First ANN has be taken down, thanks to some mistake from their side but they dont really care about that. They just need a bunch of bamboozled noobs to run their referral campaigns and rope in some deep pockets. Surely they make a profit off scamming others because they keep getting the finances to run more.

Lets hope some newbie out there will read this and use the last few grey neurons to comprehend the fact that such immense returns are not possible by any method in this world except when high on weed that too in your dreams.

Flag supported from my end. Hoping others to see this topic and support it too soon.

It was predictable. Once a round figure hits, the selling pressure increases and that happened once the price was touching 41k USD yesterday.

For the newbie investors out there who got FOMOed in buying at 35k USD levels, I would say wrong timing because if they did not sell at 40k USD and were drooling for more then they lost money today. This is the basis of a speculative market that is unregulated. You must sell at the profit and not expect for more when already there has been massive gains in the price, because a dip is incoming.Timing is what I would give a bigger importance to in the bitcoin market. Risk managing is cool but timing is everything here.

The speed at which the price dropped does not make it seem bulls can take over right now. Price will rise again but first it needs to stop dropping.

But this is a wrong argument to show that altcoins need to be bought. No, altcoins are not worth your money, unless you are advisor of that project, in which case you are going to be rich already. Altcoins will not let you sleep soundly at night because of the continuous cycle of fear and anxiety added to it the manipulation from the team.

Apart from Grayscale (<sorry typo there) at lot of other groups may have taken part in this pump too. You might never know it or get an idea much later in future when it is no longer needed. What people still need to know is that such cycles will happen and it is a part of the money making game of trading. In case someone is new to this, they might be FOMOed in, heck even experienced traders get FOMOed at times.

However 50k USD might not be reached in this cycle. See the downtrend started yesterday and now price is back to 34k and hoping to see this level holds.

These levels were newly touched so I dont expect much support levels at these prices, on the contrary to what other bullish investors might think. Hence I feel the price will fall a lot more probably stop at the levels of 20k-25k USD.

Even though I am a bull, I am not stubborn but sensible enough in such cases.

I guess this is a reason why bitcoin has gained trust and with trust comes importance and long term valuation among the investors. Altcoins on the other hand are tainted by the words of pump and dump as evidenced by the charts.

Although bitcoin does get pumped without an organic cause when a certain triggering event takes place, it does get corrected with time and comes back to realistic levels soon. A good example is what happened this and the last 2weeks with the price as it crossed 40k USD and now getting corrected back to 34k USD.

Altcoin markets have always been a prey to PnD. I dont see their markets improving in this regard either in future.

The price got stuck at 6k USD for a long time. How did you even manage to sell at that price considering you bought at higher or even if bought at lower you missed an opportunity to make a bigger profit. Try not to use the "grapes are sour" statements to nurse your wounds. You missed a big point to buy when bitcoin dropped.

But only if they sold at the proper time. Currently the selling pressure has taken over and bitcoin dropped to 34k USD. 40k USD was touched and could not be held for long after briefly reaching 41k. While it might be pleasing to watch such prices the fact that they did not sell at the point means they lost this cycle's profitability.

Have to reported these incidents in the "Scam Accusations" section yet? At least those users could be marked with a flag and a negative tag to prevent others from getting scammed. You are pretty old user of this forum and you ought to know about such things by now. However I know that the "Mining" groups are more active in their own sections and rarely venture out so I can see the problem.

There are a lot of legit sellers in the "Computer Hardware" section of the forum, but the rules of thumb are to use an escrow for mediating the trade and dealing with a user who has a good amount of previous trades done.

Also, do not use Telegram for carrying out trades, it is full of scammers impersonating well reputed users of this forum who are not on Telegram and these will lead to scams.

No, what is not broken does not need to be fixed.

Bitcoin was built out of a need for censorship-resistance currency which would not be controlled by a centralized institution. It has gone far from that idea into something new for the economy but I guess that is fine.

However this "layer" and other bullshit is what brought the altcoin demise. There is absolutely no need for such ideas and attempting to bring things that are not needed at all. What is needed is a gradual acceptance of bitcoin in the merchants allowing it to be spent easily.

Keep it in your Ethereum shitcoin network for now. For bitcoin, just buy and sell and make profit while the devs crack their heads on creating layers and bullshit and you can enjoy the money.

Newbies are the prime targets of theses scams. While they make majority of the people falling victim some experienced users also get scammed by them and many of these are actually the older generation users who are less oriented in technology and using the internet.

One good thing is that the account who was promoting it got a flag. Flag has been supported and this should hinder some more users from getting trapped.

People should keep on thing in mind while investing, money is not created in thin air. Astronomical gains in short period of time need evidence to be backed up otherwise it is a scam.

True, but havent you already sold them off to social media giants and governments? At least you can argue that the data collected by such organizations is considered to be kept safe while giving your data to some shady ICO project is going to make your skin crawl.

The manager is given instructions from the project owners. They are also a slave to their orders and hence even if the manager hand picks participants there are unscrupulous managers who are co-conpirators in defrauding bounty campaigns and hence the project owners need to be strict in this regard.

All the points of view - the team owners cracking down cheaters, the honest manager asking for KYC and the dishonest manager saying against KYC, all make sense - in other words, the concept of bounty hunting is a mess.

People care about how much money they make. Thats all.

A good alternative is to not waste time on checking every new project and just stick to bitcoin. Less pressure on your head and less mental stress for your health. The trading ecosystem is prone to make people sick and this can be avoided by managing and keeping the portfolio small enough for easy management. Of this crypto is full of anxiety inducing moments and also depressing moments. Anyone who has bought or sold at wrong times knows this.

My point is that, would it not be fruitful to brush away any altcoin project because 99% of them are either useless or worthless and just scam? Bitcoin though is the gold standard.

It is normal to hold back from buying at this price. Indeed entering the market at wrong prices means having to suffer when not being able to sell at even higher price. It can happen that you might buy at 40k and sell at 45k but truly the >40k USD has not be achieved yet which makes it a more risky thing to bet on.

There are chances of bitcoin price falling as well on which case one needs to be ready to buy again. However the support levels for the new ATH have not been tested yet.

You are correct about nothing being absolute here. Seeing how big the price of bitcoin became in a matter of weeks shows how much unregulated the market is here compared to a fiat stock market where ever small pump and dump get checked quickly and ranges of stock prices are more common.

While this means new entrants in the market are going to be low, the selling pressure will soon take over and drop the price.

I don't expect anyone to pay for 1bitcoin at this price and hence the buying support will be at lower levels. Yes this can be called FOMO to a large extent which actually pushed the price to such values but it would be worth watching if it holds.

Why would you ever trust a casino without testing their provably fair method?

Not sure how long you have been in this niche of gambling with cryptocurrencies, but the term trust here does not make sense without being able to be verified. Thats why most casinos that have been running for long have a transparent method to use a third part verifier to verify your bets.

It is very simple and if ever you find a casino which lacks such a verification method that you can use or straight up does not mention anything about it, you can be sure that the site is a scam and immediately report it here in this forum in the "Scam Accusations" section for public reference.

It cannot be said right now whether it is temporary or long term. Most of the time I have been watching the market, highs are followed by lows, depending on how good the buying pressure vs selling pressure is at the lower ranges. Because once the dropping starts and the support at lower levels is hollow because the price got pumped overnight, we might be losses as big as gains.

Hence keeping politics aside, my advice currently is to hold. Bitcoin is about to touch 40k USD now which is a massive number and the selling pressure at this level is going to be massive as well. Basically whales might drain their wallets just to cash out if they wish too or might now as well following the bull trend.

Let the dust settle for now. Even if it is a bull market.

I have been hearing this since the last decade. Although it will be good if it really ends up in public, but I doubt quantum to end up like that. Google's top devs know the dangers it possesses in it falls into wrong hands so even if they do develop it completely, it will remain as a RnD project that only they use if needed. Besides this would end up fullfilling the bitcoin takeover by quantum conspiracy theory which we dont want in reality. Google's devs know that would be something good for the future hence my statements.

This is the wrong way of thinking. The point is not about taking revenge on gold bulls being a bitcoin bull. The point is to understand what you need to profit.

See gold's importance is its resell value and acceptance all over the world. Bitcoin's importance is its censorship-resistance and decentralization. Both are completely different things appealing to completely different groups of people.

Again this becomes a apples-vs-oranges debate and hence useless.

At least some ICOs had proper teams and a vision for development, putting aside the fact that majority of them were scams. Even them comparing with DeFi reveals that majority of these are copy pasted stablecoins and lending pools.

The false promises of passive income and getting rich which were used to take away investors money still exist there and hence should be avoided.

It is seeing a decline currently due to uprend on bitcoin price. I hope this hype grows down but knowing how these communities grow based on smoke and mirrors I doubt it will be stopping newbies from getting scammed again.

You are getting a wrong idea if you are hoping to "flip Google". That is not how the economy works my friend.

While majority of the users in this forum are either owners of bitcoin or hoping to buy some bitcoin, they will feel bullish with this statement. But out there is a whole cruel world which does not run without corruption. Multi national companies (MNC) know how to keep the market in their hands and to them a new currency is nothing even if attempting to take over their capital volume in numbers.

Also don't forget that many crypto investors are also stock market investors. They go with both and honestly that is the more logical approach - when one falls you can rely on the other aka best of both worlds.

Companies themselves buy bitcoin adding it to their portfolio and thus becoming the whales. So no point saying "flip Google" but accept that bitcoin has been flipped by MNCs.

Putting altcoins in USDT might look pretty good when the price of the altcoin ke low. Now since the pump happened in BTC and subsequently in alts you are making such a statement. Perhaps the top altcoins are going to be useful in this regard but majority of users here have bought shitcoins and are far from profits in them.

Again it's great if you can sell altcoins for USDT - hold the tether till bitcoin drops and buy the bitcoin at the dip. Scenario might not always work and you will be stuck with tether in your portfolio. Still that us less evil than owning shitcoins which go nowhere.

I have been following this checklist:

1. Celebrity like profile picture
2. Proper name in username
3. Not common in any groups
4. First message from them is always a "hi/hello" without saying why they are contacting you.
 
You can be 100% sure that it is going to be a ponzi promoting scammer. I made it a point to no longer reply to any such users and block them right away. After a few months when I see by blocked list, I see most of them deleted their accounts.

Thanks for posting this though. Hoping some bamboozled newbie gets warned by this and does not fall for it.

Correctly said. The concept if fishing for fish is a wrong statement here. We dont fish for coins in this market. Because 99% of all altcoins are worthless in the long run and buying them will only mean that you will enter a vicious cycle of frustration and despair. These coins are only meant to bring money to the project owners from the hands of the investors and therefore need to be avoided.

In short, bitcoin is the only crypto that one needs to invest in. If you cant get hands on it, which is pretty much correct at this price, then dont buy anything else just because you have money at hand to spend. It would be a wrong investment decision and one you will regret for years.