Why invest on a project because someone said they are good?

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Quote from: Chainsmokers on December 03, 2019, 12:50:29 PM

I think this often happens for beginners who are just new to cryptocurrency or can be said to have just joined the cryptocurrency where they do not really understand what cryptocurrency is and how it can generate profits from cryptocurrency. So most of them will choose to ask others for advice rather than, read and understand more about cryptocurrency before starting to trade, invest or mining.

The old users are also promoting the coins they have invested, this is about making money so all should be expecting that the we can hear unusual suggestion of coins to invest. But you can be assured that most of the traders will shill the tops coins in the market for they will not be on top unless these coins don't have the potential to dominate at least a certain percentage.

Chainsmokers

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I think this often happens for beginners who are just new to cryptocurrency or can be said to have just joined the cryptocurrency where they do not really understand what cryptocurrency is and how it can generate profits from cryptocurrency. So most of them will choose to ask others for advice rather than, read and understand more about cryptocurrency before starting to trade, invest or mining.

Fappanu

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Just because we rely on analysts does not mean that we should invest in these coins. It is best that we study it and find out what the potential is to increase the price of these coins. We must study the coins so that we can be sure of what analysts say because others are wrongly analyzed which will give us more losses.

Kevondo

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Quote from: inanilujimi on December 01, 2019, 04:14:46 AM

Because there is no knowledge and ambition to enjoy quick profits when investing.
For people like that still exist today and hopefully the people in this forum are not included in it.
Investing in crypto must count, unlike gambling, which only hopes for luck.

Stepping into a territory that is completely unknown can turn out to be a big mistake. Knowledge plays most significant role in attaining a successful life. Though crypto coins hold the ability to make its holders rich but tackling with all the changes is difficult without understanding the market first. Investments are never about luck. These include plans, research, patience and endless efforts to achieve goal.

inanilujimi

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Because there is no knowledge and ambition to enjoy quick profits when investing.
For people like that still exist today and hopefully the people in this forum are not included in it.
Investing in crypto must count, unlike gambling, which only hopes for luck.

Best Dreams

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Quote from: Kersh768 on November 30, 2019, 11:38:41 AM

Quote from: OasisDre on November 28, 2019, 11:31:52 AM

A friend from my street came by today to tell about a coin named LCC (Litecoin cash) and he told me he has already invested on the coin, i asked him what makes him invested in it, like what is the real use case of the coin and he have no straight answer, after a while i found out he invested in the coin because of what a analyst said about the project, are there people like this on here? after so many scams since 2018? i decide to do few diggings and i see that LCC is not that bad but my point is why invest on a project because someone said they are good?

Well, most of the projects are succeeding due to the hype or popularity the majority is giving into certain projects. So if other people would say that a project is a good one, and others do also support such claim, then it makes sense to invest on it. But I do agree with the idea on not to invest ALWAYS on a project just because someone told you so. Always make your own research still about the project and decide for your own.

I am also one of those who don’t trust anyone but I try to just ask their opinion and ask them to share their experience after that I open Google and YouTube to find the best project for investing my money. I know there are so many projects that people believed are good but for us, they are not suitable that's why just make research and invest in a project you are comfortable with it.

binhvo1505

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Quote from: OasisDre on November 28, 2019, 11:31:52 AM

A friend from my street came by today to tell about a coin named LCC (Litecoin cash) and he told me he has already invested on the coin, i asked him what makes him invested in it, like what is the real use case of the coin and he have no straight answer, after a while i found out he invested in the coin because of what a analyst said about the project, are there people like this on here? after so many scams since 2018? i decide to do few diggings and i see that LCC is not that bad but my point is why invest on a project because someone said they are good?

This is one of the psychologies often seen in new people. they suffer from a mentality that people often refer to as FOMO (fear of missing out). meaning they don't want to miss a good chance so they always follow in the footsteps of others despite not knowing what is ahead. Everyone has gone through this stage, but only after losing money can they realize many things.

Stanlo

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Its like not knowing what you are doing, for everyone who are always curious will always find answers, if you are curious about what makes a project a good choice for others then find the answers

meanwords

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If what you should is true, he's stupid. I suggest that you stay away from him crypto related because he lets others decide his path and don't think everything through. Most newbies are like this. Analyst tries to tell others what they think and those sheeps follows because they are "experts". Jeez this a volatile market where everything could happen. No analyst can tell the future.

Quote from: OasisDre on November 28, 2019, 11:31:52 AM

why invest on a project because someone said they are good?

You don't. You research everything that you could and make a rational decision base on the outcome of your research. Take the opinion of others then add your research which then you make a conclusion. From then on, you could decide whether you would invest in a particular project or not.

starblocks

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Never invest in an asset without doing your own independent research into its fundamentals before you choose to trade or accumulate it because there are plenty of people wanting to liquidate their assets and you don't want to become a bag holder if you can afford not to so be smart and develop a balanced portfolio for the best results

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Quote from: itos84 on November 30, 2019, 09:51:31 PM

Quote from: meliodas on November 29, 2019, 06:08:03 PM

You should not rely on other people in terms of investing into a project. If you are investing then you should do a quick research about the project so you can check if the team are right and capable in doing the project and also think about their goal and road map if it makes sense. Money is always connected to investing so you should not allow other people to waste your money just because they said that it is a good project.

Research is the most important part. If you trust a friend it should be someone that already has been trading with good results in the past few years. But still do your research and never invest amounts that you cannot afford to lose.

doing its own research is the point of investment. even when it's your best friend, I strongly agree not to rely on it, because when you just follow what he says, and the results don't match what you want, it just makes your relationship unstable.
give priority to having your own opinion of a project so that when something happens, you are ready with it because it is your own choice and not the choice of others.

Eugenar

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Quote from: babicena14 on November 30, 2019, 08:15:03 PM

Even the most powerful people can be wrong. In addition, media personalities are often corrupt and if they say to invest in a project, it may not be their own opinion.

It may not or maybe their opinion. Basically the corrupt ones are those who have huge plans in manipulation. Who knows if they are manipulating the market as well? If that is the case, it is easy for them to create topics concerning investment which considerably lie, that is because they are already practiced to do it in their life for a living. I'd rather continue doing research on my own concerning investment on projects that to believe huge marketing of well known unreliable personalities in the crypto space.

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Quote from: OasisDre on November 28, 2019, 11:31:52 AM

A friend from my street came by today to tell about a coin named LCC (Litecoin cash) and he told me he has already invested on the coin, i asked him what makes him invested in it, like what is the real use case of the coin and he have no straight answer, after a while i found out he invested in the coin because of what a analyst said about the project, are there people like this on here? after so many scams since 2018? i decide to do few diggings and i see that LCC is not that bad but my point is why invest on a project because someone said they are good?

New members or investors can easily motivate by analysts. I'm not on the site of early investor because mind can be change any time even successfully listed coin turned out scam project. Better look using case in real world for this Litecoin Cash instead trust any good analysts.

For now, an analysis of someone who is an expert in his field cannot guarantee that he will be sure to be good, but of course we can trust our friends who are more able to provide information.
I agree with the colleague above that the current situation for investments is very retained against fraud even though tokens are already listed on the exchange, it does not guarantee to be valuable because of the fraud.
it is better to use a friend or own mechanism with a more careful analysis by taking a benchmark in cmc.

itos84

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Quote from: meliodas on November 29, 2019, 06:08:03 PM

You should not rely on other people in terms of investing into a project. If you are investing then you should do a quick research about the project so you can check if the team are right and capable in doing the project and also think about their goal and road map if it makes sense. Money is always connected to investing so you should not allow other people to waste your money just because they said that it is a good project.

Research is the most important part. If you trust a friend it should be someone that already has been trading with good results in the past few years. But still do your research and never invest amounts that you cannot afford to lose.

babicena14

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Even the most powerful people can be wrong. In addition, media personalities are often corrupt and if they say to invest in a project, it may not be their own opinion.

johnwhitestar

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There are many people curious about crypto out there.
The majority are attracted by the idea they have about crypto that one can make a lot of money with it quickly.
I always advise not to believe mine or everybody else's words about any coin and to make their own research, as usually who speaks about a coin is one who has invested into it, so his opinion is kind of biased.

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Quote from: DigeNarrator on November 30, 2019, 07:54:24 PM

this is a mistake that you do when you are a beginner .. =]
i also did that

well it can cause 2 things
1) they just leave crypto after losing money
2) learn from their mistake and start making their own research

Yes, it is really better to trust your instincts and not follow whatever someone is telling you. Because at the end of the day, it is your money that will be lost and not theirs. So you have the responsibility to take care of your money at all cost. Many are self proclaimed experts and they don't care if you lose or win. So better look after yourself because no one else will.

DigeNarrator

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this is a mistake that you do when you are a beginner .. =]
i also did that

well it can cause 2 things
1) they just leave crypto after losing money
2) learn from their mistake and start making their own research

Pearls Before Swine

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Quote from: OasisDre on November 28, 2019, 11:31:52 AM

A friend from my street came by today to tell about a coin named LCC

You live on a shitty street. You might consider moving instead of contemplating an investment in LCC.

Quote from: dirgayeah on November 30, 2019, 07:37:34 PM

Yeah bro but not every IEO are success.

Not even close. If there was a viable way to bet *against* an ieo or ico I'd love to see it and you can bet I'd be taking advantage of it. More fail than succeed, and it's all on the backs of suckers like op.

Reading the rest of the posts in this thread, it looks like it's all about trying to pump this piece of crud. Well I'm here to tell you that if you buy into lcc or any coin, ico, ieo, or token like it you're just one of the suckers and you're going to lose money. Don't do it.

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Quote from: bgaf on November 28, 2019, 11:23:23 PM

Depends on that someone says it's good. Actually I listen on some of my friends when they say they say buy this one it will pump cause they have experience in trading sometime I believe them cause it really did but not totally accurate. With regards to investing, maybe IEO tokens on big exchanges are the one I will only invest cause I can see the ROI.

Yeah bro but not every IEO are success. Some project like XCT was success in IEO but when the time for trading come, this token drop to more than 100%.

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