Reason Why People(Mostly Newbies) Fall Victim To Scams Easily.

[qwertyup23]

You've said it all most newbies in Cryptocurrency see it as a get rich quick scheme, I had an experience with a friend recently who wanted my cryptocurrency advice and he said he want to put his tuition fees into Bitcoin in other to make quick profits and I smiled and said to him it doesn't work that way. I asked him a simple question what if the market crashed after he bought what will happen to his school fees he said there will be no option left for him, so I said that is too big of a risk and if you can't hold for at list 1 to 2 years then Bitcoin investment is not for you.

While I somehow associate with your friend, the key to not getting scammed is through proper research and knowledge about the subject.

The problem with most people nowadays is that, they seem to ignore the fact that getting rich by doing cryptocurrencies does not happen overnight. While the prices may have skyrocketed over the past years, this does not entirely equate that such event will happen in a relatively short amount of time. In addition, investing is not the formula to success- proper knowledge is.

I have reported a bunch of scams throughout this forum and similarly, most of those websites have one common denominator- almost all have incomplete information and showed little to no effort at all in designing their webpage. While some websites have complete information, you can clearly see from their whitepaper itself that they have plagiarized it.

[Rengga Jati]

These are mostly reasons why they fall into scam victims.
- The desire to get rich very quickly and instantly
- Easily tempted by investments that promise profits many times over without analysis
- Follow other people who invest on the same platform
- Don't learn from many experiences of previous people
- Can't believe that they will be scammed because the scammers are so convincing

[Darker45]

Many might have the education, but not having a clear direction and lack of patience is one of the reasons many (especially newbies) end up loosing their hard earned money to scammers.

If one is truly well-educated on Bitcoin and crypto, one would more or less know his/her direction. Lack of patience, on the other hand, is, as a matter of fact, even grounded on lack of education as well. If one is aware how the market moves, one should know that it demands patience. We all know that it is very possible, and it has actually happened, for Bitcoin to undergo a long bearish season. And the recovery from it might also take quite a while.

[cryptoaddictchie]

Its been advised here over and oger again to be mindful and cautious. Well adding additional insight is good but also its not that easy for some to actually implement  a good strategy and perfect execution on trading. No matter how good you are, emotions are still intact especially when its goes thr wrong way of your trade.

[lovesmayfamilis]

People tend to believe and remember for a long time that once someone managed to get rich. Although there are actually very few examples, there are more who want to cash in on such stories. I remember myself. In 2017, on every YouTube channel, people wrote about how they were able to make 100x. But there were more of these videos than the winners themselves. The simplest "technology" for promoting their channels worked.

But all the noise is also heard so far. And naive people are not getting smaller. It is important that people hear only what they want to hear. They are deaf to warnings.

Therefore, I never try to convince someone who has already made a decision for himself to invest their money somewhere. I see that only my own experience will push a person to become more careful in choosing to whom to entrust his money.

[Rufsilf]

Well, the main reason why people fall into scam investments is because of "thinking about HUGE money".
It was to know that all of us wanted to be like that but it was just very unfortunate that people wanted shortcuts. They take the bait from a project or person who comes and says "I'll multiply your money many times". Ohh yeah, once you have heard this you can be thinking I'll be becoming rich easily but somehow, a broken promise seems what they get.

[tvplus006]

Most newcomers come to the cryptocurrency market under the influence of third parties about the prospect of very fast earnings of a large profit with a minimum of effort. Therefore, the lack of experience and, in general, a lack of understanding of how the cryptocurrency market works, will certainly lead to the loss of money.

[minime0105]

Well, the main reason why people fall into scam investments is because of "thinking about HUGE money".
It was to know that all of us wanted to be like that but it was just very unfortunate that people wanted shortcuts. They take the bait from a project or person who comes and says "I'll multiply your money many times". Ohh yeah, once you have heard this you can be thinking I'll be becoming rich easily but somehow, a broken promise seems what they get.

exactly you have spoken my mind. And the same money they are looking for is a trap set by the scammers for them to enter, investment is real but the issues some investors have for rushing particular platform that is new and enter investment plan without consultation of knowing the way of the platform and start investment. The real caused of people be scam is they are looking up to huge money to get way from their financial challenges

[Taskford]

Well, the main reason why people fall into scam investments is because of "thinking about HUGE money".
It was to know that all of us wanted to be like that but it was just very unfortunate that people wanted shortcuts. They take the bait from a project or person who comes and says "I'll multiply your money many times". Ohh yeah, once you have heard this you can be thinking I'll be becoming rich easily but somehow, a broken promise seems what they get.

exactly you have spoken my mind. And the same money they are looking for is a trap set by the scammers for them to enter, investment is real but the issues some investors have for rushing particular platform that is new and enter investment plan without consultation of knowing the way of the platform and start investment. The real caused of people be scam is they are looking up to huge money to get way from their financial challenges

To avoid any danger financially by new starting up investors they should not live on the fantasy that they became rich quickly and got easy money from doing nothing because this is used for so many times by scammers. There are so many learning experience we can search from and newbies should research before taking step because this could save them from losing their money on the wrong platforms floating up on crypto space. Huge profits or payouts has been used by scammers as a trap so people always take those reminders that if this is to good to be true its not true this is always said for so many times and for sure we can read those golden words everywhere.

[Rockstarguy]

I would  not blame most newbies for falling to scammers,  it is because they no nothing about cryptocurrency at the early stage,  if it was possible for newbies who fall cheap to scammers not to be victim they would have helped themselves. It is very sad that newbies always fall for scammers , but it is very sure that mistakes newbies makes will always make them smart and wise for the whole time in journey of cryptocurrency.

[Luzin]

These are mostly reasons why they fall into scam victims.
- The desire to get rich very quickly and instantly
- Easily tempted by investments that promise profits many times over without analysis
- Follow other people who invest on the same platform
- Don't learn from many experiences of previous people
- Can't believe that they will be scammed because the scammers are so convincing

That's because they only look at what people have gained but they don't see the process of losing. In addition, most people trade crypto or forex if they have the desire to be famous then they tend to be like that. There are even those who deliberately make such for fraudulent purposes. In addition they tend not to be able to control emotions. I think not all beginners. It should be because this relates to money that they do not easily trust anyone they have to search and research to avoid losing their assets.

[_BlackStar]

The problem is, lots of beginners think that it all doesn't apply to them. That they know how to do their research. That they know blockchain technology, because they have watched a youtube video. That they have a talent for trading. That they are lucky. They join communities of a shitcoin that they have invested in, and those communities are echo chambers full of shills that amplify the positive message, creating an illusion that the investment will perform well.

There is a lot of truth in what you describe, but of course we will not be held responsible for the stupidity of beginners. They consciously decide what is best for themselves regardless of whether they succeed or not, meaning their money is their responsibility to manage it well.

It's easy to make general statements and repeat simple facts, but this won't change the number of scams in this ecosystem, until people will fundamentally change their view of altcoins.

It's hard to get rid of that greed from beginners, they just gamble with luck and some of them may have realized it but still want to do it in hopes of getting a decent reward someday. I don't think we need to worry about any decisions they make even though the experience and knowledge we share will be of great benefit to them.

[ShowOff]

It's hard to get rid of that greed from beginners, they just gamble with luck and some of them may have realized it but still want to do it in hopes of getting a decent reward someday. I don't think we need to worry about any decisions they make even though the experience and knowledge we share will be of great benefit to them.

I'm sure not all beginners are those who don't understand anything about the risks of investing in altcoin. They know what the risks are but it may be true that they are just greedy and have the mindset that only then can they get rich. This actually happens to some newbie but it's true as you said that we are just people who care while they may ignore this advice.

Each of us has our own way of profit from investing and trading, so I don't think it should be the same even if the end goal is the same. Even if they believe bitcoin is a very good investment, they should also be aware that there are always risks they should consider.

[CryptoHeadlineNews]

so I said that is too big of a risk and if you can't hold for at list 1 to 2 years then Bitcoin investment is not for you.

And this is actually the general mindset most people investing in bitcoin this days have, they think if they can put in X dollar today, by tomorrow, they will have XXX dollars, which has put several families into sudden tears that till date can't afford to forget. i think these people all need a general orientation that thats not how crypto works, and just like you said, if you can't risk holding it a year or two, bitcoin was never for you.

[Wiwo]

And this is actually the general mindset most people investing in bitcoin this days have, they think if they can put in X dollar today, by tomorrow, they will have XXX dollars, which has put several families into sudden tears that till date can't afford to forget. i think these people all need a general orientation that that's not how crypto works, and just like you said, if you can't risk holding it a year or two, bitcoin was never for you.

Most newbies are truly after the profits and they have the mindset that Bitcoin is a get-rich-quick scheme, that is why most of them end up disappointed when their expectations failed to materialize. They live in a world of fantasy and believe in the easy root to success not knowing that Bitcoin is a whole big industry that requires a lot of knowledge and patience to wait for long.

[KingsDen]

Most newcomers come to the cryptocurrency market under the influence of third parties about the prospect of very fast earnings of a large profit with a minimum of effort. Therefore, the lack of experience and, in general, a lack of understanding of how the cryptocurrency market works, will certainly lead to the loss of money.

Very apt. It is only a few newcomers that landed in the crypto space based on personal research or convinction. Majority came through a third party, maybe someone who is successful within their neighbourhood or at work place, in the versities, worship place etc.
Most times they are impatient to learn the rules and they will jump in to invest with the mindset of get rich quick.
But, do you know one funny thing about this?
Those newcomers always join when the market is in the bull phase, they will buy high and within a short time the market will dump on them. Some, will tag it scam because they don't understand the nature of the market.
So, it is important that anyone introducing a user here, should let the person understand the true nature of bitcoin and cryptocurrencies.

[Mpamaegbu]

Make sure to have a long term investment plan, and while you invest and wait, you can trade actively on the side. Could be P2P or actual spot or futures/margin trading on the side to make little profits on the way up.

That's easier said than done. One can only hodl long term if one has a steady source of income and not the regular kind of invest today and then expect it to give a nice ROI overnight so one can harvest it. Another is your advice on trading. That's not an advice for newbies because trading is not an easy thing to venture into. The complexities of trading, whether spots or futures, have led so many who saw how simple it looks from far to burn their capital and went back to square one. Trading is a specialized field and should be given its due attention.

[tvplus006]

...Like many of us use to say, if you can't hold for 5 years, don't hold for 5mins, and if you can't bear -28%, don't expect +28,000%. ..

Holding not every coin for such a period will provide you with a profit. It all depends on how well the investment object was determined, which is very difficult for a beginner to do on his own. In this case, instead of the expected profit, we see how the size of the investment decreases tenfold from the initial ones.

[The Cryptovator]

Most newbies fall into scams due to greedy behavior. And of course, the intention to become rich overnight is a part of greedy behavior. Newbies think they would be a millionaire from crypto very easily which isn't true always though sometimes happens. We need to change our minds, need patience and be realistic. Crypto can make you rich and also poor as well. It depends on many things. Holding is the best policy to make money from crypto but there are always limits. If you do not release your Holding during the full bull run and cry again in a bear market then no one could help. So timing is matter here. Need to learn as much as possible, sadly we learn always after losing money.

[FatFork]

Most newbies fall into scams due to greedy behavior. And of course, the intention to become rich overnight is a part of greedy behavior. Newbies think they would be a millionaire from crypto very easily which isn't true always though sometimes happens. We need to change our minds, need patience and be realistic. Crypto can make you rich and also poor as well. It depends on many things. Holding is the best policy to make money from crypto but there are always limits. If you do not release your Holding during the full bull run and cry again in a bear market then no one could help. So timing is matter here. Need to learn as much as possible, sadly we learn always after losing money.

Yeah, the majority of newbies fall into scams due to greed and ignorance, and my favorite advice to newbies: "If you don't know where to start, you don't know enough."

Most newbies who are trying to get into crypto think that they are too smart for the game. They believe that they would be successful in crypto because they've heard some stories of successful people who became rich using crypto and not conventional financial investments. They think that by simply buying random shitcoins on the market they will get their fortune. Which, of course, is very far from the truth.