Topic: Knowledge is the New Gold (Read 318 times)

Knowledge is power and as a matter of fact we need more knowledge to succeed each days as we journey along in the cryptocurrency space, alot comes onboard each day and we need to keep updating our knowledge banks to meet up with such demands.


Seems that knowledge is the most important thing even much more important than having the finances, because finances without knowledge will equal to zero on the long run since an unknowledgeable fellow can't control or secure his asset properly.

Every year information and knowledge develops rapidly, sometimes without a teacher we can learn more by self-teaching and without waiting a long time we can master something we want to master, the important thing is there is a desire and intention to learn. Talking about information cannot be separated from the name technologist, currently people's goal in mastering technology is to be able to gain profits in the form of money through various sources of technology, currently there are things from YouTube, blogs, fonts and I myself am currently more interested in Bitcointalk because You can part time, you don't have to stay up late every night to do this work, the important thing is to be consistent and confident in everything you do, if this intention and belief are combined, everything will be successful. After posting, we also have to look for more references from other friends' writings to add to our scientific knowledge.

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.

This is what I always say about knowledge which is knowledge is power. Even in the game I played years ago which also show a saying before I can start to play which is the same "knowledge is power". I kind of like the idea of your friend when he ask the person to pay him 30% of bitcoin as his fee for doing it which I have done the same thing myself although it was something else (not crypto related) which I earned money by doing things that I know which the person ask me to do it didn't know.

Knowledge is profitable, which you can see it with your friend you helped to recovered his coins and he has learned some thing positive from you also that will add more profits to him when he solve some issues like this in the future.

 I guess many people are still storing their seeds phrase on their phone despite some stories about some people that lost their phone that carry all their wallets that contain millions of dollars because they feel storing the seeds phrase on their phone is more convince for them than writing them down.

Whoops! The fee might be big that he had paid for just moving his bitcoin, the bigger the holdings he has on the same side he had to pay the fee. Well interesting or sad thing is that as you are saying/aforementioned that he wanted to start a business with that amount he had paid in the form of a fee. Sometimes these things happen uncausally at the undesired/unwanted time but what we can do although we should save our seed phrase our keys offline somewhere at secure place.

Well, I am still confused about the story you shared I mean did he receive the amount from an unknown address? If that so it can be a dusk attack as which in a result his full amount could be compromised by this attack. He did well as he transferred his amount to another wallet but the seed phrase is still the same. This is all I am asking as I did not get your sayings well and if it was a dust attack so I said all these things accordingly.

Was he waiting for this photo to leak onto the Internet from his phone?

I hope he figured out, just in case, to create a new seed phrase (in no case saving it in the photo) to the BTC-address of which he moved the contents of the old wallet.

There are 2 solutions here:
- either spend time searching for knowledge and learning, but save money.
- or spend money on those who spent time searching for knowledge and learning, thereby saving your time.

Depending on the situation (on excess time or money), the choice of solution will be different.

In your story, you focus on something completely different, but your friend still needs to learn a lot before making a business out of knowledge. I left a couple of comments about this a little higher

Don't forget to remind your friend that he owes you "30% of the bitcoins as his fee" for your past help. Well, this should be quite fair by his standards.

You're absolutely right, is just like during examination period if you're this lazy type that does not take his/her studies serous probably at the end of the semester you won't make it up, why those who where busy studying will come out with flying colors, the same thing applicable in the crypto space, you need to take your time to study very well before looking out to any other things. However in terms of crypto trading knowledge is considered as one of the tribute, if you don't have the knowledge there's no way you're going to know what to do, in the process of thinking on what to do probably you might end up in the hands of scammers.

You lose your funds in the hands of scammers because of laziness. What is the point when you know that bitcoin deals with knowledge? Instead of doing your own research, you will always wait for someone else to tell you what to do with your funds. That definitely shows you are just waiting to get the profit in a simple way without more stress from having knowledge. 
 
Because scammers always have hope in the weak and the lazy ones, because those are people that they will find simple to convince, even the scammers scam you with knowledge. That's why it’s been said that knowledge is the key because no scammer is illiterate, and they mostly focus on those that are not ready to learn just to use them and get their profile, so to me, I can say bitcoin is not in any way controversial. 


Normally, when you want to engage in bitcoin trading or bitcoin investment, you need to have another source of income. That is why it is always encouraged to invest the money that you can afford to lose. Because if you don’t have another source that will sustain you even after a loss in trading, you will definitely suffer a lot, and all this is included when we are talking about knowledge. 

So being a trader doesn’t only mean you have to depend on professionals in trading; you are always required to get knowledge through adequate research and recovery that will help you go a long way to survive in the trading space; if not, you will surely regret it.

We need help because we're still growing and there's no limit for one to stop asking for help. Knowledge is consider the first tributes to be in possession of as a trader, learn to keep things roughly tightly and ensure everything comes with different grades. Bitcoin is important for the existence of cryptocurrency and we have investors that doesn't give any concrete information about the project because they have other assets that's doing the up and long runs for them so they're not affected by the huge pumps and heavy dump.

There is nothing controversial about Bitcoin, it is people who fail to understand what Bitcoin is, and all they want is to somehow make money from it, thus their mistakes has nothing to do with Bitcoin. People with knowledge about Bitcoin would not use trust wallet to keep their coins, they would use open source wallets.
Trust wallet is a non custodial wallet, but it is closed source and it is not advisable to use it to keep your Bitcoins.

That might be your opinion on the Op but that might not be true and if you are saying that people are selling their knowledge is the New Gold. Then that has been on ground from the onset of the world. It was an ignorant that made Eve to buy the idea of the devil the serpent, that was also a Gold for him. Then you as person you don't know anything and that is why you are going to school to learn and education is not free, you must pay for tuition fee to acquire the knowledge. And if you would have known then you wouldn't go to school to acquire knowledge so calling knowledge as the new Gold is contradicting your whole philosophy because if it is Gold as you agreed, then it has been like that from the beginning.

And I said, I don't really like what the guy did and probably because it against my philosophy. And in my philosophy if someone taught me free then I will also teach others free. And I think the Holy Bible also started it clearly about the debtor.

People charge you for what you don't know and that is the reason they feed. There is this saying that what you don't know is bigger than you. If actually he or she knows how to do it, it would not require someone to ask for a certain amount of %30. What you just saw was a common thing compeard to some people. Some people may even do it an still steal your prase after doing the work you want them to do for you they will go behind and use it to hack your Wallet. Thats why I always advise anybody that want to go into cryptocurrency, to learn the basics things about Bitcoin before starting to invest. Because Bitcoin is a controversial something that needs to study very well otherwise you end up loosing alot of funds from scammers when you want help from them.

At a point in our life, we pay for things we later discover that it is so easy and simple but because we don't have any knowledge about it makes us to make some sacrifices in other to know it. This is to let us understand that knowledge is money and it is good to acquire knowledge because no knowledge is wasted. I also remember a time when I was new into binance so each time a want to sell my coin I do pay someone to sell my coin on p2p trading, a day came and I said I must learn how to perform this p2p trading then I started making researches both on Google and YouTube, the funny part was that the first day i tried making the trade myself I was watching the step by step on YouTube and after every step i will also go and check the next step till i was able to perform the operation. I was so happy that day and after subsequent trials I was able to do it perfectly and now it's very simple for me as compared to when I had no knowledge of it. I now teach newbies even for free and a lot of them even finds it difficult to comprehend the process so that is how it is. My theory is always that whatever thing someone helps me to do, no matter how long it takes I must learn to do it.

I can't condemn the actions of the guy which you helped by teaching him what to do since his having issues with his trust wallet but I consider it an entrepreneurship skill, entrepreneurs are opportunist and since you have have the knowledge with you but not making money out of it, as an entrepreneur your friend took the opportunity to make some cool cash from other guys who will be facing such issues. It's a very good idea to make money out of your knowledge.

In the world today knowledge is the key to success, but the knowledge has to be the right knowledge, one you begin to have good knowledge about something you could make a good living out of it by just educating others on your own little knowledge.

Perhaps the statement or title of this thread is a philosophical statement, it doesn't not really need to be connected to what is in the content but it's all related.

Knowledge is New Gold, practically means that knowledge is beginning to become valued or it's increasing with value now, hence people are beginning to pay for little knowledge which they lack . It also means knowledge is becoming source of income or a store of value like gold, if you invest in knowledge it could pay you good profit just as investing golds and the profit for knowledge is likely the 30% of BTC which the guy is about to cut out if the person who lacks the knowledge. Perhaps one need to read the content of the post to truly understand what is meant by knowledge is New Gold

I think it is only a stupid thinker who will pretend to know what he doesn't know because it will only take a matter of time before the foolishness will cost him a great loss. When it comes to crypto related issues, is very difficult for a newbie or a person without knowledge to brag about what they know nothing about because a simple answer will expose the ignorance of the person and his ego will be brought down or the bragging will lead such person to loss since he has refused to get knowledge that he doesn't have. Growth comes with a lot of sacrifices and getting knowledge is the sacrifice you pay to get the knowledge that can help you to grow here and anywhere else.

Yeah that's the perfect sentence and also the perfect example to back it off. The way you have written it is fantastic. Knowledge is the most important thing after the skills in the world of trading and without it one may suffer alot.In the example you mentioned if you wouldn't have given him the advice he would have struggled alot while transfering them.

This struggle will lead to the journey of search on different social media platforms and after trying so many techniques and ways you'll be successful.This success is not guaranteed you may lose certain assets while trying different techniques so it is better to have a deep knowledge or be with someone who could help you with it.

This is why when newbies come on the platform newly they are always advised to focus more on getting the knowledge and not rushing to make Post and start Merit hunting which at the end of the day they end up without knowing the basics and the needed knowledge the should get to help their career in the crypto space be a success rather they want to quickly earn merits and rank up. There has been no time that gaining knowledge has been a waste or has been not useful, every knowledge at every point gets to be useful one day but you just have to keep learning because learning never ends, there's always something new to learn at every stage and not to ever think you have gone above knowledge.

The knowledge you have at some point will equate your earnings because there are some knowledge you will have and you will be paid heavily to share and yourself will actually not get such knowledge for free you have got to pay for it too at some point and that's why it's not freely given out but in this forum you get to see some very vital knowledge and you get them for free so let's always try to utilize this opportunity of learning as we can actually earn from such knowledge in the nearest future.

I believe it's fantastic to help individuals and educate them on how to use Bitcoin responsibly. And it's critical to ensure that individuals get the knowledge they need to make sound financial decisions. On another topic, I believe it's fascinating that your friend's experience emphasizes the trade-off between convenience and security when it comes to cryptocurrency, because many individuals prefer to access their cryptocurrency via a mobile app such as Trust wallet. However, as your friend's tale demonstrates, there are hazards involved with such strategy, which individuals should seriously consider before making any decisions.

Most people underrate what it entails to have knowledge,  in our today's society, he who has knowledge has silver and gold in his arms, but not everyone has the ability to use it to acquire wealth, most people give it out for free, and they are struggling financially in real life, so it all depends on the persons involved.

I knew all lot of people that are knowledgeable about this crypto industry we found ourselves, that had practically used it to change their financial level, and they have benefited a lot from the knowledge they possess, so it's true that knowledge is worth more than silver and gold in today's society.

How did you get your bitcoins back? I don’t recommend anyone use closed source wallets. Electrum and Blue wallet are both good bitcoin wallets. Unstoppable wallet is also good for those who have a diverse portfolio of altcoins and bitcoin.

That wasn’t always the case. Trust wallet allowed users to screenshot their seed phrase in the past, they only made it impossible to screenshot one’s seed phrase a few years ago.   

This is really appropriate.
Knowledge, is a very important thing, when we come into contact with anything, especially in the crypto space. We can't just rely on luck, patience, the success of friends, or participation in certain VIP members. However, without knowledge, it will not be successful enough to be optimal. Knowledge is not limited, even as we get deeper into it, we will feel that there are more and more things we don't understand.

Meanwhile, in the crypto world, knowledge is very important, at least as an initial understanding of crypto, about the risks, how to prepare, how to manage it and so on. This will definitely be quite easy if you look at it, but it's still not that easy.

If we have sufficient knowledge, and if we continue to explore it, then our opportunities for investment in crypto will become longer and more numerous.

What is also very important is that it is not only about the money we have for investment and also high hopes for taking profits. but deeper than that. And with this, in fact, a person does not need to be arrogant and greedy, because they understand that crypto is risky and something unexpected might happen.

If you act to know too much when you do not know enough, you have hindered your chances of knowing better. The smartest person in the room is not always the loudest, the smartest is the person who keeps calm so they can learn more from other people when they talk. Knowledge can only be gotten from listening or from reading, and if you are too loud that you never listen, you will never learn and gain knowledge. If you think you know too much that you cannot read too, you will also not be able to gain knowledge. To gain knowledge, you need to be willing to listen, and to read.

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.

Indeed, this usually happens to rich people who are too lazy to use their brains, how could it not be for something as simple as writing an email, they order someone and pay them. but it's good that at least you can make money just by giving step by stem import seeds to electrum lol, it sounds funny in cases like this, but people like this are true. the cause is laziness in looking for something and wanting instant things.

He must have used a second phone to take the picture because you can't take a screenshot of your seed phrase using the same phone.



Personally one of the things I learnt here over the years is to verify every information before applying it for my works, yes the source of your information may be right but you may need to make a little research to find out if what you were told is just as it sounds so that you don't end up regretting later when it turns out the opposite side. NO knowledge is a waste but when it comes to cryptocurrency related information, there are certain things you don't even discuss with people even the things you get from people should not be applied without proper research, investigation and conclusion else regret will be the had I know.

. Every knowledge have a source and it will need to verify if that source is legitime and accurate so that knowledge can use anytime . Anyways nowadays are too many fake information so like what you said it's will need to search more and once we got our answer then that's the time we use that knowledge. Knowledge is gold if a person are knowledgeable then that is his/her treasure that no one can steal but it is shareable.

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.

I'm glad to know that. As they say, "Knowledge is power," and I think that joining this forum has been incredibly beneficial because it has allowed us to connect and share ideas with one other. We are really fortunate to be here. I didn't think I needed to when I initially joined the forum, but the more time I spend here, the more I learn. You've just given me another idea on how to earn money on my own. 😃

This reminds me of a brother who had a crypto wallet on his phone and one day the phone fell and stopped working, and he took the phone to a repairer, two bad things happened and I confused him to get the repairer arrested.

1. The repairer told him that the phone couldn't work again and that he should get a new phone.

2. He got a new phone and imported his recovery seed and all his crypto was gone.

This case turned into a police case and since the law agents don't even understand how a crypto wallet works I was there and I shed light into the darkness, it turned out that the repairer stole the crypto assets and sold them all for Fiat, he was granted a bail after he sent all the money back and he also paid some fine too.

Sometimes, some things will happen and that's not because of your own mistakes but because you can't control what's about to happen, all we can do is be prepared for any possibility.

I think this issue is very common with trust wallet, this is an issue that Is beyond explanation which I think keeping bitcoin in trust wallet is not safe anymore. I have same experience like this sometime ago that I thought I have lost my bitcoin,  after I was able to get my bitcoin back it was the end if me making use of trust wallet to store Bitcoin. Experience like this can never happen in a non custodial wallet,  if a wallet keeps doing mysterious things that one can't explanation I think it will be too risky to be so relaxed using such wallet for storing bitcoin. Their are good wallets one can look up to for storing bitcoin.

Don't forget learner's are Earners and that's same principle he applied here while aside having this knowledge your friend is also good in entrepreneurship

Base on Op post her friend has been a p2p trader for about 3 years now and you should be aware also that Trust Wallet didn't start with this feature with time this feature and others were added to Trust Wallet to make it secure.

I think this might be his first crypto wallet he created and this is why it's also advisable not to use the first wallet you created as a newbie to store your funds especially since one might be lacking in knowledge in effectively keeping the wallet secured and if any person having malicious intention has access to something like this then their coins are gone no matter how knowledgeable such a person may be now.

Coming from someone who is a big user of Trust Wallet, I believe that Trust Wallet will never allow you to take screenshots of your seed, how did he do it? On a rooted phone or a second phone? Because these are the only possible ways that I know.

Anyway, he have already messed up big time, he must abandon that crypto wallet and get another and never must he take screenshot of the recovery seed ever again, our smartphones are not really ours, because the company that make the phone has their ways.

Either its Google phone or Huawei, they have their ways of getting information on phones and also some applications we install on smartphones are not 100% reliable, some will steal your data without you knowing, recovery seeds are always safe offline, writing them down in a book is ever a more safer practice.

Knowledge is gold, power and priceless, without it people are vulnerable and lost, so it's important to seek diligently for it, otherwise the person might never get effective results, although it's not easy to be knowledgeable in every areas of life, but it's important to have basic knowledge of your interests in life. A crypto investor must research and know the basic concepts of the crypto space, fundamental knowledge about wallets and how to guide against scams and hacks.

Your experience from your friend that charged another person money to fix a problem that the person ought to know, shows that people without knowledge will always pay price for their ignorance.

Your friend is a real businessman, lol. I believe you should also get a share of every business deal he makes by helping people with their wallets since you were the one who initially taught him how. Well, that being said, knowledge truly is power. It's another reason why I would advise anyone on this forum to be grateful for the opportunity to be here, all for free. I've gained so much knowledge on this forum, more than ever before. Many people are often surprised by how much I know about wallets and cryptocurrency, even though they haven't seen me trade before.

As for your friend storing his seed phrase as a photo, that's the worst idea, even worse than saving it online, which is also incorrect. I think most people, out of ignorance or lack of knowledge, don't really understand how to keep their funds safe. Trust Wallet isn't advisable as it's very unsafe. Most wallets don't allow you to take screenshots of your seed phrase, but he actually did, which is surprising. When it comes to the security of our funds, we should prioritize it as Bitcoiners and avoid anything that could risk losing our funds.

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.

Screenshot and store it as an image for back up, it is risky. Advise your friend to read.

How to back up a seed phrase?

I did not see you mention anything about the following step.

Your friend should abandon that wallet, and use a new wallet because there is no way to know that wallet was compromised or not. In worst case, there are some people got access to that wallet backup but they just didn't take any action. If your friend fund that wallet with big valued bitcoin, maybe the hacker will take action.

This is why it's said that education is a blessing because a well-educated person would learn all these things before they get involved. I can't imagine buying Bitcoin or using it if I don't have any knowledge about how I can keep it and how other similar things work around it and that is because I'm educated and I know I can learn everything if I do some research because nothing is hard to learn if you know how to read and understand stuff.

So as I was saying, education is a blessing. Just like how your friend charged the person 30% of the amount for getting his work done, you can't imagine how people would be ready to pay you money for doing things that are nothing at all. A person once asked me to check why he isn't able to make phone calls with his mobile phone, when I checked, he had some option disabled in the network settings and I corrected it, he asked me how much I would charge for that. I said it's nothing, you don't need to pay me for this, but I was shocked to see that and it also made me realize how powerful knowledge and education can be.

We need more education about digital security.

There are still so many unaware of the risks of storing seed phrases online, underscoring the knowledge gap that exists even among those who are involved in this space. This technology can provide us with incredible opportunities, but it also comes with its own set of challenges that we must be prepared to navigate.

Even though the information needed to solve the problem was freely available, people were willing to pay for someone else’s knowledge and experience. It only means that in our information-rich world, the ability to effectively use and apply information is just as valuable, if not more so, than the information itself.

That’s not a good enough reason convince someone that they should not use a particular bitcoin wallet. To be honest, Trust wallet is easy to use. However, I do not like Trust wallet because it is closed source and because of its affiliation with Binance. If feels as if I’m storing my bitcoins in a centralized exchange.

He’s not my apprentice. I was very happy to help a friend in need and expected him to do the same for someone else but it didn’t take him long to start exploiting people’s ignorance for personal gain. There is so much information available on the internet yet it seems like the world is getting dumber every day or is it that people have become so lazy to do anything for themselves. This new venture of his will not be successful if these bitcoin investors had a decent knowledge about bitcoin wallets and blockchain.

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. And that is one the cardinal points in this forum as well. You are here to learn and to contribute, solve problem and educate. And the person that got the knowledge freely from you used it to make money, then he is not good person because if you learn something free then you are to teach others free. This has reminded me in the Holy Bible story that, Jesus saved a debtor and he went to asked another man that ow him seriously. And the Bible recorded very bad attitude.

Personally I don't like Trustwallet from the onset even when I have not known wallet like that because of it cumbersome nature to use. And I will not advise anyone to use it. Well it is not good to save your seed phrase in the phone because if you misplaced your phone and someone picked your phone and has access to the phone then your coins are gone. And it is not also good to save it in your email and other online drives but if you save it in a flashdrive, hard drive and memory card, and I think is save because those devices are not connected to any external devices and it is when you want to use the seed phrase you plug it to you phone or computer to take the seed phrase and use it. And as for your apprentice, he has violated the law of "freely taken, freely given". Now when he comes again to asked you something, what will you do? His attitude is not a good example to the person he helped because the other person will also collect the 30% from another person and that is how corruption starts. This is bad behavior to the society. Thanks for helping him.

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.

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.