Topic: People with quick rich attitude always mess up with alt coins - page 4. (Read 1229 times)

It is going to put him on a bad place if a person has this type of mentality. It's wrong to think of quick rich gains and despite the market is highly volatile, that's still a bad attitude to have towards this market.

These people that have this mindset will likely end up being scammed and lose everything they have because they don't want to get into the natural process of gaining and losing in the market.

These things are normal and common but those that want to take a quick detour and shortcut will certainly end up badly.

That is true people should be cautious with alternative crypto currencies. The market is too volatile and anything can happen in a blink of an eye. We should had done a thorough research on a specific coin before investing in it. If an investor has a get-rich quick mind set they are more likely to make impulsive decisions without doing their due diligence and it may result to significant financial losses. To avoid such losses be cautious and always think a lot of times before investing.

Many investors are not cautious in choosing the altcoins to invest in. Because what they look for is an altcoin that can give give them insane return (like x1000) in a short period of time. The reason why they prefer to join the ride of the hype coins to not missed the opportunity. But this is the mistake of the investors who only look for what's the current hype and not on its use case. Sometimes you'll only understand and believe the suggestions of others if you already experience to lose your capital due to wrong decision.

All of these aspects must be implemented and carried out when making purchases on the crypto market. In fact, not only for coins that are experiencing high price increases, but for every coin that is purchased, it is mandatory to analyze and find out about the ins and outs of the coin being created. Because if don't take these actions, are afraid to buy a coin that doesn't have good potential (shitcoin). Then if there is a coin that experiences a high increase as you explained, I usually don't buy it, unless the increase in the price of the coin is genuine from the impact of the coin project. Because in the past, when I was not experienced enough in the field of crypto, the funds that I had, were often stuck in coins that were experiencing price increases. Because in the past, when I saw a coin that was experiencing a high price increase, I usually bought it immediately, with thoughts of fear that the price would get higher. But in the end, the coin dropped and you could say I lost. So for that reason, now I am more careful and not easily tempted by coins that are experiencing price increases.

And all the losses that I experienced before. Indeed it is the impact of the mind want to get rich quick. So I was in a hurry and didn't analyze the coins to buy properly.

As per my own take, as long as they see (binance) a huge amount of benefits, they will list it.

And that's what happened with Shiba, they've got a huge amount of supports where money really flows and that's bring
huge money for binance.

We can't conclude how they work or how the reviewing team works, but with the right amount of money that
they can earn is how it matters and how they weight it in.

That is true we must be cautious with alt coins. There is no guarantee that if we saw the coin pump to 100% within 24 hours and invest on it we will gain profit. It is very risky to invest in an alt coin that was being pump to 100% because it might declined dramatically or doubled the 100%. That is why the quick rich attitude often mess up with investors. Crypto currency market is very volatile in a blink of an eye you might loose all your investment. So think twice or thrice before investing in your chosen crypto.

the good thing about binance is they won't list a project if they know it is crap in the first place. they have their team reviewing the project itself, if it is valuable or not. or if it will be in demand in the market or not. and maybe with the exception of shib, they saw the high demand from the community so they list it even without the application the shib team. well, at the end of the day, it is all business.

unfortunately though manipulation towards the price was very rampant especially with those altcoins at initial stage where their market capitalisation was still relatively low.
it just means that it more vulnerable towards the manipulation that might be pulled of from under the hood.
I just think only at early stage through platform like binance where they have reviewed their project gonna be better than speculating on some random projects out there.
its just a lot more safer since you know you won't get rugpulled or scammed.

most that have the purpose of investing in altcoin solely for speculation will disregard this advice, because the thing that they are seeking is the thing that you mentioned to be the disadvantage.
quite funnily enough thats the very reason many are just having massive loss.

No matter how we do tell and say for how many times about staying away from these projects but there would be still those people who are gambler like mind on which they would really be touching up

this space because it cant really be denied that it could really give out that chance on hitting 10x or 100x so easily and in a short time and this is why i cant blame them those people or investors.
Even myself did able to touch up this thing also on which it is interesting and could bring out profits but of course if this one is only on the time that you do make out the right choice and right actions
on that exact time. You should really know on when to hit and run because if you do find yourself get caught on the peak then you would end up on losing money.

You should be wise if you are really that touching up this space but its not something recommendable for everyone because risks is high and turns out to be a gamble.

Well, if it rises due to some hypes and manipulations, you'll gonna be staying away from that project because the next thing that will happen is an abrupt dump. But if it rises because it really has the potential and has a use case, that something will tell us that the future of this project is bright. However, when talking about new projects, we really have to take extra caution because the majority are scams. Many projects have only had a good start but in the later part, it dump slowly until it was gone totally.

The whole altcoin industry is some sort of pump&dump scheme, but definitely not a ponzi scheme. In ponzi schemes there is no utilitarianism, there is a beautiful legend and groups of investors. Cryptocurrencies have ready working products and some utility, the projects solve certain problems and problems in blockchain networks, so they can not be called completely empty, but at the same time, most cryptocurrencies are still simple empty, which have nothing but the desire of their creators to make a quick buck on investors.

It’s good that you are cautious and advising others to be cautious as well. It’s important to understand the reason behind prices moving up and analyze the benefits and demerits of the project before investing.

Scams are getting sophisticated but this does not change the basic greed that is the ingredient from the victim in getting scammed. There are people who observe this and this devise their methods and this these get rich quick schemes and altcoins that thrive on hype. All the creators of such coins are essentially scamming their investors and because unregulated nature they are able to get away with it.

Greed should be controlled for any trader to be able to profit.

People with a get-rich-quick attitude always mess with alt coins. I agree with that statement. Maybe I call it "greedy". That attitude messed up the Altcoins. His desire makes the perpetrator want to sell as much as possible and make a profit. But this actually damaged the price of the coin.

Even worse, they like to replace smart contracts with new ones. Yes. many are trapped with sweet promises by them. Maybe the white paper design is good and detailed and in my opinion it will be a reference and analysis for users or investors who want to enter but if the founder is ignorant, especially when performance drops. Now. what are the words we will definitely spit out..Oops..Rugpull again.

They can possibly create a story that they've been attacked and the project will dump hard and be forgotten.

It's very possible that the team behind the project is also the same people who keep dropping the price, an scam practices
that will lead many investors and traders to lose their hard earned money.

While the team can quit cleanly, as they are claiming that hack takes place and they are innocent and also part of this
victims who losses their investment.

I know some people won't like this but Crypto is a Ponzi scheme, the people that lose out are the greedy and the laggards, we need new set of people to enter the space for the price to pump. I always run away from projects that have pumped and dumped because the people that they dump the token on will be praying for the price to pump and will dump at any given opportunity. SafeMoon is a good example of these and there are many tokens in the space that are dead but the good thing about them is that as long as they are on exchange its value won't go to zero, DEXes have even makes it easier for them to trade now

That's right, there's a lot of cover-up, well, I think this is where the crisis of user confidence lies. indeed a coin when it is on the market is no longer absolutely regulated by the owner but by the market itself but this is a source of fire which results in a loss of trust from users or investors.

Yes, very sad to see. I see many factors that make a coin or token like that, one of which is consumer behavior, in this case investors or traders. But in my opinion, it's the developer's job to always monitor the regulations that apply to the coins/tokens that have been created so that they don't just go off into the market. This is where the level of confidence Investors and users are excited to come back in and invest. Savvy developers and users benefit too.