Why invest on a project because someone said they are good?

[OasisDre]

A friend from my street came by today to tell about a coin named LCC (Litecoin cash) and he told me he has already invested on the coin, i asked him what makes him invested in it, like what is the real use case of the coin and he have no straight answer, after a while i found out he invested in the coin because of what a analyst said about the project, are there people like this on here? after so many scams since 2018? i decide to do few diggings and i see that LCC is not that bad but my point is why invest on a project because someone said they are good?

[Dart18]

Point taken.
Why?
Hype!
That is all their reason for investing in a project which they dont even have a slight idea.
They think it will still grow because of that hype.
Many investors will still buy even if it is a scam or not.
They just dont care as long as it is promised to have a good profit afterwards.
That still happens.

[DaMut]

I was once like this before when I came across cryptocurrency for the first, it was all due to hype and lack of knowledge.
it is understandable for a newbie to fall into this trick because they do not know the dark side of hype and manipulation in cryptocurrency.

[anog]

A friend from my street came by today to tell about a coin named LCC (Litecoin cash) and he told me he has already invested on the coin, i asked him what makes him invested in it, like what is the real use case of the coin and he have no straight answer, after a while i found out he invested in the coin because of what a analyst said about the project, are there people like this on here? after so many scams since 2018? i decide to do few diggings and i see that LCC is not that bad but my point is why invest on a project because someone said they are good?

Maybe there is, of course not including me.

I will be like you, digging for information as deep as possible even though some say it is good, no one is responsible for our finances except ourselves so I will be careful about this.

[Raflesia]

Maybe your friend believes in LCC coins and doesn't know the benefits and developers in it so he can't answer.
The important thing is that we already know that LCC coins are not top-tier coins, so I don't think it's good to invest there even if you have done research on the coins that won't make you invest there.

[Gotumoot]

When I was new to crypto this is what I believe, I can quickly believe in predictions, analysis of other people so sometimes I make money and sometimes I don't. Maybe because I have never been aware of where to find information but now that I know i make studying  the coin that I want to buy and if anyone in my friends recommend some coin to buy  I will give it a study first to be sure that I am facing the coin with a potential price rise in the future

[Saisher]

A friend from my street came by today to tell about a coin named LCC (Litecoin cash) and he told me he has already invested on the coin, i asked him what makes him invested in it, like what is the real use case of the coin and he have no straight answer, after a while i found out he invested in the coin because of what a analyst said about the project, are there people like this on here? after so many scams since 2018? i decide to do few diggings and i see that LCC is not that bad but my point is why invest on a project because someone said they are good?

The worst thing that one can do is to listen and taking advice without fully analyzing the project, your friend just got lucky because the project turns out to be good, we are in 2019 it's now time to educate ourselves on how to check a good project and do not leave it to these so-called experts.

[BChydro]

If you start investing in projects because someone said so then you are getting into big trouble, it is proved that people will advertise anything for money and even these projects will pay celebrities to advertise their projects and we have seen that in the past when sports persons were advertising token projects which were really shitty, so think twice before taking anyone's advice.

[btcdie]

A friend from my street came by today to tell about a coin named LCC (Litecoin cash) and he told me he has already invested on the coin, i asked him what makes him invested in it, like what is the real use case of the coin and he have no straight answer, after a while i found out he invested in the coin because of what a analyst said about the project, are there people like this on here? after so many scams since 2018? i decide to do few diggings and i see that LCC is not that bad but my point is why invest on a project because someone said they are good?

Don't be too trusty even though your friends invite you to invest in the project. do your own analysis / research better, so there's nothing to blame later on. your friends invite to invest, make it as a reference source or reference material, and do your research independently. Keep in mind that from 2018 is a scammer trend and until now crypto-world is looking for a solution about it.

[Byakuga]

People can blindly hype any project for either money or their own blind judgements, it doesn't make sense to invest on something you know nothing about without knowing what its all about, crypto is so shady and can be very misleading too

[zhekinsp]

A friend from my street came by today to tell about a coin named LCC (Litecoin cash) and he told me he has already invested on the coin, i asked him what makes him invested in it, like what is the real use case of the coin and he have no straight answer, after a while i found out he invested in the coin because of what a analyst said about the project, are there people like this on here? after so many scams since 2018? i decide to do few diggings and i see that LCC is not that bad but my point is why invest on a project because someone said they are good?

If you invest on a project just because someone said that is a good project to invest means you have no idea about crypto projects and you are convinced by an analyst which is nothing but a shill of a project.Chances of the project will get successful is also there but don't invest if you are not convinced that is a good project to invest.

[BigBos]

but my point is why invest on a project because someone said they are good?

it's all because of the big profit.
don't ever invest just because people say it's a good investment. to be honest, one of the dangerous investments is that you don't know what you are investing. Even though you have all the explanations you have given to that person regarding an investment, you need to do your own search and assess yourself. now there are so many HYIP sites that offer ROI in a short amount of time, if you just go with the flow and invest when they say it's good, then you've been trapped without you knowing. do your own search.

[bitzizzix]

Before following your friend's advice, you should ask your friend firmly what is the reason he suggests investing in the project.
and
after that you have to investigate the project and development team in detail from A to Z, because usually a new project will give good results at the beginning and then sink.

[inthelongrun]

I heard that coin but I didn't dig deeper. Our market is performing bad so I won't waste time on another altcoin for now. Many projects have their own analysts and people needs to be more vigilant as those analysts will be one-sided and were paid to promote. Not even successful analysts are to be trusted right away. They were not correct most of the time, but they always have sweet excuses on why certain investments fell down. I learned enough of this thru the years.

  

[safari88]

why invest on a project because someone said they are good?

for me, i never invest on any project that my friend told me before i do my own research that he suggest to me
like what is the purpose of the coins and if that coins already listed on the exchange so i will check the price

and if you take an example for LCC you will see that this coin already listed from March 2018 and until now their price already down almost 100% from 0.25$ to 0.006$ for yesterday prices

[MATHReX]

Majority of the coins that are released now with similar name convention to the top 50 coins are just a fork.
They are not at all worth to invest.
They will see their bull run when they create hype and word gets around and then fall sharply with no recovery in sight.
In time, that coin is left with no development and bad exchanges.

So, take your time, research into the project, compare it with the top coins and see if it brings anything new for the crypto community.

[acdc]

The majority of people participating in the cryptocurrency market are for profit, so they are easily lured by fraudsters into bad projects.
I personally never invest in a project but rely on the advice of anyone. Before investing in a project, I always make my own reports, check out their development team, products, roadmap, white paper and social networking sites. etc are essential in order to make an informed decision.

[airdnasxela]

One question, is your friend nee to crypto? When you're looking for opinions then you will take other people's suggestions. That's what newbies do, basing it on other people because they're still adjusting with the crypto environment. However, sometimes it leads them to lose money because they listen to others. If ever you'll listen to someone, make sure that, that someone is a trusted one.
I also think it's normal to listen to other's opinion. When we invest on something, we look for the reviews and thoughts of other before deciding. That's just the same. Investing because someone said it is good.

[rosezionjohn]

Before following your friend's advice, you should ask your friend firmly what is the reason he suggests investing in the project.

What was stated in the original post

i asked him what makes him invested in it, like what is the real use case of the coin and he have no straight answer,

i decide to do few diggings and i see that LCC is not that bad

I wonder what made you say this litecoin cash isn't that bad?

but my point is why invest on a project because someone said they are good?

There is really no good reason for that. This is what ignorant and lazy "investors" do that's why they get rekt. This is also how some of these telegram, youtube, or twitter crypto experts make money from their followers and subscribers.

[jets567]

Laziness is one of the reasons why some people still believe what others says, they don't want to make their own reasearch because they knew it will take some time that is why they prefer to listen to other people's advise on which coin to buy. Maybe they are being greedy too because once they see that there is an offer of huge returns then they instantly invest on the coin without doing proper investigation.