People with quick rich attitude always mess up with alt coins

[Andrija Branislav]

One such option has come again in safemoon. The coin has pumped more than 100% when they reduced fees from 10% to 1%. Now new investors are rushing to invest in this coin. This is the situation when the past investors in the coin are like in 99% loss of their invested value. But greed make people loose all senses I think. If you are still thinking to invest in safemoon now, think twice.

Exactly, it is very important to be careful when investing in altcoins. While the lure of quick profits can be tempting, as the OP noted regarding the recent Safemoon price spike, new investors may be tempted to jump in.

That's right, Altcoin is never suitable for long or medium investment, it is only suitable for speculation.
There is a very high risk, especially in coins that pump x 100, that it can collapse in a few hours.

Unfortunately, it was difficult to educate greedy people and think just what we think about these projects. It seems to know that their greediness manipulates everything - their minds, and decision-making.

Honestly, it was hard to think about earning a profit from non-usable projects as they are likely possible to collapse.
We don't have to wait and have to experience losses if we have ways to avoid it from the very start.

It is true and I agree that Greedy can cloud judgment and lead individuals to make risky investment decisions. It's hard to educate people who are solely focused on making a quick profit and aren't interested in doing due diligence. yes. hard to lose sir

My view maybe same by others. Investing in projects that don't have solid use cases or have questionable fundamentals can be a risky proposition. While it is possible to make a profit, it is also important to consider the possibility of significant losses if the project fails.

[danherbias07]

In short, don't ride the hype.

Those who are old in this business know the rule about not riding the wave because sometimes it leads to getting rekt. But, new investors will probably make the same mistake as we did before because we lack knowledge about what we do or what we invest with.
Now, there are a lot of cryptocurrency/altcoin investors who have shared their experiences, I think it's better to learn from their mistakes to avoid doing it again.
Most of the projects now are just recycling it so it's better to check if those types of coins are really worth the investment or just like before they will be left behind and declare bankruptcy and as an aftermath we won't have the money back. This ain't new anymore but I am pretty sure there are still a lot of victims.

[Crypto-Ivan]

Having a get-rich-quick attitude in any area is prone to failure.
Many altcoins are only speculative and hyped through false publicity, resulting in large fluctuations in market prices, which may eventually cause unnecessary losses.

[Victorik]

Anyone on the space with a get rich quick mentality will always end up getting their fingers burnt. There are a tonne of project out there promising a lot but if care isn't taken, you might end up losing your hard earned more.
Moreso, when it comes to investing in altcoins, don't put too much, just put what you can afford to look away from when it goes south.

Those who think investing in cryptocurrencies can make them rich in a short time will only be disappointed because it does not meet their expectations. Investing in any field requires time to take advantage of it. Of course, it is an investment that does not turn into fraud. When they can get the right coin like bitcoin, as their investment, they can expect to make big profits in the coming bull run. But those who think they want to get rich quickly can't choose the right coin because they will only listen to suggestions from other people without further analysis.

Yeah. You're right, but sadly, there are so many in this space who are here to get rich quick. Sometimes you can be lucky and get huge profits from some very highly risky coins newly launched, especially if you enter very early. And sometimes you might not be lucky as the project might turn out to be fraud.

Mostly people with get rich quick mentality do not last on this space.

[TheUltraElite]

People are so dumb. You take safemoon as an example but if you are also watching all time chart and you will be seeing how this shit scam token dumped so hard. People care about gambling their money to the shit scam coin. They never fear to lose it.

They think that if betting in shit scam token like that is far better for them. Altcoins being used only for gambling purpose.

Indeed many shitcoins have just been methods to gamble instead of supporting a project which can lead to some new innovations. The onwere release the coin as a method to make quick money off the pockets of enthusiastic newbies while the advisory committee gets its cut from the company in cash or kind. Then the onwards run the vaporware for a fixed period of months before they dump on the crazy investors and then run away without a trace.

Even worse are the HYIP/ MLM scams which dont even do this but only spread the name and get people to buy it while nothing is actually happening in the background.

[Rampagoe004]

People who get rich quick or who want to get rich quick is a bad attitude. Because people who get rich quick are usually annoying and like to belittle people. Likewise with the nature of wanting to get rich quick. It will give rise to greed in man. And believe greed will lead you to destruction. An example is investors who rush to get rich quick and then they are ruined because of fraud and get scam.

[siniminomorocomunisakito]

Indeed many shitcoins have just been methods to gamble instead of supporting a project which can lead to some new innovations. The onwere release the coin as a method to make quick money off the pockets of enthusiastic newbies while the advisory committee gets its cut from the company in cash or kind. Then the onwards run the vaporware for a fixed period of months before they dump on the crazy investors and then run away without a trace.

Even worse are the HYIP/ MLM scams which dont even do this but only spread the name and get people to buy it while nothing is actually happening in the background.

I agree with your view but unfortunately, the crypto space remains largely unregulated and attracts a lot of shady characters looking to make a quick buck. Moreover, at this time the growth is very significant and there are also many scams and steam devices that do not live up to their promises. I think this is where we are being smart and careful in their investments and wary of promises of quick riches.

[maydna]

People who get rich quick or who want to get rich quick is a bad attitude. Because people who get rich quick are usually annoying and like to belittle people. Likewise with the nature of wanting to get rich quick. It will give rise to greed in man. And believe greed will lead you to destruction. An example is investors who rush to get rich quick and then they are ruined because of fraud and get scam.

People who want to get rich quickly will use any means to get rich quickly, even if it is illegal. This has happened in many places. When we want to be rich, we will be someone different from usual because the desire to be rich has taken over us. And when we have succeeded in raising money, greed will come to us and tell us that we should be able to collect more money. And that's what makes us never feel enough, and maybe that's what will cause the destruction we will experience in the future because we are too greedy.

[lobo13hf]

it can also be called greediness, it's always greed that make some people wanna become rich quick even though it's clear that the method in front of them for becoming quick rich is nothing more than just a trickery, like investing into some shit coin with heavy manipulation, if someone thinks they are someone with extra ordinary luck and could score massive profit going against the one that manipulates forget it, that's just blindness clouded by greedines.

[maydna]

People are so dumb. You take safemoon as an example but if you are also watching all time chart and you will be seeing how this shit scam token dumped so hard. People care about gambling their money to the shit scam coin. They never fear to lose it.

They think that if betting in shit scam token like that is far better for them. Altcoins being used only for gambling purpose.

They already understand that it's not a good choice but because they get greedy, that's what makes them choose it anyway. It's as if they are gambling by buying tokens or coins, which can be fraud and even though they know it, they still buy it in the hope that they can benefit from the tokens. Indeed, sometimes we can benefit from investing in tokens like that, but we don't know which will give us a profit and which will be a fraud. They should decide to invest in bitcoin only so they will not become victims of fraud from irresponsible projects.

[Cling18]

it can also be called greediness, it's always greed that make some people wanna become rich quick even though it's clear that the method in front of them for becoming quick rich is nothing more than just a trickery, like investing into some shit coin with heavy manipulation, if someone thinks they are someone with extra ordinary luck and could score massive profit going against the one that manipulates forget it, that's just blindness clouded by greedines.

Some people perceive success stories they hear incorrectly, leading them to have unrealistic expectations and even the wrong mindset when it comes to investing in cryptocurrencies. We all want to make money, but we should be aware that getting there will require a lot of patience because most cryptocurrencies only become profitable after being held for a while.
We should restrain our greed and desire to become rich quickly when investing in cryptocurrencies, and we shouldn't ignore the risks. If we have the guts to research how to handle market volatility, we can become sensible investors.

[jacafbiz]

I have mentioned multiple times in past here that people should be cautious with alt coins. If some coin has moved up like 100% or more in just 24 hours, it does not mean that you should also purchase the coin. You should first understand the reason behind prices moving up. Then, you should also analyze the benefits and demerits of the project.

One such option has come again in safemoon. The coin has pumped more than 100% when they reduced fees from 10% to 1%. Now new investors are rushing to invest in this coin. This is the situation when the past investors in the coin are like in 99% loss of their invested value. But greed make people loose all senses I think. If you are still thinking to invest in safemoon now, think twice.

I still believe that value investing plus long-term play is still far better than all these get rich quick Memes, it is the world we find ourselves in now, nobody wants to work, I mean real work, people don't want to sweat again or even task their common sense they just want to be spoon feed. if you ask the young ones, they want to be influencers instead of an engineer. What I am looking at now are projects with huge treasury with huge potential, most of these project don't have any treasury and will burn out in months because most of their funds has been used to pump and dump their tokens

[merekamo]

I agree with that. Caution is essential when dealing with altcoins, especially when they experience sudden spikes in price. It is very important to understand the underlying reasons for price movements and analyze the pros and cons of a project before investing.

Sometimes, there are alt coins that increase significantly, for example 200% - 500%. However, if you look at the volume, there is no big increase. However, it is important to remember that past investors have suffered significant losses, with some losing up to 99% of the value of their investment.

[lixer]

it can also be called greediness, it's always greed that make some people wanna become rich quick even though it's clear that the method in front of them for becoming quick rich is nothing more than just a trickery, like investing into some shit coin with heavy manipulation, if someone thinks they are someone with extra ordinary luck and could score massive profit going against the one that manipulates forget it, that's just blindness clouded by greedines.

Not all are like that but some genuinely picks altcoin because altcoins are unique and they have something that we can't find in btc. The method to become rich in crypto must be to buy low and sell high. It's not just a trick because it was also being applied in other financial markets.

It's only up to our luck sometimes and level of greediness if we are investing in riskier coins. Some can't sell on time but they wait because they think there is still more to come. This is the main cause of losing. It's not possible for us to overcome the manipulators. We can only listen to their orders on some pump and dump groups if we want to get some benefits.

[Yatsan]

Is it only with altcoins?

People are so dumb. You take safemoon as an example but if you are also watching all time chart and you will be seeing how this shit scam token dumped so hard. People care about gambling their money to the shit scam coin. They never fear to lose it.

They think that if betting in shit scam token like that is far better for them. Altcoins being used only for gambling purpose.

They already understand that it's not a good choice but because they get greedy, that's what makes them choose it anyway. It's as if they are gambling by buying tokens or coins, which can be fraud and even though they know it, they still buy it in the hope that they can benefit from the tokens. Indeed, sometimes we can benefit from investing in tokens like that, but we don't know which will give us a profit and which will be a fraud. They should decide to invest in bitcoin only so they will not become victims of fraud from irresponsible projects.

The idea of high risk and high rewards, drive those investors. Whether it is a good thing to do or not, no one would be able to tell 'coz if they manage to come up with a huge win, those who did not believe in them would be put in silence. For sure they are aware of the chances of losing, no doubt. Except for those who are just easily carried away by their emotion and those who are just following what's solely popular. Not totally wrong except for their entry points wherein some would enter when prices are at peak, expecting for a higher market value. Unfortunately, things does not work as simple as that. Even simple price action would give you the answer to the question whether it would be still profitable to engage in a particular token, halfway of the increase. Bottomline is, we are all guessing how will the market price behave. Difference only is with basis or hunch as is.

[Jocuserious]

Have fun, Why do people now want to be philanthropists from crypto? In my opinion this is the only business where there is a lot of risk and you have a high chance of losing money. You can't get rich quick from crypto market but you can get profit if you want and you have to invest or trade it.

[MIner1448]

You are right, investing in altcoins and cryptocurrencies requires careful analysis and simply following trends is not always an effective approach. History shows that many altcoins can go through ups and downs and investors should be aware that they can lose their entire investment. In addition, the commission is only one aspect of the project that needs to be analyzed. Investors should study the fundamental aspects of the project, such as its technological base, development team, competitive advantages, and so on. Of course, greed can have a strong impact on decision making, but it is important to remember that investing in cryptocurrencies and altcoins is a risky process and investors should be prepared to lose their investments.

[marcous]

Have fun, Why do people now want to be philanthropists from crypto? In my opinion this is the only business where there is a lot of risk and you have a high chance of losing money. You can't get rich quick from crypto market but you can get profit if you want and you have to invest or trade it.

You are right, there is no get-rich-quick scheme if you decide to invest in crypto coins incorrectly, high risks will always exist in crypto investments so investors only use part of the money allocated for long-term bitcoin investments, they will ignore high-risk altcoins for investment and they will still choose bitcoin to guarantee the price can recover when the bullish moment comes.

[tvplus006]

...We all want to make money, but we should be aware that getting there will require a lot of patience because most cryptocurrencies only become profitable after being held for a while...

In my experience, I noticed the opposite, that most coins lose their value over time and turn into trash. Only a small number of coins, led by bitcoin, increase their value, thanks to the hold, but you will not get a large profit calculated in thousands of percent from such retention.

[swogerino]

I have mentioned multiple times in past here that people should be cautious with alt coins. If some coin has moved up like 100% or more in just 24 hours, it does not mean that you should also purchase the coin. You should first understand the reason behind prices moving up. Then, you should also analyze the benefits and demerits of the project.

One such option has come again in safemoon. The coin has pumped more than 100% when they reduced fees from 10% to 1%. Now new investors are rushing to invest in this coin. This is the situation when the past investors in the coin are like in 99% loss of their invested value. But greed make people loose all senses I think. If you are still thinking to invest in safemoon now, think twice.

That is a natural instinct installed deep in our human nature/root so most people do not do that only in altcoins but in many other facets of life in general.The same happen with gamblers who think let's double our money by playing sport bets or slot machines but the fact is 99.99% of them lose money.The traders suffer the same thing as they want to get rich quick by trading,same as gambling I would categorize these people.

Based on this even the people who go to follow a coin pumped x100 in 24 hours are after getting rich quick and such people as mentioned above always lose in life,virtue is the patience of winners as they say so most people should only invest in coins they believe in the longer term and following such short term trends because the short trends always make some people lose.