Bitcoin Forum

After the FTX fraud spreads to every corner in my country my friends are saying crypto is the biggest scam of all, they said one day everything will reveal, this is coming from those that shows no interest in crypto at all even when I tried to confuse them but I did something right.

I sent them a message through WhatsApp explaining to them that FTX is not crypto, that FTX is a private company that people aren't supposed to trust because it's centralised but they do and in the end FTX illegally use their money for their own selfish interests.  

Then I went on to tell them how crypto is very different to FTX, complete transparent and immutable is what crypto is compared to FTX and I was able to confuse two friends after this explanation, now they want to know more.

I have come to realize that many people bad mouthing crypto don't do a single research on the technology first ( complete disregard ) so I urge you to explain more to those ( friends and families ) that call or will call crypto a scam all in the name of what FTX did with customers' fund.

You have to make it distinct for them to know that it is bitcoin that is transparent, that most altcoins are not too and many are resulting to money loss more than expected. 75% of ICOs in 2018 were scam, there are many ICO that are still scam. There are many other ways that people are losing money just because they are not following the right things to do.

Because what they see on social media can be a 100% true to them. Thats how the power of social media that could change someone decision or belief.

You should just explain to your friend wisely what is yout knowledge and ellaborate the difference of such important technical matter on crypto especially on security and transparency.

Sometimes the mainstream media are the biggest culprit, their headlines and content are manipulated to make it appear that Bitcoin is a company, they even interview so-called financial experts to back up their claim that investing in Bitcoin is considered a high-risk investment, some even attach it to Ponzi scheme.

You can do that to open-minded people and awaken their curiosity and the good thing is it's easy now to educate Cryptocurrency because there are so many materials online that you can use to convert these people on the value of Cryptocurrency and blockchain to our present generation.

Because they believe more in what mainstream media are saying, these media prefer to broadcast the bad sides of Cryptocurrency, people believe that if it's unconventional it should not be accepted, I know of people who are involved in MLM and they believe that if Bitcoin has no main or central office then its a scam, I don't waste my time on them they will soon discover the value of Bitcoin.

It’s foolish to use FTX scandal as a criteria to call crypto a scam, many do not seem to read and understand before they come to a decision. They simply follow trends and have a been programmed to believe whatever the media puts in front of them.
I believe you meant to say “convince”, you made the mistake twice so I’m guessing English isn’t your first language.

Fiat money is the biggest scam of all. Think about it ;)

This is what the mainstream media does especially those who are supported by banks and their allies. They really wanted to make bitcoins the bad guy when some exchanges failed or some fraudsters or scammers used bitcoins as props for their evil deeds, they will gonna highlighted the name bitcoin to make it as if it's the culprit. Yeah! good explanations and truthfulness is our key to cleaning bitcoins and the crypto industry itself. this is not a joke because these hostile people are funded to do their job and they are not gonna make it slide once they found a lope hole.

It's just human psychology, people are afraid of the unknown. when they don't understand something, only negative things are looked at and something "unknown" is belittled. I remember various fears over time that have become everyday things today.
When bitcoin and cryptocurrencies are accepted by such, then you will know that the implementation is over and that the mission has succeeded.

The news is everywhere, and it has caused some people to lose their wealth. It has also caused fear in the minds of people with little knowledge of cryptocurrency and Altcoins investors, causing them to panic and sell their coins.

Were you referring to Bitcoin?
Because bringing up crypto and explaining how it differs from FTX will only confuse them further. Why not use the term Bitcoin for them to differentiate your explanation? FTX is also a cryptocurrency coin, so mentioning crypto for them may confuse them even more.

Most of them are those who miss the opportunity to invest below that’s why they making negative comment for FUD to dump the price and make a lower entry price for them. It’s very rare for a people without knowledge on crypto to waste time on making negative comment on crypto.

Also. There’s a lot of well known people that making FUD on Bitcoin that turns into crypto supporters during the bear market. Some of them is just doing it to have lower price entry for there investment.

I bet you wouldn't want to confuse them the more than convincing them because there are a lot of craps in crypto as a matter of fact in which part if them were the likes of FTX experience and many other projects from all this so called centralized exchanges with their coins they promote along with other shitcoins, if i were you i wouldn't bother stressing myself on broad cryptocurrency but rather choose the best which is bitcoin and teach them about it leaving other cryptos behind.


But they've got FTT coin, people invested on it and all gone, most of this centralized exchanges have thier own shitty coins as well that they will always repackages just for you and i to buy and invest on them and get disappointed overnight with our investments.


If you must recommend cryptocurrency to someone them choose bitcoin and also give a sound education about how to buy and sell to them, do you know why they should start with bitcoin, because bitcoin will never scam and run away their entire asset like other coins do, bitcoin can only be volatile when there's a drop in price or a pump in price for them to make profits and will always remain relevance while their entire asset or investment cannot be lost.

The scammers and a group of people who want's to control crypto currency make a bad image for digital currency, its not the coin, but the people behind them, coins have usecase but once this people decided to run with the money, everything about crypto is a scam for those who become a victim, so what should we do? as concern group of community we should educate this people and explain, what really happens, in this way we save the face of crypto, and help them realize that there is a good side of it, that will be good and profitable in the future.

I mean what's the point for you to spend more time and teach Bitcoin to them? there's no benefit for you, but you just increase a risk to being targeted by criminal or your friends. I believe there's many people who often ask for money when they see someone is richer than him, they will try to become a fake friend in order to take advantage over you. I would stay away when people are talking about Bitcoin and try to become stupid if someone ask about Bitcoin to me.

This is how the media spreads false information about cryptocurrency without providing the actual context that causes it. When bitcoin experiences an inappropriate event, the media loves to heavily discuss it in a way that will make people view crypto as a bad investment.

Due to how the mainstream media has portrayed cryptocurrency as a scam, it will take a lot of conviction to persuade someone who doesn't know anything about bitcoin to accept bitcoin.

I occasionally try my best to advise and educate my friends about cryptocurrency and the risks involved with investing in altcoins other than bitcoin since I don't want the media to indoctrinate them with illogical thinking.

Alot of strange things keep happening; sometimes as a coincidence just so peeps would rather believe the so-called truth ( which is it), and try to practicalise them -- it's always happens in due process and finally, you'll just realize that you got their minds blown away.
    I'm not gonna ascertain the fact that everyone of 'em would get to believe you, but I'll make it clear that everyone will hear you and SOMEONE would choose to try. This paragraph counters your topic sentence and, ofcourse yunno that some peeps get angry for being told what to do,.. but you're not to let that mindset overule them right.? Exactly, that's why you're trying.
Another thing is ; were you seriously tryna CONFUSE them? ..lol I thought that'd be the other way round??

Sandra 🧑‍🦰

Sometimes a good explanation need also a visual proof since not all people can digest the information you say to them since there are people who's in denial with things they went thru especially if they get scammed and don't know what's going on.

Not also surprised if they associate the whole crypto on what happen to FTX since there are still many people un the world doesn't know the difference between crypto and companies who use crypto for scams.

Fiat money is a biggest scam.
Altcoins are second biggest scam type.
Stable coins are third biggest scam.

I put altcoins at a second place because we can not calculate how much capital was lost in altcoins.

Stable coins are altcoins but they are special altcoins and it is easier to estimate how much people lost in stable coins.

I wouldn't say fiat and banks are the biggest scam, because they're regulated and you can recover your funds since there's an insurance entity who have big reserved funds. Bank savings isn't to grow your money, but it just to protect your money. Although there's few things like fiat isn't being used for money laundering, banks can freeze your funds and they will ask more verification etc etc that make people mad about it.

But it's not like altcoins and centralized stable coins where you wouldn't get any insurance or you can report the CEO to go jail, many scam projects can easily avoid this.

After all most people are still using fiat and not use Bitcoin as a currency.

Fiat is not money, it's currency. That's the scam.
That is also the case with cryptocurrencies that are not even currencies at all which is part of the reason why they are scams.

Boss pooya87 correct me if I am wrong, you said that Fiat is not money that it's currency, how is that when currency is simply one tangible form of money? Also crypto ends with currency too, is Bitcoin not cryptocurrency? Bitcoin fits money more than Fiat? 🤔🤔🤔 damn I'm confused.

Majority of person's who speak bad generally about cryptocurrency don't know enough about it, they speak out of assumptions and not proper knowledge about cryptocurrency. Having assumptions about something is the first way to gather wrong information about it. As people who have the facts, we can try to set the information about cryptocurrency straight to people mostly our close friends and family with the wrong idea about cryptocurrency. Try to change their perspectives, but don't force it.

Lack of knowledge make so many people to  go astray with wrong information that they heard. Some people cant shut their mouth for a minute because they love talking and say whatever they hear anywhere without knowing if it is true or not. I think this is a conspiracy between the government, banks and social media to demoralize the public on the use of cryptocurrency as they see FTX crash as a big opportunity for them to scare the public from financial freedom.

It is the banks that are scam themselves for ganging up to deceive the public in other to be in control of the financial lives. It's like the banks are seeing the massive adoption of crypto by the people and are scared that they will not have enough to steal from people in the nearest future.

The most foolish thing a man can ever do is believe he knows it all, if something sounds like a red flag to you make sure you do your digging first before condemning it, some people spread bad rumours about crypto, and if you ask them some questions about crypto you will find out they know nothing about it.

Sometimes I just have to believe that some do not want crypto to work out that's why they shut you down instantly when you try to put them through, they knew people are into the tech but their corrupt mind won't let them learn.

You're missing the point ;)
The "insurance" on bank deposits doesn't mean anything, all it does is give you back the same fiat money that gets created out of nothing and continuously drops in value.

Their assumption on Crypto is horribly wrong, just because of FTX Fraud they say Crypto is a big scam. Assumptions like this are the same as when a woman is left by her boyfriend, then says all men are the same, even though not all men are like their boyfriends.
The incident that happened to FTX cannot be said to be a big Crypto scam, they cannot distinguish FTX from crypto because they are not familiar with how crypto works.

Curiosity about crypto will be present in someone when he understands how crypto works, they can compare the positive side of your explanation with the negative side they read on social media. After they get to know crypto with all the benefits it can offer (even though there are risks in it), they will become increasingly obsessed with following in your footsteps.

I, too, am always surprised at the zeal of people to "teach and promote" something. OP, why are you doing this? Everyone must do their job. Your friends think badly about Bitcoin; well, good luck. Why would anyone need to prove that the earth is round? In addition, they remain friends as long as they do not need money, and one day, as Solosanz was right, they will need money, and then they will come to you with a wrench.
Don't forget the rule: money loves silence. Your friends are not small children, and it is not necessary to prove anything; time will prove everything by itself. For example, I see your volunteering as an impulse of vanity, to seem smart and teach; it's cool, isn't it?

It takes someone with an accurate knowledge of a subject matter to actually teach or in this case explain in a way even a baby can understand. I see OPs effort in trying to convince persons who do not care to understand, how to get involved with something they detest due to ignorance.
The way I see it is this, when the need for fiat or cash arises, and they see how sufficient and cozy OP seems, or if they see how OP gets things done that has to do with cash. They will on their own lend ears to the lessons that would gladly follow through after giving a candid explanation. That's what is called a good explanation.

this is a bad influence caused by the FTX issue, so new users will say that crypto is not safe anymore and crypto should be shunned. Whereas FTX is only a centralized exchange that does not have any responsibility for misusing user money so that they collapse.
When your friends say that crypto is the biggest scam they don't believe in crypto anymore and consider all of them the same. We as crypto activists who understand crypto really have to provide education as clear as possible so they don't always think crypto is always bad. We or they have to do research to find out what we are using as in crypto. FTX is a fraud centralized exchange, and crypto is a digital currency that has many types, including Bitcoin which is.

Money is something that can be used as store of value and can maintain its purchasing power over long periods of time. Money is also fungible, divisible, medium of exchange, ...
A currency is all that (fungible, divisible, medium of exchange) minus the store of value part (ie. maintaining purchasing power).

Fiat is currency because it can not be used as store of value and it does not maintain its purchasing power over long periods of time (that is what inflation is and all fiats have it).

A cryptocurrency that can be used as medium of exchange can be called a currency. Majority of altcoins (specially tokens) can not, so they are not currencies (they are gambling tools).
As for bitcoin, it is a currency not money because even though it is being used as a medium of exchange and people refer to it as a store of value but its purchasing power is not fixed and it can rise or fall significantly.

You are correct that bitcoin fits the description of money more than fiat. That's because of the limited supply it has but until mass adoption things will remain volatile and bitcoin remains closer to the definition of currency than money IMO.

P.S. Search "Mike Maloney" on Youtube, he has very good stuff about money/currency and economy.

I wouldn't care to teach anybody about crypto because the last time I did that few people called me a useless being, the type that has no job and any value, I just smile and move on, I will wait for the day where they will be forced to ask me again, I know that day will come but it will be too late already.

Be careful when teaching people about normal things they should know, once they know you are into the thing and making money you can be a target too.

I think you didn't try to confuse them rather you tried to convince them.

Tell your friends that you meant bitcoin and not crypto. There are some altcoins and shitcoins worse that FTX. Don't make them to feel relaxed with crypto rather with bitcoin.

In my country, $1 million in local currency in 7 years ago is worth less than $230,000 today, which means that if I save $1 million 7 years ago, the remaining amount now in dollars is around $230,000. Is that not scam? If gold and other valuable assets are turned to coin size and be used for money, it would have been better, but it was another way.

But if there is no fiat, bitcoin may not be worthy, fiat makes it worthy because people know that fiat value is reducing but bitcoin can be bought at low price and left for years to increase in price. But if fiat do not exist, there is still possibility that bitcoin will still exist though because it looks more like valuing old/traditional asset like gold in digital form with only just little differences.

You can help people understand that Bitcoin isn't a scam by providing them with accurate information about the technology, its use cases, and its potential benefits and drawbacks. You could also share examples of successful Bitcoin adoption and use cases, or point them towards resources that will help them understand what the technology is and how it works. You can also help debunk common misconceptions about Bitcoin, such as that it's only used for buying drugs or other illegal goods. It is important to recognize that some people may have legitimate concerns about the risks associated with investing in Bitcoin or other cryptocurrencies since it is a relatively new and, for many, complex technology, and there have been numerous cases of scams or fake projects in the past. This is why it might be helpful to acknowledge any valid concerns they may have and provide them with information that can help them make an informed decision. Ultimately, the decision to invest in Bitcoin or any other cryptocurrency should be personal and based on your own research and assessment of risks and potential rewards.

I have concluded with myself that I can't spill energy anymore trying to convince anyone that shows no interest in cryptocurrency especially as it concerns bitcoin, am of the opinion that the benefits and financial freedom  I am enjoying from cryptocurrency both in investments and trade's should do the convincing for me to anyone out there.
Cause it's so unscrupulous on how certain persons would just jump into criticizing, condemning and badmouthing something they have not gotten an insight about. It's better I poured out my energy to those people that shows interest to know and wanna learn cause it would be a lot easier for me bring them to light as against the latter.

When people don't understand how a system works the spread FUD out of their own ignorance. The reason i also take my time to do detail explanation when i have crypto discussions with novices. I come to realise FUD spreads so fast and as it gets to people with little or no idea the start to panic even when most of them don't have a stake in the crypto business. It is the duty of the Crypto communities to educate and enlighten no matter how hardened this fellows try to be on the information delivered besides most of us were once hardened as regard Crypto related matters but today we are so informed about how it works and we too should di same for as many we come across.

Fiat is the biggest scam of all.

Centrally controlled cryptos that can be printed out of nothing just like fiat are also a scam.

Bitcoin and ONLY Bitcoin is decentralized and outside of the control of any single entity.

All you can do with your friends, is to honestly answer and address all of their concerns they send your way and to humbly keep stacking sats. They will laugh at you today but when the price recovers to what it was before this whole FTX fiasco, some will just call you lucky while your true friends will humbly admit that they should have listened to you.

What's so annoying for me personally is that my friends love to troll me when the price dumps like is recently has but then ask me how to get in when the price is hitting all time highs. I have to constantly remind them that buying when the price is low and hodling for a few years is how you increase your purchasing power yet none of them listen to me.

I just have to be content with them staying poor while progress without them.

Sometimes it is good to enlightened someone on something for him or her to be familiar with it
In the past few years since crypto currency was introduced many still find it hard to believe it is real although they have no idea which made them to be that way but I believe if they were educated on e importance and the benefits they will be of a great partakers
Most people discouraged after finding it difficult to understand at first so they quit on the other hand people get tired of teaching others because they felt tired of much explanations

Op thank you for the explanation. Many people are misunderstanding the exchange platforms for cryptocurrency. But you wouldn't try to explain Bitcoin and exchange for them because your effort would still be turned down since they were not interested to use Bitcoin in any way. Even till date many people still believe that crypto currency is bad I anyone who is involved in crypto currencies is also a bad person. And because of that I just locked up my mind not to tell anyone about bitcoin again.

I will definitely count myself a victim of such misinformation, because ever since I heard about bitcoin I have had  Ill thinking and view towards it and to be clear it was the particular bitcoin that I had this hatred for and for reasons you won't particularly blame because of the massive pornzi scheme going on in my locality then and the rate of people that were being defrauded and I blame all this on the bitcoin trend that was circulating everywhere but just as you said it took only some few explanation and enlightenment for me to properly understand that I have been in dark for long toward this cryptocurrency trend that was going on in my locality and am just glad today that I was directed here for further learning and I can boldly say that the little information I got has definitely helped alot in my own journey.

Indeed, it is important to understand the difference between cryptocurrencies and private companies that use cryptocurrencies but are not cryptocurrencies themselves. FTX is a cryptocurrency exchange that uses blockchain technology, but it is not a cryptocurrency itself. Cryptocurrency is a digital asset that uses blockchain technology to ensure transparency, security and immutability of transactions.
However, as with any other technology, cryptocurrencies can be used for fraud. It is important to remember that cryptocurrency is not a magical solution to all problems and does not guarantee fraud protection. But, if properly used blockchain technology and cryptocurrency, they can provide a high level of security and transparency.
If your friends and family have doubts about cryptocurrency, explain to them that cryptocurrency is a technology that can be used for both good and bad purposes, just like any other technology. Ask them to study the technology and make a decision based on their own experience and knowledge.

No doubt,you are very right mate,I felt same way when a friend of mine introduced it to me,I knew nothing about it as at then,he kept on educating me,telling me all about it,showing me what to do,he persistently showed me,untill I picked interest in it. Now atleast I can tell people a little about Bitcoin and crypto currency,so most time,it is good to constantly teach them, encourage them to try it,because lack of understanding can really bring frustration.If they don't understand it,they will feel frustrated,and you teaching them will feel discouraged as well.We just need to try our best to try to enlighten them in other to erradicate joblessness and poverty in our locality.

For sure the Fxt problem caused shock wave and skepticism more for folk that were already being doubtful cryptocurrency to add to the skepticism, the whole year of 2022 was a totally bad year for crypto and it replicated badly and throughout of the year 2022 young and new investors were also been skeptical about the drastic fall of bitcoin to as low as 16k which spooked a lot of people that are coming into the crypto space.

To be honest, trying to explain crypto to someone that sees it a whole different way is draining to an extent. I meet a lot of people that have just categorized crypto as a scam and they see everybody involved in it as foolish or a fraud. In fact, some just instantly see you as an internet fraudster if you tell them you're a crypto trader.
It's like trig to convince a madman that he's a madman. Both of you will end up looking like man men.  So most times I just don't engage but if the person is someone that is willing to learn I explain further.

This skepticism is what hinders new people from coming in the cryptocurrency world. Most of the time, social media and news mislead these people into thinking that cryptocurrencies are somewhat of a scam, which can be quite destructive for its image in the long-run.

Unfortunately, the only way to counter misinformation is by explaining it to them about the fundamentals and opportunity of BTC. Personally, I have seen more negative reviews and comments about cryptocurrencies than positive ones. In the eyes of a beginner, this kind of experience makes it difficult for them to trust and believe what they are investing on.

I just hope that there is some way to remedy this solution. Though this may be the case, I strongly believe that one good explanation is all it takes and this forum is the perfect platform to remove any doubt/skepticism about anyone who is planning to join this opportunity.

Indeed, at this time crypto is still very foreign to the ears of many people, in every country it may have the same thing in common. With the lack of knowledge about crypto in the community, when there is negative news that comes to their ears, surely that news will become a strong grip for them, about their point of view on crypto. Just like your friends, they seem to already know and have heard of crypto, but they didn't research the crypto in depth, and finally when the news of the FTX scam came out, they immediately convicted that all crypto is a path for fraud.

So in essence, don't listen too much to the words of people like your friend, let them say anything about crypto, because that is freedom of opinion and rights. It's also okay to give them input, because giving enlightenment is not a bad thing, but if I was in your position, I usually ignore opinions like that, because in my personal opinion, not everyone has to like crypto, if they like crypto, then they are in line with us, but if they don't like crypto, that's okay, it doesn't hurt me either.

Are there still people who think that way about cryptocurrencies in a world like today where there is so much knowledge and information available at one's fingertips? Such people will surely regret their mistakes in the future, and they are supposed to be taught how to do simple Google searches where they can easily find out what cryptocurrencies are.

I personally prefer ignoring such people and their vicious questions or cross-questions when you are explaining it to them, all they deserve from us is getting ignored by us and no explanation at all. They will learn it the hard way by themselves.

You did well by helping them understand the differences between FTX and crypto, as most people today don't do their research to understand the history of the investments they make, which is why some people have never believed in cryptocurrency. As an example, on my side, I have friends who continue to hold this opinion about cryptocurrencies, and even when I try to explain, they claim that it's all the same as fraud and that they will be scammed.
They were both duped into sending money to a con artist who convinced them to invest and receive profits in less than a day. As a result, they stopped believing in online technology or any other forms of investment, including cryptocurrency. I would be delighted if I could persuade them and give them more information about cryptocurrency.