People with quick rich attitude always mess up with alt coins

[duckalis]

If you look at the 30-day chart, SFM was in flat from 11 to 29 April, and then it went into a downtrend (although it was already a global trend in the whole market).

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[kamvreto]

it's because of constant FOMO and everyone wants to get rich instantly. so it's no wonder everyone makes purchases even though the coins have been pumped 100%. like today's memcoin, a lot of FOMO is done and ends up with a lot of losses because you don't do research and don't understand the reasons behind the pumping, greed for instant riches will give you bigger losses.

[GreatArkansas]

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.
(....)

The best example of pump and dump. I am not really against this because there are some people who are making a ton of money here, some are lucky and some are also in bad luck because they lost a lot of money in just a short period of time.
These people who are thinking about the "easy money" or "quick rich" scheme, are sometimes lucky because if they are luck enough to make money then on the opposite side they are also bad luck to lose money. High risk, high reward.

[Silberman]

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.

This is a problem not only on this market, it happens on other markets and even on other activities as well, when the 2008 crisis was yet to come there were a lot of ads on TV about investment opportunities on real state and courses which could teach a person how to become a millionaire in just 14 days, and while for us those promises sound ridiculous the majority of the people out there know nothing about investing and believe such results are possible, even if such results are in direct opposition to common sense.

[Luffygroove]

The same thing happened to $PEPE investors recently, and I don't think it will stop soon. I mean, there will always be people like this. Whether a newcomer, people who are too lazy to learn in their journey, or simply those who can't manage themselves and their emotions well, even when it's hard, always hold this principle: "Buy at low, sell at peak," never the other way around. A newcomer, especially, is the most vulnerable party because they are such easy targets, and that's why they need to educate them first (at least the most basic knowledge) before jumping in.

[Wexnident]

The allure of being able to quickly get rich is something most (if not all) people would never be able to remove from themselves. It's why scams work in the first place anyway, at least, some of them.

And it is for a fact that some people have managed to become rich overnight due to meme coins. It's much more solid as well in terms of chances compared to lotteries, so it's allure, especially to new investors is real.  Highly doubt we'd get this out of the system really, newbies grow to be more experienced yes, but they also get replaced by even more newbies.

[Dr.Bitcoin_Strange]

I don't even believe that altcoin pump has anything to do with news since not much has been heard of those coins that did 10× in the news or on social media, so that shows that pump and dump is a Mechanism and only the team is responsible for that to pull an exit scam on the victims.

Altcoins are most times gamble and they should be taken as such, and no one should invest their life-savings in them since there is no guarantee of sustainability from them.

I came across a few tokens on an exchange; I don't want to mention the name of the exchange or the token since they are not paying me to do so, lol, but this token I bought has pumped by about 500%, 300%, and 280%, respectively, and the token was closing in on almost $1 per token, so I had to buy, thinking that those tokens would pump hard to become one dollar each, but I still got unlucky again; these tokens began to fall after I bought them, and today I am not even having up to 1% of my capital; everything has evaporated. What I am even waiting for now is for the exchange to make an announcement that they are delisting those tokens from their exchange.

[smile1218]

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.

It’s true that there are some people with a get rich quickly mentality maybe more likely to make impulsive investments in alternative crypto currencies because of the hype and the potential earnings that they are thinking. Having a greedy mind would end up loosing all investment. Always do some research and study the flow of the crypto currencies before investing. Never ever rush and think that you will become rich instantly because you might get poor instantly.

[fauzan Ichsan]

pump and dump action on new altcoins happens often, and we are tempted to know about it and want to invest in the hope of getting big profits. but a lot of people don't understand, when a dump occurs, many of the new altcoins find it difficult to get up, and if we invest, it is likely to go down again and the future is unclear. therefore the main basis for investing is the safety of our funds, so it would be better to invest in a coin that is certain, at any time it is safe to hold, even though the increase is not like altcoins as exemplified

[gurunanakji777]

The mentality of wanting to get rich quickly usually results in losses in most fields, and this attitude needs to be changed. Sensible investing should be the approach, instead of being lured by things like we see some investors do, investing in coins that have had a huge pump, taking risks. However, we must also keep in mind that there are many coins that, after pumping, dumping, and investing in them are not beneficial. As you rightly said, greed is the root cause of loss.

[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.

[ethereumhunter]

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.

[crwth]

It's not just that, and it's always the case when people tend to purchase the news and then lose a lot of money by buying at the top.

It's always best to have the buying timing at the start when there's no noise yet so that you can have that maximum profit and make sure that you HODL your way to the top and then sell when others are buying. It's hard to time it but better to get out fast if the fast things happen.

Be careful investing.

[fvb]

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 always think about this too, and before investing in tokens, I analyze projects very carefully, especially with such suspicious price rises in a short time. This is very often created artificially in order to lure more money from investors. Many are in a hurry and lose their heads from greed, and then lose money from not thinking properly

[demonica]

You're right about that. A quick-rich attitude is something people should avoid. Others may be lucky enough to earn big profit with altcoins but it doesn't mean, it will apply to everyone. When people hear about others' stories of how they easily earn huge profit with altcoins, they'll be envious and would start to be greedy. FOMO. But the thing is, not everyone has the same ending in altcoin. Some people wouldn't understand this thing unless they experienced losing, which I don't understand why they have to experience it before they'll realize the wrong mindset and attitude they have when investing in altcoins.

[yhiaali3]

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.

[el kaka22]

Too many people are wrongful to imagine this is even possible. I keep telling people that there is absolutely nothing in the world that could make you rich quick and yet they still keep on trying. I understand that I can't control every person in the world and that means that there will be people making mistakes, if I only I could but I can't and can't stop them from making these silly moves. However, you need to realize that these are stuff that we can't control and we have no power over.

I hope that they get smart and stop doing this, because it is not possible and every single time when they do it, the result will be the same and we are going to end up with a loss in the end. I get that it is not nice but we just need to move on.

[BobK71]

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.

Some altcoins have no guarantees. They can withdraw from the market at any time after acting according to their plan. While investing in those coins has the potential to make huge gains, there is also the potential to lose. I have seen many altcoins projects in the past that artificially created hope in the market for a short period of time, withdrawing money from investors and disappearing. Investors should avoid of such projects otherwise they may suffer fatal losses. If you invest in good projects, even if you get a small amount, it is reliable.

[poodle63]

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.

[Questat]

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.