Learnt from Someone's mistake - page 2.

CryptopreneurBrainboss

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Quote from: Cynthia_sinach042 on August 30, 2021, 10:44:43 AM

I think I have so much to learn and give out to those I can, the few I have learnt
+ don't investment with money that's not yours or you can bear losing
+ don't fall for smooth promises
+ investigate what you want to invest in

It's generally not advisable to go borrowing just to invest because of the discomfort that come from such act when the market is in an unfavorable condition, it becomes too much for newbie to handle and then individuals that don't have the experience will easily fall victim to manipulation in the market. Excluding this borrowing to invest isn't entirely bad but that should be left for the professional and don't go putting yourself in a situation that you can't get yourself out off.

Leaning from others mistakes is quite underated in this space as many don't seems to do so because if we were actually learning from the mistakes of others then most of the craps of a trend popping up every now and then won't have become a norm.

Assuming lessons were learnt from those who invested in the hyped crowding funding trend (ICO) back in 2017 and lost, we won't have been having same rush for the meme craps and NFT bullshit.

Gozie51

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Yes it is a saying that it is better to learn from another person's mistake and another says, it is a wise person that learns from another person's mistake. However in your own case it is good to even point out to you that you didn't learn from another person's mistake or your friend so saying, it was circumstances that made you lucky not to invest sheepishly like your friend just as you friends have been doing far before that particular investment from your writing that I read. A wise person learning from another's mistake is when they don't follow the line of the exposed mistake.

The advise is not to allow your emotions ride on you. Do a good research and invest small as a beginner and you grow gradually.

totaleclipseofthebank

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Well done, I hope you the best. The cryptocurrency world is too temping that no one can skip such opportunity to get rich. However, people only speak when they win, not when they lose and bad luck can happen to you at anytime. I was in a group on telegram where people reported being stolen money from multiple types of scam. The most notorious was the scam tokens contract: some scammers send you some tokens which can worth upto $10000 on their website and you think that you are fking lucky. However, exactly at the time when you approves your contract, BOOM, every coins which you have will eventually move out to another coins. Such a piece of trash.

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Quote from: Cynthia_sinach042 on August 30, 2021, 10:44:43 AM

hello everyone my name is Cynthia am in my early 20's first time I would be using the word newbie, but yes I am a newbie, I really don't know if my post will make sense or would be liked, well before now I have lived a life of careless investment along with my friends we are what you can call, bring an new platform/industry and we would invest without doing our research, well I don't know what luck it is called but some way or the other we have always been winning and a small lost here and there, but the winnings are little.

so there was this particular platform, with mouth watering benefits my friend came across on whatsapp called Bitcoin invest, we really didn't know much about bitcoin only that it was a cryptocurrency, infact we didn't know what cryptocurrency is about at this time I had no money, but my friend had money she had kept aside for something very important, she actually joined the whatsapp group and the admin was good with words promising heaven and earth, my friend fell for it (I too would have but I had no money on me or any one kept aside), long story short my friend invested and after few weeks got blocked and removed from the group, she is still devastated up till this day.
since the lost I have taken an interest in Bitcoin and from what I have come across I and my friend has faulted in almost all the don't of Bitcoin or cryptocurrency, we were very reckless and it had to take a misfortune for us to learn, I know many personally who are still making mistakes in cryptocurrency.
I think I have so much to learn and give out to those I can, the few I have learnt
+ don't investment with money that's not yours or you can bear losing
+ don't fall for smooth promises
+ investigate what you want to invest in

Am still learning, I have already read the rules, and am hoping I can become good in cryptocurrency and maybe expose fakes and scams to others around me

This has happened to many here but it might be on different platform. I too have lost some money on a different online savings scheme. But later became much aware of such activities. We listen from experts saying, do not fall into such online activities. But since we are new to it and get brain washed, we tend to fall into it and get cheated. Later yes we realize it. As we grow up we learn many things after loosing all that we loved.

Oceat

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The most common mistake of a newbie is they don't know how to do their own research because they were blinded by the idea of making money too easy. In fact, there's no easy money because most people work very hard to acquire that while some of them just happened to have a brain yet they didn't use for good but instead they use it for scamming people just like OP's friend.

If only our school would teach us how to invest and what are the precautionary measures to not easily fall for the investment traps we wouldn't be a newbie victim to an easy money but school never teach us that.

nakamura12

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As what the title said. Learning a lesson. Since you mentioned about learning from mistakes. There is two types of learning from mistake. Either you learn from your mistakes or learn from someone's mistake. You need to be careful from such promises or schemes that said earn profit in just a few days or few hours which it's not true. Take what aoluain just said, why would you waste your time sharing a way to let you earn huge money or profit when you can do it yourself if there is. It is like not telling your secret recipe. If they really earn huge profit then why are they trying to lure people with it?. Good luck in learning and reading. Welcome to the forum.

aoluain

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Quote from: bL4nkcode on August 30, 2021, 01:17:52 PM

Always suspect when something is too good to be true, it usually is.

snip

Think about it, if someone is advertising such a fantastic investment opportunity you
really have to pause and ask yourself some questions.

Why are they not just doing it themselves?
What benefits do they get by advertising and inviting others into the scheme?

You also have to realise, once you hand over your posession to another you
lose control of it.

Welcome to the forum @Cynthia_sinach042 Learn as much as you want, read a lot,
thread carefully and be economical with your trust even here on the forum apart from
members who have a lot of positive reputation.

AakZaki

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Quote from: BIT-BENDER on August 31, 2021, 08:20:09 AM

Congratulations on finding the forum, and if you have set priorities not to be in your friends situation or prevent it befalling your friend and others, the forum can help, you can be active, on beginners and help that is here, and also the scam accusation board https://bitcointalk.org/index.php?board=83.0
People are exposing scams they fell for or read on the news you can learn there or you find your local board, for new scams making the news in your country.

talking about local boards, of course the beginning of everything starts from local boards. all good and bad experiences will be told on the local board first. Local boards become the main discussion for beginners because the language used is the same and can understand each other.
Learning from other people's mistakes on your local board will give you troubleshooting and a warning not to get stuck on the same mistakes.

Smartvirus

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It's better to learn from someone else's mistake than to be a victim also, its also better to be a victim and learn from your mistake than not learn anything at all and be susceptible to that mistake in the near future. You and your friend did trek on a dangerous part when it comes to investments and by investments, I'm not limiting it to cryptos only, I mean all round. You don't bank your ideas based on what the CEO or project team would say, it doesn't necessarily mean it would be a scam project or whatever but, you don't expect the CEO or team to speak ills of there projects its always going to be credits at the expense of others.

Always learn to do your own investigations and never fail to learn what you can out of a failed experience!

Maus0728

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Quote from: Cynthia_sinach042 on August 30, 2021, 10:44:43 AM

snip...
am hoping I can become good in cryptocurrency and maybe expose fakes and scams to others around me

There's a compilation of guides that discuses on how you can spot the red flags on an investment or projects in crypto space. And I think it'll add up to your arsenal so that you can have some idea of the common practices made by these fraudsters.

- https://bitcointalksearch.org/topic/collection-of-comprehensive-guides-on-identify-and-avoid-scam-projects-5125435

Currently, though, it is most likely that you might encounter a new trend in crypto called "NFT Games" where the premise is similar to how ICO works. And it would be better to at least have an idea if in case you have decided to invest with them.

mk4

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Quote from: Darker45 on August 31, 2021, 09:35:44 PM

I have this suspicion that many people, a significant portion of the total population of Bitcoin supporters, have first heard of Bitcoin from a Ponzi or a fake investment opportunity or whatever scam. At least this is my observation in a developing country, although I also fell victim to a Bitcoin investment scam myself when I was working abroad.

For sure. Most of those scams target people in sort of "normie" social media sites such as Facebook whereas there's a bigger demographic of older, technically-illiterate people that knows nothing about bitcoin. And add the fact that they probably have heard of people making fortunes with bitcoin in the past.. "look, a bitcoin investment site that gives me 20% daily, it's my turn to get rich!"

Darker45

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I have this suspicion that many people, a significant portion of the total population of Bitcoin supporters, have first heard of Bitcoin from a Ponzi or a fake investment opportunity or whatever scam. At least this is my observation in a developing country, although I also fell victim to a Bitcoin investment scam myself when I was working abroad.

Just to be safe, newbies should adopt generalizations, at least during their earliest days, pending more knowledge from research. For one, they should just disregard any offer of Bitcoin investment whether the promise of ROI is too good to be true or not.

GeorgeJohn

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Learning from someone mistakes is actually good but not agree to be victims of problem because at times its advisable to follow protocols, so relating it to the community here, as a beginner reading posts made by the senior colleagues is important and it really helps to elevate people, and also binding on the rules and regulations is another thing we should embrace for the community, please in summary don't allow mistake to occur before learning on how to avoid it.

Rengga Jati

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Such a sad story, but it is valuable enough to be an experience and lesson.
One to remember in crypto investment is don't trust anyone else that promises you investment with high profits, and never trust any type of investment or trading help from others, moreover, if you don't know them. Now, many scams are around here looking for beginners and people who don't know about investment and who are greedy for high profits shortly.
Moreover, there are still many types of scams that you may experiences or face in the future.
Such as:
- Scams using YouTube, Social media of a popular person or companies, new projects, never fall in them again, don't trust easily
- Once more as you say, always know the thing you want to do, here in crypto, analyzing the project, team, investment, and all activities that related to spending your money is very important, but I personally will not be interested in them,
- Never trust anyone who will help you by asking your private key, phrase, and other secret information and data yours.

Quote from: israt1@ on August 30, 2021, 10:53:19 AM

I don't think you have read the rules. If you have read the rules then this topic does not help. It should have been done in this trading section. You can move the topic from here to the trading section. And yes you must read the rules again.

There is nothing wrong with this thread on this board. Understand what happened to @Cynthia_sinach042 at first and you will know if she didn't make a mistake by posting it here. It is not only about trading.

BIT-BENDER

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Congratulations on finding the forum, and if you have set priorities not to be in your friends situation or prevent it befalling your friend and others, the forum can help, you can be active, on beginners and help that is here, and also the scam accusation board https://bitcointalk.org/index.php?board=83.0
People are exposing scams they fell for or read on the news you can learn there or you find your local board, for new scams making the news in your country.

Pokapoka124

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Welcome to the crypto space your friend learned a lesson the hard way. Many of us had a similar experience when we started investing in crypto, scam companies are pretty good at promotions ICOs scams, mining scams, e.t.c Don't feel stupid because of this, you know the saying "what doesn't kill you makes you stronger" this is an experience you can learn from

tranthidung

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Quote from: mk4 on August 30, 2021, 11:16:20 AM

There are so much scams inside and outside the cryptocurrency space(in the finance and investing space in general) that you better get yourself educated simply because we're talking about money here; one of which is the one you just fell for. Mistakes are fine though, just make sure you learn from them and not make similar mistakes.

https://cryptosec.info/scams

Newbies participate in crypto market with greed to earn profit but they are not aware that crypto market has many scammers around. If they don't know how to protect themselves, sooner or later they will become victims of scammers.

Many scam types and the mantra is "Not your keys, not your coins"

https://notyourkeys.org/

acroman08

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Quote from: Cynthia_sinach042 on August 30, 2021, 10:44:43 AM

+ don't investment with money that's not yours or you can bear losing
+ don't fall for smooth promises
+ investigate what you want to invest in

this is the bare minimum that someone should do when they are new to something especially when it involves money or something important. although I feel bad about your friend this incident should be used a learning curve for you friend and use it as a foundation for her future investments(if she ever plans to).

Quote from: israt1@ on August 30, 2021, 10:53:19 AM

Quote from: Cynthia_sinach042 on August 30, 2021, 10:44:43 AM

am still learning, I have already read the rules,

I don't think you have read the rules. If you have read the rules then this topic does not help. It should have been done in this trading section. You can move the topic from here to the trading section. And yes you must read the rules again.

beginners and help is very broad on what should be discussed here. personally I don't see anything wrong about the topic being discussed here but if you do, I suggest to report the thread and ask the mods for the thread to be moved to the board where you think it belongs to.

sheenshane

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Quote from: Cynthia_sinach042 on August 30, 2021, 10:44:43 AM

so there was this particular platform, with mouth watering benefits my friend came across on whatsapp called Bitcoin invest, we really didn't know much about bitcoin only that it was a cryptocurrency, infact we didn't know what cryptocurrency is about ..

Hello there Cynthia, if you saw that line that I quoted above that was your problem. You should know first what is cryptocurrency and what is the basic function of Bitcoin before diving into it and make an investment. Bitcoin investment is always a great opportunity but unfortunately, you were in the wrong hand which is the scammers. The golden rule of Bitcoin is, "not your keys not your Bitcoin" from the start you know how to deal with Bitcoin and how to store it and that is your friend's problem here.

Don't fall with the sweet promises like double your Bitcoin in just a matter of weeks or months, that is the most words that commonly used by scammers.
But I'm glad that you've learned from that mistakes and don't let that it will happen again in the future, purchase Bitcoin on the legitimate exchange and transfer it to the wallet that you have full control of your crypto assets.

decodx

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Quote from: Cynthia_sinach042 on August 30, 2021, 10:44:43 AM

+ don't investment with money that's not yours or you can bear losing
+ don't fall for smooth promises
+ investigate what you want to invest in

Am still learning, I have already read the rules, and am hoping I can become good in cryptocurrency and maybe expose fakes and scams to others around me

No doubt, learning is always a good thing. If you want to learn more about cryptocurrencies, especially bitcoin, then you've come to the right place. There is a wealth of information in this forum, as well as knowledgeable people willing to help.

As for your negative experience and the points you have listed, you can apply this to almost any opportunity you may encounter, both online and in real life. Cryptocurrencies do not make naive victims more vulnerable to fraud and scams. Scammers existed long before cryptocurrencies. A Ponzi scheme, for instance, has been in existence for over a century. The only difference is that crypto helps thieves hide their tracks, making them harder to find.

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