Anyone on the space with a get rich quick mentality will always end up getting their fingers burnt. There are a tonne of project out there promising a lot but if care isn't taken, you might end up losing your hard earned more.
Moreso, when it comes to investing in altcoins, don't put too much, just put what you can afford to look away from when it goes south.
Topic: People with quick rich attitude always mess up with alt coins - page 9. (Read 1229 times)
The mentality of wanting to get rich quickly usually results in losses in most fields, and this attitude needs to be changed. Sensible investing should be the approach, instead of being lured by things like we see some investors do, investing in coins that have had a huge pump, taking risks. However, we must also keep in mind that there are many coins that, after pumping, dumping, and investing in them are not beneficial. As you rightly said, greed is the root cause of loss.
pump and dump action on new altcoins happens often, and we are tempted to know about it and want to invest in the hope of getting big profits. but a lot of people don't understand, when a dump occurs, many of the new altcoins find it difficult to get up, and if we invest, it is likely to go down again and the future is unclear. therefore the main basis for investing is the safety of our funds, so it would be better to invest in a coin that is certain, at any time it is safe to hold, even though the increase is not like altcoins as exemplified
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.
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.
It’s true that there are some people with a get rich quickly mentality maybe more likely to make impulsive investments in alternative crypto currencies because of the hype and the potential earnings that they are thinking. Having a greedy mind would end up loosing all investment. Always do some research and study the flow of the crypto currencies before investing. Never ever rush and think that you will become rich instantly because you might get poor instantly.
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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.
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.
I came across a few tokens on an exchange; I don't want to mention the name of the exchange or the token since they are not paying me to do so, lol, but this token I bought has pumped by about 500%, 300%, and 280%, respectively, and the token was closing in on almost $1 per token, so I had to buy, thinking that those tokens would pump hard to become one dollar each, but I still got unlucky again; these tokens began to fall after I bought them, and today I am not even having up to 1% of my capital; everything has evaporated. What I am even waiting for now is for the exchange to make an announcement that they are delisting those tokens from their exchange.
The allure of being able to quickly get rich is something most (if not all) people would never be able to remove from themselves. It's why scams work in the first place anyway, at least, some of them.
And it is for a fact that some people have managed to become rich overnight due to meme coins. It's much more solid as well in terms of chances compared to lotteries, so it's allure, especially to new investors is real. Highly doubt we'd get this out of the system really, newbies grow to be more experienced yes, but they also get replaced by even more newbies.
And it is for a fact that some people have managed to become rich overnight due to meme coins. It's much more solid as well in terms of chances compared to lotteries, so it's allure, especially to new investors is real. Highly doubt we'd get this out of the system really, newbies grow to be more experienced yes, but they also get replaced by even more newbies.
The same thing happened to $PEPE investors recently, and I don't think it will stop soon. I mean, there will always be people like this. Whether a newcomer, people who are too lazy to learn in their journey, or simply those who can't manage themselves and their emotions well, even when it's hard, always hold this principle: "Buy at low, sell at peak," never the other way around. A newcomer, especially, is the most vulnerable party because they are such easy targets, and that's why they need to educate them first (at least the most basic knowledge) before jumping in.
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. 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.
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.
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.
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).
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. 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.
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.
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.
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.
hero member
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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.
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.
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.
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. 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.
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.
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.
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.
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