Reason Why People(Mostly Newbies) Fall Victim To Scams Easily. - page 4.

KingsDen

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Quote from: Smartvirus on June 07, 2022, 02:46:54 PM

Another idea to why these newbie investors fall into these schemes is believing that, one is too professional not to make loses. Hence, you fall in line, ready to hand him or her your money to take the risks on your behalf. In that, know this; when it goes bad, be ready to accept the outcome as well. Don't be lazy, study and take risk of your own.

It is a very big mistakes that newbies do. Hand over your coins to an acclaim pro or whoever. Well, I made such a mistake when I was a newbie, though I was deceived to buying a share which later turned to be a ponzi scheme.
The more newbies learn not to invest in anything they know nothing about, the better for them.
Even if you are given a signal to enter market, find out time to DYOR before you invest.
Newbies should forget about get rich quick and learn these skills. No skill in crypto will take more than 2yrs to learn.
Learn and then you earn!

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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.

People come to invest to make more money, but if they are for quick profits instead of having long term vision of profit making, that's the time they start taking wrong directions. People instead resort into taking shortcuts because there are promises for huge profits. Although they can be said profitable in their first months, but its just temporary. Without patience and long term determination maybe because of greed too, majority of the newbies end up falling into scams easily.

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From my perspective, i will portray that the reason while some elements of people are victim of scam, it's because because of the gravity of what they need or want, and secondly how desperate they are during the period of looking for what they wanted. Actually it's very obvious that experienced person can't be victim of scam because it knows the function and criteria of investment and also can detect a project that is a scam project within the time it seems it. So it's obvious. People that always be victimized is newbies who don't know anything concerning investment and the risk involved into cryptocurrency investment.

Smartvirus

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

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%.

That's some expression and it sums up the expected behaviour towards buying to hodl a crypto asset and the risk of profit and lose in a simple way. Investors in the crypto field especially the new ones who sees crypto for what they could get and with complete neglect for what could be lost in the process needs to understand that, there are some serious risk to this. It would mean you, daring yourself to neglect the risk factor involved in crypto investments.

Another idea to why these newbie investors fall into these schemes is believing that, one is too professional not to make loses. Hence, you fall in line, ready to hand him or her your money to take the risks on your behalf. In that, know this; when it goes bad, be ready to accept the outcome as well. Don't be lazy, study and take risk of your own.

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

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.

It is no longer required to suffer losses in the present phase of trading because things are now made simple to lessen the loss. Anyone who wants to learn trading but does not want to lose money can practice paper trading, it is simple to set up and will provide you with virtual cash to experiment with until you become an expert.

Quote

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 was on Guy crypto channel (Coin Bureau) few days ago on his great weekly contents and he was worried about his poll result, almost everyone who voted chose that this was their first bull run, which indicates that this is the first time all of them started crypto, and it was partly due to FOMO, and he was wondering how some of them will keep up with the current market condition. Apparently, not everyone can withstand this bear market, especially with all of this FUD.

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

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.

It does not matter how long, or how many years you are patient and learn how to trade, the possibility of making consistent profit is wholly slim, and can even be said to be improbable, trading is somewhat risky business, and it does not matter how much knowledge you have, you can lose a lot of money in a very short time, and you making profits consistently is never guaranteed or even feasible.

I would just advise people to be themselves, do not jump into things cause of either FUD or FOMO, there is quite a lot of thing you should even know about Bitcoin before either speculating or trading, people take all of these for granted, you can't jump the process and not expect to run into problems sooner rather than later. It is also important that as you talk to people about Bitcoin, you do your very best to also tell them that it is money/currency, and can be used for making purchases.

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Quote from: Shamm on June 07, 2022, 09:25:18 AM

You are right that mate, we are not in the year 2017 and also people especially newbies easily catch by baits of fake sites it because their mindset is that they can make a profit in a short period of time without knowing that nowadays more on long-term investment. And maybe yes they are not have enough knowledge about trade or any related in crypto currencies and which more important if you came in the world of investment.

We are no more in 2017 but there are still chances to make profit. Fake sites, ponzi scheme and other hyip scam sites have been existing before 2017, people are scammed before 2017, the chance that someone will hold and make profit after long lasting bear market is still certain with what is happening during this bear market. But we should not be greed and we should ask people about a business before venturing into it and also finally make appropriate research.

Quote from: Yogee on June 07, 2022, 09:25:25 AM

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

.... but understand that this is not 2017, the chances of someone getting this lucky is extremely low in this time and age,

You sound outdated. Did you forget about the people who made tons of money from Shiba, Doge, Defi tokens, P2E and NFTs? Those were not from 2017. The point I'm making is that almost everyone gets lucky during a bullrun. It usually doesn't take a genius to make money during those periods whether it's 2017 or 2021.

This can also be said in 2017 that we are no more in 2013, that the chance of getting rich is low at that time. In the next bull run after this bear market, another wonder will would be from people that do not expect it, another massive bull run I mean, another 10x or more.

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

.... but understand that this is not 2017, the chances of someone getting this lucky is extremely low in this time and age,

You sound outdated. Did you forget about the people who made tons of money from Shiba, Doge, Defi tokens, P2E and NFTs? Those were not from 2017. The point I'm making is that almost everyone gets lucky during a bullrun. It usually doesn't take a genius to make money during those periods whether it's 2017 or 2021.

Shamm

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You are right that mate, we are not in the year 2017 and also people especially newbies easily catch by baits of fake sites it because their mindset is that they can make a profit in a short period of time without knowing that nowadays more on long-term investment. And maybe yes they are not have enough knowledge about trade or any related in crypto currencies and which more important if you came in the world of investment.

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Perhaps, getting scammed was not new and it is not only happening in crypto but also on other platforms. Think that this thing really exists in real-world and many people had fallen into them, and become a victim because of some reasons like;
* greediness
* stupidity
* lack of awareness

I'm not sure if being a newbie is an excuse because it wasn't right. I don't make myself even saying that because it was our responsibility to make sure that we are investing in the right project and dealing with the right person.

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Quote from: Maus0728 on June 07, 2022, 08:05:50 AM

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

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.

It's easier said than done.

Trading is one of the most difficult games you'll ever play, because you're competing against a group of individuals who have far more resources, are far more informed, and far more intelligent than you. You'll also be up against those who have insider information, better financial means, and, most significantly, more experience.

If there is anything a newbie can do, it is to forget they can earn at least a penny but rather to survive in the long run -- of course, with the help of educating yourself.

Some other people suggest about trading and telling butterfly words that this is much better than any ponzi schemes because they can actually earn money here but they forget to tell how technical this area is since even if how good we are in trading still this will not give any guarantee that we will be totally get rich if we do trades.

Education is must be a priority to certain individual who want to became a trader because this will dictate their survival especially the market is so unstable and unpredictable.

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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.

Are you sure you are not expecting to get rich over night?

It is very unlikely that you will invest in anything and wait "3 to 5 years to be financially independent "

Man, wake up. This is not happening. It happened to a some people in the past, but not as much as you think

People who bought bitcoin at 5k and sold at 40-60k are not automatically financially independent, unless they put a lift of money in it in the first place (which is a lot of risk)

Maus0728

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

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.

It's easier said than done.

Trading is one of the most difficult games you'll ever play, because you're competing against a group of individuals who have far more resources, are far more informed, and far more intelligent than you. You'll also be up against those who have insider information, better financial means, and, most significantly, more experience.

If there is anything a newbie can do, it is to forget they can earn at least a penny but rather to survive in the long run -- of course, with the help of educating yourself.

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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.

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One of the biggest problem is that, together with the mindset of getting rich overnight (as you also said), they don't have the knowledge to assess that certain "offers" are (far) too good to be true.
And this goes from getting into HYIP or so-called "cloud mining" to sending money to various "Elon Musk" (and so on) impersonations or hacked accounts in order to receive back double the amount (since money grows on the trees, you know...)

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

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

This is a different topic. Actually two of them.
1. People who jump in without looking around into certain altcoin that promises to make them rich (and scam them, obviously).
2. People buying into Bitcoin at FOMO and panic selling at the first price drop. This second one is not scam, actually. And here a good plan and "invest only what you afford to lose" does help.

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

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.

This is a risky advice and I am pretty much against it. Trading is not for everybody and can get people lose money very easy, by buying crap at FOMO, falling for pump and dump schemes, or by using unrealistic leverage and so on. This is not for beginners; by far.

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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.

Topic: Reason Why People(Mostly Newbies) Fall Victim To Scams Easily. - page 4. (Read 681 times)