Crypto misinformation is turning into an issue for people new to the game.

[QuickAccount]

I have seen topics and posts around with incredible amounts of misinformation. Mostly posted by newbies as their first or second post. Most people that have been in the crypto game for a while knows to take most "news" about crypto with a grain of salt. But some people that are newer to it might fall victim to fake information or fake investment "guides" that tell you to invest in some token that is, to an experienced person, obviously a pump and dump or scam coin. A friend of mine who is semi-new to this called me a couple weeks ago frantic, telling me that he had seen a prediction about some random token and told me that he might invest in it if the returns were real. He asked me if he should go for it, and I told him that he looked alot like a scam project. Its a good thing that he didnt put capital into it, because within a week of him seeing this article on the token, the website for it was gone. This is an example of how easily people that are new to this get tricked into losing their capital. Theres really nothing anyone can do about it, but I think the easiest way the prevent scams and slow them down is to educate people that are new to this.

[1715597263]

1715597263

[1715597263]

1715597263

[1715597263]

1715597263

[mk4]

It's unfortunate, but this level of gullibility isn't specifically exclusive to the cryptocurrency space. People fall for these stuff simply due to the fact that most people are totally ignorant when it comes to finance and investing in general. Stuff like this exists in the traditional financial system as well.

[bL4nkcode]

[...] but I think the easiest way the prevent scams and slow them down is to educate people that are new to this.

Isn't this the point if someone's want to learn something?

While the internet is easy to access and almost all questions related to finance and investment can be seen there, there are still people who will just barge after hearing something too good to be true and invest right away without getting enough knowledge on the hows and probably end up being frustrated and scammed. It's not just for crypto but also to all finance related stuff.

[taufik123]

Keep in mind, cryptocurrency is not just a game. Crypto is more of an investment in which there are many digital assets.
crypto risk is indeed very big. If you don't really learn and do research, the money invested will be very easy to lose or be deceived by scammers, like the story of your friend who almost became a victim of a scam investment.

As a beginner or someone who has been in crypto for a long time, knowledge of crypto must also be improved and research is very important to do. There are currently many ongoing DEFI projects and NFT projects. many of them are made by scammers who then hype them up to buy them immediately and then make a massive sale so that "RugPull" occurs. this happens often. Be careful in every investment.

[Imran232]

This is the saddest part for bitcoin. This are the result what bitcoin got after this misinformation:

• Stock investors didn't get trust to invest in bitcoin.
• Those person who comes and invest then they loss for fud news. Then they start to trust mis information and leave bitcoin.
• After loss and leave for fud then they warn new people to stay away from bitcoin.
• Beauce of everything we lost new people

These are the sources who spread misinformation:

• Government. What general people trust most
• News channel, News paper what people also trust.
• Social media handle which is control via government.

I think because of them people easily trust misinformation. And what is the cause of a bad effect about bitcoin to the people.

[uneng]

Not only scam sites which disappear overnight, but I have also seen considered trustful, well known investment advisors' platforms promoting articles with titles stating in alarming tone an altcoin X or Y is going to overcome bitcoin this year or next year. The approach is always the same: they talk about bitcoin as an oldfashioned investment and then introduce a random altcoin as something revolutionary.

As consequence I see many newbies saying they don't have any interest for bitcoin. They prefer to totally focus their funds in different altcoins, what in my opinion is a big mistake, because bitcoin drives crypto market, not altcoins.

You can always try to educate people about this, but if they are too greedy for fast profits, nothing can stop them from wasting money.

[Mahanton]

I have seen topics and posts around with incredible amounts of misinformation. Mostly posted by newbies as their first or second post. Most people that have been in the crypto game for a while knows to take most "news" about crypto with a grain of salt. But some people that are newer to it might fall victim to fake information or fake investment "guides" that tell you to invest in some token that is, to an experienced person, obviously a pump and dump or scam coin. A friend of mine who is semi-new to this called me a couple weeks ago frantic, telling me that he had seen a prediction about some random token and told me that he might invest in it if the returns were real. He asked me if he should go for it, and I told him that he looked alot like a scam project. Its a good thing that he didnt put capital into it, because within a week of him seeing this article on the token, the website for it was gone. This is an example of how easily people that are new to this get tricked into losing their capital. Theres really nothing anyone can do about it, but I think the easiest way the prevent scams and slow them down is to educate people that are new to this.

Not all the times that we could really educate out people on certain or various things specially on Bitcoin or crypto as a whole which means that they are really exposed into those so called ponzi and hyip sites out there which
do involves bitcoin or crypto as a form of payment which simply means that theyve been just dragged because of their greediness and sooner or later they would really be that exposed on whats crypto and thats
the time they would really be making out some research and see on whats the real deal and those scams that  they had engage earlier on.

[wxa7115]

I have seen topics and posts around with incredible amounts of misinformation. Mostly posted by newbies as their first or second post. Most people that have been in the crypto game for a while knows to take most "news" about crypto with a grain of salt. But some people that are newer to it might fall victim to fake information or fake investment "guides" that tell you to invest in some token that is, to an experienced person, obviously a pump and dump or scam coin. A friend of mine who is semi-new to this called me a couple weeks ago frantic, telling me that he had seen a prediction about some random token and told me that he might invest in it if the returns were real. He asked me if he should go for it, and I told him that he looked alot like a scam project. Its a good thing that he didnt put capital into it, because within a week of him seeing this article on the token, the website for it was gone. This is an example of how easily people that are new to this get tricked into losing their capital. Theres really nothing anyone can do about it, but I think the easiest way the prevent scams and slow them down is to educate people that are new to this.

This will always be part of the market, what happens is that people come to this market thinking about all the profits they can make and they do not think about the philosophical approach that satoshi took when creating bitcoin, the phrase ‘being your own bank’ is not an empty slogan of bitcoin, it is the reality of every single bitcoin holder.

We are our own banks which means that all the responsibilities that banks traditionally took to protect our money now fall under our responsibilities, which means that newbies which are easily mislead by fake news invest in those bad projects thinking they have a safety net as they do with traditional banking when that is not true, then they lose their money and get disenchanted with the market when it was themselves which failed at their jobs of securing their coins, so while it is disappointing this still happens I do not see this changing anytime soon.

[hatshepsut93]

Crypto market will always be full of scams, it's easy to create a shitcoin, bribe some small unregulated exchange to list it and then hire shills to promote it. Or even skip step two and just sell it as a token on Ethereum blockchain. This is a lot like penny stocks but even more wild and unregulated. It should be a common knowledge to not trade small altcoins, but like with gambling, some people believe that they have luck and skill on their side. That until they lose their life savings on a stupid bet.

[sheenshane]

I dont know how to predict altcoins or new project tokens which is I don't have time with them, all I know is how to predict Bitcoin and how I trust this coin.  People must do diligence before putting investment and don't believe what others say, you should have your own research especially those altcoins that most commonly will fluctuate the price every now and then or manipulating as a fraud of pump and dump group.

This isn't a game but rather than I consider it a sort of gambling, the real fact is, cryptocurrency's price movement is unpredictable no one knows when it will go or any direction, unlike if this is manipulated.

Theres really nothing anyone can do about it, but I think the easiest way the prevent scams and slow them down is to educate people that are new to this.

After all, you've got the answer.
It's all about us and as I said, when it comes to financial matters like investment, we should have our own research and we don't need to rely upon others opinions to avoid misinformations.

[tabas]

Every information, speculations or predictions that we see, it has to be verified first before believing them. There are really a lot that will misinform especially the newbies.
Because they're too easy to fall for those sweet words and promises and that's why they're also the main target of these people who shares misinformation.

[Hydrogen]

My question with misinformation, is whether it can encourage people to develop critical thinking skills and a knowledge base which makes it harder for them to be deceived.

I haven't heard of many nigerian prince schemes in crypto. Those scams mainly target the elderly, while crypto's average userbase is composed mostly of young people. Part of the reason the elderly are targeted for scams, could involve them growing up in a world without misinformation or the scams we have today. Which led to them not developing defenses against it.

The youth of today being exposed to greater disinformation, could sharpen their critical thinking to where they wouldn't fall for scams, previous generations would.

Topics like misinformation may not be completely one sided. But rather an arms race. One where disinformation, and defense against disinformation, are both progressing in an effort to outdo each other.

[blckhawk]

these misinformation is caused by FUD's and other uninformed people spreading fake news, the only way to combat this is to research real information about cryptocurrency, there are many articles in the internet that explains what cryptocurrency really. don not easily believe the heresay of other people especially ones that don't really know what cryptocurrency is.

[Dave1]

Unfortunately, this is the market we will in, there are so many scammers around who will take advantage of anyone, like promising good money as ROI. But as we said here, if it's too good to be true, probably is. So let this be a a lesson for newbies not to blindly invest their money on such projects that tells that investors are going to get X amount of returns. Everyone needs to work hard if they want to earn a good amount of money here.

[lovesmayfamilis]

It turns out that having free capital is also dangerous . Those who have it must learn to properly manage their assets. Since scammers often write about a limited offer, the speed of decision-making is important to them. And who can fall for their bait? Someone who has money ready to invest.
Some begin to think and check, while others, due to the fact that the "supply is limited", are in a hurry to part with the money.
 To misinform people about a product or project, scammers do not spare advertising, and people who can be easily seduced react the fastest.
Older people trust scammers, hoping to secure their old age. Young people have heard a lot about the ups of some people who were able to get rich on the growth of cryptocurrencies, they believe in miracles. If a person is desperate for money, they can easily fall prey to deception. And about greedy characters is simply not worth talking about. Some don't even learn from their mistakes.

[Ararbermas]

I have seen topics and posts around with incredible amounts of misinformation. Mostly posted by newbies as their first or second post. Most people that have been in the crypto game for a while knows to take most "news" about crypto with a grain of salt. But some people that are newer to it might fall victim to fake information or fake investment "guides" that tell you to invest in some token that is, to an experienced person, obviously a pump and dump or scam coin. A friend of mine who is semi-new to this called me a couple weeks ago frantic, telling me that he had seen a prediction about some random token and told me that he might invest in it if the returns were real. He asked me if he should go for it, and I told him that he looked alot like a scam project. Its a good thing that he didnt put capital into it, because within a week of him seeing this article on the token, the website for it was gone. This is an example of how easily people that are new to this get tricked into losing their capital. Theres really nothing anyone can do about it, but I think the easiest way the prevent scams and slow them down is to educate people that are new to this.

there's lot of frauds actually reason there are some people that can obtain wrong information especially newbies which is always the main victims around the internet and probably even here in forum. And it's not surprising in my personal because of greediness of some people in crypto, they all think it's all about free money and through easy work they can earn good amount of crypto. I mean without doing any research to obtain specific information, common reason they always fell to scam activities from frauds. They don't have consideration for short.. Lol

[Wexnident]

It's literally a thing in anything really, whether it be a type of investment, a community heck even a game could have misinformation, just that the damages dealt is different from each community. Damages in crypto scene is pretty much as big as the amount you actually invested, and that's pretty big imo. Mostly because misinformation comes from people being scammed instead of the market actually destroying them. Pretty sure getting destroyed by your investment is a lot a better option than getting destroyed by scams.

[kryptqnick]

This has been a problem for years. I remember talking to this guy who considered investing in some random altcoin, and he didn't even know there were websites like Coingecko that allowed to see the market capitalization and other crucial data about various cryptocurrencies to make up one's mind. Some people who invest in altcoins don't seem to understand how many other altcoins are offering the same stuff, and it keeps working even though there is a lot of information about cryptos online. But overall, I think this forum is a very helpful place for newbies because they can ask about coins and there will almost always be someone to tell them that it's just another shitcoin.

[hd49728]

This has been a problem for years. I remember talking to this guy who considered investing in some random altcoin, and he didn't even know there were websites like Coingecko that allowed to see the market capitalization and other crucial data about various cryptocurrencies to make up one's mind.

Newbies are very vulnerable to scam. They don't know basics and I agree with you that basic websites like coingecko or coinmarketcap are what newbies have to know if they are serious with their capital and investment in crypto market.

https://coinmarketcap.com/
https://www.coingecko.com/en

Some people who invest in altcoins don't seem to understand how many other altcoins are offering the same stuff, and it keeps working even though there is a lot of information about cryptos online. But overall, I think this forum is a very helpful place for newbies because they can ask about coins and there will almost always be someone to tell them that it's just another shitcoin.

The forum is good because here you will get many reminders that shit altcoins are bad for investment. I ignored those reminders but after a few years, I realized their value.

[gutshot5820]

But how can we educate people other than centralizing information?

Unless we all get together and create a Wikipedia of sorts misinformation will always happen