To the Ill-informed, btc has done more harm than good

Kaliandra

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This applies in general to everything about which people do not have a full understanding. You can say this about any service, about any cryptocurrency, about any asset, about any way of earning, not only about BTC.

When it comes to bitcoin, when first introduced to bitcoin, people most often think it's just a bubble, a ponzi scheme, and a dark web payment facility.

With even more familiarity, many tend to think that bitcoin is not backed by anything, it is harmful from an environmental point of view, and in general it is a speculative high-risk asset subject to manipulation.

And only when you study all the features of bitcoin do you understand that it is a low-risk investment asset that always grows historically and that owning it for many years brings you a good profit and allows you to hedge against inflation and other macroeconomic risks. And that this is a good storage value in the long run.

I agree with your opinion, and indeed people who don't know about btc will definitely consider it a fraud and so on, and indeed not only in the world of bitcoin, in anything people will definitely think so because they don't understand.

but in my opinion making btc as a store of value is indeed very suitable and even has the potential for big profits in the future if the price of btc continues to rise, but of course it is very risky because btc has a fluctuating.

letteredhub

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Quote from: jrrsparkles on July 27, 2023, 09:10:36 AM

Quote from: NeuroticFish on March 29, 2022, 03:44:15 PM

All we can do is keep calm and move on. Sooner or later more and more will see what is wrong and what is right. I don't have a better solution than doing... what we already do.

It can be frustrating when misinformation propagated by mass media and accepted by many people even when we provide them evidences and facts but we can't force them to change their ingrained beliefs all of a sudden which is only possible via gradual progression. More we promote the rational thinking the people will be able to differentiate between the facts and misinformation.
.

Those with conservative mentality and lacking a broad mind are the people that been eluded by these misinformation that's wavering around about bitcoin. They don't want to try new things and for people like that any information that's against whatever thing they are conservative about it's easy receptive and ingested. No drumming of any kind about bitcoin can make them see reasons to try things for themselves and experience the difference.

For we that have broad mind and are experiencing the innovation for ourselves, underneath we can testify of the benefits so we should forge ahead and forget about who rejects or misinterpreting bitcoin wrongly, bitcoin isn't meant for everybody despite the mission of mass adoption so for those that have gotten and understands how it works make good use of it now the crowd is not much so when by the time the crowd eventually come all out of the dark about it we will be at the top far ahead while they chase after our level which can't be possible for them to catch up..... That's where the statement of had I known erupts.

jrrsparkles

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Quote from: NeuroticFish on March 29, 2022, 03:44:15 PM

All we can do is keep calm and move on. Sooner or later more and more will see what is wrong and what is right. I don't have a better solution than doing... what we already do.

It can be frustrating when misinformation propagated by mass media and accepted by many people even when we provide them evidences and facts but we can't force them to change their ingrained beliefs all of a sudden which is only possible via gradual progression. More we promote the rational thinking the people will be able to differentiate between the facts and misinformation.

Let's take bitcointalk as an example which helped many to realize what is bitcoin, what is money and why we need decentralized system which took more than a decade to stand where we are and for sure over the next few decades the changes will be more than expected.

BlackHatCoiner

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Quote from: TravelMug on July 27, 2023, 07:57:25 AM

Well that's what they said on Internet before, there are a lot of uninformed individuals and then it's enemies said that it is just a fad.

I've always like that analogy. I mean, remember the Internet FUD, and then realize that Bitcoin's FUD is even greater than that. I don't want to sound very optimistic, though, because I think the Internet is more useful than bitcoin.

Quote from: Flexystar on July 27, 2023, 08:57:45 AM

We have seen the negative marketing all the time and the biggest medium to do this is through news platforms.

Yeah, but how often is that happening anymore? I mean, we're like in mid 2023, and the price is barely moving due to news nowadays.

Flexystar

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Quote from: BlackHatCoiner on March 29, 2022, 11:37:45 AM

It's not only what they don't understand, but broader than that. It has been repeatedly subject of propaganda in different forms (criminality, environmental impact etc.), because it doesn't favor authorities, but authorities control the media.

It's also that people don't make great researches and Bitcoin requires a significant time to sit down disciplined and understand what it is.

The reason behind authorities getting easily parsed through everything is because users of crypto are not up to date as mentioned earlier. The half information kills the fun out of it and authorities literally get upper hand to manipulate the market very easily. Honestly, its the users who should be looking after the market research very neatly and try to self sustain any negative news from the media ends. We have seen the negative marketing all the time and the biggest medium to do this is through news platforms. They are easily manipulated with bribes these days. In the trading market they even do the insider job even thought it is illegal. I think in broader sense, it's the users who is lacking the ability to uplift the Bitcoin.

TravelMug

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Quote from: Promocodeudo on July 27, 2023, 06:12:01 AM

Quote from: ?? on ??

This applies in general to everything about which people do not have a full understanding. You can say this about any service, about any cryptocurrency, about any asset, about any way of earning, not only about BTC.

When it comes to bitcoin, when first introduced to bitcoin, people most often think it's just a bubble, a ponzi scheme, and a dark web payment facility.

With even more familiarity, many tend to think that bitcoin is not backed by anything, it is harmful from an environmental point of view, and in general it is a speculative high-risk asset subject to manipulation.

And only when you study all the features of bitcoin do you understand that it is a low-risk investment asset that always grows historically and that owning it for many years brings you a good profit and allows you to hedge against inflation and other macroeconomic risks. And that this is a good storage value in the long run.

No doubt The inability for individuals to understand how things work in system not only in bitcoin has make them pay a deaf ear to Bitcoin and other great innovations, but there are still people in real life today that are not much informed about the recent happenings in the aspect of value storage and good asset investment, I feel that we have not done much on awareness, I know that no matter what we do, individual interest and believe matters a lot, we have to think of a different way to pass this impactful information to people that need them but not by force.

Well that's what they said on Internet before, there are a lot of uninformed individuals and then it's enemies said that it is just a fad. Moving forward 20 years, everyone is using the Internet to their advantage and probably in the next 20 years, there will be a lot of improvement.

So we might as well put that analogy here with bitcoin or at least crypto, there are a lot of FUD, government are against it. And yet every 4 years we are seeing a huge price increase and we have reach all time high every after halving. And so I think adoption would grow, more people are going to find bitcoin and will take advantage of it similar to the Internet.

Promocodeudo

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Quote from: ?? on ??

This applies in general to everything about which people do not have a full understanding. You can say this about any service, about any cryptocurrency, about any asset, about any way of earning, not only about BTC.

When it comes to bitcoin, when first introduced to bitcoin, people most often think it's just a bubble, a ponzi scheme, and a dark web payment facility.

With even more familiarity, many tend to think that bitcoin is not backed by anything, it is harmful from an environmental point of view, and in general it is a speculative high-risk asset subject to manipulation.

And only when you study all the features of bitcoin do you understand that it is a low-risk investment asset that always grows historically and that owning it for many years brings you a good profit and allows you to hedge against inflation and other macroeconomic risks. And that this is a good storage value in the long run.

No doubt The inability for individuals to understand how things work in system not only in bitcoin has make them pay a deaf ear to Bitcoin and other great innovations, but there are still people in real life today that are not much informed about the recent happenings in the aspect of value storage and good asset investment, I feel that we have not done much on awareness, I know that no matter what we do, individual interest and believe matters a lot, we have to think of a different way to pass this impactful information to people that need them but not by force.

lovesmayfamilis

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There is a saying that fools learn from their mistakes, and smart people learn from others. What does it say? The fact that starting something unfamiliar to you, you should never rush. It is necessary to carefully study all issues related to bitcoin, since the topic is about it. Yes, bitcoin cannot always be profitable, and this must be taken into account, do not rush to invest your money in it, without proper understanding. This is what they say that smart, that is, cautious people, study, learn all the pros and cons, and only then start investing in bitcoin.
But the one who gets burned himself, with willpower and the understanding that the rush was his mistake, without blaming others, gets a good experience, and returns to bitcoin, already literate.

bitzizzix

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There is a saying that a thousand good things will turn bad because of some mistakes and those mistakes are the risk of loss, laundering, fraud and so on which are actually their own fault and stupidity, and this is one of the causes.
And it will have a negative impact on bitcoin, especially those who don't understand and don't care about its existence and are very easily influenced.
they don't see and find information that a lot of people are benefiting even from getting rich with bitcoin, and I think they will eventually realize it one day by seeing bitcoin's growth continue to grow because of the lack of interest and attention that slows them down to engage.
and will feel sorry for believing too much in news or stories without studying them and seeking the right information.

kryptqnick

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I think that when a person falls for a scam, loses access to coins or loses money on a crypto investment while being ill-informed, it's not Bitcoin's fault, so it's not right to say that Bitcoin does harm to these people. I lost some money in early days because of using an online Ethereum wallet without having private keys, and the owners basically committed an exit scam. I was new and didn't know the 'not your keys, not your coins' thing, and I, luckily, didn't lose much. But, in any case, I never blamed Ethereum or the crypto market for that event and didn't associate my experience with some inherent risks of the crypto market.
So yeah, it's important to learn, to be careful, and to not spread hate about cryptos if you made a mistake.

Doan9269

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Quote from: Nerdy doctor on March 29, 2022, 11:26:31 AM

People with little or no information are ignorant about everything cryptocurrency and tend to be biased or flat out wrong when sharing information in their local circles.

This has really pose a critical concern as they tend to bad mouth cryptocurrency on a wrong perspective and this misconception is really affecting the society and governments at large.

Quote from: Nerdy doctor on March 29, 2022, 11:26:31 AM

Having little or no knowledge in this, they would be swayed to believe whatever news suits their narrative irrespective of it being right or wrong.

Having little knowledge is equally as having none at all, because knowledge is the key merchandise that helps one not to loose assets and investments and it cannot be do without.

Quote from: Nerdy doctor on March 29, 2022, 11:26:31 AM

I was among the lot that was ill-informed and got taught a hard lesson.

Lot of people has fallen into the menace simply by being mislead by wrong people, while others fall in the category of unreliable cryptopreneurs who play fair and non transparent deal in keeping information away from newbies.

mildmanneredsuffering

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The whole shenanigan bullshit of bitcoin being a better system is fucked

ya cause crashing every single week is a better system or 80% crashes in a year, or 30% crashes in a day. Bitcoin is sick piece of shit for anyone who's been here from start.

how many times will bitcoin devastate buyers before humanity says "not one more fucking crash or you all will be exterminated in an automated extremely violent war" ?

Wexnident

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Quote from: Nerdy doctor on March 29, 2022, 11:26:31 AM

Btc has remained a mystery to the uninformed.

So as anything else if they don't know jack about it really. I mean to be completely honest, ignorance isn't an excuse anymore with how the world has developed. The internet is there, sources of information are everywhere and to confirm the validity, do cross-checks from different sources. The unknown will always exist and that's why researching and studying are things humans do. To let the unknown become known, and to use that knowledge to handle and use it for our benefit. It's just like how early investors of not just Bitcoin, but any other great company/asset there is today were able to invest and profit off of those they invested in.

decodx

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Throughout our lives, we make an array of wrong decisions, including excessive and impulsive spending, gambling, poor credit, and using financial products and services that we don't fully understand. If we were fully informed and fully rational, and if our cognitive ability were unlimited, we might not act in this manner. Unfortunately, things are quite different in reality. Besides knowledge and reason, our actions are also influenced by feelings, attitudes, and beliefs whose impact on our behavior is sometimes overlooked. In making financial decisions, ignorance, biases, irrationality, and impulsivity can be especially harmful. They can lead to terrible financial decisions and debt accumulation, as well as other problems.

Fortunately, these issues can be addressed. For example, individuals can develop the right attitudes toward money, develop money skills and know how to make informed decisions. They can also develop the knowledge, skills, and attitudes required to make wise decisions regarding their finances. These steps can make a real difference in our financial lives.

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Quote from: BlackHatCoiner on March 29, 2022, 11:37:45 AM

It's not only what they don't understand, but broader than that. It has been repeatedly subject of propaganda in different forms (criminality, environmental impact etc.), because it doesn't favor authorities, but authorities control the media.

It's also that people don't make great researches and Bitcoin requires a significant time to sit down disciplined and understand what it is.

And those people had done nothing in terms of research and been fooled by those fake media information will surely be ending up on discriminating and saying negatives
on bitcoin which is actually not surprising if you do ask me.They would always be focused into its con's rather than on trying to realize on whats its benefits or simply pro's.
Just let them be on what they are believing because they are just simply missing out the good opportunities of making profits plus having those useful utility
if they would continue to be this close minded.

suzanne5223

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Quote from: Nerdy doctor on March 29, 2022, 11:26:31 AM

Btc has remained a mystery to the uninformed. People with little or no information are ignorant about everything cryptocurrency and tend to be biased or flat out wrong when sharing information in their local circles.

They are ignorant about Bitcoin cause they never open their mind to new possibilities or take their time to study what cryptocurrency is all about and why it's needed.

Quote from: Nerdy doctor on March 29, 2022, 11:26:31 AM

Btc,bring a mystery could also be exciting to some people and in their ignorance, would go into the cryptocurrency space with little or no information and would get cheated, duped and scammed and would then conclude that it was a sham all along. Not too long ago, I was among the lot that was ill-informed and got taught a hard lesson. Now, I'm taking it slow, getting new information and doing my own research.
I think people fear and react negatively to what they do not understand

Bitcoin never brings mystery and those who are an enthusiast of technology or like doing some research will understand that a form of digital money was once introduced before the creation of Bitcoin when some people ignore the vital aspect of the cryptocurrency system which is "Dyor" there's no one to be blamed but themselves for their naiveness and the hard lesson they learn.

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Quote from: Darker45 on March 29, 2022, 09:52:09 PM

You're not being specific here. Don't you think it's better to share your actual experience so that others might be able to relate and learn lessons, too? Or perhaps warned?

The first thing that comes to mind when you said that "people fear and react negatively to what they do not understand" is the general perception among many that Bitcoin is a new investment class. That may not necessarily be a misunderstanding of Bitcoin, but when solely focused on it, there is a high possibility that fear and panic will ensue the moment the strongest of bears take over the market. Everybody should know the fundamentals of Bitcoin, before anything else.

When I first heard of bitcoin, I was exicted about the fact that there's an equally valuable alternative to fiat money. I was also skeptical cause of what the government keeps saying about it not being trusted and to be beware of it. That got me more intrigued. Then, there were folks parading as btc investors and they seemed legit to me. I got some money I had saved and given it to these folks cause I too wanted to invest. I wasn't being smart and I was played for a fool. They took my money and said the price of btc has fallen and my money was gone. I was mad and also hopeless on what to do. I thought this was the scam played on ignorant folks and that the government was right all along. I lost interest in btc after that. I observed the government was always kicking against the use of btc and I wondered why. I realized that cryptocurrency was seen as a threat by financial institutions cause they couldn't regulate and tax it. I decided then to be less hasty about it and quietly do my own research to try and understand it all. It was all a mystery for me but that got me more interested. Even now, I am still learning but not as ignorant as I once was.

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Quote from: Nerdy doctor on March 29, 2022, 11:26:31 AM

Btc has remained a mystery to the uninformed. People with little or no information are ignorant about everything cryptocurrency and tend to be biased or flat out wrong when sharing information in their local circles. Having little or no knowledge in this, they would be swayed to believe whatever news suits their narrative irrespective of it being right or wrong. Btc,bring a mystery could also be exciting to some people and in their ignorance, would go into the cryptocurrency space with little or no information and would get cheated, duped and scammed and would then conclude that it was a sham all along. Not too long ago, I was among the lot that was ill-informed and got taught a hard lesson. Now, I'm taking it slow, getting new information and doing my own research.
I think people fear and react negatively to what they do not understand

You are referring to your own case rather than what actually occurred. Since the majority of needs are not for the majority of people, and people have access to this market in many ways, you should look at the problem more broadly, because I see that for those who do not have access to this market or have little knowledge, they do not have as much thought as you are thinking. It's easy to see why an industry makes us always have many ways to choose and use it for our own purposes, so don't look at it as a serious problem in this space.

cabron

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They need to see proof though that it isn't a hustle. In My experience, I have done something enough that I gave someone some BTC and some altcoin just to make him interested in cryptocurrency trading. After seeing the result and getting funds by just holding those coins, he still doubts and uses the money he got to renovate his home. I thought would drive his interest but just saw him after months working in a company. It's not easy to convince people.

I don't see BTC doing more harm than good since there will always be people who will be late because BTC is limited to only 21M. At least they could get in some altcoins even memecoins.

Darker45

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You're not being specific here. Don't you think it's better to share your actual experience so that others might be able to relate and learn lessons, too? Or perhaps warned?

The first thing that comes to mind when you said that "people fear and react negatively to what they do not understand" is the general perception among many that Bitcoin is a new investment class. That may not necessarily be a misunderstanding of Bitcoin, but when solely focused on it, there is a high possibility that fear and panic will ensue the moment the strongest of bears take over the market. Everybody should know the fundamentals of Bitcoin, before anything else.

Topic: To the Ill-informed, btc has done more harm than good (Read 360 times)