Bitcoin Forum

Most people making entries into the crypto space are going so based on the promises of "Magic internet money", a lot of people see it as a way to get rich quick which makes the frustration of a lot of people understandable, especially this year which has seen crypto assets on a continuous decline in value.

I think newbies should focus more on learning all the fundamentals,  they should make very good research and learn about solutions that are really achievable through the blockchain bases on the current progress of the technology.
This will not nly help guage expectations on both existing and new projects but will also help to guard against investing in scam or unrealistic projects.

Knowledge is important

I really agree with you!! Most people just FOMO into crypto without making their research about it and expects to get rich overnight. The majority of people complaining in this bear market are those who are new to the market without a good knowledge of how things work.

+1 - the problem is though that the easiest or at least the most prevalent narrative of Cryptocurrency comes from the success/disaster stories of people who either invested too early or too late.

During the height of the Bullrun the FOMO for anyone that was somewhat interested would have been too strong for real research, if they dedicated a day/two to learning then eth or btc would be up another % and the worry set in. Now that we are in a much different place, anyone who is thinking of investing in Blockchain is likely to put much more time into learning the ins and outs and will be able (hopefully) to spot both scammers and decent projects better than people could in 2017!

I 100% agree, at the turn of the year into 2018, things got really out of control. People were investing in alts just because they had words in them that they liked, and they were soaring in price! People were just learning enough to be able to trade for coins and that's it. Not looking at the projects to even see if they look legit, not looking at the project team and advisors, not even reading the whitepaper. That's almost the same as going to the casino, getting your investment money and putting it on 0 on the roulette wheel. Now that we are facing this correction, people are acting out of sheer panic and start pointing the finger and blaming people for their idiotic behaviour.

You only repeating what has be discussed a million time I don't think your made any unique post here and all you stated are known fact and issue. Probably you also has slot of learning yourself to do.

Yes, the real gain is not the profit that you make, but the knowledge that you acquired through the process to acquire those profits. Nobody can tell me that they did not learn anything new, after joining this forum for a few years. The mere fact that some people are hoarding coins after a lifetime of having a bad spending habit, tells me that Bitcoin already changed their lives.

We also learn some very good life lessons with Bitcoin, namely :

~ Centralization is bad.
~ Hoarding are not always bad.
~ Money does not have to lose it's value due to inflation.
~ It can be inexpensive and fast to send money to people and family in other countries.
~ Your financial privacy is important
~ Financial freedom is still possible, you do not have to rely on Banks or governments to use your money.
~ Currency trading is easy.

These are just some of the things you can learn, once you grasp the full concept and advantages of using Crypto currencies.  ;)
 

Let me take  you up on these three points.
- While privacy is important, we should also note that blthe blockchain runs on a transparent and open source protocol. So basically, there is no privacy. Your assets and transactions are available to anyone who can access your address.
Of course government interference is restricted as it is decentralized, this supports the second point.

And also I would not classify currency trading as easy. It's a sort of gambling, predicting an unpredictable market is not easy. And some would say impossible, and it's down to luck.

I agree with OP.

A lot of newbies think the economics behind cryptos are any different from the economics we've learned in thousands of years.

Cryptos are simply a new form of value representation that uses technology instead of paper and metal. Cryptos do not introduce a new economic theory, but simply reflect the real world economics the cryptos themselves were generated in.

Having said that, if equities markets have taught us anything, it's that saving for the long run is the best crypto strategy.

Whoever started buying Bitcoin in 2011 in small monthly installments has built astronomic percentage gains today.

But if you bought on december 2017 hoping to get rich quick, then you're hurting right now.

I'll agree most of the newbies have been investing without any research, and this effects their judgment as they indulge in panic sales. Another reason I believe they invest without research is the herd mentality, 'I brought because my friend bought it, and then also Fomo plays an equal role in their buying decisions. I feel newbies should read more, and avoid Ico's as they'll then be invested for long, and make profits from it.

I support the motion of the OP and I will say acquiring knowledge is far very important in the cryptocurrency space but it's not only for newbies but for every one in general

Very true. Newbies to this forum and cryptocurrency should have well defined priorities when joining. And also s long term goal.
Everyone wants to profit, but there are correct ways to go about it, and this can only be gotten to acquired knowledge. This way you would be better off, and also improve the quality of content on the forum.

As a newbie, seeing cryptocurrency as a way to escape the rat race (getting rich) isn't a bad idea but just as you said, where they get it all wrong is thinking it's a "Quick money scheme". Remember those celebrating the 10000%above didn't achieve that in weeks, they must have hodl for years. Cryptocurrency has to do with patience if you don't have it, don't bother coming into the space. Success is progress achieved through a process involving sacrifices.

The future is in cryptocurrency. just as VR and artificial intelligence scientist are bragging about new discoveries, we all could boldly beat our chest and call us "money scientist".. we have been able to make better use of money and keep those centralized manipulators far far away from the kids  ;D.

not even the Oracle of Omaha saw this coming....bitcoin is here to stay and so is cryptocurrency.. we all should be proud of being alive to witness this (because we the average people made this possible)

The basics of trading isn't that hard. Trading is just about buying and selling, where much work is needed is when you what to explore the advance aspects of trading like reading of charts, spotting of bottom or resistance for coins etc that's when acquiring additional skills through book reading, online courses and experience is needed to achieve success in those areas of trading.

The problem is that most people are being referred to cryptocurrency as a way of making quick money. That is why they don't want to learn anything but how to make money, how to be quick rich. I have been introduced with bitcoin through one of my clients and I was referred bitcoin as a currency, although primarily I thought it as a payment method only.

investing without knowledge, without intention to learn basic stuffs of crypto and block chain.
Then, when things changed worse, losses come, they cried everywhere and easily fell into panic sells.
Everything in crypto changes fastly, so easy comes, easy goes.
They can luckily get fast profits, then big losses later due to their lack of crypto knowledge.

Well I agree completely with you, there is a price of a coin, and there is value of a coin, the price of a coin can be inflated based on many factors, any hype created by the market can shoot up the price, but the value of a coin can not be changed with hype. If it is a good coin then value would increase with time. There are several other factors also which newbies should be knowing before investing money in crypto. One should read good books and follow blogs  (https://coinswitch.co/coins)by which they can gain some good knowledge.

There are newbies who are technically skilled and those are exceptions. Majority get into it with the expectation of earning. By the same time more scammers target these people, this is all because of the understanding about the users need. Here some gets to be a prey to the scammers which is lack of understanding. Upon these factors rather than gaining knowledge I believe knowing better about the market and the scammers will help with long survival on cryptospace.

Can somebody tell me why this topic is worth being discussed after 3 months of inactivity?

totally agree, you must equip yourself with knowledge, you must find a good token / coin yourself and analyze the time of purchase. Do not listen to the group of signals to buy and sell, all are false

I think the OP is very correct on this one newbies are really going astray but I would not completely blame them because most of them where enticed by the people that introduce cryptocurrency to them by the riches they can get from it.

Not sure why this thread moving here?
https://archive.fo/Jx5G4#selection-237.0-263.62

https://i.imgur.com/POOd9rL.jpg

Is it moving by OP or moderator?

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Well, you in Indonesian SF now.
Welcome aboard!  :D

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@OP:
You're right. The first things that people do to explore a new platform, they should know "what is it" and "how to"
They should learning knowledge about the platform. Not working inside the platform.

If we see Satoshi posts. We will see how Satoshi provides knowledge to those who ask about it.

I'm not sure it's moving by OP, He/she was last active on March 12 2019, CryptopreneurBrainboss bump this thread on March 17, 2019.
IIRC, from March 17, 2019 I didn't see this thread on the Indonesian local board

Most of these commenters above wear pay/paid signature campaign and they are mostly in the lower rank group. Does that mean they have learned all about the forum; before proceeding to participate on pay/paid signature campaign? Although the choice is for everyone to decide and, i personally have chosen to stay away from pay/paid signature campaign because of my sole purpose of be here on the forum, which is to learn from the pioneers on the forum.

My voluntary signature campaign was an inspiration from higher ranked members of the forum who took part in voluntary service rendering of promoting the African bitcointalk community hangout. With these, am very happy with my little knowledge of cryptocurrency which i get from them by reading through their posts and threads all the time on the forum.

Knowledge is power. Better have more knowledge about cryptocurrency rather than start a service or whatever you like that will only cause disaster like losing money, identity used for criminal activities and leave comments about cryptocurrency like cryptocurrency is not what it is and you won't earn a penny and also you only lose money.

That does not mean they have learned all about the forum and cryptocurrency, my thought about that is they only learn the basic information about how to earn money or in other words they only thought that cryptocurrency is the way to quick rich which is not true.