This is the misinterpretation that is made by many people in the cryptocurrency space: they don't have much more knowledge about it, but they have covetousness about money. The specimen @odunybiz is in front of us. This friend said that his friend lost thousands of dollars investing in tokens. He chose a token rather than a profitable coin. There are many alts on the market that give you much more profit than you think. With the aspect of my this caused were by the lack of knowledge and unawares. "All that glitters is not gold." if he had proper education about how the cryptocurrency space works and what it needs. it's mean that aware him self about all knowledge that which needs by a professional analyzer.
To negotiate with these types of tussles, it is more important to get broad knowledge, stay informed, and approach investment with measured aspects.
Topic: Why Crypto may go wrong for some people (Read 937 times)
You are right most people hear about crypto and want to invest in it without knowing how it works hoping to get high profits. But when he loses, he compares crypto to gambling. Your friend is facing this problem because he invested the wrong token. Crypto trading involves high risk so it is important to gain knowledge about how it works and analyze each token before investing.Most people in cryptocurrency want to get rich in a shortcut. So they buy different sheet coins without considering anything and your friend doesn't know most sheet coins have scam history. And that is why your friend has faced loss.
When ever someone try shortcut in order to get quick profit in Cryptocurrency instead of deep research and analysis then some time he will get profit but most of the time market will dominate him by Huge loses and will behave with him like gambling, I don't know why people think Crypto is like free treasury where you can get huge rewards freely, you friend choose such kind of unknown shit coin which has a history of scam and most of them didn't even touch his ATH after launch So if he choose Bitcoin or some famous AltCoins like Ethereum, Bnb then results will be totally change but it's lesson for them if he is a true crypto fan.
So before dip in Cryptocurrency you should learn basic and few given points
• Fully understanding the dynamic of markets
• Fluctuation of their price Volatility
•Market manipulation
So before dip in Cryptocurrency you should learn basic and few given points
• Fully understanding the dynamic of markets
• Fluctuation of their price Volatility
•Market manipulation
Which of the cryptocurrencies did your friend invest into that made him to loss the thousands of dollars? And your friend was thinking that crypto is a get quick rich scheme? The fault might come from the person that introduced him to the cryptocurrency Ecosystem, the person would have told him the risk involved. Investing in cryptocurrency is different from gambling. Investing in cryptocurrency is a long term plan while gambling is a short term and gambling is not an investment. Those who understand cryptocurrency do not loss in the investment because they know when to invest and when to sell their token.
Laziness has nothing to with cryptocurrency investment because it is not something you are struggling with. You only but and store them in your wallet so in what way laziness come to cryptocurrency?
Laziness has nothing to with cryptocurrency investment because it is not something you are struggling with. You only but and store them in your wallet so in what way laziness come to cryptocurrency?
Yes, there is no correlation between laziness and crypto, what should be the main focus is discipline in carrying out the strategy that has been made and not breaking it. Introducing the crypto ecosystem must also be correct, don't just give a successful example that everyone wants. But also provide examples of risks that could occur. Investment is a long term plan with a specified target price. whereas trading is taking advantage of every crypto price fluctuation to make quick profits. A distinction must be made between investment and trade. Crypto will be wrong for those who do not place according to their interests.
Which of the cryptocurrencies did your friend invest into that made him to loss the thousands of dollars? And your friend was thinking that crypto is a get quick rich scheme? The fault might come from the person that introduced him to the cryptocurrency Ecosystem, the person would have told him the risk involved. Investing in cryptocurrency is different from gambling. Investing in cryptocurrency is a long term plan while gambling is a short term and gambling is not an investment. Those who understand cryptocurrency do not loss in the investment because they know when to invest and when to sell their token.
Laziness has nothing to with cryptocurrency investment because it is not something you are struggling with. You only but and store them in your wallet so in what way laziness come to cryptocurrency?
Laziness has nothing to with cryptocurrency investment because it is not something you are struggling with. You only but and store them in your wallet so in what way laziness come to cryptocurrency?
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First of all one needs to get sufficient knowledge and information about crypto before investing or going into it. As people say information is key. Without proper or thorough knowledge before investing in a particular business,one is bound to lose heavily. I've heard stories of people who just dive into crypto hoping to get profit without any knowledge of it all. Guess what! Most of them lost their capital
Another thing to note before going into crypto is that you have to be hardworking and consistent. Crypto ain't for llazy people.ots for people who are determined and focused to gain from it. There are other factors which hinder people from gaining in crypto. I think this will also help too
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First of all one needs to get sufficient knowledge and information about crypto before investing or going into it. As people say information is key. Without proper or thorough knowledge before investing in a particular business,one is bound to lose heavily. I've heard stories of people who just dive into crypto hoping to get profit without any knowledge of it all. Guess what! Most of them lost their capital
Another thing to note before going into crypto is that you have to be hardworking and consistent. Crypto ain't for llazy people.ots for people who are determined and focused to gain from it. There are other factors which hinder people from gaining in crypto. I think this will also help too
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Greediness is what really kill my friend. Similar thing also normally happen to most people. They always want a project that will do 10× in few weeks or months. This made them fall in the hand of fake teams with fake project. If he had listen to my advice he wouldn't have fall into such mess.
Maybe your friend just doesn't believe the advice you gave him even though the suggestion sounds good to him, but he will only believe you when he has been fooled by the fake project team.
That's how it is in most cases for people who don't listen to advice. He even felt reluctant to tell me when this happened.
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That's why I don't really care about other people in terms of giving any advice because it's not certain that he will appreciate it wisely enough
That shouldn't stop you from giving good advice to people. Even if they don't listen to it, atleast you have done your own part. They will find themselves to blame when the negative happens just like it happens to my friend. Imagine, I never advice him and he knows I know about it, he will blame me for not coming to his aid by advising him when I know much about what he's investing in.
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The words of advice that you issue to your friend also don't produce anything even though your intention is to help a friend so as not to get caught in the hands of a fake team on a project.
I did my part so that I won't be blame when thing get wrong just as it later happened.
Greediness is what really kill my friend. Similar thing also normally happen to most people. They always want a project that will do 10× in few weeks or months. This made them fall in the hand of fake teams with fake project. If he had listen to my advice he wouldn't have fall into such mess.
Maybe your friend just doesn't believe the advice you gave him even though the suggestion sounds good to him, but he will only believe you when he has been fooled by the fake project team. That's why I don't really care about other people in terms of giving any advice because it's not certain that he will appreciate it wisely enough, and the words of advice that you issue to your friend also don't produce anything even though your intention is to help a friend so as not to get caught in the hands of a fake team on a project.
CONCLUSION
Crypto isn't for lazy people. It involves research and continuous learning. It may look bored if money isn't made in the first few months but will definitely make you smile after months of endurance.
Even if your rank goes higher you still need to learn new things everyday since crypto is evolving. If you don't join the flow and be adaptive then you will miss an important thing on technology and might you will get outdated on current trend. So much better not to focus on this forum but rather also explore outside since there are new information mostly release outside before posted here. So you will have enough knowledge on the topics and contribute very well for people who want to read about new topics posted.
CONCLUSION
Crypto isn't for lazy people. It involves research and continuous learning. It may look bored if money isn't made in the first few months but will definitely make you smile after months of endurance.
Scams are one of the reason why crypto became wrong to them since it creates bad impression to newbies that crypto is just a tool for scams since they had bad experience on early stage of their investment.
All scams involving crypto do cause negative views and make people who want to know and learn about crypto doubt.
Two things that I think everyone should at least avoid so that they are not easily harmed when trying to get into the world of crypto.
The first is not equipping oneself with knowledge, if someone does not equip themselves with minimal basic knowledge, then it is certain that they will be easily deceived and suffer losses due to their ignorance or their own mistakes.
The second is greed, if someone is blinded by greed, it is certain that they will experience losses because they only think about profits.
I want you to agree with me that not everybody who is into cryptocurrency truly understand how the whole thing is being done within the blockchain technology and network, the issue here is not with the network but on people's interest to know and understand the requirements for using such and how it fully operates, when we have a good idea on this, we will make use of every opportunities to maximize the potentials in learning about cryptocurrency for our own good.
Everyone in the cryptosphere can not be successful because that are people who will become ignorant and go do there own thing falling victim to the hands of the scammers. It is very important for us to learn as a crypto investors, traders or adopters so that we may not need up doing the wrong thing. There are people who come to the cryptocurrency market with the main reason of scamming people and it is obvious that they will always get victim which are those that are still newbies in the market or those that are never ready to learn from others mistakes. The market is big and anything can happen at any point in time. Why did your friend invest in other tokens to have so many reliable coins in cryptocurrency? It means that your friend has very little knowledge about investments. How did he invest with this little knowledge? Since you are already familiar with cryptocurrencies, your friend should have discussed the investment with you before investing. You would have given him no wrong advice and you would have advised him to avoid investing in other's tokens and invest in reliable coins that are available in the market. In this case, the safest platform for your friend to invest in is Bitcoin. If your friend had invested in Bitcoin he would have never lost his money and would have made a good amount of money today if he had invested at the time you mentioned.
Greediness is what really kill my friend. Similar thing also normally happen to most people. They always want a project that will do 10× in few weeks or months. This made them fall in the hand of fake teams with fake project. If he had listen to my advice he wouldn't have fall into such mess.
A friend of mine recently complain to me about how he loses thousands of dollars to crypto after invest in a token. He now said he is quiting crypto and now comparing crypto investing to that of gambling.
What I don't understand about people saying they got scammed after investing in crypto...is how does this happen??Think about it, if you are getting $100 worth of bitcoin today then you get the quantity worth that much, meaning plus or minus its only the value changing...Scams with crypto only happen if you invest in a shit coin and value tanks to ZERO!!!
Most people hear about crypto and wish to invest in it without the knowledge of how crypto works. It is a good practice for one to learn the do and don't of whatsoever you want to put your money in.
Most of us have become lazy and want other people to do the heavy lifting for us instead of holding the bull by its horns and doing the research ourselves. Why dealing with crypto as if you are gambling? You need to learn to earn with crypto. You gamble with crypto when you invest without adequate research and knowledge of what token/coin you are investing on.
The problem is we have developed a mentality of crypto giving free money and fast returns, when we all know it's all gambling 🎰 that has this power anything else takes time to mature! In general, crypto is not wrong for some people, if other people can make big profits in Crypto investments, why can't your friends. The loss of thousands of dollars that your friend experienced after investing in crypto tokens is not crypto's fault, but his act of investing in crypto tokens does not have sufficient knowledge. There is nothing wrong with crypto, people involved in crypto are required to continue to analyze before deciding to invest in a token.
When you can't read, don't blame the book, it means there's something wrong with you.
When you can't read, don't blame the book, it means there's something wrong with you.
yes, we no need blame crypto because what's wrong is the people who invest in crypto because before investing in crypto they didn't do technical, fundamental and other research.
so before investing in Crypto, you must prioritize knowledge so you don't have the potential to lose.
Absolutely, It was not a fault in crypto. Before venturing any investment, at least we have to acquire basic knowledge about that. After seeing colorful investment advertisement, if we blindly jump into it without proper risk management or knowledge, it will be disastrous. Always we need to stay educated to safeguard our investments.
no investment is without risk. those who offer such things are obviously scammers. unfortunately, many beginners are trapped with such a perception. seeing ads or advice related to Bitcoin investments with the promise of quick profits from a platform. and when they don't make a profit or even have their money stolen, the blame is on Bitcoin. not the scammer. that's what makes a lot of negative views of Bitcoin. which was actually created by people who don't have enough knowledge to define Bitcoin and how it works.
Scams are one of the reason why crypto became wrong to them since it creates bad impression to newbies that crypto is just a tool for scams since they had bad experience on early stage of their investment.
If they just been well guided and get an advice that ponzi scheme platforms is really bad choice maybe they will be more careful or will not decide to invest on any platform offers same system to them.
We have a lot of source of information so better for people experience bad on their first try should research to know what are things that can help them on their investments on crypto.
Also hard to have only one thing to believe since we don't have any comparison if the written information there is continuously good to us and its like monopolizing so for me its still better to have multiple source of information so that we can do more better decisions since we encounter those multiple risk. People need to exert huge efforts so that they will not victim of scams or any deceiving tactics made by those influencers so that they will not waste their money on wrong financial advices.
no investment is without risk. those who offer such things are obviously scammers. unfortunately, many beginners are trapped with such a perception. seeing ads or advice related to Bitcoin investments with the promise of quick profits from a platform. and when they don't make a profit or even have their money stolen, the blame is on Bitcoin. not the scammer. that's what makes a lot of negative views of Bitcoin. which was actually created by people who don't have enough knowledge to define Bitcoin and how it works.
Scams are one of the reason why crypto became wrong to them since it creates bad impression to newbies that crypto is just a tool for scams since they had bad experience on early stage of their investment.
If they just been well guided and get an advice that ponzi scheme platforms is really bad choice maybe they will be more careful or will not decide to invest on any platform offers same system to them.
We have a lot of source of information so better for people experience bad on their first try should research to know what are things that can help them on their investments on crypto.
Another thing is when they offer you a "no-risk" investment. That's a whole load of bullshit. An investment must carry risk. Some risk may be bigger than others, but there is
no investment is without risk. those who offer such things are obviously scammers. unfortunately, many beginners are trapped with such a perception. seeing ads or advice related to Bitcoin investments with the promise of quick profits from a platform. and when they don't make a profit or even have their money stolen, the blame is on Bitcoin. not the scammer. that's what makes a lot of negative views of Bitcoin. which was actually created by people who don't have enough knowledge to define Bitcoin and how it works.Scams are one of the reason why crypto became wrong to them since it creates bad impression to newbies that crypto is just a tool for scams since they had bad experience on early stage of their investment.
If they just been well guided and get an advice that ponzi scheme platforms is really bad choice maybe they will be more careful or will not decide to invest on any platform offers same system to them.
We have a lot of source of information so better for people experience bad on their first try should research to know what are things that can help them on their investments on crypto.
To my understanding not all coin is worth investing in, I think am not in the position to advice your friend because am still in the learning process, but if I am permitted to advice your friend, I will suggest that he should seek for the knowledge first, this will prepare him on the decision of the right crypto to invest in, and how to go about it.
With the knowledge I got here in the forum crypto is a long-term investment stuff, so you should not expect that you start profiting in it immediately, that's why we need to invest in what we know, so that we won't regret later.
Op I see your friend as someone who needs quick money, so I don't think crypto is for him, I believe in business most time your investment doesn't bring fortune the way you expect it, but your greatest victory will be for you to replan and see if you could get it right or better still, there are several cryptocurrency, and bitcoin is one of them, may be your friend can read more about it to get the knowledge required, that's if he find it interesting.
With the knowledge I got here in the forum crypto is a long-term investment stuff, so you should not expect that you start profiting in it immediately, that's why we need to invest in what we know, so that we won't regret later.
Op I see your friend as someone who needs quick money, so I don't think crypto is for him, I believe in business most time your investment doesn't bring fortune the way you expect it, but your greatest victory will be for you to replan and see if you could get it right or better still, there are several cryptocurrency, and bitcoin is one of them, may be your friend can read more about it to get the knowledge required, that's if he find it interesting.
He got to know about it through social media even before I came into crypto. He was added to a group where they were taught about it but I believe he should go for more knowledge through research before going ahead to invest. He never did. He think making money from crypto is that easy as some people use to say. That was what has put him in that serious mess.
The reality is that many people just say it when they have problems, like @Dzwaafu11 said, it's absolutely right. But, what your friend did was right too. Maybe at that time in a position of confusion in making decisions. Naturally, was an experience he probably couldn't forget. So, if he plans to enter the market again, he will definitely be more careful so that he doesn't make the wrong decision and doesn't lose his thousands of dollars again.
Mostly scam investment platforms or shitcoins is the common thing introduce by many people especially on social media since majority of them are just into referral fees and they just convince newbie to participate then leave them at risky situation.
For sure a lot of us experience this and since we encounter it already for sure he or other will never go back to that platforms again and will be more careful on next investment they want to take. The only key to avoid scam here is to research so hopefully newbie learn to do this before they regret their decisions made.
True, Must be careful, especially for beginners. yes. if you really intend to trade in the world money market and of course the individual already has sufficient capital. The first thing you need to do is find a friend (mentor) who is familiar with the world of digital money and understands the stages of trading. then, the Mentor is able to provide direction/guidance and not just let go or let it go but in control of him as well.
For novice traders. Follow the directions and obey them properly. Well, There was born with positive questions and answers because real evidence will emerge from what he has done. As for the maturation of theory, I think it's just a matter of looking for the references and pairing them with what he has done. Important pints. the mentor always accompanies and gives good and correct directions so that beginners are confident, excited about investing.
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