Bitcoin Forum

My country people good morning inside this morning, today e get thing wey I wan talk about wey we they always do wey no good for us, wey at the very end, we go start to feel regret due to say we encounter serious losses.

I wan ask, if no be misinformation, uninformation or greed, wetin one make an investor wether newbies or veterans to invest heavily on alt or shit coin? When Bitcoin still dey in the market?

I just dy reason this thing since last night because one of my guy just dy complain too me last night how him invest $500 on OBX when the price been dy $0.013 since July 2022, and up till this day, the value drop to $0.0000457, and it refused to climb back, I no even bother to ask am how much remain, but I just feel sorry for am, I only tell am say in this crypto space, make him no carry knowledge and greed play, say na lack of the right knowledge or greed nai put am inside this kind of mess in the first place, so I say make I ask my fellow brother's, apart from misinformed, uninformation or greed, wetin fit make person fuck up like this, when Bitcoin still dey?

I know a friend that invested $500 on a new project. He was able to withdraw $230 or so. I asked him about the coin last two months, he was able to withdraw not more than $15. Making $245 in total. He lost $255. He was still very lucky than not having anything to withdraw.

If you check last 2 or 3 months. Many country rose in price since last year to that period. But most of the coins really dumped hard after then. Most of the coins, especially new projects like the new memes have possibly gotten to their all-time high. They will become old and people will leave them for new projects which are also risky.

You dey absolutely correct,
Na either of these three reasons you mention here like this go fit make person comot him money go invest for shitcoins, and as if that one no do, e come still go HODL am for the long-term. Na true say e get some altcoins wey dey stand the test of time and e go come gain recognition in the long run still give investors better profits, but the chances of getting the right coin these days nah like 1 out of 100, so to be on the safest side, make people just find way avoid all these shitcoins investment.

Wetin shitcoins do me when I first start the crypto journey, I no go fit from forget am, make me kuku come dey fear to invest in anything shitcoins, if no be Bitcoin I no dey do, and then again, even with Bitcoin self, if person never study how to carry navigate the Bitcoin investment self, e go still get the same result again.
Wetin dey shock me pass for this whole things self nah say, some people go just go invest heavily for one kyn new project wey them no sabi anything about, simply because one of their friend tell them say thr token go perform very well and say them too dry invest in am, and without doimg their due deligence, them go rush go invest, and i believe say e go be one of the things wey do that your friend.

Get rich quick syndrome is what is the reason why people will leave bitcoin and invest in altcoins because they have been decieved by the dev or Influncers that the coin has the potential of increasing in value like bitcoin which is a BIG lie.

Some people finds it difficult to be patient with life and do things the right way but instead they want to be faster than their shadows which lead to wrong decision making. Most of them know about bitcoin but the patient of investing in bitcoin and grow their bitcoin investment gradually for a long time is their problem because they don't want to get their reward in future but they need it now now.

It's natural for people lose in cryptocurrency especially in altcoin or have you remembered that your gain is another person lose why your lose is another person gain?
Yes this is one thing possible in cryptocurrency because when you have the coin accumulated in your wallet maybe in exchange you would feel that the price going to continue soaring without knowing that the team have their own target of making profit immediately that target is met they cash out big time, so for the new trade that are venturing into the market or new investor which would also feel that the coin going to give them series of x in returns but back fire them maybe could cause huge dump on them.

It probably misinformation or ignorance or even negligence of the risk involved that get them to such kind of losses. Normally everybody know say na alt coins de more profitable pass but the risk wey de involve suppose make person reason am well before just investing but most people go just ignore all those things and just be fixated on the profit they can make from it ignoring the fact that the risk is higher.

I also do feel for those people but i came to understand that they will learn better from their mistakes and experience, after losing money couple of times e go help reset their brain and understand say alt coins no be the way and dem go understand say their volatility de very higher and most of the times when new projects lose value they find it very difficult to recover na why alot of people still believe Bitcoin and na why bitcoin be the best investment of all coins.

After from Bitcoin there are other altcoins that's good for investment and you will be glad you did, he messed up by not studying the market properly,  is not greedy is just unfortunate the investment turnout badly. Some of the altcoin projects are scammer but few are real but not much investors in it, so it can't grow. Before you invest I'm in any altcoin consult those head of you in cryptocurrency, they will tell which to invest in, to me if you want to invest in Altcoin ethurum should be the only option for me.

You know nah how them carry deliver the information about the prospect of any coin to some of these people nah dey take ginger them to put heavy money in investing in those shit altcoins. E get how person go praise one particular new coin for you wey be say if you know sabi your way well you go just pack all your savings go chunk am inside thinking say within the next month or more you go just cash out profit. But shitcoins has a way of always disappointing its investors.

People never still scope say nah shikili money them dey use put for altcoins if actually you believe say the coin go do well tomorrow, and no be money wey big. Outside misinformation, na greed the make people carry big money go invest for altcoins, altcoins no need you to put big money before you make better profit. Even $20 go still give you massive profit for better altcoin wey do well las las. But the conclusion of the whole matter be say na bitcoin na just sure pass.

We see it practically happening over the new trend of memecoins which are launched from the airdrops today. Like the Altcoins, people are now moving towards the massive adoption of the memecoins as those companies continue to grow up with their big communities. The impression is you can make thousands of dollars worth of those coins once they're listed in the market and I've witnessed cases of people who are moving their investments from the Bitcoin network to sharing them in their memecoins and altcoins due to this believe that they can make fast and quicker profits from those tokens and coins.

Whetin make plenti people leave the fiat currencies come start to they put eye for bitcoin na because of d believe whey dhem get say bitcoin dey more profitable and more reliable in terms of consistency of growth for investments than d dollar. I don't see anything wrong with such decisions since every one is out there to make profit. The only part which makes me skeptical is those who become too selfish to make the right decisions and are misled by their degree of greed and wrong decisions in the name of looking for profits.

This one nah both misinformation and lack of proper knowledge. most people always think they can get rich quick through this space, and this space nah where person go fit gain  or loss. And the reason why i said that is misinformation because some project know how lure people especially those wey dey new  to this space to invest in their lame project and due greed and lack of making research alot of folks will fall victim , leading them to lose their hard earn money.

And the reason why most people don`t invest in bitcoin is because they have not seen the beauty of investing in bitcoin and most of them don`t have solid knowledge on how bitcoin work and stuff.

E no easy for this industry wey we dey so. I know say I dey follow people wey dey advice to focus on investing in Bitcoin but I know say e no go easy for many to follow because me too e no been easy for me when I start to dey invest in industry newly because while you dey get 1x for your own investment your friends dey make 10x and above for shitcoin/altcoins (e go come belike you no dey dey industry) and e go worry you to wan follow them but when you do your own, you go begin lose most times and this particular one na greed but e go some wey be say the cause na say no information was given (like dem no know at all)


All three contributes, the misinformation go be say dem no fit make profits from Bitcoin and na wetin many people dun believe so as dem dey hear for social media from influencers. Not being informed be say no body they encourage them to invest inside Bitcoin and hodl as many of them are getting introduced to the industry through Altcoins so na their dem go advice them to invest and not Bitcoin. The greed own na wetin I explainer above, normally we no dey ever dey satisfied and we want more but end up losing the little we had.

That feeling dey there, but after I listen to Warran Buffet advice, I learnt my lessons. That man talk say, no be about the return wey you wan get, but na about how much you go lose if you no fit get that return. Na there be the investment focus. And if we examine that him talk, we go understand say bitcoin no go make you lose all only if you get patience but plenty of shit coins go make you lose out for ever.
As senior man talk, e fit give you X10 and e fit collect you too, so e just dey like gambling.

I no know if uninformatiom na really a word but, I go say na lack of proper research cause this one.

The bad thing be say, you no ever fit sure finish even when you do in depth research about a project na why, e dey always Dey advisable say, you work with watin don Dey around and has been known to perform well over the years like Bitcoin and some of the top coins by market capitalization.

Most people Dey look for opportunities in altcoins via say, the prices dey down and you hope say, as you invest at a low, na so so rise you go Dey see and na so your money go grow kwa but, this na mainly based on the project, the developer and the blockchain way them Dey built on.
Once altcoins dump like this, that na to tell you say, people don take profit and with this price as e be so, make your friend just forget am. Even cutting loss no work for here.

There is no doubt that the Altcoins sometimes bring about huge profits than bitcoin due to their high volatility but just as you said there are many who of them who are just scams and as such no need to go there thinking of them as investment. Altcoins are just pure gamble that even if you ask the most experienced investors ahead of you they will simply tell you something base on how former similar project has performed, which is still just a risk.


So as in the case of what OP has stated I will say it is pure greed in my opinion and Also misinformation that you can not have a very good ROI with bitcoin compare to other Altcoins, which is true but also you need to know that it also has the same potential to rug

I reason wetin you talk, your two points make sense, get rich quick scheme and lack of patience de make some greedy investors make mistakes. Wen some people hear say person fit to buy altcoins and within a very short time di price go increase to 100x to 1000x, dem go become greedy and invest plenty money for any hyped project wey dem hear, with di aim of making abnormal profits. In di end most of dis projects na scams dem be and na so dem money go vanish when di crypto become worthless. These people believe say to buy, hodl and wait till bull run before dem go start to cash out dem Bitcoin ROI na long process, dat na why dem prefer to gamble dem money ontop altcoins.

Person wey wan buy altcoins suppose research di project wey im wan buy first, if im de satisfied to buy, make im invest di amount wey im fit to afford to loose.

Make I first commend u on how u take construct this post with pigin, in such a way, wey I fit read fluently. I doubt if my pigin go fit flow and dey easy to read/understand like this. Nice job.

And to the post, I think there are clearly two things here. One is being informed (that means u dey aware), while the other one is uninformed ( which means you no dey aware). It might be that your friend is clearly aware of the massive risk attached to shitcoins, but still chooses to purchase some for himself. This is where we can now use the word being greedy . He is being greedy, because he knows that the road to shitcoins investment is merely like gambling, and he is willing to do that by putting his money on the line.

Then, assuming he wasn't aware of such risk, then we can't really blame him or label it as greed, as there was no awareness before hand.

Though, there are people who are living a life of the first point i mentioned (greed). They have the information, but they still choose to take the other way, as they believe it pays faster. Just as some people will say on this forum, There is no such thing as get rich quick. If e work for others, the matter fit cast when e reach ur turn.

You dun mention most of the reason, but e get one wey be like e suppose dey there, and na "know know"character or "ITK". When someone thinks they know too much and do not need the help or opinions of others on something as important as cryptocurrency and investment in it, they can end up making mistake. Ask questions before you invest for crypto ooo, because misinformation dun dey plenty pass correct news, so we need mount our guard.

I might say he was a victim if such due to lack of research or influence from other crypto investors because it might be he was in one of the social media and saw a post about it, then he just decided to go and invest in it without having his own personal research on it. That is why he was a victim of such incidents, but to be sincere, if he had invested in bitcoin or any coin that has more popularity, he might have definitely made his profit. 
 
Although what happened to him is also an experience, he will identify his mistakes and try his best not to repeat such mistakes any more in the sense that in any failure they will most likely be a lesson. Although it is not funny, all this can make someone lose interest in crypto investment, but the fact is that he is also greedy. If not, what was his reason for investing in such an altcoin?

From my small knowledge about mathematics, make I try to disect this equation to know how much wey eh fit dey likely to remain for him wallet address after the price dropped drastically.

So since the price of coin wey he buy back then in 2022 na $500 worth of it at $0.013 per OBX, them that means the amount wey he for get na $500/$0.013 = 38,461 OBX.

So that means the amount of OBX coin wey he buy that time na 38,461

Therefore, since the current price of OBX coin now don drop to $0.0000457, to know the total worth of the total coin now for him wallet should be 38,461 x $0.0000457 = $1.7576677 (i.e approximately $2 ) left in his wallet.

Finally, that means the value of the shitcoin he bought in 2022 with $500, the current value now is below $2. Lolz... This is really funny

The genesis is always a misinformation. The influencers we have nowadays simply show the good side about crypto. "But x and z tokens and stand a chance to become a millionaire in 3 months time". With that kind information, new retail users simply jump in to ajy early stage projected they can lay their hands on and hold it like their life depend on it. Secondly, there is greed and that is the primary reason. I want to believe that OP's friend had the opportunity to sell for some profits but decided to hold on to it for as long as possible to maximize gains. Misinformation just dey too much in crypto and them dey put unrealistic targets in the head of new people and when they don't get that immediate pump.

You know say e get as altcoin pump dey be, e fit pump very high; the same way e fit dump fast fast, na wetin make dem dey call am pump and dump. So many people wey dey buy altcoins know all these things oh, but so many of dem just dey try their luck, some people dey call investing for altcoins as gambling sev.

E better for person to buy bitcoin, i know say the price of bitcoin cost well well, but e better to buy the one wey your hand fit reach, come dey wait for realistic returns, than to buy some new coins so, dey believe say e go make you rich, meanwhile na your money you dey go lose so.

It is greed and pride ,if am not mistaken he's aware of Bitcoin,he feels what he can get from Bitcoin,he can also get from can also get more from other coins within a short period of time,he wants to show off, not knowing that Bitcoin can't be compared to others cryptocurrencies.
If he had invested that money in Bitcoin,he will be smiling now, even if you don't know,why not try your luck with little amount of money and see the outcome before putting something huge.He who laughs last laugh best.

Good morning my naija people actually this matter of uninformed and greed go deal with you seriously when it comes to crypto among others Bitcoin is still one of the best to invest on. You wen dey put money for new project with misinformation you are just been used to added to the liquidity pool you maybe rug pool only if you are smart enough when u know wen to stop. Be well informed, educative and always be updated about wetin dey sup for the market.

Sometimes na mis information, on the other hand e fit be greed. But the way our country dun dey now nobody wan carefully understand something before them jump into that thing. So long as say Dem hear say person benefit from something them dey ready to do that thing even if them no know how to do that thing.

To dey loose money for crypto no pass those two things wey don talk though sometimes e get small matters wey fit affect person Sha but the main thing dey always be this greed because sometimes wen e wan bless person, u go dey tink say more go still come so u no go carry d one wey u see fes. Even for trading wey dey collect pipo money, d few times wey I don loose na greed do me so I see am say na d major tin wey dey make pipo loose money but sometimes other things fit happen too sef.

U can only experienced some things like dis from beginners in d industry, because dey will not tak their time to ask plenty question dat will mak dem to understand why people are investing in dat altcoins, but once dey have d money to invest, dey will ignore bitcoin investment which is d best investment among other cryptocurrencies investment which beginners use to lay a good foundation of income earning. I no say people dey earn income from altcoins, but is not good for beginner to use $500 to start altcoins investment because there are some altcoins u will invest such money, u can b lucky to mak X10 income from d investment but there are some altcoins u will invest such amount of money, u will not earn anything till it will disappear from d industry which I have seen many altcoins like dat in d industry, mak sure u have d understanding of bitcoin investment and altcoins investment before investing your money.

Yes, beginners are mostly the people who fall victim to the price dip of shitcoins, cause they get easily influenced by paid promoters or refuse to carry out proper research before investing on a new project. In the right sense, the best Crypto investment a beginner should go after is Bitcoin, because once a beginner understands the concepts of Bitcoin, it would be quit difficult for them to be mislead by most paid influencers, since they would've already understand that most shitcoin depends on Bitcoin to add value, expect maybe they become greedy and decides to take their chances on other new projects. Most of this shit coin only get pumped to attract investors and dumped when the owners of the project have sold off their holdings leaving investors to be on the losing ends, However investing in Bitcoin has it's own disadvantage due to volatility but it doesn't pump and dumped like most Alts and the value of $500 a new beginner invests could increase over time.

Seriously some na misinformation, and some na greed. Some people just Dey enter crypto space, and dem no really get enough information about Wetin crypto Dey about, most of them are brainwashed by people wey carry them come crypto, make dem invest in some particular shitcoins if dem Dey look for maximum profit, so I will call those ones misinformation, because they don’t really have much knowledge yet.

But you sabi people wey don Dey crypto for some time, and dem sabi Wetin crypto Dey about, den they still decide to put their money in shitcoins, then I will say that’s greed because Dey know d risk involved in it, but na d instant money wey Dey shit coins, na why dem put money be that. Because they know Dey can’t make quick money from bitcoin, so they decide to go for shitcoins.

Most investors are like this, they're just desperate to invest in the industry because they want to show off their wealth as others are doing and this make them to have the mentality that they need to make money fast instead of having a long term investment mentality that helps you to build your portfolio with focus on Bitcoin because it is the only go to coin for a long term assurance. Altcoins can easily die when they don't get the attentions that they use to have before but Bitcoin is always the focus of attention at any given time so your investments in Bitcoin isn't going away but staying until the next bull markets.


If to say this people demselfs the truth say na gambling wey dem dey do and them no dey expect anything then their decision can be understandable but this one na say dem go pack all their money go put for shitcoin wey be say dem know say the lifespan no long because immediately a new shitcoin comes, most investors go move to the new one so dem fit be among first investors to make dem fit cashout early, come run but them dey always run out of luck and get stuck holding worthless tokens.

The greed to make many gains na em make many of us the invest in altcoins like tomorrow no dey. So many of us don get this mindset sae investment for altcoins go give us the mega money we d look for crypto, so make we ride om with am, who knows what the future holds for us, We can be rich from altcoin instead.

Being rich in a short time, na em make some of us the invest heavily for altcoins, but the major mistake wey many of they make na to invest big amount for a single coin, rather than having diversified investment for other top altcoins with bitcoin.

For someone like me, I can't think of investing huge amount for a single coin wey be sae I get up 20-30 coins wey I go fit invest on. That your guy did a very big mistake of investing upto $500 in a single coin, what is he expecting na wey be sae a coin can be rugpulled or lose value for the market. Assuming he diversified the $500 investment in other altcoins, there will be fate in recovery the amount loss in other coins when the market bulls. Notwithstanding to this, the market is a gambling game, you win and lose some

Mdaa Wuga! Greed sha n wetin most persons no dey gree admit but some degree of am dey run inside everybody blood. Some Persons own sha pass the normal... Weyn dey make pesin invest heavily in shit n altcoins despite knowing fully well wetin dey involved for where Bitcoin dey.

Make we dey try control our greed no let am push us for gutter.

Sometimes e no necessary mean say na greed but when it comes to profit making people will just decide to risk it just because someone else made profit. Attaching greed with altcoins investment is not right in my opinion because investors generally invest and expect profit in return, people invest in bitcoin and expect something good in return likewise altcoins but the only difference is altcoins might likely fail and I think this is where your point is coming from. If I go answer the question na profit dey make people choose altcoins mostly who get money go choose both as investment choice.

I won't necessarily call it greed or misinformation. Let's be real with ourselves, a lot of people in crypto are first of all looking for cash, particularly quick cash, before looking for long-term investments. Altcoins provide this easily. The risks may be way higher than that of Bitcoin, but so is the return in a short period of time. All you have to do is decide the best project to invest in, buy when the price is low, and sell when the price is high enough.

Of course, to be able to earn from altcoins, you must follow these 3 steps judiciously. If you invest in the wrong altcoins, you've already lost your investments. If you buy when the price is already high, chances are you won't earn much, or if you're unlucky, the price may begin to fall. And if you don't sell at the right time, you earn little or you lose a lot. You need the right information to carry these out properly.

Being able to spot and execute reasonable investments is what makes you a good investor. Your friend just made a mistake at a particular stage and I'm sure he'll spot it and learn from it, so as to not repeat it.

You know say some people Dey this life na risky be their second name, if no be person wey Dey find risky waiting will go carry me put $500 for one kind shit coin wey no be bitcoin, If no be bitcoin I no Dey believe all this shit coin this days because many of them na wasting of money wey be say you no go see am sell and you no fit see your money wey you take buy the coin, if no be greedy person wey that your guy be waiting go carry am go put money for that kind coin wey he no need advice from you wey be him friend Abi him wan make he hit the money before telling you say he cash out for one kind coin.

Some people sha get strong head, no be say I Dey spoil all those other coin nii ooh but taking that kind of money to invest for that kind thing no make sense, at least he should put that money for bitcoin or keep am for ground and add am with some money wey enter he hand another to invest if he think say the money too small to invest in bitcoin, but sha as e don be like this and e don happen, this one go be like example for him make him no Dey too take this kind risk all in the name of profit.

You have made good points, but how funny it is for people to only learn things the hard way indeed experience they said is the best teacher but it could have been better that most times we learn from other people mistakes but yeah most people are not rightly informed while some are and failing, refused to see the true light which is Bitcoin, it always advisable not to do more 10 percent size of our Bitcoin holding in to other coins, that is if we can not control the urge of getting involved with other coins rather we should prioritize Bitcoin as the best coin among every other coins.

Well.. this your question or post na wetting just dey happen everywhere today. no be only your friend don fall thak kind of victim before even most of us don fall for that kind victim before. For me I see am say no be only greed  dey cause most of am. Sometimes na just that desire to invest and make alot of profit after the person go don hear information about bitcoin. So the big amount Naim dey cause am. Wrong information too dey cause am.