Topic: Why people are always in a sinkhole situation (Read 236 times)

They fall for these scammers and lose the majority of their money because they lack sufficient knowledge or understanding of the bitcoin market. Greed is another factor that has led to this. Even to a layperson, it is impossible to sit around doing nothing and expect your money to double or triple over night. There is a reward for every effort. Laziness is always met with disappointment, which can lead to further disappointment and eventual retardation. All newbies and people who are new to an investment or project should always seek to learn more about it before taking a step into it in order to avoid sinkhole situations like this.

Basically, many con artists target not just bitcoin. Swindlers of bitcoin and fiat are all over the place. People are greedy and they only realize this after being conned. High-yield investment programs were thought to be legitimate by inexperienced individuals. I even have no idea why some people give their money to websites and people they have never heard of.

When it comes to altcoin investing. Even though some of the new coins are real, the majority are still used to scam a lot of people. It is preferable to invest in bitcoin.

I'll say that a large portion of the scammer's victims are those who lack knowledge of Bitcoin's origins and the rationale behind its creation. Many people are unaware that Bitcoin was developed as a substitute for fiat money so that we could store our funds without the involvement of third parties. Again, some people are knowledgeable about Bitcoin and cryptocurrencies in general, but they are also eager to become wealthy quickly. As a result, they invest in scam projects rather than in accordance with their knowledge because they want to make money quickly in cryptocurrencies but fail to realize that this is not how cryptocurrencies operate.

I would say, it is not just greediness or any one of the bad behaviors. It could simply be a lack of experience in this crypto world, coupled with the desire to make extra money because they need it.

I personally almost fell into this crap, I work at a dead-end job, and it's been about a year,  I have been interested in crypto world, and now slowly starting to understand this world. But there is so much to learn and understand you know.

But when I joined, I really wanted to make money and thought even perhaps it was possible to make money, since those self-proclaimed gurus were (as per their claim) making it.  

I wouldn't say, I was greedy nor I am, I just don't like my job and I am looking for a way out, the problem is that one of the ways that I thought was out, wasn't really out unless I was quite a knowledge which requires lots of learning and experience, which itself comes at a financial cost and time-wise.

So, I think people are going to keep falling into those schemes, and keep making mistakes. It is not changing any time soon, and to quote it is mainly due to greediness wouldn't not have been the  full picture!

I could see making money,  2x or 3x possible is by finding those altcoins before they release, at their private pre-seed offering, and investing early, and dumping as soon as they release, or whenever your cliff allows you. but finding one isn't that easy, and it is not always the case that the coin increase in value. So, that is also a big risk!

it is a very human thing if everyone seeks to make a profit from what they do, but often greed blinds them so that what they do only makes themselves losers more and more losers.  i never agree with people who say bitcoin is a scam, they just buy and sell it at the wrong time, remember that bitcoin is different from altcoins, bitcoin is decentralized and pure without manipulation.

Do you know how many influencers promoted Shiba inu? Do you know how many influencers promoted HEX? There are many coins promoted by influencers that have brought high returns for investors, what crime is there to use 100$ to get 10,000$? This is crypto and this is the only place to find such gains. It happens, it exists.

Bitcoin is a more reliable project to invest money on but there is nothing wrong take risks with low crypto projects that could change your life for the better, no risk no reward, always remember that.

In my opinion, it depends on a lot of factors, of which greed tops the major causal effect. People want overnight success, as in to just attain a huge amount of wealth overnight and just solve all or majority of their problems. In recent cases, the opposite has been the case.
Other Cryptos that promise quick profit return margin with a series of influencers backing their claim, often fade due to infiltration of scammers, also without solid starting base unlike Bitcoin,  if their offer seems too good to be true, one shouldn't hesitate to investigate them before investing all funds there. Bitcoin no matter how slow has been steady and have a proven track record, it has also shown interests in advancement of technology with its latest features and threads.

It's worth keeping in mind that Bitcoin has a large and established network effect, and it is the most widely accepted and valuable cryptocurrency. While it is possible that a newer cryptocurrency could surpass it in the future, it is unlikely to happen overnight, and significant adoption and technological advancement are required for that to happen. Some people may be looking for better cryptocurrencies than Bitcoin because they are motivated by the fear of missing out (FOMO) on potential gains in newer, more innovative coins; they believe newer coins are technologically superior and will eventually replace Bitcoin; they have skepticism or mistrust of Bitcoin due to its volatility or perceived lack of privacy; or they don't understand how powerful and unique Bitcoin actually is.

Learning from your own mistakes cost a lot than learning from other mistakes, Crypto-currency is very transparent and many fails has gone down into documentation or has been mentioned, I believe if any newbies has been up to date with their research they would have learnt from some of the mistakes that has been made from others.

Especially newbies that has been here on the forum. News, information and updates are flooded here more regularly and even I myself I am learning from them so I don’t see any excuse from any newbies not to learn from it.

First those people that are being scammed or duped are the cause of their problems because they always follows information from the media, youtube and all manner of pop news and immediately they jump into investment without making proper research about the venture they are about to invest on, then lastly it's one thing common with human they always seek for where they could make it so easily without putting effort to source (working hard) for money rather they believe in making profits over night.
At my tender age over here or when i get to know about bitcoin this was how i does as well, i only looks for what would give me just quick profits without me investing time to study or learn more about what i ' m going for until a friend of mine told me things i should have known earlier, and what he said was "guy came down and buy bitcoin hold it for some years after which you may decide to sell or still hold, all those people are just looking for a way to deceive you and take away the little you have worked for" that was when my eyes opened and immediately i stop looking for quick money. Greed kills a lot mate.

Lack of education is what hits the most people, whether it's financial or investment knowledge, that's where they're lacking so they're being an easy target for those people.
They think that earning money is that easy and that's why if the offers are too good to be true, they don't think that there's something sketchy thus, they believe it's real even if it's not. Instead of buying bitcoin as a genuine investment for them, they are passing on it because they see some more "profitable" coin to invest with their money and they sees it as a short term investment.

It's not the high return in a short time only, OP. It's also the cheapest way for them to earn "dirty money" without risking any of their stuffs and this is why there would always be scammers, not just in crypto but also those who are just using fiat. Back in May this year, I recall even being scammed for a GPU in FB Marketplace amounting to $200 and now my trust in that marketplace is broken beyond repair. Good thing I am in a good place now.
 
These scums/scams, whether using crypto or not or even both, will continue to do their own thing and it is sad that there are some authorities that are easily bribed by these especially if they are group of people. I recall that being mentioned by Jim Browning, which is a scambaiter, in one of his videos. smh

Actually people are impatient that's why this scammers are getting them big time. If 90% of those entering the space now were there when Bitcoin started in 2009 they would had sold by now because they're impatient and can't hold unto their coins believing things will be as profitable as it's today. This scammers know the noobs wants the quick gains not realizing it wasn't as quick as they think with Bitcoin, it took Bitcoin more than 13years to reach its previous all time high even with the low circulating supply it has but the noobs getting into this altcoins with billions of supply wants the same output in less time.

This is the major reason behind the rise of shit meme coins with trillions of supply but the community wants huge returns to turn just $100 investment into millions. This scam artist will always get them as they just use trends like tokens burning to deceive them into investing. Why should the developers create such supply in the first place if they know they won't need it. Investors needs to develop the habit of having patience with their investment and invest wisely.

Probably due to their lack of discipline and patience. We all knew how dangerous and risky into trading or investing but some are taken that for granted. Yes its hard to cope with such unusual activity and we might as well fear of losing our funds but never so tough when its time to cash out those profits cause of greediness that we always feel. But when the time comes, we sold on the time its not to be sold. Well thats how it is I guess. Being in a sinkhole is a choice.

One problem about this generation is that we fail to spend time to study and get experienced so as to learn to earn the right way. Immediate gratification has gotten many people loss even the little they have into the hands of those who decided to wait long learning before thinking of earn. If you don't study to show yourself approved you will always be taken advantage of and thereby continuously fall victim into the hands of those who did. And this doesn't apply only in bitcoin but in other areas of life.

It's only those with a mindset of getting rich quick through bitcoin that always fall victim of scam as any offer they come across which promises to expand thair asset twice as tall excite them into getting involved without a second thought, believing that they might lose the opportunity if they don't jump in quickly.
If only we can give time to study we will gain lots of experience and save ourselves from being scam victim in the crypto space.

In times of major financial crises, there are always people who are desperate and looking for a solution to get out of their financial problems.
News about financial crypto scams has become almost daily in my country.
The problem is that people are poorly informed about the crypto market and have false expectations that a lot of money can be made in crypto in a short time, based on some made-up stories on on line portals.
On the other hand, it's very easy to get into crypto because you don't need the help or mediation of banks or brokers and that's why a lot of people try to make money from crypto.
However, as with everything in life, if you don't know what you're doing, haven't properly informed yourself and analyzed the market, and rely on luck, most likely your crypto investment will end badly and you'll lose the money you invested.

You are only including the Bitcoin in this game. Scammers not only choose Bitcoin they always do others thing and invent new methods to grab money. Their greed never end.

There are many big scammers also in the market like we have the examples of LUNA and the FTX. They grab the money of people wisely. And I hope they will come agai to do this. So be aware from these kind of scammers.

Congratulations on 3333 
lovesmayfamilis

Many people are not educated and have no sense of danger in terms of financial fraud. Elderly people, trusting scammers who are very skilled at persuading them to invest their money in Ponzi projects, become frequent victims. And, of course, greedy and lazy people who decide that one day they can get rich doing absolutely nothing. Such people are not sorry. Everyone should have their own head to assess all the risks, and if people are too lazy to conduct their own investigations, then the scammers become their teachers.

We could sing alot to people that bitcoin and cryptocurrency isn't a quick to get rich scheme but they will never aid. Although bitcoin is a store of value but there is also profit attached when you buy low and hold for a long time, this was how the early adopters got some profit off it, the new investors now are still looking into earn this profits for themselves but at a short time. This has lead sinr to either invest in shit coins or take drastic decisions when there are into future trading. I personally dont warn these set of greedy people off it because I feel they deserve to learn the hard way sometimes. But my only concern is the tagging of bitcoin by the losers as a ponzi schemes to potential investors.

Unfortunately a lot of people aren't using enough brainpower to make sense of the schemes being advertised to them. In the bull run of 2017, I couldn't count how many of my IRL friends had apps installed on their phones that are apparently "generating free bitcoin" despite mobile phones not even close to having enough power to mine BTC.

Many people are greedy, in addition to lack of experience, but they learn after they are already scammed. People like to invest on high yield investment program and other ways they can be scammed easily especially if they have no idea or knowledge about the scam before. Later they will begin to think that they are stupid to trust who they can give money that has nothing to lose and that they did not know in real life, there money would have gone before knowing that it is just like someone they do not know stole their money. But for new coins, there are some that are legit, but most are still a way many people are scammed. I will never advise anyone to go for those new projects, they should hold bitcoin instead.

Double or triple your money scam isn't only on Bitcoin, but many scammers can use fiat and stock about this scam.

For people who think with Bitcoin they can easily double or triple their money, they don't have any logic. If Bitcoin is really easy to get or mine, it will not have a big value right now because it's will become worthless due to unlimited supply. Also if there's people who can double or triple their money in short time, why they're not double or triple their money using their own money? they can become a billionaire in short time and they can donate as much as they can.

Greediness, that's what they have.

Tell them to read this Bitcoin Whitepaper so that they will understand why Bitcoin was created.
It has a purpose, it's a peer-to-peer electronic cash that should be used in payment not making money machine.  Though some others learn how to store value and store their safe wallet in a long term.  But doubling your Bitcoin hoping it will easy quick scheme, it's most likely a scam.

AFAIK, on Whitepaper, Bitcoin didn't promise anything regarding profit earning.
Stay away from altcoins and focus on Bitcoin.

Bitcoin is one of the most popular coin in cryptocurrency, with this lots of people fall victim to those coin with bitcoin like promises
Why do they are still taking advantages by this people and what are the reason? there is only one answer that i think most of us is sure, the promise of making high return in a short time, with people being in the situation of the pandemic that strike not only one nation but the whole world, this has become the most effective strategy for the scammers, imagine doubling or triple the money in the short period of time, since they are already on their last straw and want to get out in the current situation, they forget to think properly and this is how they were being take advantage, with social media and influencers, being paid by these people, they have become, popular without knowing their bad intentions, and the victim learn they had a mistake after they lost every thing.