Topic: Why Crypto may go wrong for some people - page 6. (Read 835 times)

Well the truth is that crypto-currency is volatile and just because a coin has dropped in value doesn't mean all has gone wrong on that coin, being a long term holder is actually a good option it can help you understand the coin you holding better and help you make the better decisions.

But honestly what I do I try to focus more on Bitcoin, it's my favorite coin because there is a huge sense of positivity from Bitcoin that can't be gotten from altcoins. It has the largest market cap and it's widely used.

Cryptocurrency trading is superior to gambling but similar to it in such a way that you can never win or make money from gambling because any gains you think you might have made from gambling will be lost in one way or another if you keep gambling. Additionally, these days, there is no real team or club that can guarantee you of winning most of the time; even the big clubs/teams or those that you expect much from will make you lose.
In terms of how gambling and cryptocurrencies are related, someone who is not well-versed in cryptocurrencies is likely to lose even more money than a gambler since they lack the focus and capacity to carry out certain tasks when trading or investing.

The matter what you can't compare cryptocurrency investment with trading. Investment is just a time and it needs a lot of patient, but gambling is not patient but luck. If your friend understood investment before going into, he wouldn't loss but probably he was in hurry to make money and investment does not work in that way. The best way to invest in cryptocurrency is to buy and store and forget the funds and do other things to survive yourself.

Cryptocurrency may go wrong for some people if they don't understand the technology behind it and make poor decisions based on speculation or emotions. Many people invest without doing research on the risks involved, and some also spend their entire investment in one crypto, which is quite risky. I think some other factors that require your attention are market volatility, a lack of risk analysis, etc.
Overall, investing in cryptocurrencies can be fairly profitable, but it's crucial to conduct your research and exercise caution to protect your money.

This is what you should anticipate if you invest in shitcoins rather than bitcoin. When people hear about bitcoin, they imagine it is a quick money generating scheme that anyone can profit from and earn enormous amounts of money. But few of those people are aware of the ramifications of their conduct. Since they are all referred to as cryptocurrencies in general, the emergence of various altcoins (shitcoins) in particular has badly harmed the reputation of bitcoin.

Most of them enter the market to exist for a short time and then exit into the blue space after duping many individuals and favouring a few. The few ones favoured are now disseminating the pleasant news about a coin that may be earned quietly and has already tricked many people.

Bitcoin is the most secure, and you may be confident that your investment will profit in the long term. Every other coin, in comparison to bitcoin, does not have the same potential due to its centralised nature. If you must invest in a coin other than bitcoin, extensive research and understanding of that coin is critical in order to avoid unanticipated outcomes that could devastate your entire financial life. 

 crypto investment is profitable when you have the knowledge before going into it, but if you don't have the idea you will always end up like that your friend that loses thousand of dollars.
cryptocurrency investment is different from gambling because, if you don't know when to buy cryptocurrency and sell, you will find it difficult to make a good profits like other potential cryptocurrency investors because they buy cryptocurrency when the price is low in the market and sell when the price is high.

lazy people always find it difficult to earn well from cryptocurrency investment, because they find it difficult to carry out their personal research to know more about the current market price. It hard for lazy people to endure long term holding because they always have things to solve that will make them sell in a low price.

Crypto can go wrong because they're not understand with the coin they've invested because they only looking for money. This is definitely wrong because it has a high chance he will buy shitcoins due to crazy volatility and they hold in a centralized exchange due to minimizing the fee.

If people are only invest in Bitcoin, not greedy and know how to safely hold their coins, they would be 99% safe.

Don't invest in low quality coins. Some coins are not able to generate good volume because they don't have large community but because they are cheap you see people investing in them. Shit coins don't bring you smile but regret. So becareful and invest on valuable coins like bitcoin. With bitcoin you can get more value for your money than keeping the lots of shit in your wallet because you feel they will bring you returns with the speed of lightening.

I think he entered the market because he was lured by other people's profits from crypto investment so he was very brave to spend his money in crypto market without knowledge and understanding, I really regret what your friend did it was carelessness, because no one is watching him, instead- else he wants to be as stylish as he is winning at gambling after investing in crypto.

Do you know what coins or tokens he bought to lose thousands of dollars as he says? I think it's an altcoin rather a memecoin, which one usually loses quickly if one is not really good at token hype trading.

A friend of maybe used to say that crypto investment is not for the feeble, you need to have some balls and same with gambling. That being said, I think your friend failed to do proper due diligence, and it's very likely he invested in one of those shitty altcoin projects or meme coins out there that pumped for a while and dumped.

Crypto knowledge is essential. Taking the 'almighty Bitcoin' for instance, before investing it is still required that you have a good knowledge of the market, know when to buy and when to sell. Everyone wants to buy during the bear and sell in the bull season, and not the other way around. A little research and reading could have saved him from all this, It's a pity he learnt the hard way.

Most people here think that hard work and research will assure profits in the mid term, but IMO chance plays a fundamental role not only in trading (take it for granted) but even if you simply hodl too.

Of course, I'm the first one interested here in the rise of Bitcoin, but being aware of my subjectivity is crucial to limit my expectations to a reasonable level.

Let him/her do what he want since in the end crypto is not for all and maybe he just came there because he was hype that he can earn a lot of money because he read a lot of positive bitcoin or crypto stories online. The problem there is he forget about the risk that's the reason he lost a lot of money for the investment he do.

Maybe that's a lesson where he/she needs to learn and now he know that crypto is not so easy as they think so maybe next time they should do more research before they enter crypto investment.

This is the sad reality.  Many people are haste to jump in a "promised opportunity" without looking at the background of the people behind the project.  Naive people often guided by greed reason why many of them got scammed even though the scam tag itself is clearly attached to that company/project.  Then after they are scammed due to their careless action, they will then blame the whole cryptocurrency industry as scam and investing in it is very likely a gamble which we know is not true.

If they do thorough research and investigation they will likely end up avoiding these scam projects that use cryptocurrency popularity to attract users.  Also, they will end up with legit a cryptocurrency such as Bitcoin and see the difference between these scam projects pretending to be cryptocurrency and the legit one like Bitcoin.


True that!  Cryptocurrency is for people who give time to research and comparison.  Aside from not being lazy, cryptocurrency is for the brave who have great logical thinking that can assess and verify scam projects by having enough knowledge about the industry.

In my opinion you could say your friend lost by his own actions and after the loss your friend doesn't want to accept the loss. Why can I think like that. That's because it seems like your friend is not scientifically prepared or knowledgeable when he wants to invest in crypto. That way, your friends don't know which crypto assets are better and of higher quality to serve as investment assets. Second, your friends don't learn or don't know about the risk factors that must be prepared to face when the worst happens. That way when a loss approaches, your friend will definitely be very shocked and surprised.
Because when carrying out this crypto investment, there may be no thought of being prepared for the worst possibility or experiencing a loss. So it's certain, with this incident, your friend's view of crypto will definitely turn negative and be traumatized to invest again.

And comparing crypto investment to gambling, in my opinion, is not the right thing. Because gambling with crypto investment is clearly something different. In fact, I have an opinion, that when someone invests in crypto, and that person does not have good knowledge in that field. The possible loss will be greater than gambling. So that's the danger when plunging into a field that has not been well studied.


It's true because in the crypto world there will definitely be knowledge or knowledge that is mandatory for investors to learn. And it's not just about being lazy. If you are struggling in the crypto world, you have to be a more patient person. Because sometimes if you can't be patient in investing in crypto, you will usually tend to lose. So in essence, being willing to learn, and being patient in investing in crypto is a must-have capital.

This is the part most noobs in this industry don't want to listen to. They think coming into cryptos is a shortcut to wealth. That once they invest in any type of coin it's enough to turn into a "Bitcoin" overnight. Most of these ones erroneously opine that those who've been in this game but haven't hit it big aren't doing the right thing. They quickly forget (perhaps they don't even know this) that there's no certainty when it comes to cryptos. Nothing is guaranteed. Luck is the ultimate card. Though one has to take that luck far by investing in a seemingly credible coin first. No investment, no luck.

That's the mistake your friend make as he didn't make research about the token ge just invested and your friend is also lazy to give some time familiarize the crypto. There's a part to blame for the one who taught your friend about Cryptocurrency for not making him learn about Cryptocurrency and why investing in a token is not 100% safe or profitable. Most token nowadays are shitcoins that's why your friend loses thousands of dollars. If he didn't accept some advice then it's his fault alone that he loses that amount of money.

I mean that is why we have this forum you could start here in the forum where you could learn and enhance your knowledge to get ready on starting your journey with Bitcoin or cryptocurrency, If you don't think you do not have enough knowledge, learn more here in the forum, I think if you already think that you have the knowledge to start investing and you already have enough money to start investing, I think it's the right time that you should start investing in cryptocurrency. Everything is not going to go well that's for sure but you lower your risk since you have knowledge and know what your doing plus you could always ask for other members' advice here in the forum. Make sure to not repeat the mistakes of others here in the forum.

The market is so volatile so you're gonna need a lot of patients on your investment journey, your really gonna need to put in your time and effort if you want to invest and take a profit in just a short amount of time, especially if you're going to invest on altcoins since its a riskier choice than bitcoin or other blue chips cryptocurrency, but if your going for long term on Blue chips crypto like Bitcoin you could just watch the movement of the market.

It all depends on the person's mindset. Why it's not for lazy people? I know people who were too lazy to sell in the Bitcoin bear market and they continued to buy instead of selling and now they all are in massive profits versus those who were too active and kept buying/selling on every single news out there and are in loss. You do not have to react to any news you hear on Twitter or YouTube. Bitcoin is meant to be for HODLers, not for traders.

So that makes it the best option for Lazy people and your conclusion goes straight wrong.

At times boring businesses and investment are the best investment. Deciding to be lazy might actually help you as it'll shield you away from all the distraction in the industry. You could just invest in Bitcoin and you'll make decent profits than investing in altcoins. They're so many altcoins that's hard to guess which one will succeed but when you choose Bitcoin, you're investing in the one and only project that's reliable. Bitcoin is trustworthy and has many possiblity of making you richer than you were when you invested in Bitcoin. Even when the market crashes, your investment in Bitcoin has hopes of a possible recovery in the future.

Crypto investment only goes wrong for them because they decided to believe some random dude on the internet (CEOs of those altcoins project) promising them returns that aren't visible at the end of the day because the altcoins market is filled of similar projects giving people fake hope of making profits when they invest in them. Just because few altcoins were successful does mean every project out there are worthy of your investment. We have to learn toet go of some supposedly life changing opportunity and invest in the boring ones as those usually has longevity.

I tend to agree with this and that's why many people when experiencing failure will easily quit because in fact from the start they didn't know technically about Bitcoin or crypto in general.  Crypto transactions rely on blockchain technology, which is generally considered secure, but the security of individual accounts and wallets is a concern.  Hacking incidents, phishing attacks, and thefts of cryptocurrency have occurred, leading to the loss of their crypto as OP said.  If proper security measures are not implemented, many of those new in the crypto space may become targets for cybercriminals.

So it's most important to be knowledgeable in the crypto space before investing in it.