folks new to crypto today have so much learning to do its very tempting to take shortcuts and latch on to some perceived "experts" coattails and just go with what they recommend.
yes the learning curve is steep. POW, tokens, utility coins, ICOs, ERC20, wading through whitepapers, reading roadmaps, researching teams, figuring use cases, watching out for SEC gotchas, all that. not easy for a noob, and easy to get blinded by "LAMBO DUDE!" stuff.
those of us who have been in the space a while (2011 for me) have learned as we went through it. hard to compress all what we learned into a couple weeks/months.
there is so much noise as compared to real info out there right now new folks are at a real disadvantage.
not saying doing real research in a short time frame cant be done but too many people have little to no attention span for it. and they will more than likely get burned.
Topic: Stop being gullible (Read 160 times)
That's really the unfortunate thing about crypto, your coins only increase in price if others are buying it. Really, nobody is going to be talking about their cryptocurrency of choice before they've purchased a large enough amount of it.
That's why you really can't believe anything anybody says. Nobody knows anything when it comes to crypto prices. Future predictions are just guesses. Nobody really knows what the price will be like in a few weeks, and price predictions of months/years are just jokes. To base your investments off the advice of people trying to make money off of you is the most foolish thing ever, but unfortunately there are still people who fall for simple scams like having to pay your taxes in iTunes giftcards over the phone. When you open up an entirely new market there is going to be a ton of already gullible people, and a large amount of people who are too scared or hesitant to come up with plans of their own, so they blindly follow the crowd.
The best thing you can do when you hear about a coin you've never heard about mentioned by someone you think is worth listening to, you need to spend your own time doing research into the coin. The only loss I've taken in crypto so far was when I blindly bought into a coin a 'friend' recommended me, after that I swore it'd never happen again.
That's why you really can't believe anything anybody says. Nobody knows anything when it comes to crypto prices. Future predictions are just guesses. Nobody really knows what the price will be like in a few weeks, and price predictions of months/years are just jokes. To base your investments off the advice of people trying to make money off of you is the most foolish thing ever, but unfortunately there are still people who fall for simple scams like having to pay your taxes in iTunes giftcards over the phone. When you open up an entirely new market there is going to be a ton of already gullible people, and a large amount of people who are too scared or hesitant to come up with plans of their own, so they blindly follow the crowd.
The best thing you can do when you hear about a coin you've never heard about mentioned by someone you think is worth listening to, you need to spend your own time doing research into the coin. The only loss I've taken in crypto so far was when I blindly bought into a coin a 'friend' recommended me, after that I swore it'd never happen again.
People who are new to Bitcoin/cryptocurrencies simply want to make money and probably don't have the expertise that it requires to invest wisely and thats why they look for advice off the so called "experts"
You are right that these types of people are the prey of the "experts" which use their celebrity status for fueling a movement in a particular direction that they want for their own gain.
You are right that these types of people are the prey of the "experts" which use their celebrity status for fueling a movement in a particular direction that they want for their own gain.
THIS! Too many people are coming into the crypto world, don't do their own research (too lazy, don't have time, just want the magical money box) and decide to follow someone's advice just because they appear successful.
They'd rather take a chance (and not do the work) then bide their time and figure it out for themselves.
This is true not just in crypto, but everywhere. People base their opinions on something they heard someone they believe to be successful/knowledgeable said. Regardless of whether or not what they're saying is true and without fact-checking.
Form your own opinions people and DYOR
They'd rather take a chance (and not do the work) then bide their time and figure it out for themselves.
This is true not just in crypto, but everywhere. People base their opinions on something they heard someone they believe to be successful/knowledgeable said. Regardless of whether or not what they're saying is true and without fact-checking.
Form your own opinions people and DYOR
I've recently come across this thread here and this news post here
There's a discussion going on over in Reddit right now about the latter of the two and I'm actually ashamed from both sources that so many people blindly follow people of influence or because someone said something positive towards Bitcoin you will now follow their words on everything they say.
You might of gathered already from some of my other posts that I'm naturally rebellious but this has nothing to do with being rebellious. This has everything to do with thinking for yourself instead of taking the opinion of those who have the power and media coverage to spread their influence.
The common saying "Would you jump off a bridge if he told you too?" really does have a meaning. For example with Cnbc; There's a hedge fund owner advising you to buy Bitcoin whilst it's still cheap. He might be right and he goes on to explain some of his reasons. Although if you look at the reddit link there's several people who are heeding his advise just because he's successful and made his money already and they have come to the conclusion that because he's already successful he must be right about this too.
This is a real poor judgement. I'll admit he's successful and knows what he is doing when it comes down to investing. But that's the exactly the reason why I wouldn't listen to him without making my own judgements. To me he looks like he's using his position of power to influence a big buy in to manipulate the market for his own benefit. After all wouldn't an investor like this to happen?
Before listening to anyone with investment advise please consider their hidden motives that might come into play. Some people will generally speak their mind but the majority of well respected members who have the spotlight will try and manipulate and influence to their agenda.
There's a discussion going on over in Reddit right now about the latter of the two and I'm actually ashamed from both sources that so many people blindly follow people of influence or because someone said something positive towards Bitcoin you will now follow their words on everything they say.
You might of gathered already from some of my other posts that I'm naturally rebellious but this has nothing to do with being rebellious. This has everything to do with thinking for yourself instead of taking the opinion of those who have the power and media coverage to spread their influence.
The common saying "Would you jump off a bridge if he told you too?" really does have a meaning. For example with Cnbc; There's a hedge fund owner advising you to buy Bitcoin whilst it's still cheap. He might be right and he goes on to explain some of his reasons. Although if you look at the reddit link there's several people who are heeding his advise just because he's successful and made his money already and they have come to the conclusion that because he's already successful he must be right about this too.
This is a real poor judgement. I'll admit he's successful and knows what he is doing when it comes down to investing. But that's the exactly the reason why I wouldn't listen to him without making my own judgements. To me he looks like he's using his position of power to influence a big buy in to manipulate the market for his own benefit. After all wouldn't an investor like this to happen?
Before listening to anyone with investment advise please consider their hidden motives that might come into play. Some people will generally speak their mind but the majority of well respected members who have the spotlight will try and manipulate and influence to their agenda.
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