Beware of fraud crypto analysts!

[davis196]

Be careful of the influencers you follow on social media like twitter. There was one who was exposed recently of photoshopping his trades to fool his followers and get more subscribers to his paid group. He said he did that to make the images look better hehe. Please follow this thread https://twitter.com/Trapouts/status/1238598898559488000

Cointelegraph also covered the story https://cointelegraph.com/news/crypto-analyst-accused-of-photoshopping-trade-screenshots.

There will always be scammers who will take advantage of people's ignorance. Let's prevent that from happening to us by learning how to read charts on our own and not solely rely on free and paid signals from random people on the internet.

On another forum,some "crypto trader" is promoting his paid Discord chat.The membership fee is 20 USD worth of Bitcoin or Ethereum and he promises to share his profits with the premium members of the group.
How can people still believe this BS.Do you realize how easy it is to create a fake screenshot of a successful trade?There are paid Telegram "crypto trading" groups as well.Beware for this scam.I'm glad I don't use Twitter and I don't follow social media "crypto" influencers.

[franky1]

if someone needs to make money from memberships. then they obviously are not making enough money fro their own trades.

so here is some free advice
dont follow chart data that is just them crappy 'ma[number]' .. this stuff is just using price data and pretending it repeats.
the actual reality is the influencer is trying to coax people to cause a repeat. its not a prediction, its a trigger.

what people should be more aware of is the mining costs.
if the market price is near/at best value mining costs. then the market is strong. and usually those that cant afford to mine so cheap end up just buying coin. thus positive price rise pressure.

when mining is super profitable. those who cant mine at the cheap, begin to notice they can now afford to mine so they stop buying and mine.. and those who can mine cheap are getting alot of profit so they sell
meaning less buyer and more sellers=price drop


thus
if for instance mining was $5k and price was $9k expect that as a high and ready for sell off. (price drop)
if for instance mining was $4k and price was $4.5k expect that as a low and ready for buy up(price rise)

this 1-4k 'margin' is the speculative layer that is volatile and swings depending on profitability and emotion.
i have yet to see a time in the last 4 years of checking mining vs price where the price has dipped below mining cost.

yep.. thats free info. no membership. no thanks or glory needed and not just some dumb trade anals MA chart pump and dump.
just plain old common sense
(if gold could be mined using a spoon and a coffee filter in someones own backward for $1 an ounce... gold prices would drop to $1.50 an ounce quickly. if gold cost $2k an ounce the price would be $2.5k.. right now gold is about $900 an ounce to mine which is why gold is market at above $1k. and not just $1.50 because its not actually cheap to obtain gold.)
as i said common sense

right now the big pools are testing out s19 miners which are more efficient(cheaper) than previous generations. so the previous $5.6k mining cost has now dipped to ~$4k
so the logic of then seeing the markets price and the timing of such a dip is just common sense

[manjit]

The financial markets authority warns savers against crypto -asset sccams : 700 individuals have stolen more than 31 million euros since the beginning of the year!

[Sanugarid]

if you want to be successful in trading and investment with your money then you must not even look at any social media for "analysis". they are simply ALL bad but the degree of it is different. majority of them are idiots who have no clue about the market and in some cases they don't even have any money in the market! they just create content and earn money as you follow them, watch their videos,...
that is why i dislike the term "influencer" used to describe these idiots. the only thing they influence is some newbies who fall for their scams.

Indeed, I recommend to everybody that wants to invest in some particular projects, you should study on your own and do not settle for an analysis of someone, because you can do it on your own. It is important for someone to study and have knowledge about what they are going to do with a particular project, by simply getting some proofs if that project really can survive the market. You can visit their website or you can also read their whitepaper where the information about the project stated there.

I have never believed anything from  most of these analysts because they go about shilling their bag of altcoins so that they can dump on the market once the price keeps rising. How they do this? By the time they go about with the shills they would have already bought in long ago waiting to dump ones their viewers and listeners heed to their messages.

In my own opinion, there are still analysts that are honestly giving their feedbacks and knowledge about that particular project, by showing some proofs and reason why you should trust that particular project. It actually depends on a person.

[Ibizugbe1]

This is not 2017 where celebrities lure people to a project that they have been heavily paid to promote, whereas they themselves will never invest a dime on the project. Let celebrity shill a coin and that coin will be dumped by the community and that will signal the end like this community have abandoned Savderiod after pulling a scam stunt. Following chart and analysis on social media is a pathway to early financial wilderness.

[BuNga_cute]

This will happen if we follow the signals made by others, this situation will be utilized by scammers. And indeed it's easy for scammers
to look for victims, because most newbies really want to make profits in an instant way. Which one there is nothing in the crypto world
that can generate profits instantly. All have to go through a process, therefore I am very grateful with the article in the opening post.
In order to open all our minds, so as to avoid following other people's trading signals, better to do your own analysis to determine the
coins we will buy or coins we will sell.

[FanatMonet]

It’s best if you don’t trust your cryptocurrencies at all to anyone other than you, because the most serious people can turn out to be scammers. I remember how one person who had been engaged in confidential trading for about 2 years or more disappeared with more than with 150 bitcoin from people.

[crustycrab666]

It’s best if you don’t trust your cryptocurrencies at all to anyone other than you, because the most serious people can turn out to be scammers. I remember how one person who had been engaged in confidential trading for about 2 years or more disappeared with more than with 150 bitcoin from people.

True, many fraudsters try to manipulate the situation as if they want to help, even though it is misleading. It's better to study independently, or join an official local community in your city, or discuss with more experienced friends, that's more appropriate. With the ease of disseminating information through the internet and social media, we must be more selective and wise in taking the truth out of the information that is widely spread. Do not easily believe, use independent analysis.

[maxreish]

I can't believe they will come to the point of editing their technincal analysis just for the gain of the followers? Whay's wrong with these people? I also unfollow some of bitcoin analysts who always had wrong predictions and followed their wrong trades. I was fool back then by believing some of their tehcnical analysis.
 
 The best thing we can do is to learn how to read technical and fundamental analysis. In that way, we can confidently stand our trafes without following any btc analysts who mostly were faked. Realtalk.

[kemoglo]

most influencers are not technical analysts but 'trend anals'
they stupidly just draw a line on a chart based on a random number of days of their choosing of previous trades and pretend that history repeats itself.

these 'trend anals' are better known as pump and dump groups. they are not predicting the future but instead trying to create a narative and hope people program their bots to blindly follow the narrative so that its the followers that create the situation.
thus not predictive but creative

having a line on a chart where the only piece of data it equates to is historic chart data is meaningless.
there are many other things that contribute to making the underlying value such as the cost of creating bitcoin(mining) and other things like monitoring the cold wallets of exchanges to see if they are at high supply or low supply.

however. if you are getting this information from some youtube influencer who spend hours glamourising charts, recording the video and then uploading it. then by the time you have seen it.. the data is old and too late and those who seen it first have already acted on the real information and are most probably just promoting what they desire as the after effect

EG if the price is dipping, they buy.. then they promote it hit bottom and people should then start to buy on the rise.. thus them other people cause the rise. for the initial person to sell at profit..
only after selling at profit would they then say the high hit the top and others should start selling. just so the first person can buy the dip again and repeat.
this is standard pump and dump tactics
so the best advice. dont be a follower, because your going to be the last to know and have most to lose following old data

Yup. Also these influencers many times just follow trends such as whales manipulating the market and promote these dips and bumps, making these effectively more successful. If there's something I've learned in this forum is that whales have strong control on some of these price swings and we shouldn't play ball with these.

It's always better to have your own strategy, you'll definitely see the most earnings that way.

[htsy585]

Be careful of the influencers you follow on social media like twitter. There was one who was exposed recently of photoshopping his trades to fool his followers and get more subscribers to his paid group. He said he did that to make the images look better hehe. Please follow this thread https://twitter.com/Trapouts/status/1238598898559488000

Cointelegraph also covered the story https://cointelegraph.com/news/crypto-analyst-accused-of-photoshopping-trade-screenshots.

There will always be scammers who will take advantage of people's ignorance. Let's prevent that from happening to us by learning how to read charts on our own and not solely rely on free and paid signals from random people on the internet.

Well, I'm quite surprised how people still fall for such cheap scam all in the name of looking for technical analysis, the downtrend that has been perculiar to the cryptocurrency market have proven many times that technical Analysis can't work for now especially during this dip. The market is a bit complicated now and everyone is in a survival mode, and when you're in a survival mode, there isn't much space for words like us, we and community but just for words like I and ME. So photoshopping fake trade screenshots are just a way of trying to survive for them scammers, it is your job to stay safe and avoid greed getting you scam

[Darker45]

On the other hand, the fact remains that both fraud crypto analysts and legit ones are not really catching Bitcoin's next move. In the end, you may know how to read and analyze charts, closely follow the known personalities in the field, and effectively catches the misleading frauds but then you may still end up relying more on luck. Before the extreme fall took place, legit and popular Bitcoin personalities are hyping up on the upcoming halving and predicting high prices complete with detailed explanations. The following day, everybody woke up with Bitcoin losing all of its gains in 2020.

[maydna]

I can't believe they will come to the point of editing their technincal analysis just for the gain of the followers? Whay's wrong with these people? I also unfollow some of bitcoin analysts who always had wrong predictions and followed their wrong trades. I was fool back then by believing some of their tehcnical analysis.
 
 The best thing we can do is to learn how to read technical and fundamental analysis. In that way, we can confidently stand our trafes without following any btc analysts who mostly were faked. Realtalk.

That is what happens on the internet. I have seen before. People could get anything from the internet, and they can also use it for their purposes. Sometimes we see someone analysis, and he says that he made that analysis, but the truth is, that person got that analysis from the other people, and he stole that analysis. I think it is happening not just in the crypto world, but it's already happening in many things on the internet, and perhaps, you will get more if you spend your time to browse the other things.

Yes, we need to learn by ourselves about how to analyze so we don't depend on them because we don't know if they really could analyze the market or not. We don't have to believe them if we are doubt, and it is better we analyze by ourselves to find the time to enter the market.

[manjit]

scammers usually offer quick and suibstanial profits to investors and know how to be insistent.cases of theft of identities are also examined, for example intermedite impersonating an existing law firm to make custmers feel confident before rippnig them off.

[Golftech]

On the other hand, the fact remains that both fraud crypto analysts and legit ones are not really catching Bitcoin's next move. In the end, you may know how to read and analyze charts, closely follow the known personalities in the field, and effectively catches the misleading frauds but then you may still end up relying more on luck. Before the extreme fall took place, legit and popular Bitcoin personalities are hyping up on the upcoming halving and predicting high prices complete with detailed explanations. The following day, everybody woke up with Bitcoin losing all of its gains in 2020.

Indeed. There's no certain behavior that we can easily detect the next movements, even we are following personalities who are known from this field, they can't  continuously predict the correct price from time to time.
Do your research and always base your decisions with your own understanding. Experienced will guide you to learn to assess your judgement.

[rodskee]

I can't believe they will come to the point of editing their technincal analysis just for the gain of the followers? Whay's wrong with these people? I also unfollow some of bitcoin analysts who always had wrong predictions and followed their wrong trades. I was fool back then by believing some of their tehcnical analysis.
 
 The best thing we can do is to learn how to read technical and fundamental analysis. In that way, we can confidently stand our trafes without following any btc analysts who mostly were faked. Realtalk.

This is how they work and do mate,Pretending to be helpful but the truth is they are just a  piece of sh*t that tricking people for their own gains.
for how many years they are existing and bringing falls hope to many specially newbies that has no idea about what crypto market is all about.
technical analysis is not that easy to learn but at least we must try if we want to be a daytrader .

[fiulpro]

I don't know how one would be able to analyze Bitcoins , I do think the it thing they can do is to collaborate with the big whales , pay them up for some inside information.
This way they can predict the next price change ..
Because there are very few events that are promising , promising ' not sure.
Like how we were discussing about if the Halving would make the price of bitcoins double or would have no effect at all. .
Bitcoins is supposed to be an independent currency not Fiat 2.0 .
They can make a good guess using the past senario , but they can never be sure .

[mirakal]

There's a lot of them online, I hope people will be aware of that and instead just make their personal analysis on the market.

Some analysts have a lot of followers but that doesn't mean they are right all the time, as investors we have a job to re evaluate their analysis before making a decision, not just following them blindly because that's the best recipe for disaster.

[Yogee]

Thank you for your insight franky1. I never looked at the direction of the market from a miner's perspective to be honest. The strategy actually makes sense and it is the same with trader's and investor's "buy low, sell high" approach. No one in their right mind would sell below cost unless it is an emergency. The trick now is determining the average mining cost. I have zero experience in mining and I would like to ask how you were able to come up with the $5.6K previous mining cost and the ~$4K estimated current cost?


20kevin20, thank you also for sharing your experience. A wise man once said, "Everyone is an expert during a bullrun" hehe.

[XCANA]

Many have fell and many are still falling to scams and what have you. Followers on social medias should be a personal issue which should be coordinate with the person in charge, they should be the one to decide if they want to be scam or not. I follow many of these guys on social medias but yet not be scam and not will it happen. We should be  more careful about what we say or people say and then we follows, do your own research before venture into any deal with anybody on social medias. Many of them are well known scammers from ages.