Topic: Learnt from Someone's mistake (Read 548 times)

It better for someone to go for search before starting anything so can learn from some body steps,if not you will be the worst part yourself. Many people have make mistakes by taking risk of some things without not search, this type of people end up in losing. Before starting anything may sure you get proper understanding on what you are going for. Ask people so their can share you their experiences, so you can learn from their mistakes

A lot of times we make mistakes,people make mistakes,we do things that cost us money,but the good thing in making mistake is that,every mistake made is an experience.the mistakes we make are what give us the experience we have.

So many times people make the mistake of taking risk without properly looking at what they are taking the risk for,it leads to mistake that will cost them money.we learn from there mistakes that people make,and try not to make such mistake.

Commonly, newbies become the main target of scammers, moreover, those who know nothing interested very easily in big profits even with excessive and looks suspicious profits.
And glad to know that you realized this kind of scam. learning is the best starting point when you are going to this crypto industry. And along with your ways, you will find many more scam projects, investments, and also activities.
So, just prepare yourself.
We really hope that many more newbies or even old people hee are aware of many scam activities even they look so impressive or even so convincing.
Scammers will trap us in certain conditions that we will feel so desired to join.
And about your story, yes, we may find a similar scam story like that, scam investment with very high profits in a short time.
Be careful, scammers are around us

That's why this forum was formed to share experiences with each other that can't be found anywhere else. we can learn the theory about the crypto world from books, the web or youtube but we also need an understanding of real things that have been done or experiences so that we can learn them well, one of them from this forum. Learning the mistakes of others and also our own mistakes makes us learn to better understand the situation because basically experience is the best teacher.

a lot of us been there were we didn't that much about crypto or investments in general and how they work and what are the most common scams, and i admit that back in 2015, I almost fell for what I think is the dumbest thing ever, doubling your bitcoin, I Don't know if you're familiar with that but back in the days there were a lot of website claiming that they will double the amount you send them right away, send them 1 bitcoin and get 2 in return, luckily I didn't send them anything but I still thought that it could be legit, now I know how dumb I was, we live and learn, whether it's from our mistakes or others or even mistakes we avoided.

It's easy to know the fakes. If it sounds too good to be true then it probably isn't. Any investment promising unrealistic profits is a red flag,  invest $100 to earn $1000 is a red flag. Traders that won't facetime is a red flag, company owners that are ananymous is a red flag. I watch for these red flags

Well, because of the wave crypto currency is making especially Bitcoin and the many testimonies traders/Investors are telling about Bitcoin, it has become a major medium through which scammers extort money from people...

On WhatsApp for instance, they are many fake groups pretending to be bitcoin's investors but if you read through the names the use, you'll definitely know they're scammers.....
That's why it's necessary to authenticate your account and set it in such a way as to prevent people from adding you to groups without your consent.

Let's be careful.

Unfortunately things like this will always happen because there will always be people interested in making money online, but without enough knowledge and experience to recognize a possible scam.
It is very difficult for beginners to recognize what is the right opportunity and what is a scam, and many people do not understand that both crypto trading and investing in cryptocurrencies are very risky.
The media writes a lot about big profits in the crypto industry and for ordinary people, who are desperate for financial difficulties, crypto seems like a great opportunity for a better financial future.
For more than 20 years I have been making money on the Internet in various ways, and I have already seen all possible ways of fraud, from revshare projects, fake MLM programs, forex trading and much more.
When you come across a financial offer, always ask the following things:
- If your method of earning is so good why do you need other people and their money?
- Why don’t you help your family and friends first and why do you help complete strangers?
- Who are you, your personal data and references of previous work?
If you don’t get the right answers it’s most likely a scam.

Some people believe that history will repeat itself. If it happened to Bitcoin, it will surely happen to other assets as well. That's the way they think. All we have to do is keep searching for that new Bitcoin. Many missed out on the Bitcoin early days, and they now want to make up for it with an altcoin not knowing that it will likely never happen.

Why so often do we see stories in which people lose their money, trusting in all sorts of advertisements?
Here gave a lot of good advice on what you need to study the place where you decide to invest your money. But regularly, very scammers use the phrases "limited offer" or "hurry up". It is the fact that someone will be in time, and suddenly make a profit, and I may be late and puts pressure on the psyche of those who frequently fall for scams.
In addition to the advice that offers with good dividends should raise suspicion, it is also necessary to turn on the "brake mode" so as not to rush, but to think about why the organizers would pay more interest, and think that this will most likely be another scam.

People think that crypto is just about investing some money and getting rich in few days, in my view that mindset is the biggest mistake that needs to be changed. We read stories of successful traders but nobody read how much time and effort they have invested apart from capital in order to become a successful trader. There is dire need of awareness about crypto trading specially among new comers.

I am going to tell you some rules to invest safely:

1) Never invest in what you don't understand. If you are going to invest in Bitcoin, or whatever, read, get informed. In this forum you can ask questions if you don't understand something. If you are going to invest in stocks you can join specialized forums and ask questions there.

2) As you have been told before:
A very common scam is to offer exaggerated returns. It seems to me that you don't have much idea of mathematics, but try to learn basic mathematics. Many scams in the crypto world offer you returns of 50% or more daily, which if it were true would make you a millionaire with little initial investment in a month. All the ones that offer you mouth watering returns are scams.

3) If at some point you are going to invest in crypto, although I would recommend that you focus only on Bitcoin, remember that "not your keys, not your Bitcoin". Buying Bitcoin and holding it yourself has proven to be extremely profitable, don't leave your Bitcoin to someone who promises you even more profitability because you risk losing your Bitcoin. If at some point you are going to invest in crypto, although I would recommend that you focus only on Bitcoin, remember that "not your keys, not your Bitcoin". Buying Bitcoin and holding it yourself has proven to be extremely profitable, don't leave your Bitcoin to someone who promises you even more profitability because you risk losing your Bitcoin.

The crypto world is really a harsh world. There is no one that you can depend on except yourself that's why you need to know what are you doing, learn carefully what is it all about. People can learn from their own mistakes but also could learn from others. This forum is a great place to educate ourselves about cryptocurrency and we need to be grateful for that, so keep learning and don't be careless.

It is in making mistake we tend to know what doesn't work from what actually works. But it is always a pity investing blindly, and most devastating when actually the capital is a borrowed money.😭😭😭. And that's why here we always advise people to "DYOR" Do Your Own Research before venturing into any investment

Learning is versatile knowledge and the reason we have to correct our mistake is not to fall the victim of someone have fall or made before, that's while it's important as beginner to the learn from the old user in any instructions or organization we found ourselves. Learning and Observations is the primary or elementary priority of everyone who want to acquire knowledge without been devastated in direction, actually without you haven't made a mistake of your own, human won't be curious or serious about its own development, I'm using this medium to recapitulate that we have to learn from whosoever to achieve our goal and escape from mistake.

It's sad if everyone keeps on making the same mistake. The wise uses the mistake of others to learn a great lesson, doing this will make one to grow. Waiting to learn from self mistake it's pain and risky especially in cryptocurrency world.

That is why I do not have too interested to make an investment in the investment company because we can not control the cash flow of the money.
We let them manage the money but on the other side, we have a risk if they do not work as they promise.
When we can learn from other people's mistakes, we will know how to prevent or manage the risk and even if the risk still happens, we already have a way to anticipate it.
One thing that we must remember, if the offer looks too good to be true, we really need to be careful and must research for more to find if that is real or fake.

Now many cryptocurrencies investment sites with promotions will get a lot of results. But it only lasted some time. In the beginning, the site was still paying, but it couldn't withdraw for some time, it didn't enter and the site had an error and couldn't be visited. My advice is not to be too easy to trust to invest in new sites that do not know the track record.

The one thing that is always true when it comes to avoiding scams is that "IF the offer is too good to be true"  It must be a scam.

The investment that is guaranteed to be real is the top coins in crypto that are listed in various exchanges, which would be hard to dispute but there are still side chains that could be scams as well. Recently there was even Squid Game coin. So it's better to just invest in existing projects and not the new ones and this is learning from someone's mistake.

It's good that you've learnt from the mistake of your friend.
That's why I always say that if you deal with an investment company or a broker, you should only deal with a regulated entity.
Too many crypto bucket shops now.

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.

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.

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.

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.

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.

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.

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.

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.

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!

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.

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!"

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.

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.

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.

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.

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.

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

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.

• Exchange graveyard
• List of Bitcoin Mixer or tumbler SCAM/CLONE websites
• Hacked Exchanges since 2011
• List of Major Bitcoin Heists, Thefts, Hacks, Scams, and Losses [Old]

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

• https://notyourkeys.org/

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).

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.

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.
 

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.

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

Before proceeding in any investments you should at least make a research about what it is and how money works on that investment you want to take in because it's your money after all.

Also, if someone invites you or refer you to someone for cryptocurrency investments, it's probably a scam. You can buy bitcoin or any cryptocurrency on most used crypto exchange such as binance or okex, hold the coin you bought and sell it whenever you think you make profit at least 10% or so. Don't just sell if you think you are in loss, just hold since you don't know yet technicalities in trading, just do the basic and it's effective for long term.

This is common than other people think. I had seen this being scambaited by some people and playing along with those scammers.  You'll see this in a lot of social media platform, mostly in comment section of ANY crypto-related pages.

In Facebook, it's even funnier because they'll have stock photos in their profile photo and their biography is claiming to be Forex Trader, Crypto Trader, etc. What's covering them is that a lot of fake profiles are tagging those scammers in their post and vouching for them claiming that they even bought a car and a house. They'll have a photo of them having the paper money cashed out and lots of paper I must say.

These two things I have to admit, high risk investment for those who do, if they do not have good knowledge, as a novice money and smooth promises, to others, if not achieved will experience a disappointment event, that iscommon things happen.

Better your own than someone else's.

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

I read the rules and I can see this is beginners and help, am not giving a concrete accusations because it happened to my friend and it could be a very random person or even some close to her with a name and that can't be found on google, I rather told a story of how I learnt from her mistake and fortunately from the mistake I got interested in cryptocurrency so I won't fall for such or I would be equipped to advice those close to me not to fall for it, am a beginner and I feel here I can get guidance, rather than making a nuisance of my self on other board

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 are so many scams online that are fairly easy for a novice to fall for that I'm quite surprised you've lasted this long without making too much of a loss!

But it's always a good idea not to put more than you can risk losing into investments. If you find something early $200 in bitcoin in 2015 is now $48000, so what's the point in taking additional risks?

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