Be careful were you put your hard earn money

[goxcraft]

My first choice, would be Bitcoin, without any doubt. Not fiat, not banks, not third parties only bitcoin. I would trust my money only with Bitcoin if it's kept in online. Even the reputed coins scammed, big shot exchange involved in fraud. But Bitcoin is still standing with glory from 2009 to present. It's it enough prove to trust in it? My second choice, would be in valuable rare earth material like gold, silver, diamond etc. Paper money can loss it's value anytime. But not these items.

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[ZAINmalik75]

During the 2017-2018 bull run, crypto experience fraud from bitconnect, onecoin etc who disappear with billions of peoples dollars.
At bull run 2020-21we also experience fraud who will subsequently take advantage of people gullibility to ruin them, Luna, 3AC, Ftx, etc.

you should know that no matter the punishment for the person behind these scandals, there will always be bad actors in the crypto ecosystem at the next bull run .

In the hype or FOMO situations people, mostly newbies make mistakes and become victims of scams and hacks. A big example of this is my country where many phishing platforms come from each other. Propose a project where people have to invest money and sit idle and wait for that money to increase. And at some point when those projects gather enough funds they run away with all the money.

That does not stop here, such platforms came again in the next year and scammed people again which means the same people who fell for such a platform for the first time fell for it the second time too. I do not know why people are so eager to depend on the platform only and do not want to make efforts by themselves.

If they would have thought about it before totally depending on it then they would have been saved. My words are not only for that phishing platform that scammed our local people but for all of those centralized exchanges and decentralized too, and those platforms that are directly and indirectly related to crypto.

[SmartCharpa]

During the 2017-2018 bull run, crypto experience fraud from bitconnect, onecoin etc who disappear with billions of peoples dollars.
At bull run 2020-21we also experience fraud who will subsequently take advantage of people gullibility to ruin them, Luna, 3AC, Ftx, etc.

you should know that no matter the punishment for the person behind these scandals, there will always be bad actors in the crypto ecosystem at the next bull run .
We need to be sure where we put our money, no matter how solid the project or exchange looks like, if the founders mismanage people fund,  we will be burned if we don't take the necessary measures, imagine those who believe Do kwon's Luna.

When they finish talking advantage of Bitcoin and altcoin all time high, they converted everything to ust to be able to earn free money 20%  a year on anchor protocol.
And selll their ust at a loss because they where skeptical of depeg at the beginning and believe too much in Do kwon.
After having sold there ust's they took the remaining money to put in Ftx to loose in November because they where quite gullible.

It's just like profit from a bull run and be ruin by scammer or irresponsible player in the crypto ecosystem. Don't be too believing of anyone in the crypto ecosystem, especially with your hard earned money, tred with caution.

This is a nice thread, but I was wondering as to how those who were scammed will feel. I feel so bad for them; you are right that we shouldn't trust anyone with our money, but anyone who gets involved in cryptocurrency from the beginning must be prepared to lose money. For this reason, everyone should be aware of how it works before participating in it, as the majority of people won't have much knowledge about cryptocurrency and when this kind of a thing happen they will be complaining that they get scam.

Because of this, some people view investing as gambling; they view it as the same way that people are duped. Rather than using their money to invest, these people would prefer to use it to gamble, and when they lose, they do not point the finger at anyone or complain because they are aware of the system's operates. The same is true for cryptocurrencies, and in my opinion, when we use the best exchange, our assets will be secure. Nevertheless, we should be aware that there are risks involved and that we cannot always win.Because we can't just leave our wallet outside and assume it will be safe.

[BIT-BENDER]

At bull run 2020-21we also experience fraud who will subsequently take advantage of people gullibility to ruin them, Luna, 3AC, Ftx, etc..

Many people who were affected by this are novice, or people that were taking chances with the FOMO created already, using Luna as an example. It has gone parabolic and many people missed out from the profit, so even with the price of Luna dropping many people were still willing to invest in it and even top influencers with high following were creating more FUD and FOMO by posting the amount they have invested in Luna.

The Luna case just goes to show you have to do your own research and not get into decision based on the point of view of an influencer or even what the trend is saying.

[lalabotax]

you should know that no matter the punishment for the person behind these scandals, there will always be bad actors in the crypto ecosystem at the next bull run .
We need to be sure where we put our money, no matter how solid the project or exchange looks like, if the founders mismanage people fund,  we will be burned if we don't take the necessary measures, imagine those who believe Do kwon's Luna.

Always understand the risks when entering the crypto world. that this is a high risk, whatever it is. Moreover, in various cases, we often find FUD spread over a certain period of time, market manipulation, and also issues related to bearish and bull run processes. There will definitely continue to be parties who try to play their role in crypto to gain profits for themselves. And they don't care about our fate, especially those of us who can be said to not be whales. For this reason, we are obliged to know ourselves, be aware and be alert at every moment. Strive to stay up to date with various market news and conditions, do some research, and stay alert if there is FUD occurring which could possibly become a rug pull. Previous big cases have become very valuable examples for us, and we must understand that these cases could happen again in the future. So we have to remain alert to all of that. So that we will not easily get carried away by the hype and FUD that is being spread.

[Vaculin]

Expect that fraud and scams will never stop as long as there are people who will never stop from taking advantage of other people's money. That is why before deciding to risk your money on a certain investment, do your own diligence to research. Never stop until you see some red flags that will prevent you from investing. And when you prove to yourself that you are in the right investment, start putting a small amount at first so that if things never work as planned, it will be easier for you to recover your losses. Be careful where you put your hard earned money, as everything will vanish like thin air if you resort into wrong decision making.

[Mr.suevie]

My first choice, would be Bitcoin, without any doubt. Not fiat, not banks, not third parties only bitcoin. I would trust my money only with Bitcoin if it's kept in online. Even the reputed coins scammed, big shot exchange involved in fraud. But Bitcoin is still standing with glory from 2009 to present. It's it enough prove to trust in it? My second choice, would be in valuable rare earth material like gold, silver, diamond etc. Paper money can loss it's value anytime. But not these items.

Well that's no surprise for because Bitcoin has actually proven it's reliability and that's why I think you are so confident now in chosing to keep your money in Bitcoin. Well I think is actually a good means to save or put your money. Well depending on the current situation in my current economy now I think people have started to save their money in usdt because everyday our nations fiat is losing greatly against the dollar and this upset has lead many people to actually put or save their money in usdt.

[Lida93]

Whatever money is involved it is binding that fraud and other forms of crimes will be in the midst that's why we should as crypto interested individuals give importance to research and be very cautious of whatever investment decision we want to take with respect to our funds.

The reason we keep having increased successful scamming schemes in the crypto space is because there are many lazy people with money who see research study on any project before investing as a herculean task and based on that they have to learn it in the hard way. If only people can calm down their heads and scrutinize a project before throwing in their money to invest, a great number of scams project would have been remarkably limited.

We know making money is accompanied with risk taking but there are a few risk that are not worth it but out of greed people still take it anyway because it promised to be a huge returns.
 How do people reconcile with the idea of making huge profit in a short time, like does it mean those in control of that project don't love making money too?

[CryptoHeadlineNews]

During the 2017-2018 bull run, crypto experience fraud from bitconnect, onecoin etc who disappear with billions of peoples dollars.
At bull run 2020-21we also experience fraud who will subsequently take advantage of people gullibility to ruin them, Luna, 3AC, Ftx, etc.

you should know that no matter the punishment for the person behind these scandals, there will always be bad actors in the crypto ecosystem at the next bull run .
We need to be sure where we put our money,

Yes, it's true that investing in Bitcoin is good, but likewise  knowing how to safeguard your funds in times of crisis is far more better, which means that if only all those who lost their Bitcoin to exchange crashes had all known the importance of keeping funds in a wallet where they own the private key to their funds, they never would have lost a penny of their investment. Hence, I will like to advice all newbies that while they consider buying Bitcoin, let them not forget making security of funds their number one top priority by ensuring to us a non-custodial wallet such as "Electrum and Ledger Nano X hardware wallet".

[lionheart78]

Reading the case of @OP I arrive to the conclusion that it is best to just buy Bitcoin and hold it to our own non-custodial wallet.  Letting a centralized platform handle our investment is prone to losses due to the factor stated by @OP.  It should be a lesson learned to us that entrusting our funds to third party is more likely result in a loss due to the possibility of scams, fraud, and bankruptcy.

And now that the next bull run is approaching, we must be wary of the centralized services that will pop out promising us with interests and profit, better if we can avoid them and just buy Bitcoin for the investment and personally secure them.

[Sexylizzy2813]

Reading the case of @OP I arrive to the conclusion that it is best to just buy Bitcoin and hold it to our own non-custodial wallet.  Letting a centralized platform handle our investment is prone to losses due to the factor stated by @OP.  It should be a lesson learned to us that entrusting our funds to third party is more likely result in a loss due to the possibility of scams, fraud, and bankruptcy.

And now that the next bull run is approaching, we must be wary of the centralized services that will pop out promising us with interests and profit, better if we can avoid them and just buy Bitcoin for the investment and personally secure them.

I quite agree with you on that but to me it should be that after or if getting in any crypto business is best to get your mind ready that you're taking a very big risk or getting into huge risk that your funds are left in the open, getting your mind ready that anything can happen is even better than ignoring the fact that your assets is in a big risk.
Is like you're preparing for the worse and hoping for the best. Now lete me as, what if the 3rd party decide to be the scammer that you think you have escape from? What would you do? The thing is no place is safe, like I said is best to get yourself ready just in case.

[Rockstarguy]

We need to be sure where we put our money, no matter how solid the project or exchange looks like, if the founders mismanage people fund,  we will be burned if we don't take the necessary measures, imagine those who believe Do kwon's Luna.

With all the fail investment plans we have seen so far in the past should be a great lesson for people not to take any projects serious, with this experience in the past should be a good reason why people needs to be very careful and nor jump into any investment. Project of exchange is very risky,  before now some projects end up folding and many people lose their money. What happened in the past must be be a great lesson for people so that they will not just jump into any project they see for investment,  because most of the project we have now are scam project and very possible to fold at anytime.

[Zoomic]

Bull run is actually a period to be weary of in the cryptocurrency market. Bull run comes with many things as follows;

• Joy of the profits
• Plenty of scams as new projects will emanate
• Plenty of exit scam 
• Plenty of newbies will troop in the industry 
• Difficulty to differentiate the good project from the fake

All these characterizes the bull market, so according to the Op we should be mindful of where we will invest our hard earned money.

[Youngkhngdiddy]

We need to be sure where we put our money, no matter how solid the project or exchange looks like, if the founders mismanage people fund,  we will be burned if we don't take the necessary measures, imagine those who believe Do kwon's Luna.

People have the fear to invest in Bitcoin because of the lack of transparency and fear, some may have had some awful experience and conclude  anything cryptocurrency is fake. But no it is lack of knowledge and ignorance that makes people fall victim of this scam. Many love the get rich quick scheme and fail to realize that not every thing that glitters is gold. They fail to realize that bitcoin or the cryptocurrency ecosystem is not a an all night get rich scheme. You need to study crypto carefully before investing in any project. In last bull run when we had lots of promising projects and a lot of people bagged in such opportunities. But now that we are currently in the bear market we saw some project got discredited and couldn’t get enlisted in some exchanger.
 So before investing your hard earned money into projects do your homework about the project you’re investing in, invest your time and effort in doing research. Know the concept of trading, master your technical analysis. If possible they are other options one can consider investing on if you don’t have an idea about cryptocurrency. Even though we all need to take risk some time but not make desperate move.

[hatshepsut93]

It's just like profit from a bull run and be ruin by scammer or irresponsible player in the crypto ecosystem. Don't be too believing of anyone in the crypto ecosystem, especially with your hard earned money, tred with caution.

You still have a wrong perspective. You think there's good coins and scams, in fact it's just Bitcoin and shitcoins/scams. Bitcoin is a real open-source project developed by hundreds of independent enthusiasts around the world and controlled by nobody. All the other coins are developed and thus controlled by a small number of individuals. Those individuals are likely just dumping their premined coins and have no intention of actually developing something, but even if they do, they will still fail because they set unrealistic goals.

[CryptopreneurBrainboss]

You should know that no matter the punishment for the person behind these scandals, there will always be bad actors in the crypto ecosystem at the next bull run.
We need to be sure where we put our money, no matter how solid the project or exchange looks like, if the founders mismanage people fund,  we will be burned if we don't take the necessary measures, imagine those who believe Do kwon's Luna.

Are the culprit even getting punished enough, we had so many scams in the past years that's too many to keep track of all. We'll still have more scam events in the future because alot of users will come into the market as newbies when the market starts pumping. This new users won't be informed of the scammers tricks and will still fall for those shiny project that won't last after the bull market as they'll crash like others has done during the bear market. Most projects can't last through their first bear market because their hypes strategy won't work during the bear season. The advice would be, no matter how solid you think a project is, just know if it isn't Bitcoin don't Invest your money because those tokens can be dumped on you by their founders as they exit scam their investors.

It's just like profit from a bull run and be ruin by scammer or irresponsible player in the crypto ecosystem. Don't be too believing of anyone in the crypto ecosystem, especially with your hard earned money, tred with caution.

Put your money in guarantee investment like landed property if you won't be comfortable holding your Bitcoin through the bear season, Or better still hold fiats as they're better than stablecoin. No stablecoin can be depended on as they can collapse as other stablecoin has done or they lack liquidity for you to sell. Both centralized stablecoin and the decentralized ones had their pros and cons so is better to hold fiats during the bear market season or keep on holding your Bitcoin for the next bull market.

[stompix]

Be careful were you put your hard earn money
~
It's just like profit from a bull run and be ruin by scammer or irresponsible player in the crypto ecosystem.

Ever heard of easy come, easy go?
That's what happening, you land a ton of money by doing NOTHING as benefiting from a bull run is anything BUT hard work then you think you have discovered the key to free money and you land in all those scams.
If it were indeed hard work money you wouldn't be throwing away at x100 in a month schemes because you would know how hard it was to get those in the first place and how it would be to get those returns in real life.

People should rally strat ti be honest with themselves, those scams exist because everyone who falls for this is looking for easy money, not for work money!

[Honyek]

Somebody has to be careful of where one puts ones hard earn money. However, the world is full of risk, likewise trading or investment. To trade in bitcoin, it is very essential that someone make proper research of the best exchange to trade with in order to avoid lose along the line. Normally, anything can happen, but one needs to check past record before making any engagement.

[Baki202]

Expect that fraud and scams will never stop as long as there are people who will never stop from taking advantage of other people's money. That is why before deciding to risk your money on a certain investment, do your own diligence to research. Never stop until you see some red flags that will prevent you from investing. And when you prove to yourself that you are in the right investment, start putting a small amount at first so that if things never work as planned, it will be easier for you to recover your losses. Be careful where you put your hard earned money, as everything will vanish like thin air if you resort into wrong decision making.

Scams are even increasing in frequency, and they will never stop because criminals are constantly coming up with new ways to defraud people of their money. People want to make money by any means possible when it comes to investing their money, and because they are desperate, they won't do any research before investing their money because all they will be thinking about is profit. As a result, many people have fallen prey to scams because they didn't do their homework.

[Finestream]

I think your post is discouraging people from ever investing in any project. It's really hard to tell if a project is going to scam you after a few years or not. It's still better to know that there are certain risks involved when investing and with that in mind, it shouldn't be a problem to invest because you understood that there are risks.

I believe it's better to have that management rather than doing nothing at all.

OP is trying to warn us not to be too trusting with those too good to be true crypto projects and exchanges that offer promising profits. They might be in profits today but tomorrow might probably be a lot different, that is why learn to be cautious with our actions and decisions as what is certain today might be uncertain tomorrow. Most especially if it involves our hard-earned money, then it's crucial to DYOR first before resorting into final decision.