People with quick rich attitude always mess up with alt coins - page 5.

krishnaverma

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Quote from: Lamkuthang on May 23, 2023, 10:18:55 AM

Not only does this apply to safemoon, there are also other meme coins/coins. I think there are also cases similar to it and many. I think this is purely the fault of the founders and it is still imprinted in our memories. The small example that we saw and read about in forums or other news, namely Terra-Luna founder Do Kwon and FTX's Sam Bankman-Fried, which claimed many victims.

In some cases. the coin are also targeted by hackers. They attack the coin because of which the value of the coin drops a lot. The developer of the coin cannot do much in this case, But some scammers use even this excuse to hide their scams and give impression that are completely clean in the process.

TravelMug

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Quote from: DeathAngel on May 25, 2023, 12:46:56 AM

Sometimes these guys need to experience losing money before they come to their senses & just buy bitcoin. Obviously they see a minority of investors getting rich with meme coins & they think it’s easy so they can do it. It’s often they only discover that isn’t the case when they get rugged. If they still have the stomach to be involved in cryoto they soon move to bitcoin, it’s how maxis are made.

I agree though, not just in crypto but in our lives, it's better to experience some losses early to understand how the market works. We just don't get inside any market like crypto and think that we can make a lot of money in very short amount of time. We really have to work our ass off to have that "medal", the experience needed. Hopefully that is the case, they move to bitcoin because that is the only project that is really solid. But it will take a lot of time for you to make money, and then you need to have that mental toughness to hold and just accumulate overtime.

DeathAngel

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Sometimes these guys need to experience losing money before they come to their senses & just buy bitcoin. Obviously they see a minority of investors getting rich with meme coins & they think it’s easy so they can do it. It’s often they only discover that isn’t the case when they get rugged. If they still have the stomach to be involved in cryoto they soon move to bitcoin, it’s how maxis are made.

Silberman

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Quote from: Godday on May 23, 2023, 04:29:45 AM

I prefer to call them "Greed". Yes it is one of human nature that makes them want to get rich as fast as possible and as much as possible.
A wise man will say that there is no evil and good in this world and I agree. We need greed for our ancient human instincts to get our needs met.
But excessive greed will lead you to the path of destruction and that is what happens with people who have a get-rich-quick attitude. Undecided

Even greed is not enough to explain what we see with those people, as there are people which are incredibly greedy and yet they are willing to work hard to reach their goals, so even if we can see that those people have a problem at least we should recognize their ability to work hard towards their wishes, but those that are looking to make true their desires by investing in shitcoins do not have the same work ethic, and instead they are trying to get there by using all kind of shortcuts, and the people that are like that are very unlikely to ever reach their goals.

nesty

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Altcoins or alternative crypto currencies, have become increasingly popular in recent years due to their potential of high returns on investment. However, investing in altcoins can be risky, especially for those who have a "get rich quick"mentality.
People with a quick rich attitude often make impulsive decisions when investing in altcoins, without taking the time to do proper research or understand the risks involved. They may be more likely to fall for scams or pump and dump schemes, where the value of a coin is artificially inflated and then quickly sold off, leaving investors with worthless coins. Always remember that investing in crypto currencies including altcoins, should be approached with caution and a long term perspective.

JayTrain

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When it comes to altcoins, it's important to exercise caution and not be swayed solely by short-term price movements. Analyzing the reasons behind a coin's price increase and evaluating the project's merits and risks are crucial before making any investment decisions. Safemoon, for example, experienced a significant pump after reducing fees, but it's essential to consider the potential losses faced by previous investors. Greed can cloud judgment, so it's wise to think twice before investing in Safemoon at this point.

kaseygriffin

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Beginners in this market really have no control over their greed. They think making money is easy; just buy coins, wait for them to rise in price, and then sell. This is the mindset of beginner investors, and the outcome is probably anyone's guess. Although there may still be lucky people, the number of beneficiaries is probably very small compared to the losers. So instead of imagining maybe x100, learn discipline and patience before your greed when investing anything. If you can't control it, you're still stuck in a cycle of chasing quick profits, taking excessive risks, and ultimately losing.

barlo357

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Quote from: krishnaverma on May 10, 2023, 09:56:31 AM

I have mentioned multiple times in past here that people should be cautious with alt coins. If some coin has moved up like 100% or more in just 24 hours, it does not mean that you should also purchase the coin. You should first understand the reason behind prices moving up. Then, you should also analyze the benefits and demerits of the project.

One such option has come again in safemoon. The coin has pumped more than 100% when they reduced fees from 10% to 1%. Now new investors are rushing to invest in this coin. This is the situation when the past investors in the coin are like in 99% loss of their invested value. But greed make people loose all senses I think. If you are still thinking to invest in safemoon now, think twice.

They try their luck on spreading their money on alts especially on meme coins because it was a really effective way of money if you have big money willing to lose. As long you have a good position it is worth it from the coins you spread out of 10 or more.

Pamadar

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Quote from: huu78 on May 23, 2023, 05:39:34 AM

Quote from: krishnaverma on May 10, 2023, 09:56:31 AM

I have mentioned multiple times in past here that people should be cautious with alt coins. If some coin has moved up like 100% or more in just 24 hours, it does not mean that you should also purchase the coin. You should first understand the reason behind prices moving up. Then, you should also analyze the benefits and demerits of the project.

One such option has come again in safemoon. The coin has pumped more than 100% when they reduced fees from 10% to 1%. Now new investors are rushing to invest in this coin. This is the situation when the past investors in the coin are like in 99% loss of their invested value. But greed make people loose all senses I think. If you are still thinking to invest in safemoon now, think twice.

High volatility and rapid price increases, especially in a short period, can be enticing, but they also carry significant risks. Understanding the underlying reasons behind price movements is essential to make informed investment choices. Analyzing the project's technology, use case, team, community, partnerships, and market adoption can provide insights into its potential for long-term success.

Understanding all of those mentioned factors will give you a good hint that the project you are supporting has a good potential.

More on your deeper research and engaging with the team behind if they provide any means
of communications,it's hard to predict the possible outcome, but it's doable to anticipate if you
are done doing your research, every information needs to be validated, though risk is always
present especially for those who have a quick to rich mindsets.

Lamkuthang

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Not only does this apply to safemoon, there are also other meme coins/coins. I think there are also cases similar to it and many. I think this is purely the fault of the founders and it is still imprinted in our memories. The small example that we saw and read about in forums or other news, namely Terra-Luna founder Do Kwon and FTX's Sam Bankman-Fried, which claimed many victims.

mvdheuvel1983

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The get rich quick mentality is one of the most prominent qualities of most people who are interested in altcoin even the founders. If not why do we have a lot of them springing up every other day just to disappear in a moment. I do not see anything wrong with it because if we analyze carefully, it is the survival of the fastest or the "firstest".

People who mess up alt coins do it so that as soon as they get their profit, they take it out buy some nice stuff or something for themselves and throw the remainder into bitcoin. It is not bad.

huu78

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Quote from: krishnaverma on May 10, 2023, 09:56:31 AM

I have mentioned multiple times in past here that people should be cautious with alt coins. If some coin has moved up like 100% or more in just 24 hours, it does not mean that you should also purchase the coin. You should first understand the reason behind prices moving up. Then, you should also analyze the benefits and demerits of the project.

One such option has come again in safemoon. The coin has pumped more than 100% when they reduced fees from 10% to 1%. Now new investors are rushing to invest in this coin. This is the situation when the past investors in the coin are like in 99% loss of their invested value. But greed make people loose all senses I think. If you are still thinking to invest in safemoon now, think twice.

High volatility and rapid price increases, especially in a short period, can be enticing, but they also carry significant risks. Understanding the underlying reasons behind price movements is essential to make informed investment choices. Analyzing the project's technology, use case, team, community, partnerships, and market adoption can provide insights into its potential for long-term success.

Lagduf

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People were being motivated by some people who have become millionaire in a short time. They were trying their luck to gambling in the altcoin. It can be seen from how many hypes were coming when it comes to the altcoins at the time after listing.
That being said that if altcoins are the place for people to detrmine their future but they the greed played as the main problem here.

Godday

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I prefer to call them "Greed". Yes it is one of human nature that makes them want to get rich as fast as possible and as much as possible.
A wise man will say that there is no evil and good in this world and I agree. We need greed for our ancient human instincts to get our needs met.
But excessive greed will lead you to the path of destruction and that is what happens with people who have a get-rich-quick attitude. Undecided

Pedrination

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Investing in cryptocurrency requires a nuanced approach that necessitates avoiding greed and impulsive decision-making. The volatility of the crypto market demands careful consideration and a realistic understanding of the risks involved. Many investors have suffered losses due to their optimistic and speculative tendencies, assuming that upward price trends will persist indefinitely. However, market downturns are inevitable and can catch inexperienced individuals off guard. It is crucial to educate and encourage novice investors to shift their perspectives, acknowledge the unpredictability of the crypto market, and actively seek guidance from seasoned experts in order to make more informed investment choices.

abel1337

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Quote from: Wiwo on May 18, 2023, 04:10:56 PM

Most of those who get scammed are those same set who are investing in get rich quick schemes, there are always on then look out for the projects that will give them 100x return within a short pperiod and in the end, they become victims of exit scams and many projects have ditched them for that, it does not matter what the outcome of the previous investments is there are alwastill ready to jump on the next a bitcoin just because of hype and hunger to get free money.

Not knowing that cryptocurrency investment profitability comes from its long-term duration and if an investor is not patient he/she may end up losing their initial capital invested.

It's because projects that are prone to being a scam project are the one offering something luxury to the potential victims/buyers. They know that people want to earn fast money that's why they are saying it or declaring it that it will go to the moon soon, but it's the opposite because it's their intention to ditch their victims once they earned some money from the said schemes. It's important to asses each of our investment and don't believe on promises. Most promises doesn't come true in crypto. Saying a bold promises like giving you projection of prices pumps without any logical basis is just a pure talk. It's a red flag to be honest so don't believe in too good to be true offers.

gurunanakji777

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It is good to stay positive, but having a quick rich attitude is not advisable in the crypto market. Those who have a quick rich attitude often speak negatively about cryptocurrencies because many of them have failed to achieve wealth in a short period. Before purchasing any coin, it is essential to have some knowledge about the market. Many inexperienced individuals fall into traps by believing fake screenshots and similar tactics, so thorough research is always necessary if one wants to earn from the crypto market. It is not advisable to take risks for minimal financial gain.

TastyChillySauce00

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Quote from: DeathAngel on May 21, 2023, 05:30:10 PM

Very few people succeed with get rich quick type of thinking or hopes in any type of investment. For every one person you hear about who became a millionaire by investing $500 in an altcoin there are thousands who lost money.

That's why it's quite similar to pyramid scheme.
A few people who bought at the bottom price will be rich while the next bayers gonna be losing their money but that's how altcoins are working right now. There will always be victims.
The question is always how lucky you are with what you have bought in altcoin market? that's it.

Quote from: DeathAngel on May 21, 2023, 05:30:10 PM

It’s possible but unlikely to get rich quick. Be realistic & invest in projects you have researched extensively. Slow & steady wins the race. Getting rich is more likely a marathon, not a sprint.

Majority of people saw crypto as quick rich scheme.

Psynthax

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messing up because of their greed, they invest thinking they would flip their money into millions overnight when things goes wrong, they immediately take a cut loss because of the fear that their money gonna turn into thin air which is logical decision but just means that they truly lost their money.

AmoreJaz

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Quote from: Wiwo on May 21, 2023, 05:53:43 PM

Quote from: bittick on May 21, 2023, 05:25:44 PM

Quote from: Wiwo on May 18, 2023, 04:10:56 PM

Snip~

the key is always patience, i always seen someone that holds their coin dearly always make good fortune at the end of the day.
despite the fact that the coin being held is plummeting in value so long it still in the top-ranked it will be fine.

The first thing is that a lot of the new investors or those coming into cryptocurrency are not ready to take that time and effort to learn how things work with invesnemrntnes in high-risk and volatile assets such as bitcoin and the rest of other coins in the market, and this lack of knowledge has resulted into impatience and fomo most of them and there tend to fall out of their mental balance whenever there is a shake in the price of bitcoin or other assets.

This unwise method and mentality all the time lead gullible investors into making some kind of financial decision that ends them in further losses.

they will learn fast once their bankroll is getting depleted by theses alts. people need a lesson to learn quick in this market. they thought that this is their saviour but for sure a lot already woke up from the reality that this was not the market they thought to be.
and also, you can't learn those tricks overnight, it would take years and years of hard work. even long timers here are still learning as new markets and projects are emerging. there's no concrete path that you can follow in this market. this is why this market is very dynamic.

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