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Author Topic: Crypto is not a get rich quick ponzi  (Read 239 times)
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January 14, 2020, 08:59:26 PM
 #21

Crypto Bitcoin is not a get rich quick scheme at all. Making people rich is not the fundamental purpose of bitcoin. It is primarily meant to be used for pair to pair transactions and allow users to transact without a third party. It's volatile price is a bonus for both long and short term traders.

Some users are down by almost half of their investments from the 2017 bull run, and many would have cut their losses already, but, 'it's not a loss until you sell'.
So if one thinks this is the best time (price) to get into bitcoin, it may not be a bad idea. The best advice is to do sufficient research before investing in any financial venture.

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January 14, 2020, 09:03:59 PM
 #22

The reason I have come up with this topic now is for the fact that the value of bitcoin has been good from past one week or so and this is the time when most of the newbies end up buying at peak assuming they will get huge return on investment very quick just like they thought for 2017 bull run without understanding how crypto works and ended up being the losers or panic sellers. I urge everyone to take a moment and do research before investing.

Who are these "most newbies"? Where did you see the data?

To my own observation, at least, today's new players do have a reference now compared to what happened last 2017 bull run where only a few anticipated of the big crash that's why continuous accumulation even on that high price was encouraged. Today, they already know that a big crash may happen anytime even in the middle of the peak. And to those who got wrecked last 2017, no way they will just easily put money on bitcoin again after they witnessed and experienced the wrath of the bear market.

As far as the latest price is a concern, I don't see any wrong movement if newbies will consider buying at this price rate even price will crash to $6,000 tomorrow or next month although it wasn't likely to happen*. But of course, it was obvious that before putting money on something, there should be considerations.

"Investing in crypto" is not the same as the usual investment we have known in general.

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January 15, 2020, 08:35:34 AM
 #23

The reason I have come up with this topic now is for the fact that the value of bitcoin has been good from past one week or so and this is the time when most of the newbies end up buying at peak assuming they will get huge return on investment very quick just like they thought for 2017 bull run without understanding how crypto works and ended up being the losers or panic sellers. I urge everyone to take a moment and do research before investing.

Not only doing research but also remembering that, you need to invest what you can afford to lose and remember that the market is very volatile and you have to expect the unexpected, only invest in coins with proven usability and not new coins that just come out of the market.



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January 15, 2020, 08:52:18 AM
 #24

Crypto is not a rich fast currency because Bitcoin is one of the many currencies in Crypto To work in crypto, you have to work time consecutively which is very risky for newcomers This is why we should take some time to research before investing in crypto then we should move forward.

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January 15, 2020, 09:05:42 AM
 #25

The reason I have come up with this topic now is for the fact that the value of bitcoin has been good from past one week or so and this is the time when most of the newbies end up buying at peak assuming they will get huge return on investment very quick just like they thought for 2017 bull run without understanding how crypto works and ended up being the losers or panic sellers. I urge everyone to take a moment and do research before investing.

Not only doing research but also remembering that, you need to invest what you can afford to lose and remember that the market is very volatile and you have to expect the unexpected, only invest in coins with proven usability and not new coins that just come out of the market.

That's why for newbie who want to start in this market situation better for them to start with BTC and learn with the flow of the market since by this they can get a experience on how trades works and they can assure also that they are not into dump and pump scheme coins where mostly scam there traders and supporters.

 
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January 15, 2020, 11:27:31 AM
 #26

The reason I have come up with this topic now is for the fact that the value of bitcoin has been good from past one week or so and this is the time when most of the newbies end up buying at peak assuming they will get huge return on investment very quick just like they thought for 2017 bull run without understanding how crypto works and ended up being the losers or panic sellers. I urge everyone to take a moment and do research before investing.
Crypto won't make you rich as fast as you want it too not unless you invested way back when its price is still very low and you were able to hold it up until the bull run last 2017. From that you can be an instant billionaire for sure but if you are just a newbie and you are making actions based on your emotions which tells you that bitcoin will continue to rise up, you better think it through. The halving is near and a bull run is expected but still you should make sure that your investment is secured and you have a back up plan if ever things wouldn't go how you want it to.

 
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January 15, 2020, 11:33:40 AM
 #27

The reason I have come up with this topic now is for the fact that the value of bitcoin has been good from past one week or so and this is the time when most of the newbies end up buying at peak assuming they will get huge return on investment very quick just like they thought for 2017 bull run without understanding how crypto works and ended up being the losers or panic sellers. I urge everyone to take a moment and do research before investing.

this is reality, people who see greeenbull will buy bitcoin and hope bitcoin rise again, and sell it by panic when he see reddump.
some people in crypto trader just a "trader" who never see any technology behind it .

 
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January 15, 2020, 01:33:59 PM
 #28

The reason I have come up with this topic now is for the fact that the value of bitcoin has been good from past one week or so and this is the time when most of the newbies end up buying at peak assuming they will get huge return on investment very quick just like they thought for 2017 bull run without understanding how crypto works and ended up being the losers or panic sellers. I urge everyone to take a moment and do research before investing.

New people attract to crypto because they read from the story that crypto can give them a big profit in a short time. But they don't know the truth, so they decide to buy bitcoin at a random price, but suddenly, the price does not increase as they want. If they can spend time to learn about the bitcoin market, they will see that crypto is not a quick way to get rich. They need to learn how to analyze and get at the right time so they can see the chance to make a profit in the short term and long term.

We hope that the other new people can learn from people's mistakes, so they can learn more and do research and analyze before they buy bitcoin. Only with that will allow them to make money from bitcoin.

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January 15, 2020, 03:23:07 PM
 #29

You are right, But for me cryptocurrency are not just about money, get rich whatsoever. It is a life changing creation that unites different people around the world thru blockchain. It is both good and bad investment, as we all know there are so many sh*tcoins that exist on the market it is our task to determine them but it is hard sometimes.

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January 16, 2020, 08:28:01 AM
 #30

Warren Buffet said "buy when everyone fears to buy and sell everyone is running to buy."

But nobody pays attention to his quote. We always do reverse and get struck. Take example of Bitcoin SV for instance, it was 170$ on 14 Jan 2020 and pumped to 440$ on 15 Jan 2020. Everyone start buying that and its now going down again.

 
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January 16, 2020, 09:40:24 AM
 #31

Warren Buffet said "buy when everyone fears to buy and sell everyone is running to buy."
You're probably a fan of Warren Buffett and it seems sounds familiar at me, this line of words reminds me also on Warren Buffett's famous rule. "Be fearful when others are greedy, and be greedy when others are fearful".

Investing in crypto is not easy money, you need to wait patiently either in a long term or short term period of time, once this will fluctuate the price move also either down or up. Volatility is an asset of crypto that there are massive adoptions and hoping to gain profit.
Let me also drop here a Warren Buffett quote "I don't look to jump over seven-foot bars: I look around for one-foot bars that I can step over." . In my own understanding, we should have a patient and don't expect quick profit in a short period of time and most especially crypto is not a Ponzi scheme.

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January 16, 2020, 03:35:37 PM
 #32

I'll understand it if they have holdings of Bitcoin before hand and they are just buying on breakout now to take advantage of the price pump, at least they still have a margin of safety involved which gives them space for errors. But what I don't understand is the newbies who are buying because of the hype and and sudden price increase. They immediately doubled the risk as they are trying to catch an already moving train. If you really don't like to study technical analysis my advice is for you to just buy Bitcoin when nobody else in the market is buying it and when the price is already at the bottom, these just gives you a very good position on the next bull cycle.

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January 16, 2020, 07:58:06 PM
 #33

New people attract to crypto because they read from the story that crypto can give them a big profit in a short time. But they don't know the truth, so they decide to buy bitcoin at a random price, but suddenly, the price does not increase as they want. If they can spend time to learn about the bitcoin market, they will see that crypto is not a quick way to get rich. They need to learn how to analyze and get at the right time so they can see the chance to make a profit in the short term and long term.

We hope that the other new people can learn from people's mistakes, so they can learn more and do research and analyze before they buy bitcoin. Only with that will allow them to make money from bitcoin.
Sad but true. I think that those people you mention are looking for a way to earn quick money because they read a story about bitcoin that people can earn money. Well, I think it is better that there is no story like that so people won't just buy bitcoin without proper knowledge whatsoever to not lose money.

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