People with quick rich attitude always mess up with alt coins - page 9.

Silberman

legendary

Activity: 2492

Merit: 1332

Quote from: krishnaverma on May 10, 2023, 10:56:31 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.

This is a problem not only on this market, it happens on other markets and even on other activities as well, when the 2008 crisis was yet to come there were a lot of ads on TV about investment opportunities on real state and courses which could teach a person how to become a millionaire in just 14 days, and while for us those promises sound ridiculous the majority of the people out there know nothing about investing and believe such results are possible, even if such results are in direct opposition to common sense.

GreatArkansas

legendary

Activity: 2282

Merit: 1344

Buy/Sell crypto at BestChange

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

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.
(....)

The best example of pump and dump. I am not really against this because there are some people who are making a ton of money here, some are lucky and some are also in bad luck because they lost a lot of money in just a short period of time.
These people who are thinking about the "easy money" or "quick rich" scheme, are sometimes lucky because if they are luck enough to make money then on the opposite side they are also bad luck to lose money. High risk, high reward.

kamvreto

legendary

Activity: 1946

Merit: 1157

Undeads.com - P2E Runner Game

it's because of constant FOMO and everyone wants to get rich instantly. so it's no wonder everyone makes purchases even though the coins have been pumped 100%. like today's memcoin, a lot of FOMO is done and ends up with a lot of losses because you don't do research and don't understand the reasons behind the pumping, greed for instant riches will give you bigger losses.

duckalis

jr. member

Activity: 235

Merit: 5

If you look at the 30-day chart, SFM was in flat from 11 to 29 April, and then it went into a downtrend (although it was already a global trend in the whole market).

Teraboy

hero member

Activity: 2282

Merit: 505

Quote from: TheUltraElite on May 10, 2023, 12:52:17 PM

The quick rich attitude always fails in every aspect of life, not just investing in cryptocurrency.

While there are people who are inattentive and attention deficit, there are these people investing and in many aspects they are similar. One can go to coinmarketcap and see which coin has the maximum percentage rise in the last 24hours and they will obviously find some shitcoin that they never heard of existed.

Such coins are a huge manhole to step in, because they are essentially being pumped and going to dumped, waiting for small fries to get their hands on them.

true this,rich quick attitude could always be disaster instead of being rich, one could become even more broke than he/she was because they just quite literally gambled away their money but then again that's also part of their financial decision and life choice, one could always rethink their decision, but there's most certainly always consequence in making financial decision.

Psynthax

hero member

Activity: 2296

Merit: 504

It's very normal I think everyone wanna rich, if there's opportunities of turning your life around wouldn't you take that? but it's just that some people got it to another level quite literally just gambling away their life saving in something that isn't even fair, take example like meme coin, where the whale manipulation so rampant yet someone would blindly put their life saving money on the line so that they could get the opportunity of changing their life meanwhile all that just illusion.

Wiwo

hero member

Activity: 1022

Merit: 667

Quote from: Dr.Bitcoin_Strange on May 10, 2023, 07:00:47 PM

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

You should first understand the reason behind prices moving up.

Well, sometimes most of these coins don't usually have any news attached that makes them pump; some times it's also when they get listed on a new exchange, when they launch a new feature on their project, or when there is news for token burn. But sometimes there is no news at all; it just gets funded by the team to pump up the price. I think people who are more experienced in crypto can take the risk of trying to dive in and rush out of the market with some profit, but most of the time it's just pointless because they don't make a profit but rather incur some loss. I can say newbies should not try taking such a risk, but if they are fully prepared for what comes after either profit or loss, they should be able to accept it in faith.

I don't even believe that altcoin pump has anything to do with news since not much has been heard of those coins that did 10× in the news or on social media, so that shows that pump and dump is a Mechanism and only the team is responsible for that to pull an exit scam on the victims.

Altcoins are most times gamble and they should be taken as such, and no one should invest their life-savings in them since there is no guarantee of sustainability from them.

Dr.Bitcoin_Strange

hero member

Activity: 532

Merit: 508

Leading Crypto Sports Betting & Casino Platform

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

You should first understand the reason behind prices moving up.

Well, sometimes most of these coins don't usually have any news attached that makes them pump; some times it's also when they get listed on a new exchange, when they launch a new feature on their project, or when there is news for token burn. But sometimes there is no news at all; it just gets funded by the team to pump up the price. I think people who are more experienced in crypto can take the risk of trying to dive in and rush out of the market with some profit, but most of the time it's just pointless because they don't make a profit but rather incur some loss. I can say newbies should not try taking such a risk, but if they are fully prepared for what comes after either profit or loss, they should be able to accept it in faith.

WalkerIVIV

hero member

Activity: 2436

Merit: 503

Cryptocasino.com

it's always fear of missing out, many with quick rich attitude as you says are always so eager in flipping their money for the life changing opportunity that they deemed to be there but actually isn't.
this is also the reason why many are jumping towards the meme coin trend, because they thought they gonna become rich quickly by investing in meme coin.

Wakate

hero member

Activity: 980

Merit: 519

fillippone - Winner contest Pizza 2022

Quote from: krishnaverma on May 10, 2023, 10:56:31 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.

Yes some groups of persons might be unfortunate but we need to take a look at others that had been fortunate enough to have gain some good amount of profits from the market because they invested in the right coin. 8f you are not that fortunate or lucky to hold projects that has strong team and huge community backing then you might think to the other side. There are so many that invest in altcoins even without doing any research about the project and they are still making good profits from the market. Everything depends on how lucky we could be in making the right decisions.

lobo13hf

hero member

Activity: 2268

Merit: 507

I think that's the thing, some people rushing to buy because some coin is increasing in value, meanwhile that should be wrong mindset, if it's already rising then maybe we're too late and just gonna lose our money by becoming the exit liquidity for early birds instead. investing shouldn't be affected by emotion, more specifically fomo.

Wiwo

hero member

Activity: 1022

Merit: 667

At this point it is bad to buy safemoon coins since the hype is at the extreme right now, and getting in at this point is a bad time, but those looking for quick profits may see this as an opportunity to jump in on the coin not minding the risk involved in doing so, altcoins market are highly influenced by various factors and can also be easily pumped to any price just get attract investors and possibly trap them when the price gets dumped.

sunsilk

hero member

Activity: 2884

Merit: 620

Quote from: Pity Token on May 10, 2023, 04:35:34 PM

When you read about the success stories with meme coins it's hard not to take a punt and gamble a bit. The variety is a big draw as well, so many altcoins to choose from. I'd say it's mostly gamblers than pro investors, especially during this meme season

Yes.

They're mostly gamblers and that's how they're taking their bets on these meme coins and having that thought of being successful with these pump and dump markets.

We can also say that they're pro on this because if they've been doing it for a very long time, and they're profit from it. Then, that means that they're good at what they do.

Kelvinid

sr. member

Activity: 2800

Merit: 344

when lambo...

Investing in crypto is different and you can't be greedy here otherwise, instead of earning more, we possibly lose more.
Yes, it was too risky to invest in hyped projects where many people have been experiencing an unforeseeable drop. Many had suffered losses because of being optimistic and greedy assuming that once the price of the project goes up it will continue without thinking that a drop is inevitable. Well, inexperienced investors or traders will usually caught in this thing. Then I have to encourage them to try to change their insights about crypto and listen to advice.

goaldigger

sr. member

Activity: 2310

Merit: 355

Quote from: Pity Token on May 10, 2023, 04:35:34 PM

When you read about the success stories with meme coins it's hard not to take a punt and gamble a bit. The variety is a big draw as well, so many altcoins to choose from. I'd say it's mostly gamblers than pro investors, especially during this meme season

They rush things here in the market and they thought dealing with the meme token can make things possible for them easily without realizing the possible risk of doing it. The thinking of a quick rich scheme is just like a hype, many will share their success but never their losses. Sometimes you have to experience it before you actually learn the lesson, and with that you’ll realize that quick rich scheme is not that easy and you have to take things slowly at the right timing.

dunfida

legendary

Activity: 3080

Merit: 1131

Quote from: krishnaverma on May 10, 2023, 10:56:31 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.

Or simple you do make yourself get FOMO'ed?

This is is really a common thing here on this space on which FUD and FOMO would really be the main things that we would really be encountering. On the time that people would be seeing some huge pumps or gains on a certain coin and could be able to see the hype goes around then we dont really like to lose up the opportunity for us to get in and hope that we might be able to get some another +100% gain on the time that
we would be getting in which it is really a behavior which would really be putting yourself in great hard.

Sooner or later on the time that you would be messing up your investment decisions is on the time that you would really be wrekt up with these kind of projects.Its true that DYOR would be always the best thing
because we know that this market is really that could easily make some HYPe and luring out those greedy and newbie investors and would be ending up on making them
as an exit liquidity which it is really that sad to think of.

Pity Token

jr. member

Activity: 35

Merit: 1

When you read about the success stories with meme coins it's hard not to take a punt and gamble a bit. The variety is a big draw as well, so many altcoins to choose from. I'd say it's mostly gamblers than pro investors, especially during this meme season

ryzaadit

legendary

Activity: 2450

Merit: 1225

Sometimes, people need to learn from two things.
1. Someone advises
2. Their own experience.

You can advise many people for a better investment, but as you know cannot expect everyone are gonna to hear you. They need to take a leason from their experience, If they losing on shit token.

Then, they're gonna to get a good leason to not touch again ~XD No matter, how good is our advise people will still trying to chase shit token (hype).

JayTrain

full member

Activity: 1092

Merit: 105

Sugars.zone | DatingFi - Earn for Posting

I completely agree with you. It's important for investors to do their due diligence before investing in any cryptocurrency, especially altcoins. The sudden price movements may seem tempting, but it's crucial to understand the reason behind them and the potential risks involved. Jumping into an investment without proper research can lead to significant losses. It's always better to take a step back and evaluate the situation objectively before making any investment decisions.

cabron

hero member

Activity: 2800

Merit: 595

https://www.betcoin.ag

Same as every other memecoin that just pump after a minor update and then continue to drop for the rest of its lives.

Pepe pumps hard when it was listed on binance but we can see now it had been declining. One must suspect why its pumping when altcoin season always happen after halving. Halving is a year to wait. It shoudlnt be surprising Memes are nothing.

Topic: People with quick rich attitude always mess up with alt coins - page 9. (Read 1119 times)