education, I am definitely gaining enough knowledge and this knowledge will help me throughout my life.
There are still many people in the village who are being cheated regularly.
Many times fraudsters use mobile banking agents to call customers and ask for customer account PIN number and other information. Those who can catch this fraud but do not share the account information with those fraudsters but those who do not know about this but easily give their account password and other information to the fraudsters. Here lies the difference between a wise man and a fool.
There are still many people in the village who are being cheated regularly.
Many times fraudsters use mobile banking agents to call customers and ask for customer account PIN number and other information. Those who can catch this fraud but do not share the account information with those fraudsters but those who do not know about this but easily give their account password and other information to the fraudsters. Here lies the difference between a wise man and a fool.
Out
Then knowledge is not a Gold but is power. Gold is an asset while knowledge is to solve problem therefore you have to restructure your topic again to suit the story because I didn't see any gold in the story but all about solving problems with knowledge gotten.
It's a metaphor, and that being said, Knowledge is gold. Knowledge can be an asset. Asset is a useful or valuable thing to a person, so that makes knowledge and asset to an extent.
It's just like the saying "Oil is the new gold" or "bitcoin is the new gold". They don't mean them literally, but figuratively. Knowledge can be power, but only to an extent.
Your friend took a screenshot of his wallet seed and uses a closed source wallet like Trust. 
Unfortunately, most traders come from a purely economic background and do not want to learn the basics. Their only argument is that since I did not lose my money, this means that I am safe, so stopping using a closed source wallet like Trust is only necessary. Such as not saving the wallet seed digitally or in an unencrypted version, such as taking a screenshot of it.
If the wallet is well programmed, it will most likely not allow him to take a screenshot.
Unfortunately, most traders come from a purely economic background and do not want to learn the basics. Their only argument is that since I did not lose my money, this means that I am safe, so stopping using a closed source wallet like Trust is only necessary. Such as not saving the wallet seed digitally or in an unencrypted version, such as taking a screenshot of it.If the wallet is well programmed, it will most likely not allow him to take a screenshot.
I remember some time last year where I read an post on Reddit that said "the ability to screenshots your wallet recovery phrase needs to go away". It doesn't make any sense to have the screenshot of your seen phrase on your phone.
It's funny because there are a lot of things OG traders do that will get you so surprised, it makes you ask questions like "how can somebody so smart, yet so foolish". I've seen this happen to 2 people I know. They've been trading bitcoin way before I owned my first bitcoin, one somehow allowed another person to know where his seed phrase is and lost all his coin in his wallet, while the other keep a huge amount of money ($80k+) on Binance and his account got frozen because Binance wallet received stolen bitcoins.
I wasn't experienced in bitcoin at all when these things happen,, but now that I am to an extent, I always ask myself why people who have had so much experience can be so naive. And till now, there are more people like them.
Ignorance and lack of knowledge lead these people to be scammed and have their hard-earned assets stolen. Any beginner can access many audio, visual, and written sources for free without paying someone for his assistance as a service fee. [Bitcointalk is a living example]
If the person who asked him for help did not have good intentions. He could exploit his lack of experience and knowledge to steal his bitcoins and hack his devices after the victim sends his seed phrases/private key or downloads suspicious wallets and the like based on the instructions he received. In the story you mentioned, OP, I believe many beginners have acted recklessly and trusted strangers, and they have certainly paid a high price now. So Yes, all beginners must educate themselves with the correct knowledge and learning because every problem has a solution without relying on one person. They need to avoid laziness, and investing only after they are well-informed about everything is better.
If the person who asked him for help did not have good intentions. He could exploit his lack of experience and knowledge to steal his bitcoins and hack his devices after the victim sends his seed phrases/private key or downloads suspicious wallets and the like based on the instructions he received. In the story you mentioned, OP, I believe many beginners have acted recklessly and trusted strangers, and they have certainly paid a high price now. So Yes, all beginners must educate themselves with the correct knowledge and learning because every problem has a solution without relying on one person. They need to avoid laziness, and investing only after they are well-informed about everything is better.
This is the reason why before we start anything like trading or any other thing we do in life,we should try to seek some knowledge about that particular thing so we'll be equiped with the tools of it before venturing into it.
That's right, newbie traders and investors need to memorize this line because we often see them venturing into the market without gaining any knowledge beforehand and then complaining that they have lost their capital in cryptocurrencies and blaming the market for it when it's their own mistake for not trying to learn anything about the market before getting in it.
We can't expect to achieve high feats without acquiring enough knowledge about the things we are willing to do because it doesn't work this way. You can't become a doctor if you don't study about it otherwise you wouldn't know what to do, so the same thing applies to everything you do in life, whether it's a profession or something you do for fun, to be able to do it effectively, you need knowledge. Of course, you need experience as well, but that comes later.
People lose more of their assets to ignorance or a lack of knowledge about the crypto space than to scammers and hackers. Even if there was no risk of a bad guy getting a hold of his phone and stealing his already screenshot seed phrase, what if the phone becomes broken and the data lost, what becomes of the screenshotted seed phrase saved in his gallery assuming he didn't back up his photos to the cloud(which is another terrible way to store your seed phrase). He loses his assets forever.
Also, screenhots should not be allowed on crypto wallet apps. These wallet apps developers are indirectly promoting this reckless behaviour.
Also, screenhots should not be allowed on crypto wallet apps. These wallet apps developers are indirectly promoting this reckless behaviour.
Yeah, screenshot is another risk that can lead someone to get scammed because if a stranger gets access to the phone gallery, definitely if he wishes to steal the owner of the phone's crypto assets, he will easily do that because the seed phrase is already with him and he already knows that unless he doesn't know anything about it, so you are right, crypto app developers should set it up because it will really help people. Although screenshots should not be a means of saving or hiding the seed phrase, the best way is to write them down on a sheet of paper and hide them somewhere outside the phone because I believe the phone can be lost or stolen.
If knowledge is to be qualified a gold, then it is not new, because there nothing to be compared with it. Knowledge has been a corner stone since human existence...
Knowledge is power. Just imagine the confidence your friend has to charge on that regard.
Knowledge is power. Just imagine the confidence your friend has to charge on that regard.
There's one thing we need to be careful in when it comes to acquisition of knowledge, we shouldn't make pretense in it in such a way that when we lack the knowledge, we claim we have the knowledge, we are not deceiving anyone than ourself, its not also what we should brag or boast about because we want to impress others and depress some, afterall, the learning process is a continuous one, what we know today might have been outdated by tomorrow and if we don't learn, we cant grow and improve.
Moreover, he charged for his recently gained knowledge. 30%, which can be cents or millions, depending on the "client's" balance (more cents than millions, I guess) but still a lot in relative terms. And I don't think he has the knowledge to give advice: what of the other person lost his money because of a bad decision made because of him? You have to know your limits and be a little responsible...
I once worked as a technician in a mobile phone company before I became the manager. I would have to clear someone's phone memory, fix minor issues and charge for them. Some of these are what the people can do for themselves, but they lacked the confidence to do so. So, since their mind has already concluded that they cannot do it, it will look as if their brains are formatted not to understand anything again. When you have the knowledge, you will not know how important it is until you see someone else monitizing it.
There are people that knows and know they have knowledge, and there are people that are ignorant, but claim to know whereas they don't but worst among all are those that knows but are not aware of the knowledge they've got or can't make use of it rather, those are people that fall under the category you just mentioned, they're the ones that would pay people to do what they could easily do.I consider those set of people worst cause they have the knowledge already but are too lazy or should I say not very confident enough to perform simple task and would rather waste money in paying people to do what they already have knowledge about, something they themselves could use in earning money from the ignorant ones that claim to know.
That's why I agree with the OP, but I'll prefer to say knowledge is power, instead of saying knowledge is the new Gold like she specified. Someone that’s knowledgeable and understand what they know very well can't be cheated or taken advantage of and won't spend unnecessarily like the ignorant ones or those who are too lazy to make use of the knowledge they've got.
Anyway, he successfully imported his seed phrase to Electrum and was able to move his bitcoins with less fee. What’s fascinating about the story is this. I got a text from him this morning that someone has a similar problem with his wallet and he needs my guidance once again to help this person. He then told he charged 30% of the bitcoins as his fee. I laughed because I thought he was joking. But he wasn’t. He’s actually thinking of making a business out of this. Turns out that people will pay for things they can do by themselves if they had the right knowledge.
Just like your topic, knowledge is gold, and that is why there are rich, and poor, illiterate a d the educated, Wise a d the foolish, all these disparities are resulting from the difference in how much knowledge we have and have been exposed to, sometimes in other to get these knowledge, we go as far as paying for them because they are not such that we can just get anywhere and from any one, a d if not for this story go have shared here on the forum, I don't have a good idea about this and would definitely get to lay too if I were in their shoes, I would pay to have this Information and next time I will do the whole thing myself because I have the information and will not have to pay them again.ita up on knowledge as this that a few do go to open up an academy and start teaching people how well to make use of the opportunity they get until they are able to make money off it . There's one thing we need to be careful in when it comes to acquisition of knowledge, we shouldn't make pretense in it in such a way that when we lack the knowledge, we claim we have the knowledge, we are not deceiving anyone than ourself, its not also what we should brag or boast about because we want to impress others and depress some, afterall, the learning process is a continuous one, what we know today might have been outdated by tomorrow and if we don't learn, we cant grow and improve.
One thing that is very important is that we have to know the procedure of things very well before we make an attempt because if you follow a system of brag you will not achieve anything and the a pride will not allow you to understand what you are supposed to understand when you bring down yourself that is what some people does not know before here nobody is a encyclopedian of knowledge and the nobody is island of knowledge so you have to follow things sequentially or bring yourself down to achieve what you want, or else you will be distracted to learn.
it is true that knowledge is the new gold in modern times like today. because with the increasing development of technology and the increasing variety of innovations, especially in the crypto world, people need to update their knowledge, so that they can save more or prevent something detrimental from happening to them.
but even though knowledge is quite important, verifying it is also no less important. because there is too much wrong information everywhere, that's why people also need to ask or verify this knowledge, so that it won't harm them.
but even though knowledge is quite important, verifying it is also no less important. because there is too much wrong information everywhere, that's why people also need to ask or verify this knowledge, so that it won't harm them.
That's right, that is why we have phones, laptop and other accessories for us to be able to do research and it's also good to be educated in terms like this, so that we will able to read and write and know what we are doing because if we don't have any knowledge or doesn't know how to do research or ask questions online concerning what we don't understand or get confused at, we might fall a victim in the hands of scammers because it's not only having the knowledge but also being educated and be also be open to learn from other people and do more of research as well
No doubt, Knowledge is gold,as well as information is power.They do say if you aren't informed,you are deformed.I believe it is information who led you here,and when here,it is that same information that will make you know the things you didn't know before when you get here.
The knowledge we have about a particular thing is what make us professional in that thing.
This is the reason why before we start anything like trading or any other thing we do in life,we should try to seek some knowledge about that particular thing so we'll be equiped with the tools of it before venturing into it.
The knowledge we have about a particular thing is what make us professional in that thing.
This is the reason why before we start anything like trading or any other thing we do in life,we should try to seek some knowledge about that particular thing so we'll be equiped with the tools of it before venturing into it.
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