People with quick rich attitude always mess up with alt coins

[mvdheuvel1983]

The get rich quick mentality is one of the most prominent qualities of most people who are interested in altcoin even the founders. If not why do we have a lot of them springing up every other day just to disappear in a moment. I do not see anything wrong with it because if we analyze carefully, it is the survival of the fastest or the "firstest".

People who mess up alt coins do it so that as soon as they get their profit, they take it out buy some nice stuff or something for themselves and throw the remainder into bitcoin. It is not bad.

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[Lamkuthang]

Not only does this apply to safemoon, there are also other meme coins/coins. I think there are also cases similar to it and many. I think this is purely the fault of the founders and it is still imprinted in our memories. The small example that we saw and read about in forums or other news, namely Terra-Luna founder Do Kwon and FTX's Sam Bankman-Fried, which claimed many victims.

[Pamadar]

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.

High volatility and rapid price increases, especially in a short period, can be enticing, but they also carry significant risks. Understanding the underlying reasons behind price movements is essential to make informed investment choices. Analyzing the project's technology, use case, team, community, partnerships, and market adoption can provide insights into its potential for long-term success.

Understanding all of those mentioned factors will give you a good hint that the project you are supporting has a good potential.

More on your deeper research and engaging with the team behind if they provide any means
of communications,it's hard to predict the possible outcome, but it's doable to anticipate if you
are done doing your research, every information needs to be validated, though risk is always
present especially for those who have a quick to rich mindsets.

[barlo357]

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.

They try their luck on spreading their money on alts especially on meme coins because it was a really effective way of money if you have big money willing to lose. As long you have a good position it is worth it from the coins you spread out of 10 or more.

[kaseygriffin]

Beginners in this market really have no control over their greed. They think making money is easy; just buy coins, wait for them to rise in price, and then sell. This is the mindset of beginner investors, and the outcome is probably anyone's guess. Although there may still be lucky people, the number of beneficiaries is probably very small compared to the losers. So instead of imagining maybe x100, learn discipline and patience before your greed when investing anything. If you can't control it, you're still stuck in a cycle of chasing quick profits, taking excessive risks, and ultimately losing.

[JayTrain]

When it comes to altcoins, it's important to exercise caution and not be swayed solely by short-term price movements. Analyzing the reasons behind a coin's price increase and evaluating the project's merits and risks are crucial before making any investment decisions. Safemoon, for example, experienced a significant pump after reducing fees, but it's essential to consider the potential losses faced by previous investors. Greed can cloud judgment, so it's wise to think twice before investing in Safemoon at this point.

[nesty]

Altcoins or alternative crypto currencies, have become increasingly popular in recent years due to their potential of high returns on investment. However, investing in altcoins can be risky, especially for those who have a "get rich quick"mentality.
People with a quick rich attitude often make impulsive decisions when investing in altcoins, without taking the time to do proper research or understand the risks involved. They may be more likely to fall for scams or pump and dump schemes, where the value of a coin is artificially inflated and then quickly sold off, leaving investors with worthless coins. Always remember that investing in crypto currencies including altcoins, should be approached with caution and a long term perspective.

[Silberman]

I prefer to call them "Greed". Yes it is one of human nature that makes them want to get rich as fast as possible and as much as possible.
A wise man will say that there is no evil and good in this world and I agree. We need greed for our ancient human instincts to get our needs met.
But excessive greed will lead you to the path of destruction and that is what happens with people who have a get-rich-quick attitude.

Even greed is not enough to explain what we see with those people, as there are people which are incredibly greedy and yet they are willing to work hard to reach their goals, so even if we can see that those people have a problem at least we should recognize their ability to work hard towards their wishes, but those that are looking to make true their desires by investing in shitcoins do not have the same work ethic, and instead they are trying to get there by using all kind of shortcuts, and the people that are like that are very unlikely to ever reach their goals.

[DeathAngel]

Sometimes these guys need to experience losing money before they come to their senses & just buy bitcoin. Obviously they see a minority of investors getting rich with meme coins & they think it’s easy so they can do it. It’s often they only discover that isn’t the case when they get rugged. If they still have the stomach to be involved in cryoto they soon move to bitcoin, it’s how maxis are made.

[TravelMug]

Sometimes these guys need to experience losing money before they come to their senses & just buy bitcoin. Obviously they see a minority of investors getting rich with meme coins & they think it’s easy so they can do it. It’s often they only discover that isn’t the case when they get rugged. If they still have the stomach to be involved in cryoto they soon move to bitcoin, it’s how maxis are made.

I agree though, not just in crypto but in our lives, it's better to experience some losses early to understand how the market works. We just don't get inside any market like crypto and think that we can make a lot of money in very short amount of time. We really have to work our ass off to have that "medal", the experience needed. Hopefully that is the case, they move to bitcoin because that is the only project that is really solid. But it will take a lot of time for you to make money, and then you need to have that mental toughness to hold and just accumulate overtime.

[krishnaverma]

Not only does this apply to safemoon, there are also other meme coins/coins. I think there are also cases similar to it and many. I think this is purely the fault of the founders and it is still imprinted in our memories. The small example that we saw and read about in forums or other news, namely Terra-Luna founder Do Kwon and FTX's Sam Bankman-Fried, which claimed many victims.

In some cases. the coin are also targeted by hackers. They attack the coin because of which the value of the coin drops a lot. The developer of the coin cannot do much in this case, But some scammers use even this excuse to hide their scams and give impression that are completely clean in the process.

[Velemir Sava]

Yes, very sad to see. I see many factors that make a coin or token like that, one of which is consumer behavior, in this case investors or traders. But in my opinion, it's the developer's job to always monitor the regulations that apply to the coins/tokens that have been created so that they don't just go off into the market. This is where the level of confidence Investors and users are excited to come back in and invest. Savvy developers and users benefit too.

[Andrija Branislav]

Not only does this apply to safemoon, there are also other meme coins/coins. I think there are also cases similar to it and many. I think this is purely the fault of the founders and it is still imprinted in our memories. The small example that we saw and read about in forums or other news, namely Terra-Luna founder Do Kwon and FTX's Sam Bankman-Fried, which claimed many victims.

In some cases. the coin are also targeted by hackers. They attack the coin because of which the value of the coin drops a lot. The developer of the coin cannot do much in this case, But some scammers use even this excuse to hide their scams and give impression that are completely clean in the process.

That's right, there's a lot of cover-up, well, I think this is where the crisis of user confidence lies. indeed a coin when it is on the market is no longer absolutely regulated by the owner but by the market itself but this is a source of fire which results in a loss of trust from users or investors.

[disconnectme]

I know some people won't like this but Crypto is a Ponzi scheme, the people that lose out are the greedy and the laggards, we need new set of people to enter the space for the price to pump. I always run away from projects that have pumped and dumped because the people that they dump the token on will be praying for the price to pump and will dump at any given opportunity. SafeMoon is a good example of these and there are many tokens in the space that are dead but the good thing about them is that as long as they are on exchange its value won't go to zero, DEXes have even makes it easier for them to trade now

[Pamadar]

Not only does this apply to safemoon, there are also other meme coins/coins. I think there are also cases similar to it and many. I think this is purely the fault of the founders and it is still imprinted in our memories. The small example that we saw and read about in forums or other news, namely Terra-Luna founder Do Kwon and FTX's Sam Bankman-Fried, which claimed many victims.

In some cases. the coin are also targeted by hackers. They attack the coin because of which the value of the coin drops a lot. The developer of the coin cannot do much in this case, But some scammers use even this excuse to hide their scams and give impression that are completely clean in the process.

They can possibly create a story that they've been attacked and the project will dump hard and be forgotten.

It's very possible that the team behind the project is also the same people who keep dropping the price, an scam practices
that will lead many investors and traders to lose their hard earned money.

While the team can quit cleanly, as they are claiming that hack takes place and they are innocent and also part of this
victims who losses their investment.

[Halime Anatolia]

The quick rich attitude always fails in every aspect of life, not just investing in cryptocurrency.

While there are people who are inattentive and attention deficit, there are these people investing and in many aspects they are similar. One can go to coinmarketcap and see which coin has the maximum percentage rise in the last 24hours and they will obviously find some shitcoin that they never heard of existed.

Such coins are a huge manhole to step in, because they are essentially being pumped and going to dumped, waiting for small fries to get their hands on them.

That is why so many chit fund companies are able to fool so many people. Greed is always there.

Even worse, they like to replace smart contracts with new ones. Yes. many are trapped with sweet promises by them. Maybe the white paper design is good and detailed and in my opinion it will be a reference and analysis for users or investors who want to enter but if the founder is ignorant, especially when performance drops. Now. what are the words we will definitely spit out..Oops..Rugpull again.

[deean_3one]

People with a get-rich-quick attitude always mess with alt coins. I agree with that statement. Maybe I call it "greedy". That attitude messed up the Altcoins. His desire makes the perpetrator want to sell as much as possible and make a profit. But this actually damaged the price of the coin.

[TheUltraElite]

Even worse, they like to replace smart contracts with new ones. Yes. many are trapped with sweet promises by them. Maybe the white paper design is good and detailed and in my opinion it will be a reference and analysis for users or investors who want to enter but if the founder is ignorant, especially when performance drops. Now. what are the words we will definitely spit out..Oops..Rugpull again.

Scams are getting sophisticated but this does not change the basic greed that is the ingredient from the victim in getting scammed. There are people who observe this and this devise their methods and this these get rich quick schemes and altcoins that thrive on hype. All the creators of such coins are essentially scamming their investors and because unregulated nature they are able to get away with it.

Greed should be controlled for any trader to be able to profit.

[terencio]

It’s good that you are cautious and advising others to be cautious as well. It’s important to understand the reason behind prices moving up and analyze the benefits and demerits of the project before investing.

[Xal0lex]

I know some people won't like this but Crypto is a Ponzi scheme, the people that lose out are the greedy and the laggards, we need new set of people to enter the space for the price to pump. I always run away from projects that have pumped and dumped because the people that they dump the token on will be praying for the price to pump and will dump at any given opportunity. SafeMoon is a good example of these and there are many tokens in the space that are dead but the good thing about them is that as long as they are on exchange its value won't go to zero, DEXes have even makes it easier for them to trade now

The whole altcoin industry is some sort of pump&dump scheme, but definitely not a ponzi scheme. In ponzi schemes there is no utilitarianism, there is a beautiful legend and groups of investors. Cryptocurrencies have ready working products and some utility, the projects solve certain problems and problems in blockchain networks, so they can not be called completely empty, but at the same time, most cryptocurrencies are still simple empty, which have nothing but the desire of their creators to make a quick buck on investors.