Reason Why People(Mostly Newbies) Fall Victim To Scams Easily. - page 3.

KingsDen

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Quote from: tvplus006 on June 08, 2022, 08:31:27 AM

Most newcomers come to the cryptocurrency market under the influence of third parties about the prospect of very fast earnings of a large profit with a minimum of effort. Therefore, the lack of experience and, in general, a lack of understanding of how the cryptocurrency market works, will certainly lead to the loss of money.

Very apt. It is only a few newcomers that landed in the crypto space based on personal research or convinction. Majority came through a third party, maybe someone who is successful within their neighbourhood or at work place, in the versities, worship place etc.
Most times they are impatient to learn the rules and they will jump in to invest with the mindset of get rich quick.
But, do you know one funny thing about this?
Those newcomers always join when the market is in the bull phase, they will buy high and within a short time the market will dump on them. Some, will tag it scam because they don't understand the nature of the market.
So, it is important that anyone introducing a user here, should let the person understand the true nature of bitcoin and cryptocurrencies.

Wiwo

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Quote from: CryptoHeadlineNews on June 09, 2022, 02:32:07 PM

And this is actually the general mindset most people investing in bitcoin this days have, they think if they can put in X dollar today, by tomorrow, they will have XXX dollars, which has put several families into sudden tears that till date can't afford to forget. i think these people all need a general orientation that that's not how crypto works, and just like you said, if you can't risk holding it a year or two, bitcoin was never for you.

Most newbies are truly after the profits and they have the mindset that Bitcoin is a get-rich-quick scheme, that is why most of them end up disappointed when their expectations failed to materialize. They live in a world of fantasy and believe in the easy root to success not knowing that Bitcoin is a whole big industry that requires a lot of knowledge and patience to wait for long.

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Quote from: Wiwo on June 07, 2022, 07:23:26 AM

so I said that is too big of a risk and if you can't hold for at list 1 to 2 years then Bitcoin investment is not for you.

And this is actually the general mindset most people investing in bitcoin this days have, they think if they can put in X dollar today, by tomorrow, they will have XXX dollars, which has put several families into sudden tears that till date can't afford to forget. i think these people all need a general orientation that thats not how crypto works, and just like you said, if you can't risk holding it a year or two, bitcoin was never for you.

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Quote from: _BlackStar on June 09, 2022, 12:22:30 PM

It's hard to get rid of that greed from beginners, they just gamble with luck and some of them may have realized it but still want to do it in hopes of getting a decent reward someday. I don't think we need to worry about any decisions they make even though the experience and knowledge we share will be of great benefit to them.

I'm sure not all beginners are those who don't understand anything about the risks of investing in altcoin. They know what the risks are but it may be true that they are just greedy and have the mindset that only then can they get rich. This actually happens to some newbie but it's true as you said that we are just people who care while they may ignore this advice.

Each of us has our own way of profit from investing and trading, so I don't think it should be the same even if the end goal is the same. Even if they believe bitcoin is a very good investment, they should also be aware that there are always risks they should consider.

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Quote from: hatshepsut93 on June 07, 2022, 06:12:01 PM

The problem is, lots of beginners think that it all doesn't apply to them. That they know how to do their research. That they know blockchain technology, because they have watched a youtube video. That they have a talent for trading. That they are lucky. They join communities of a shitcoin that they have invested in, and those communities are echo chambers full of shills that amplify the positive message, creating an illusion that the investment will perform well.

There is a lot of truth in what you describe, but of course we will not be held responsible for the stupidity of beginners. They consciously decide what is best for themselves regardless of whether they succeed or not, meaning their money is their responsibility to manage it well.

Quote from: hatshepsut93 on June 07, 2022, 06:12:01 PM

It's easy to make general statements and repeat simple facts, but this won't change the number of scams in this ecosystem, until people will fundamentally change their view of altcoins.

It's hard to get rid of that greed from beginners, they just gamble with luck and some of them may have realized it but still want to do it in hopes of getting a decent reward someday. I don't think we need to worry about any decisions they make even though the experience and knowledge we share will be of great benefit to them.

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Quote from: Rengga Jati on June 07, 2022, 06:59:31 PM

These are mostly reasons why they fall into scam victims.
- The desire to get rich very quickly and instantly
- Easily tempted by investments that promise profits many times over without analysis
- Follow other people who invest on the same platform
- Don't learn from many experiences of previous people
- Can't believe that they will be scammed because the scammers are so convincing

That's because they only look at what people have gained but they don't see the process of losing. In addition, most people trade crypto or forex if they have the desire to be famous then they tend to be like that. There are even those who deliberately make such for fraudulent purposes. In addition they tend not to be able to control emotions. I think not all beginners. It should be because this relates to money that they do not easily trust anyone they have to search and research to avoid losing their assets.

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I would not blame most newbies for falling to scammers, it is because they no nothing about cryptocurrency at the early stage, if it was possible for newbies who fall cheap to scammers not to be victim they would have helped themselves. It is very sad that newbies always fall for scammers , but it is very sure that mistakes newbies makes will always make them smart and wise for the whole time in journey of cryptocurrency.

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Quote from: minime0105 on June 08, 2022, 10:09:02 AM

Quote from: Rufsilf on June 08, 2022, 08:25:41 AM

Well, the main reason why people fall into scam investments is because of "thinking about HUGE money".
It was to know that all of us wanted to be like that but it was just very unfortunate that people wanted shortcuts. They take the bait from a project or person who comes and says "I'll multiply your money many times". Ohh yeah, once you have heard this you can be thinking I'll be becoming rich easily but somehow, a broken promise seems what they get.

exactly you have spoken my mind. And the same money they are looking for is a trap set by the scammers for them to enter, investment is real but the issues some investors have for rushing particular platform that is new and enter investment plan without consultation of knowing the way of the platform and start investment. The real caused of people be scam is they are looking up to huge money to get way from their financial challenges

To avoid any danger financially by new starting up investors they should not live on the fantasy that they became rich quickly and got easy money from doing nothing because this is used for so many times by scammers. There are so many learning experience we can search from and newbies should research before taking step because this could save them from losing their money on the wrong platforms floating up on crypto space. Huge profits or payouts has been used by scammers as a trap so people always take those reminders that if this is to good to be true its not true this is always said for so many times and for sure we can read those golden words everywhere.

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Quote from: Rufsilf on June 08, 2022, 08:25:41 AM

Well, the main reason why people fall into scam investments is because of "thinking about HUGE money".
It was to know that all of us wanted to be like that but it was just very unfortunate that people wanted shortcuts. They take the bait from a project or person who comes and says "I'll multiply your money many times". Ohh yeah, once you have heard this you can be thinking I'll be becoming rich easily but somehow, a broken promise seems what they get.

exactly you have spoken my mind. And the same money they are looking for is a trap set by the scammers for them to enter, investment is real but the issues some investors have for rushing particular platform that is new and enter investment plan without consultation of knowing the way of the platform and start investment. The real caused of people be scam is they are looking up to huge money to get way from their financial challenges

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Most newcomers come to the cryptocurrency market under the influence of third parties about the prospect of very fast earnings of a large profit with a minimum of effort. Therefore, the lack of experience and, in general, a lack of understanding of how the cryptocurrency market works, will certainly lead to the loss of money.

Rufsilf

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Well, the main reason why people fall into scam investments is because of "thinking about HUGE money".
It was to know that all of us wanted to be like that but it was just very unfortunate that people wanted shortcuts. They take the bait from a project or person who comes and says "I'll multiply your money many times". Ohh yeah, once you have heard this you can be thinking I'll be becoming rich easily but somehow, a broken promise seems what they get.

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People tend to believe and remember for a long time that once someone managed to get rich. Although there are actually very few examples, there are more who want to cash in on such stories. I remember myself. In 2017, on every YouTube channel, people wrote about how they were able to make 100x. But there were more of these videos than the winners themselves. The simplest "technology" for promoting their channels worked.

But all the noise is also heard so far. And naive people are not getting smaller. It is important that people hear only what they want to hear. They are deaf to warnings.

Therefore, I never try to convince someone who has already made a decision for himself to invest their money somewhere. I see that only my own experience will push a person to become more careful in choosing to whom to entrust his money.

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Its been advised here over and oger again to be mindful and cautious. Well adding additional insight is good but also its not that easy for some to actually implement a good strategy and perfect execution on trading. No matter how good you are, emotions are still intact especially when its goes thr wrong way of your trade.

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Quote from: Fivestar4everMVP on June 07, 2022, 06:55:41 AM

Many might have the education, but not having a clear direction and lack of patience is one of the reasons many (especially newbies) end up loosing their hard earned money to scammers.

If one is truly well-educated on Bitcoin and crypto, one would more or less know his/her direction. Lack of patience, on the other hand, is, as a matter of fact, even grounded on lack of education as well. If one is aware how the market moves, one should know that it demands patience. We all know that it is very possible, and it has actually happened, for Bitcoin to undergo a long bearish season. And the recovery from it might also take quite a while.

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These are mostly reasons why they fall into scam victims.
- The desire to get rich very quickly and instantly
- Easily tempted by investments that promise profits many times over without analysis
- Follow other people who invest on the same platform
- Don't learn from many experiences of previous people
- Can't believe that they will be scammed because the scammers are so convincing

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Quote from: Wiwo on June 07, 2022, 07:23:26 AM

You've said it all most newbies in Cryptocurrency see it as a get rich quick scheme, I had an experience with a friend recently who wanted my cryptocurrency advice and he said he want to put his tuition fees into Bitcoin in other to make quick profits and I smiled and said to him it doesn't work that way. I asked him a simple question what if the market crashed after he bought what will happen to his school fees he said there will be no option left for him, so I said that is too big of a risk and if you can't hold for at list 1 to 2 years then Bitcoin investment is not for you.

While I somehow associate with your friend, the key to not getting scammed is through proper research and knowledge about the subject.

The problem with most people nowadays is that, they seem to ignore the fact that getting rich by doing cryptocurrencies does not happen overnight. While the prices may have skyrocketed over the past years, this does not entirely equate that such event will happen in a relatively short amount of time. In addition, investing is not the formula to success- proper knowledge is.

I have reported a bunch of scams throughout this forum and similarly, most of those websites have one common denominator- almost all have incomplete information and showed little to no effort at all in designing their webpage. While some websites have complete information, you can clearly see from their whitepaper itself that they have plagiarized it.

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Quote from: Fivestar4everMVP on June 07, 2022, 06:55:41 AM

The problem is that the majority of people, investors, traders (most especially, newbies) come into the crypto currency space with the mindset or rather, expectation of getting rich overnight.
It can happen of course, because nothing is impossible in crypto, but understand that this is not 2017, the chances of someone getting this lucky is extremely low in this time and age, if you can’t invest and wait for 3 to 5 years to be financially independent, investing may not be for you, if you cant be patient and learn how to trade, bear some loses until you are good enough to start making consistent profit, then crypto trading might not be for you.
Like many of us use to say, if you can't hold for 5 years, don't hold for 5mins, and if you can't bear -28%, don't expect +28,000%.
Make sure to have a long term investment plan, and while you invest and wait, you can trade actively on the side. Could be P2P or actual spot or futures/margin trading on the side to make little profits on the way up.
Get proper education and clear direction, know what you are doing at all time and be patient.
Many might have the education, but not having a clear direction and lack of patience is one of the reasons many (especially newbies) end up loosing their hard earned money to scammers.

I guess human by nature is greedy, and the dream to become rich is mostly our ultimate goal. That is why when we see opportunities to get rich and earn huge amount of money, we often grab it without thinking that it could even result into losses instead of making us profitable. Instead of setting a long term investment plan, we chose to settle on short term plans because the offers are more enticing. Not knowing that those profits won't last long and eventually we end up losing our patience and fall as victims of scams.

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The problem is, lots of beginners think that it all doesn't apply to them. That they know how to do their research. That they know blockchain technology, because they have watched a youtube video. That they have a talent for trading. That they are lucky. They join communities of a shitcoin that they have invested in, and those communities are echo chambers full of shills that amplify the positive message, creating an illusion that the investment will perform well.

It's easy to make general statements and repeat simple facts, but this won't change the number of scams in this ecosystem, until people will fundamentally change their view of altcoins.

sheenshane

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Newbies are easy to fool, easy to believe that it's easy to make money and they don't know how to verify it.

There are a lot of naive people who are the victim or fall into scams easily because they don't know how actually crypto will work and they will think it's a quick-rich scheme which is the fact it isn't.

That's why we're very lucky with this forum because we're always aware of the scammer's strategies and how to avoid their bait and not fall into their trap.
You always have an advantage when you're already knowledgeable about crypto.

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For the newbies, it's better for them not trade. There's higher chance of losing in trading rather than investing and holding. It's the fact that they don't want to absorb so they try hard and get on it until they accumulate losses.

And for them to avoid getting scammed, they should act like chill on this market, they don't have to be hyperactive to the point that they want to invest to any project that shows up on their feed. It's not the investor thing to do just because you want to be one. The perfect strategy is to be a consistent investor of bitcoin and apply your patience on it.

You can idolize and desire to gain a thousand percentage gain overnight but don't think that it's for everybody.

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