Bitcoin Forum

Hello to everybody! Since I am a newbie , I would love to share this with my other newbies because I firmly feel that we are the ones who fall prey to ignorance the majority of the time.

Please let us be cautious when choosing which coins or tokens to buy. I've found that most of us newbies simply buy because others are doing so, believing that the coin or token will continue to have more value as it was introduced by someone we  love so much until they discovered it end up in nothing but only scam.

Always keep in mind that anyone can generate cryptocurrency coins or tokens as long as they have the funding to do so.

 Use of celebrities to mislead us.
After creating coins or tokens, their goal is to recover and double the money they invested. To do this, they use various strategies to make it appealing to people and promote it on various social media platforms, likely using celebrities.
Celebrities are sometimes used by new initiatives to draw attention by giving the impression that they invested a certain sum of money and received a return on it, but this is a lie—the celebrities actually work for the projects because he/she have been paid bfor it.

Please resist the urge to buy any token or coin because of your passion for a particular celebrity. Before you purchase any of these tokens, do further research. Always remember that even celebrities are after money. Allow yourself to be guided to avoid scam projects.

Source : https://www.bbc.com/news/technology-63116235

Great advice OP. I think celebrities are supposedly the last set of people to actually believe when it comes to cryptocurrency. The entire Social media isnt even advice to rely on, we could see how Terra Luna and DOGE where hype and later failed. Senior members of this great forum have even warn of investing in a coin even if a forum member preaches its potential. The best advice to any newbie trying to invest is to Do your Research or rather just limit it to investing in Bitcoin only

Thats when you get burned when you followed a shill blindly. Great advise, but some newbies or even degen players dont usually mind if the project is heavily shilled or promoted. They also knew that those influencers are paid and have bag of what they are posting. They just riding the potential gain which sucks for newbies who will bought late. Cause what would happened is simply they will become the liquidity of those guys and got stuxk at the bottom and will end up with a lower price of their entry. Soon turn to rug or drained liquidty.

One need to know this when it comes to cryptocurrency investment most especially altcoin you must do your research and rely on them to make better decisions. If you follow the trend blindly you may get burned.

I like your advice ops and this advice is not only applicable to newbies alone but to every other member of the cryptocurrency community.

There is a statement about the investment that is right at all times, which never follows anyone's advice and always risks what you can afford to lose.

Facts. Actually celebrity that promoting scam crypto and NFT are now being chased by the authorities since this illegal. Kim Kardashian is one of them that get the taste of his own medicine for promoting scam NFT. Most of the celebrity doesn't think about the welfare of there fans that will purchased tokens due to there influence. Celebrities ain't crypto or financial expert so they are not a good source of financial advice.

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Is there still any newbie keeps buying random shit just because celebs promotes it? If you are still doing this kind of shit then you need to grow up.  :D

Related to celebrity shilling: https://www.coindesk.com/business/2022/10/03/what-is-ethereummax-inside-the-crypto-kim-kardashian-lost-12m-promoting/

One thing that newbie should always remember "crypto investing doesn't always offer profits", there are always two sides to it, losses and advantages. Shitcoin has a greater risk of loss, especially since the coin has very weak fundamentals in the market. We've seen some celebrity launched coins are unreliable, more risk than profit. Most of them (celebrities) just want to accumulate wealth by exploiting the ignorance of investors in the crypto field. After accumulating enough money, they would immediately leave it without caring about the future of the coin it worked with.
Bitcoin is a good investment medium for newbie, I highly recommend Bitcoin for you and other newbie.

Actually tokens are quite cheap to create, practically free. In fact that is why shit-platforms such as ethereum were created to let people easily create virtual assets out of thin air for basically no money and then sell it to any idiot who would buy them for a massive profit.

Even if there's no funding, a developer can create his own token as long as he can deploy that and easily do it on his own share.

This is common for most projects, they think that they can attract more investors just because they've hired a celebrity that would Tweet or post the project that they have. But technicality, these celebrities are ignorants because usually they just advertise it without knowing if the project is legit or a scam, it's proven because it happened in the past so many times with different celebrities. But it's an increasing number for celebrities that are starting to know more about crypto and crowd funding.

There's many new scam coins created just to follow the current trend including those fraudster who create Queen Elizabeth coin. Don't get trapped by such charity or get rich quick scheme, those are bullshit and a red flag that everyone should stay away when they see such projects.

My advice is, if you want to start invest in cryptocurrency, make sure you learn about Bitcoin and get educated enough. This will make you to understand what is Bitcoin and why you can trust Bitcoin. Choosing other cryptos is wasting of time IMO.

This is what we are supposed to do but people don't even think about learning first as in their minds is to earn profit and make rich instantly. And a reason why most newbies fall into scam projects and make them say that crypto is a scam. Knowledge is very important here, though losing is avoidable due to high volatility but choosing potential coins seems to minimize it and could somewhat assure something in the future like if you are investing in Bitcoin.

The reason is because Bitcoin has been proven and able to rise to a higher price despite the many negative issues or FUD that befell it. Saving money in Bitcoin is more comfortable than collecting some Shitcoins whose future is not clear, even if you buy Bitcoin without any plans for the long term, Bitcoin can still be relied on for a long time.

This has been the advice being posted in this forum for many years , as I have posted similar quote many times that never fall from other words where and when to invest instead do it your own and with precaution because if not? then consider yourself as forever loser.

True that. Some people still mistake investing in other Altcoins like investing in Bitcoin. There is an above 80% that your investment in Bitcoin is going to give you more profit that investing in any other Altcoin for a long time. Yes, there might be a risk with every investment, and not that it could not happen in Bitcoin investment too but it is safer everything being equal cos I believe that we can all agree that the day Bitcoin fall, so is every other Alt.

Useful advice, invest with your own knowledge and never listen to anyone's advice especially celebrities, who know nothing about cryptocurrencies. Celebrities are good, but they are only good at their field and not with cryptocurrencies. If you see a very popular singer suddenly promoting a project, immediately think that they are doing it for the money, not for you.
We need to remember that money is ours, so we must be responsible for our money, once lost, no one can return it to us.

For long-term investment I think Bitcoin is still an unquestionable choice,
in this bearish condition the price is still going down and we have to be patient to hold it,
when it's bullish it's not impossible that the price of Bitcoin will rise again

What are you saying? If you think Bitcoin is still questionable to hold for long time, then name me the coin that would make you confident to hold for long time. I think we should bet the coin that you're think it's better than Bitcoin for long term holding, you should spend all of your money to that coins and I spend all of my money to Bitcoin. When the time happen, we should compare which one is the winner and which one is the loser :D

Are you dare?

It feels like the use of celebrities and influencers is gaining popularity in recent times. Crytocurrency projects now carry out endorsement for these celebrities and use influencers on social media especially Twitter to reach their target community. I hope we learn from the bad choices made in the past and inculcate strategies that would help in increasing our returns and reduce or eliminate losses.

No, not just in recent times, during the crypto boom in 2017 and some in 2018, there are a a lot of celebrities who jump in the bandwagon, like Floyd Mayweather and promoted some shtcoin.

And so this has been practice already and it just so happen that SEC is coming hard on those celebrities like Kim Kardashian right now and then let the public know what they have been doing, thus promoting them. On the contrary for us crypto enthusiast, we should used our common sense and not just invest because our favorite celebrity says so.

We don't need blind investment. To do a research safe us from scam project . Many coins have been down and abandoned.



Hope is still not gone for doge coin yet because Elon musk is available still and I have not made any bad comment on doge so it is still will get some hype and if the Twitter deal is concluded in his favour, he can do more hype through twitter and that will be a big sell out for dogecoin.

obviously I will think long to buy this celebrity token, where celebrity fame does not guarantee the coins they offer will be stable in sales, most of them will go down worthless if exposed to rumors about celebrities themselves

I agree. Something like the Elon Musk followers. It should stop.
Investors going mad about cryptocurrencies because of their failure to do research instead of following one known celebrity who doesn't really know what he is doing. This happens a lot.
Why don't they blame the one they followed?
It seems like whenever a mistake happens they want to pin the crypto field and even scam attempts are blamed on Bitcoin and altcoins although it should be the developer or the scammer they must pursue.

I agree with the advice given by @OP by not buying tokens or coins because of an invitation from someone, whether it's a friend, relative, or even a certain celebrity, without you analyzing it first because you are in charge of your money. And if you buy it without research and it turns out that the coin or token didn't turn out well, you'll regret following the invitation. We have seen many cases where people buy certain coins or tokens just because someone else invites them and buys them immediately without research. This will make them unable to benefit later.

These are the elaborated top tier pump and dump schemes, because they invest in expensive marketing through celebrities, going beyond the usual pump and dump scheme which relies only on cheap marketing (bounty hunters) for advertisement.

Some people might invest because they follow and like the celebrity involved, but in most cases I believe people buy the idea because they think if the project has enough funds to hire a fancy promoter, it must be a solid project which isn't going to die soon, otherwise they wouldn't be investing so heavily in celebrities.

Celebrities are there to shill the project and to promote it to the masses. Just like on the real life, Don't do anything what a celebrity tells you to do. Celebrities who promotes crypto tokens became famous last bull market and I'm sure that there number of people get scammed because of the paid promotion that a certain celebrity or influencer do. If you treat cryptocurrency as an investment, It's your responsibility for the backtrack and research for your investment. Being ignorant will cost you money here, I've seen so many token recommendation from the community and I'm doing research about it but If I found something wrong, I won't be ignorant and just continue just because it is recommended for me.

Oh yeah, scams could happen at extra ordinary level. There was Once coin named XFC and surprisingly it is still in play but lost its value after scam was exposed by authorities. So this project was related to soccer and they used Cristiano and many other players photos, videos and animes to promote their project without any contracts with them. They went further to sell their stickers with their coin on it and showcasing its worth it. However soon club was called and suit was filed against them. Today they only have XFC with no value but just in game play coin that’s all. I have seen so many news, experienced so many projects like this! Definitely worth studying what we going into.

This is the reason why you should not believe anyone who are giving advices and even those celebrities that post about cryptocurrency as it is not entirely accurate and even some of them are just making a hype or using their influence to their advantage. If you want to listen fo the celebrities or influencers then better compare your own technical analysis to theirs to see the difference or even make some research to the same or similar things but made by different person and see which one you should follow. Always remember, nothing beats being knowledgeable than being dependent on other people's tips, opinions, suggestions, advices and technical analysis.

Part of the experience of being a newbie - will be lured to a certain coin or token because of the hype.

Honestly, it's really good to give advice like that to all newbies however they won't really feel the actual risks since they didn't experience yet the worst when buying a hype coin. They will just learn for good after some worst and most painful experiences. Salute though to those newbies that know very well the risks of buying a certain coin especially driven by the hype.

On the positive side, I truly believed that not all newbies are dumb to just risk their money without caution.

I trust that "most" newbies are using their common sense before doing such actions.

true, because indeed not all projects that have partnership with popular celebrities can last and become successful afterwards because based on mu experience last year mostly always end up into nothing as well and stuck up especially when it comes meta verse stiff.. So it still up to us if we really want to prevent bad projects. Wherein for me it's always good to accumulate specific information so that we can pick a really good project that can give us good results especially in the long run.

I greatly agree, there had been some projects that were promoted by various celebrities that turned out to be a scam or frauds.  We must do deep research and not get persuaded by anyone without digging for information about the project.  Most celebrities are being paid to advertise the project and do not actually spend any money.


There are already known scam projects that were promoted by celebrities.  One of them is Centra promoted by Floyd Mayweather Jr.  Floyd Mayweather was fined after Centra is proven to be committing fraud.

Agreed, and we need to know for what reason they're called celebrities and Influencers. According to me majority of the celebrities are good actors, so acting for money is not a big thing for them.

When we talk of Influencers, they're long term market watchers and have the ability to make impact over the market. In the past they're good in it. Now slowly they try to promote and generate revenue than doing the right thing.

You are wrong newbies are not the ones who get victimized by scams, these scammers are getting good at fooling people to buy their tokens, celebrities can promote tokens or coins it's not that when they promote coins they are scammed right away, it's not really on the celebrities it's on the platform and usability of that platform, if they are launching crowdfunding, better check the people behind the project, are they real people, are these people capable of implementing the roadmap, marketing is also important that is why they partner or hire celebrities for it, but a good project will stand even without a celebrity, we are past projects that need celebrities to stand.

Viewers or community arent fools to commit or experience the same mistakes which it means that if they've been fooled once by a certain influencer then these fellas wont really be getting any views on next time.

People do eventually learn and would stick out on things which they do seem to be that helpful or relevant rather than into those who are really that manipulative.It is true that it isnt really necessary for you to

get in line on what others been saying towards on making decisions towards your investments.Always stick out with your own analysis and just snip out some ideas
on some sources which might be helpful on your part.

The present time is a very dangerous time. If you want to invest, this time should be invested very carefully Because if you don't analyze well while investing now then you will most likely fall into Ricks later.It is best not to invest in any frivolous project at this time. And if you want to invest, invest in the most popular coins.Because if the market is good then surely all those coins will go up with the market and you will not take much risk.