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

Taskford

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Quote from: Masplanc on October 17, 2022, 06:28:05 PM

Many people know bitcoin as a digital currency that has value if invested. They don't know about volatility of bitcoin, how is happens if it gives anyone awareness before it happens. The problem most people have They feel lazy to learn what they have interest about. They only want to learn in hard time, when things are not going well for them.

Some people have full interest but they fall on the wrong person, they think those people they meet online are professional and they could learn something with them together earnings good amount it turn out bad since they got scam by them. This scenario always happen that's why on early stage of our participation on cryptocurrency aside learning something on the alts itself. We also need to know the intentions of people because from this we can avoid those scammers and can filter legitimate people who can help us grow and work with more projects.

Masplanc

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Many people know bitcoin as a digital currency that has value if invested. They don't know about volatility of bitcoin, how is happens if it gives anyone awareness before it happens. The problem most people have They feel lazy to learn what they have interest about. They only want to learn in hard time, when things are not going well for them.

meser#

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Some of us learn something by going through painful paths. Sometimes even experts can fall into the trap. First of all, we must not forget that we can find free cheese is in mouse traps! Secondly, we must not forget that there is no rush for earning. We can lose in minutes what it took years to earn. Learn from yesterday, but don't get stuck! Congratulations! If you understand the meaning of these steps, we can say that you are get rid of the mind of the gambler

With this way, your rate of not being affected by scammers has increased

Gallar

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why are beginners often deceived, because they enter the world of trading without sufficient knowledge, they only have the desire to be rich without learning to the fullest about what trading is, then mentally they are not ready, because learning to trade requires a strong enough mentality and consistent too, but that's a beginner who is really a beginner, because basically if a beginner is deceived, at least it's a lesson for them and let alone a beginner who is already a senior sometimes there are still people who are deceived, so the point is that we learn and learn again.

Patigi

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Most of the time, it happens to newbie who are eager to succeed quickly. These are the kind of folks who won't inquire or conduct further research before acting. Some people think that because Mr. A purchased a car when he traded these kinds of tokens, they will be able to purchase a car as well. As a result, when they arrive, they only see scammers promising that they will double their money when they invest $100. As a result, they invest $100 to send money to the scammers without even considering whether the scammer will have time to advertise if they were truly successful.

Vaculin

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Winding down.

Quote from: AakZaki on September 01, 2022, 08:30:44 AM

Quote from: Yamifoud on June 27, 2022, 08:00:21 AM

Too much greed is an unhealthy mindset and most of them ( I think the majority) had fallen to losing ends.
- too much greed
- knowledge
- experience

These are the most probable cause that newbies or some people become a victim of scam projects. And this was the reason also why people had changed and growing as they learn a lot from their bad or worse experiences that open their eyes and see the reality of the market.

greed will become a ticking time bomb and this will have a detrimental effect. Greed doesn't matter whether someone is a beginner or not, some of those who are already professionals are also caught up in greed. This is indeed an unhealthy mindset and requires self-introspection so that it does not become a trait that continues to emerge.

Aside from greed, lack of knowledge and experience will also be great factors for you to end up in scams easily. Since you want to explore the whole crypto market and it’s different opportunities, then maybe the reason why some become blinded with the huge offers and fail to trace the red flags that scams are very capable to.

btcbeograd

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People just love "easy" money so much, that they are ready to take stupid and not well-thought risks.

Pmalek

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When I talk with my close friends who know that I am into bitcoin, I sometimes get the feeling like they want to say: yeah that's all good, but what is next? Like, what will be the next bitcoin?

Since bitcoin is looked at as a speculative asset by many, they believe the ship has sailed and it's too late to invest now. Bitcoin will never again make those 1000x returns and so on. They believe the right course of action is finding the next bitcoin before it's too late. That's when they ask me what do you think about this alt or that alt. Most of it are plain out scams, shit coins, and some phone mining apps.

I find it very hard personally to change that mentality and make them understand the difference between Bitcoin and everything else that came after it. Then I remember that satoshi once said something like "If you don't get it, I don't have time to convince you".

lovesmayfamilis

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For some beginners, it will be a good sign if they are only deceived by scammers once. This is a fantastic experience and practice that is more valuable than theory. We talk daily on the forum about the dangers of the Internet, about scammers, and in particular about the need to carefully double-check everything before investing your money in any project.
But it has been repeatedly observed that if a person once encounters scammers, it leaves a good scar and constantly reminds him that he should no longer be so gullible.
In addition, if a person does return to crypto after cheating, this also indicates that he has serious intentions and will not back down from learning.

tvplus006

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Quote from: Laurendaldin on September 13, 2022, 06:38:00 AM

The main reason is not only the "desire to get rich overnight" I would say. It is a lack of knowledge. When you are inexperienced, it is easy to deceive you, which is what scammers use. Actually, I've been in situation like this myself. I think you should always remember that you are not risking numbers on the screen, but your real money, and carefully check what you are getting into.

There are very few newcomers who try to conduct DYOR before investing. It is the lack of knowledge about how the cryptocurrency market works, coupled with greed, that pushes newcomers to search for various ponzi schemes that offer to quickly increase your deposit several times.

Laurendaldin

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The main reason is not only the "desire to get rich overnight" I would say. It is a lack of knowledge. When you are inexperienced, it is easy to deceive you, which is what scammers use. Actually, I've been in situation like this myself. I think you should always remember that you are not risking numbers on the screen, but your real money, and carefully check what you are getting into.

Markinzo

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Quote from: Taskford on June 07, 2022, 09:22:41 AM

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.

Trading in the outlook of it all looks juicy for a newbie seeing how an experience and more older person in the business is making profits but would fail to understand that the person might have passed through rigorous and ugly experience of losses to be able to start doing fine in the cryto trading.

Here it's about putting self efforts and making up your mind that it's either a loss or win thing. And it's only when newbie's understand this side by side can they accept and learn from both the good and bad side of trading for them to improve.

Finestream

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Quote from: khaled0111 on June 24, 2022, 06:37:06 PM

Greed and the false idea some people have that they can make huge guaranteed profit by investing in cryptocurrencies are the main reasons why many fall victims for those scam attempts.
Lack of knowledge isn't an excuse, in my opinion, because even if you don't know anything about cryptocurrency, it shouldn't be hard to realize that there is something wrong when someone offers to double your money in few days or tells you he has a magical trading strategy which can generate a huge profit.. Some scam schemes are too obvious but people still for them.

It's a clear manifestation that people do not fall on scammer's traps not because they are less knowledgeable or no knowledge at all, but because their greed makes them wrong decisions and resort into wrong actions. And since scamming has already become a trend not only in crypto but in all sorts of investments, then it's already an initiative that once you see red flags on them, then just stay away and never try to entertain them at all. Otherwise, you'll making easier for them to scam you and lose all your money.

Rockstarguy

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Quote from: Yamifoud on June 27, 2022, 08:00:21 AM

Too much greed is an unhealthy mindset and most of them ( I think the majority) had fallen to losing ends.
- too much greed
- knowledge
- experience

These are the most probable cause that newbies or some people become a victim of scam projects. And this was the reason also why people had changed and growing as they learn a lot from their bad or worse experiences that open their eyes and see the reality of the market.

Greed is always like a trap to people that wouldn't be easy to escape it, most expecially newbies. Some people believe cryptocurrency is what money can be made from it uncontrollably. Most newbies thinks the amount of money used in investing in cryptocurrency will be made double in short time .

Greed and lack of knowledge is one of the major factors that is common why crytocurrency loss money. Investing to make money in a short time and having no knowledge if the project is a scam project or not .

AakZaki

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Quote from: Yamifoud on June 27, 2022, 08:00:21 AM

Too much greed is an unhealthy mindset and most of them ( I think the majority) had fallen to losing ends.
- too much greed
- knowledge
- experience

These are the most probable cause that newbies or some people become a victim of scam projects. And this was the reason also why people had changed and growing as they learn a lot from their bad or worse experiences that open their eyes and see the reality of the market.

greed will become a ticking time bomb and this will have a detrimental effect. Greed doesn't matter whether someone is a beginner or not, some of those who are already professionals are also caught up in greed. This is indeed an unhealthy mindset and requires self-introspection so that it does not become a trait that continues to emerge.

Dunamisx

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Quote from: Seyifun on June 12, 2022, 04:09:44 PM

The believe of some people is that once you start cryptocurrency you will start earning money immediately and this make them to be subjected to scammers.

That's why bitcoin is jot a ponzi scheme that accepts trolling in from any angle, you learn, build and stand an expertise before the engagement with enough patient.

Quote from: Seyifun on June 12, 2022, 04:09:44 PM

My advice for the newbie is for them to calm down and be ready to learn. They should allow someone to mentor So that they too can become an expert

Good advice, every master emerge from dedicated servants, newbies need to learn how to bend their rules down to the acquisition of knowledge regardless of the source.

Quote from: libert19 on June 12, 2022, 10:38:00 PM

Let me guess, it's because they are newbies? Roll Eyes

And that they failed to realise the fact that they need to learn.

Penelope Wheeler

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Most newbies focus on getting profit quickly which isn’t the case. You need to give time as investments are fruitful only after a few years. If you invest a lot of money in the beginning, chances you lose it all go higher. You need to invest a moderate amount where you watch out for risk and make money at the same time. To get financially independent, time is of the essence.

Yamifoud

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Quote from: maydna on June 26, 2022, 04:10:53 AM

Quote from: Viscore on June 25, 2022, 11:16:40 AM

Newbies are mostly greedy and that they always expect that investments comes with guaranteed profits, the reason why they take every chances in every projects that promise huge profits. If not for their greed, they won’t end up being scammed easily. Also, most of the newbies lack knowledge and experience so their decisions are just only for trial and error, they don’t have various experiences to consider so they would end up with a right and fixed decision in investing.

Greed will come when we want excessive profits even though we have already made profits. Or the newbie joins a program or project that promises to provide great returns over time. If beginners can find out more information about the project, they can find out that it is a scam or a project that has the potential to improve. This triggers beginners to get scammed because of the lack of information about what they will follow.

Too much greed is an unhealthy mindset and most of them ( I think the majority) had fallen to losing ends.
- too much greed
- knowledge
- experience

These are the most probable cause that newbies or some people become a victim of scam projects. And this was the reason also why people had changed and growing as they learn a lot from their bad or worse experiences that open their eyes and see the reality of the market.

xSkylarx

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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.

This can be avoided if they just tell to themselves that there is really no way to become rich fast unless they win the jackpot in a lottery which only happens to a very few people. People that fall into scam are usually in desperate need for money. Even if they know to themselves that it is too good to be true, they still invest on it hoping that it would change their life.

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

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.

There are some professionals that I know that still fall into scam because the scammer is good in his social engineering skills. Some scammers will make you feel that they are legit at first then once their investors feel confident on putting their money to them, they will slowly make excuses that will end in taking your money.

maydna

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Quote from: Viscore on June 25, 2022, 11:16:40 AM

Newbies are mostly greedy and that they always expect that investments comes with guaranteed profits, the reason why they take every chances in every projects that promise huge profits. If not for their greed, they won’t end up being scammed easily. Also, most of the newbies lack knowledge and experience so their decisions are just only for trial and error, they don’t have various experiences to consider so they would end up with a right and fixed decision in investing.

Greed will come when we want excessive profits even though we have already made profits. Or the newbie joins a program or project that promises to provide great returns over time. If beginners can find out more information about the project, they can find out that it is a scam or a project that has the potential to improve. This triggers beginners to get scammed because of the lack of information about what they will follow.

Davidvictorson

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The answer to this question is not as simple as one may think. And it could happen to anyone irrespective of the age. A newbie here may not necessarily be someone of a younger age. I remember one of my older friends getting scammed. When I asked him why he feel for the scam, he said he wanted to help his grandkids. He wanted to give them a sort of better life, give them motor vehicles, put them in a better house since their parents are dead and they aren't doing so well.

Oceat

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Quote from: Bhig Daddy on June 25, 2022, 11:13:02 AM

Just as you've said most newbies make this mistake, most see it as a quick money platform, forgetting that it also requires alot of studying, time, dedication and so on. When you make this mistake you tend to lose so much money than you even intended.

Newbies need to spend a lot of time first in this market before they could understand that it's not that simple just like buying and selling in this market. Once they know how it works they would probably expand their experience and learning and would not fall easily with the FUD that most of the market bring.

Reading and understanding plus have a huge patience if they want to succeed in this market. Bitcoin market was not design for short term investment, that's why someone needs a lot of patience if they want to get that desired profit. And to avoid to get scammed is your need to learn the experience of others and don't trust anybody in the internet.

Fivestar4everMVP

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Quote from: Viscore on June 25, 2022, 11:16:40 AM

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

~Snip~

Newbies are mostly greedy and that they always expect that investments comes with guaranteed profits, the reason why they take every chances in every projects that promise huge profits. If not for their greed, they won’t end up being scammed easily. Also, most of the newbies lack knowledge and experience so their decisions are just only for trial and error, they don’t have various experiences to consider so they would end up with a right and fixed decision in investing.

I totally agree with you, And some times, I don't really blame the newbies that fell or got scammed because most of them at the very beginning lack access to genuine/proper sources of information, take for example, this forum, How many new persons just starting out in crypto who have never heard of this forum knows this kind of forum exists?, which is actually one of the few places/forum where they can learn and get first hand information of all that there is to Bitcoin, Altcoins, investing and trading etc.
And also, some of them don't even know what research is, especially the not too educated ones, I know this because even at the moment, I have some friends who don't know how to use search engine, for this kind of persons, it looks like trying and failing is the only way they can learn, most especially if they don't have a trustworthy person to mentor them.

Viscore

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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.

Newbies are mostly greedy and that they always expect that investments comes with guaranteed profits, the reason why they take every chances in every projects that promise huge profits. If not for their greed, they won’t end up being scammed easily. Also, most of the newbies lack knowledge and experience so their decisions are just only for trial and error, they don’t have various experiences to consider so they would end up with a right and fixed decision in investing.

Bhig Daddy

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Just as you've said most newbies make this mistake, most see it as a quick money platform, forgetting that it also requires alot of studying, time, dedication and so on. When you make this mistake you tend to lose so much money than you even intended.

2stout

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IMHO, the number 1 reason is greed; it causes folks to go against their better judgement. Maybe the mentality is if I am right just one time, I'm set; however, this can be worse than the baddest of bets. Next would be impatience, not taking the time to gain some knowledge and also understanding the landscape. Then, apathy when it comes to due diligence/vigilance. Finally, the scammers themselves- they have gotten much more sophisticated.

khaled0111

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Greed and the false idea some people have that they can make huge guaranteed profit by investing in cryptocurrencies are the main reasons why many fall victims for those scam attempts.
Lack of knowledge isn't an excuse, in my opinion, because even if you don't know anything about cryptocurrency, it shouldn't be hard to realize that there is something wrong when someone offers to double your money in few days or tells you he has a magical trading strategy which can generate a huge profit.. Some scam schemes are too obvious but people still for them.

Victorik

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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.

Thanks for the advice. I believe this is very timely considering the present market situation.
A lot want to get rich quick, forgetting that cryptocurrency is not a get rich quick scheme.
Many today who have made it big in Crypto have sacrificed a lot in terms of time, money, but some newbies wanna be rich overnight. It might happen, you might be lucky, but don't expect it to always be that way.

LogitechMouse

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Quote from: libert19 on June 12, 2022, 10:38:00 PM

Let me guess, it's because they are newbies? Roll Eyes

That's the reason Cheesy

.
Newbies are the ones who fall easily to these scams. Correct me but there are newbies out there that are very greedy that they don't have time to do some research and what they will do is to just throw their money and if they see that they can earn high profits on particular project, they will risk money into it and not thinking of the possible red flags.

Aside from newbies, ignorant investors are the ones who are falling to scams easily. What do I mean by ignorant investors? They are the ones who are just ignoring the advices of other people. These are people who don't care about what happen to them but they will just invest into projects they believe they will get high profit. Ignorant and newbie investors are the same - same that they are the ones who are falling into scams easily Cheesy

.

Well, these ignorant and newbie investors will not learn if they will not experience it so sometimes, experiencing getting scammed even once would be beneficial to the investor. What's wrong is that they already got scammed once and after that, they got scammed again like they didn't learn to their past experience.

Kelvinid

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Quote from: Proro on June 24, 2022, 01:05:02 AM

Sometimes these people don't do proper research before venturing to invest in Crypto, sometimes they see just see some site that tells you invest in Crypto and make 100% profit, they just jump in without asking the right questions and talking to the right people. It is greed to think that way at this time. Before investing in any business you mast carry out you study to know if your money will be safe or not.

We can't change their mindset as to whether we like it or not, the truth will prevail and these greedy people will become hungry for money and get fooled easily by this scam trick.

However, a person who will consider their mistake as a tool to become right and become successful will somehow change and take action to correct these things. But for those who keep arguing and still believing themselves and their decision was right, they will just fail and no way they went successful.

Proro

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Sometimes these people don't do proper research before venturing to invest in Crypto, sometimes they see just see some site that tells you invest in Crypto and make 100% profit, they just jump in without asking the right questions and talking to the right people. It is greed to think that way at this time. Before investing in any business you mast carry out you study to know if your money will be safe or not.

Issa56

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Most of then get scammed because they don't really understand what cryptocurrency is all about, they get brainwashed by people and they also invest their money and they get scammed. Most of them think cryptocurrency is just all about investing your money and you will be in good profit immediately which is wrong. Most ponzi scheme will ask you to invest and they will use your money to trade and they will give you return either every hour, everyday or every month and they also get deceived and they invest, after investing their money is gone. I believe people don't really understand what cryptocurrency is all about that's why they get scammed easily.

Masplanc

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Quote from: Alisha-k on June 12, 2022, 08:23:22 PM

Sometimes most newbies get introduced by greedy investors and the make them have this notion that crypto is a get rich quick scheme so the try to find all means to catch up with the trend. Nothing good is so each to achieve. Good proceed is a process of time, passion and devotion. Scammers take advantage of three things

Greed
Lack of Knowledge
Impatience

once any of this is captured then it is easy to do away with investors fund no matter the level of experience the have

Man investor don't tell newbies who they mentor what they need to hear. Some investors will only talk about the importance and benefit of cryptocurrency so that they can have more followers who will always look for their articles or videos. But they failed to let newbies know about the risk that are involved in cryptocurrency, and to tell them cryptocurrency is not a money making rich scheme.

libert19

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Let me guess, it's because they are newbies? Roll Eyes

Alisha-k

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Sometimes most newbies get introduced by greedy investors and the make them have this notion that crypto is a get rich quick scheme so the try to find all means to catch up with the trend. Nothing good is so each to achieve. Good proceed is a process of time, passion and devotion. Scammers take advantage of three things

Greed
Lack of Knowledge
Impatience

once any of this is captured then it is easy to do away with investors fund no matter the level of experience the have

Seyifun

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The believe of some people is that once you start cryptocurrency you will start earning money immediately and this make them to be subjected to scammers. Things in crypto has changed not like before that it was easy to get the administration work.
My advice for the newbie is for them to calm down and be ready to learn. They should allow someone to mentor So that they too can become an expert

FatFork

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Quote from: The Cryptovator on June 10, 2022, 12:41:09 PM

Most newbies fall into scams due to greedy behavior. And of course, the intention to become rich overnight is a part of greedy behavior. Newbies think they would be a millionaire from crypto very easily which isn't true always though sometimes happens. We need to change our minds, need patience and be realistic. Crypto can make you rich and also poor as well. It depends on many things. Holding is the best policy to make money from crypto but there are always limits. If you do not release your Holding during the full bull run and cry again in a bear market then no one could help. So timing is matter here. Need to learn as much as possible, sadly we learn always after losing money.

Yeah, the majority of newbies fall into scams due to greed and ignorance, and my favorite advice to newbies: "If you don't know where to start, you don't know enough."

Most newbies who are trying to get into crypto think that they are too smart for the game. They believe that they would be successful in crypto because they've heard some stories of successful people who became rich using crypto and not conventional financial investments. They think that by simply buying random shitcoins on the market they will get their fortune. Which, of course, is very far from the truth.

The Cryptovator

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Most newbies fall into scams due to greedy behavior. And of course, the intention to become rich overnight is a part of greedy behavior. Newbies think they would be a millionaire from crypto very easily which isn't true always though sometimes happens. We need to change our minds, need patience and be realistic. Crypto can make you rich and also poor as well. It depends on many things. Holding is the best policy to make money from crypto but there are always limits. If you do not release your Holding during the full bull run and cry again in a bear market then no one could help. So timing is matter here. Need to learn as much as possible, sadly we learn always after losing money.

tvplus006

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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%. ..

Holding not every coin for such a period will provide you with a profit. It all depends on how well the investment object was determined, which is very difficult for a beginner to do on his own. In this case, instead of the expected profit, we see how the size of the investment decreases tenfold from the initial ones.

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

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.

That's easier said than done. One can only hodl long term if one has a steady source of income and not the regular kind of invest today and then expect it to give a nice ROI overnight so one can harvest it. Another is your advice on trading. That's not an advice for newbies because trading is not an easy thing to venture into. The complexities of trading, whether spots or futures, have led so many who saw how simple it looks from far to burn their capital and went back to square one. Trading is a specialized field and should be given its due attention.

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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.

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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.

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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.

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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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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.

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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.

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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)

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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.

Wiwo

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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.

NeuroticFish

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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.

Fivestar4everMVP

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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. (Read 681 times)