Topic: Wrong perspective towards Bitcoin investment - page 4. (Read 936 times)

Unfortunately, there are a lot of scammers in the crypto world. There's nothing you can do about it. Dangers await the cryptocurrency enthusiast at every turn. And a fake bitcoin mining site is not the worst thing. You can lose your bitcoins much faster. For example, having received a phishing wallet. We can get a fraudulent version of a Bitcoin wallet, upload our private key there and see after a while our Bitcoins fly to an unknown address. Or our destination address may be changed. A good solution was to make a multi-signature wallet, but even here it’s not that simple. Many multi-signature Bitcoin wallets, such as non-native Segwit addresses. Plus, multisignature requires paying a much larger commission.

Bitcoin mining sites… where do these guys get these ideas of a mining site and all. Having to fund them for king and be hoping on profits for there invested funds. Oh that’s one means to get scammed. Bitcoin has been made in such a way that, you don’t need no one for anything. Yeah, I get the idea that there are cloud minings and some other pools that might exists within the system but, having to think or believe that you could just pool funds and mine online is false. You would be scammed on first trier. It’s a no.
Mining has gone way past that and miners rather pull forces together in resources to mine, earn block rewards and share amongst themselves.
Can’t say how profitable these have been in recent times with the reduction of block rewards.

That's the dilemma of most newcomers, they thought that it is too easy to gain profits but there"s more than meets the eyes in this market.
People should educate themselves and not rely on someone else's opinions. Because that is detrimental to your funds.
They don't care about what you do with your money, so it is your own responsibility to take care of your assets.

This story isn't new and I'm not surprised we still have victims falling for this type of scam. Their targets has to be newbie as those are the set of people that'll fall for this type of scam. The old members should already know about that there's nothing real with cloud mining because they're all scams or operating a big ponzi schemes that uses the money of new members to pay the old members and the cycle repeat in the same manner until the scam get exposed. Mining Bitcoin is now costly that $80 can't give you anything reasonable so why would someone buy $80 worth of mining power and expect to get profits if what he's engaged in isn't ponzi schemes. Your friend was a newbie and that's why he got scammed and this is a lesson for others to avoid quick money schemes.


Well this doesn't deserved to be announced, when you do good you don't have to blow your own horn. If the praises was coming from the affected users that'll be more reasonable but coming from you, it just seems like a cheap hurt for merit and to blow your own horn. Your thread mightn't have represented any of this things I have said but that's how it looks like. Next time when you do good keep quiet, this part of the thread wasn't necessary. Simply warning people about cloud mining scams would had been great without having to add this part and the large image.

   Yeah that’s right, a lot of people fail to understand that they’re basic knowledge to have before even considering venturing into bitcoin. Like I keep saying and many people have too, you can’t invest what you have no idea about what you’re doing. Basic idea is very much necessary to get if you want to attain success in anytime, people will have to do thier research before entering into the market. In short, the amount of research needed before investing will depend on the individual's level of comfort and experience. But generally, taking the time to do your research will increase your chances of making informed investment decisions and potentially earning a positive return on your investment.
     Have enough time to understand what you are investing in so that you can back up what ever questions being asked about such investment. If you find that an investment is too difficult, leave it alone. There are many investment choices - find something you can wrap your head around. Overall, research plays a critical role in the investment process by providing investors with the information they need to make informed decisions and manage risk effectively. Without research, investors may be more likely to make hasty or ill-informed investment decisions, which can result in significant losses.

The investor's first investment experience with Bitcoin happens to be on the wrong hand and needs more of conviction to change his mindset towards Bitcoin. Little or no research and being too desperate to make money in crypto are one of the main reasons why most people or newbie investors get scammed in the industry such as this person. At times, those that brought in these people did not provide them proper information on how to navigate their way safely without falling into the traps of scammers.

He doesn't know and probably doesn't want to delve deeper before deciding to make an investment and is interested in the amount of profit he will get if he does so.
Basically, incidents like this happen a lot, even something like that happened in my neighborhood. This is because it is too easy to decide something without wanting to study it first after receiving explanations from other people, including from platforms like YouTube.

When someone explains about investing in Bitcoin and that person does not explain the risks that will be involved in it, it is likely that the person assumes that they already know the risks that will be involved in playing with crypto so explaining the advantages and benefits is the easiest thing to influence people's minds. who you want to invite.

Now that you have a story about how stupid he is who is too easily deceived with the wrong perspective, try to become someone who is able to educate other people who want to invest in Bitcoin.
Reminding other people to be more careful is very good and will not reduce your knowledge, it is actually beneficial for you personally.

Buddy, There are alot of scammers who are waiting for your foolishness which means your foolish action can lead you to a clean wash out haha.. some days ago I stumble upon a thread where I learned about a dusk attack in which an unknown transaction held in your wallet when you will open the transaction to know about the details of the transaction your wallet will be compromised.

Some months ago There was a thread started by a newbie account that was offering 0.2 BTC for free i was confused about it so I thought to start a topic about it because it was a scam. here is the link to the thread: [Guide] Avoid These Kinds of Scams so always verify before taking any action. Many Thanks

Well getting into Bitcoin can be a wild ride, especially when some folks are all about quick cash. Your chat with your guy shows how he got burned by a dodgy mining site after throwing in 80 bucks. It happens, right? Kudos for tossing him some Bitcoin love and pointing him to the community. We all need a reality check about the risks in this crypto game. Your move helps keep things real and might save others from falling into the same traps

that is a big question mate because if OP is willing to extend that gesture then I may  PM him pretending to be Disappointed in Bitcoin so he might send mo 10 dollars as well  Joking aside .

Giving this amount is generosity but since that person accepted that bitcoin and now joined Bitcointalk.org? so he might use that money to gamble in gambling sites to try his luck 

better that you have told him about this forum and he can find where to get His own bitcoin from this great forum.

It's very unfortunate when people get scammed, so I'm sorry for the op's friend. But, in my opinion, it's not an issue that is specific to Bitcoin. There are plenty of scams, related to various crypto projects, fiat projects, other things like jewellery, etc. The problems are usually due to the lack of financial education, the lack of understanding of how scams work, what sort of strategies they usually employ, which feelings they exploit. Quick profits are the basis of many scams, not just those related to Bitcoin. So people should just be more mindful and careful in general, remembering that if something sounds too good to be true, it's probably a scam, and that there are no risk-free investments.

Its a stark reminder that Bitcoin comes with greed and fraud, despite its revolutionary potential. Many bright-eyed enthusiasts have been burned by such schemes, thinking they'll get rich quick.

You treated the despairing anti-bitcoinist well. By offering kindness and a referral to a credible community resource, you may have corrected a misperception and set someone back on a path of informed investing. Education is essential to Bitcoin acceptance. Understanding the market isn't enough - you must also recognize and manage risks.

Though, investing in Bitcoin - or anything - requires patience, knowledge, and skepticism of anything too good to be true. Our community must emphasize this. Sharing experiences like you did builds collective expertise that can help newcomers avoid errors and adopt more sustainable behaviors.

We avoid talking about money and investing with our family until the person is able to make money and buy a car and a house and starts thinking about the future and how to invest his money. Here, it is true that the person is old and has experiences, but his financial mentality is still very beginner and is like the mentality of a seven-year-old child.
You will see that many doctors, lawyers and engineers believe scammers who tell them to get rich quick because they do not know anything about money and investing.

This is what happens to people who thinks they are better off on their own with their crappy sense they called knowledge, he knew you are into crypto, but he don't want to get closer to you because of his believes, now he thought he is smart, he went for Bitcoin cloud mining.

There is no way a platform will successfully run a cloud mining this days, it's all a scam or Ponzi scheme, you can't take a short path if you want to mine Bitcoin, you need the real equipment, those who are purchasing Asic Miners are not stupid, those equipment exists for a purpose, if cloud mining really works no one will go after Asic miners.

I have come across series of people with the same mentality, all I end up doing is cutting them off completely, there are some things that has no short cut, you have to do the same thing that others are doing, it's not been smart at all, it's going to end in tears and disappointments.

Man, so much of the stuff on this forum is a wrong perspective.

I find it very hard to say that in life there are wrong perspectives, to me there is no wrong way to do Bitcoin in general. As long as you actually find it useful to yourself, for whatever reason, it's right.

But investment wise, we're risking money. Some people risking wealth, even risking health (which is what so many 'traders' do). And it starts because of so much information online that Google shows you, or this forum makes, that leads people into wrong perspectives.

Mining makes money. Miners are rich.
Trading makes money, traders are rich.
ICOs, shitcoins, NFTs. etc.

People forgot about utility.

Because of the stories they hear, people who are ignorant of bitcoin always perceive it as a get rich quick investment. They believe there is no risk involved and that it will simply generate profit and make them wealthy quickly, without having to worry about learning and understanding its concept. They go right in without knowing anything about it, then when they lose money, they start complaining and accusing bitcoin of causing their losses rather than taking responsibility for their own actions for not learning first. Uninformed Bitcoin investments rarely work out well, and they run the risk of being scammed later on.

Nowadays, there are hardly any legitimate mining websites, especially not for bitcoin. Of the ones that exist, over 99% are scams that are created by scammers to trick you into thinking they are real. Investing on these websites is highly unsafe because the scammers will eventually leave you with nothing. Such platforms are only seen as investments and opportunities to generate money by those who are eager to make money.

Experience can lead to bad thoughts regarding Bitcoin, but I'm sure that the only people who constantly raise negative opinions and believe Bitcoin to be a scam are those who don't know anything about it. Those that criticise bitcoin bother me less because I think ignorance is the basis for the critics and that after being scammed by someone who took advantage of their ignorance, they want to blame bitcoin for it.


It's vital to carefully research what you're getting into before making any investments because this is the kind of situation that ignorance and haste will land you in. Nowadays, we have easy access to free education so before making any financial investments on any platform, we can make use of the internet or ask educated individuals around us questions about whatever we don't know.

You did a good thing by showing him a way out of his ignorant position, i just hope he is ready to learn about bitcoin and adopt it or else leading him here would just be a total waste of your time.

He is yet another one of the people, who got scammed by crypto scammers, and they started thinking that Bitcoin is a scam.
If someone steals your fiat money, would you ever start thinking that fiat money are a scam? I don't understand this mentality.
Cloud mining scams were a thing in the past. I'm surprised that people are still falling victims of such a stupid scam.
The "Nigerian prince" scam still exists. Unfortunately, there will always be stupid people around the world, who get scammed by stupid scam methods.

Such guys, disappointed in their wrong actions, begin to blame bitcoin because of their inability to wisely use this financial instrument.

The fact that this guy encountered scam mining doesn't make bitcoin bad. In fact, your guy had virtually no interaction with (ownership of) the bitcoin to be disappointed in this.

Everything related to getting rich quick is 100% a scam.

You need to get acquainted with bitcoin not through dubious sites that promise instant and multiple profits, but directly, from the first purchase and transaction, to your crypto wallet.

The story you described is not the risks associated with bitcoin, but the risks that arise when interacting with scammers. Don't confuse this. Are you sure you can outwit the scammers?

This is a big gesture on your part. Are you ready to repeat the same thing with every user who is disappointed in bitcoin?

Truly, Bitcoin has helped and blessed a whole lot of people and it is still doing it, but a whole lot is happening around it these days as well. Many are now using it to dupe people, while it is a mere failed business/project by some other people, it wasn't intentional to swindle people. Also, Bitcoin has passed that stage where people will use a very small amount to gain an insane amount of return, except if you are such that is good with trading skills, you can make an insane amount from it and some are just so surprising. If not, you have to continue to invest according to the current wave of the coin, you can't force any, and you have to limit it in your mindset how much you can make from Bitcoin so that it will not disappoint you.

If Bitcoin can bless anyone x2 of their investment this time, the person should be very happy with it as things can't be like before anymore as the price of the coin continues to appreciate in value. But still, people will not cease to amaze me, I blame the person who ventured into what he didn't really understand or believe that it is a certain means of making money. Risk is in every investment/business, and if it does not work this time, that doesn't mean you entirely dislike the thing, especially Bitcoin which itself is not a scam, let's be reasonable.

OP's story is quite rambling, so what is the correct point of view here?

I can feel that this is a fairly common story but not all, and it is entirely possible to write a different script for the story about the case the OP is talking about. But people make mistakes to learn to succeed, maybe you know more than others but that doesn't mean you know everything, and there's nothing funny about the story if it's true. If you gave that person $10 and headed to the forum to learn, that's also positive, and again, it's better to give that person more encouragement to overcome challenges.