A more scientific mindset is necessary to avoid scams.

[jvanname]

In order to advance science, scientists must think critically about everything that is being claimed, and scientists must evaluate all the evidence to determine which claims are supported and which claims are not supported. Many people have ideas including some very good ideas, but most ideas do not work, so one will need to test those ideas to determine which ideas are supported by evidence and which ones fail for one reason or another. The cryptocurrency community could benefit a lot from a scientific mindset.

No. A scientific mindset will not necessarily make you rich nor will a scientific mindset necessarily prevent you from losing money (Did you believe that a scientific mindset was magic? Oh wait. You don't care much about science, so you won't do that). But a scientific mindset will make you less susceptible to scams. Let us go over the steps of the scientific method and apply these steps to cryptocurrency technologies.

1. The first step in the scientific method is to make an observation. In the cryptocurrency sector, you may observe that many people are making a lot of money through cryptocurrency and that a lot of people are claiming that blockchain technologies will revolutionize stuff. Oh wait. That was about 2019 or whatever year. Now we are all talking about AI and about how AI will revolutionize stuff (or just @#$% everything up). You may also observe that Bitcoin uses a lot of energy.

To make a good observation, you should probably do some background reading (including reading the Bitcoin whitepaper and other papers).

2. After making an observation, one should ask a question. You may ask yourself why Bitcoin needs to use all of that energy and whether there is anything that should be done about this.

3. After you ask a question, you should for a hypothesis that you believe is testable. For example, you may hypothesize that there is no way for Bitcoin mining to be used to solve a scientific problem while establishing decentralized consensus.

4. After you form a hypothesis, you need to figure out how to test your hypothesis to see whether it is legitimate or not. If you find that you are unable to test your hypothesis, then you cannot claim that your hypothesis is correct. If you are too lazy, busy, or dumb to test your hypothesis, then maybe you should either form an easier hypothesis or accept that you are more likely to fall into a scam. If you hypothesize that there is no way for Bitcoin mining to be used to solve a scientific problem while establishing decentralized consensus, then to test this hypothesis, you will need to form a mathematical proof that this is impossible. Or at the very least, you will need to get a whole bunch of people to spend millions of dollars to find such a scientific problem (or maybe such a scientific problem already exists but the cryptocurrency community is too demented to realize this). If those resources come up empty, then those resources were probably just squandered. But if you have evidence that those resources were not squandered, then you can say that smart people have tried to solve a scientific problem while establishing decentralized consensus, but they could not do so. This does not mean that cryptocurrency mining cannot be used to establish decentralized consensus while solving a scientific problem, but it should at least tell you that you may want to give up trying to use cryptocurrency mining to solve an important scientific problem. In science, there are unsolved problems, and you may just need to accept this and quit trying if the cost is too much. But the cryptocurrency sector due to their low level of intelligence has not really tried to use cryptocurrency mining to solve an important scientific problem.

The entire cryptocurrency community has an anti-scientific mindset. For example, the entire Bitcoin community automatically rejects the idea that cryptocurrencies should have mining algorithms that are designed to advance science without any reason whatsoever. But they are unaware that since Bitcoin has an anti-scientific mining algorithm, Bitcoin (and other cryptocurrencies) have attracted an anti-scientific community that is highly susceptible to scams and bubbles. The entire cryptocurrency community would be much less hateworthy if it was not so attracted to scammery and was smart enough to like science.

-Joseph Van Name Ph.D.

[arwin100]

You don't need to think more deeper about that since scams are obvious if you see that they are offering such to good to be true returns to their investor then that is really shady and potentially that could be turn as scam. Also if we see them act weird like promising that what they are doing is really profitable then if you invest to them then you can also generate money then try to see it if this is sustainable since if this is obvious money gathering scheme and what they do is just pure bullshit then you can avoid to get away with those scammers. We just need to have critical thinking here to avoid them and know what are those realistic way to earn money. But some fail to have or do that since what always came up on their mind is there's easy way for them to earn money that's why they need to be aware of any ponzi schemes system so that they can familiarize and avoid them.

[jvanname]

arwin100-A lot of scams are obvious to reasonably intelligent people. But some things are not obviously scams, and some things require a scientific mindset to see if they are worth investing in. Scammers try their best to make it non-obvious that what they have to offer is a scam (ahem 90% of all college degrees). If scammery were so obvious, then FTX would not have existed at all and all of you chlurmcklets would not have worshipped at the feet of Sam Bankman Fried. But you did. And if something is not even worth your time to research, then it is not worth investing in. I do not know why anyone would want to invest in any cryptocurrency whatsoever without understanding even the basics of Bitcoin to the point where they realize that Bitcoin's mining algorithm was not designed to advance science but it is a quite difficult task to come up with a scientific mining algorithm that establishes decentralized consensus.

If people keep on denying the need to have a scientific mindset, they will continue to fall into scams and invest in garbage.

-Joseph Van Name Ph.D.

[Yamane_Keto]

That was about 2019 or whatever year. Now we are all talking about AI and about how AI will revolutionize stuff (or just @#$% everything up). You may also observe that Bitcoin uses a lot of energy.

There is no contradictory link between Bitcoin and artificial intelligence, the two can be a revolutionary technology. It is not coal versus oil versus alternative energies, or artificial intelligence, robots and manual labor.

Bitcoin's intense energy consumption is one of the topics that has been discussed a lot, and the search option will show you hundreds of topics.

have attracted an anti-scientific community that is highly susceptible to scams and bubbles. The entire cryptocurrency community would be much less hateworthy if it was not so attracted to scammery and was smart enough to like science.

There are no direct links between Bitcoin and fraud. It is true that there is some connection between cryptocurrencies and fraud, but with a little observation, you will find a big difference between Bitcoin and cryptocurrencies.

[jvanname]

Yamane_Keto-"Bitcoin's intense energy consumption is one of the topics that has been discussed a lot, and the search option will show you hundreds of topics."-That is great. But it is not good enough.

"There is no contradictory link between Bitcoin and artificial intelligence, the two can be a revolutionary technology."-Right now, AI is kind of a fad just like blockchain was. But right now, AI has some legitimacy to it even though it has been hyped to death, but I cannot say the same thing about public blockchains.

"There are no direct links between Bitcoin and fraud. It is true that there is some connection between cryptocurrencies and fraud, but with a little observation, you will find a big difference between Bitcoin and cryptocurrencies."-I agree that Bitcoin is different than most of the other cryptocurrrencies and that Bitcoin is a legitimate cryptocurrency that was constructed through a lot of good research while many other cryptocurrencies are mostly copies of Bitcoin with little innovation. The chlurmcks who value other cryptocurrencies need a scientific mindset too, so there is no contradiction there. But cryptocurrency technologies need to be associated with scientific advancement instead of science denial and scams. If Bitcoin was devoid of scammery, we would not have boards on this site about reputation now would we? And are you suggesting that the Bitcoin community should be less scientifically minded? Because why would you do that? That does not help anyone. The Bitcoin community is already full of science deniers as it is, so they need more respect for science so that they don't fall into scam after scam and have weird cult-like ideas. There are plenty of Bitcoiners who have quite irrational ideas, and they need a more scientific mindset so that they can replace those ideas with more realistic ideas.

[carlfebz2]

You don't need to think more deeper about that since scams are obvious if you see that they are offering such to good to be true returns to their investor then that is really shady and potentially that could be turn as scam. Also if we see them act weird like promising that what they are doing is really profitable then if you invest to them then you can also generate money then try to see it if this is sustainable since if this is obvious money gathering scheme and what they do is just pure bullshit then you can avoid to get away with those scammers. We just need to have critical thinking here to avoid them and know what are those realistic way to earn money. But some fail to have or do that since what always came up on their mind is there's easy way for them to earn money that's why they need to be aware of any ponzi schemes system so that they can familiarize and avoid them.

Totally agree into this sentiment on which it is really just that actually on point on which you wont really be needing for you on making yourself that too technical or whatever kind of approach that you would really be needing to do because having just that making use of your own common sense would really be just that enough or fine and just like been said that if there's something that it is really that too good to be true
then its most likely a scam or make yourself that some in depth search on how its possible even it do really looks impossible, with this kind of behavior and mindset then it is really that unlikely that you would really be getting scammed since you do have that kind of realistic approach on things.

If you are that someone whose really that greedy then there would really be chances that you would really be that get scammed since you would really be getting easily hooked up with those true to be good kind of offers on which even it is already that too obvious but still you are really that decide on engaging into it just because you do let your greed control you and this is something that should
really be that avoided in the first place.

[jvanname]

carlfebz2-Um. Common sense tells me that I need to investigate and use the scientific method. And if something is not worth investigating, then it is not worth investing in. If you only allow yourself 2 seconds to judge something based on first appearance, then you will make a ton of bad decisions. Most Bitcoiners and crypto chlurmcks make terrible decisions because they refuse to investigate anything at all but instead judge something without even giving 3 seconds of their time to think about it.

-Joseph Van Name Ph.D.

[slaman29]

Would it surprise you to know that a lot of victims of big scams are actually highly educated people who know scientific research very well?

Yes we hear a lot of common scams but these are small fish. Wealthy academics get scammed by bigger lies.

The truth is once you attack the emotion and greed, common sense goes out the window. Hence you must use Bitcoin before investing. Pure speculators only see money without utility experience. No science thinking saves you

[lombok]

carlfebz2-Um. Common sense tells me that I need to investigate and use the scientific method. And if something is not worth investigating, then it is not worth investing in. If you only allow yourself 2 seconds to judge something based on first appearance, then you will make a ton of bad decisions. Most Bitcoiners and crypto chlurmcks make terrible decisions because they refuse to investigate anything at all but instead judge something without even giving 3 seconds of their time to think about it.

-Joseph Van Name Ph.D.

I understand what you are saying. The point here is about avoiding a fraud scheme. A rational mindset and research must be carried out in detail and continuously. Like the case of FTX, if it wasn't for thoroughness, FTX might still be standing today, but there was someone who was thorough and revealed the scheme that FTX had problems and ended up being a scam.

We often find fraudulent schemes in crypto and outside of crypto, and no matter how rational someone is, they will always be deceived because they are lured by the amount of money generated or promised in the scheme. The point is that this can be avoided with a rational mindset and not being easily attracted to placing money in things that have the potential to be a scam, the control is within oneself and perhaps even the advice of an expert will not work on people who are lured in by scams.

[Woodie]

When you say scientific mind then you are already implying this is an intelligent mind...but does it mean a scientific minded person can not be scammed??? Am Pretty much sure such minds can be scammed too.
As far as am concerned it's actually common sense that will allow a user from being scammed and doesn't require some certain level of IQ to tell from what's a scam and what isn't!!

Besides what happens if the scammer has a scientific mindset...i guess it's chaos and still comes back to common sense to save you from being scammed.

[Natsuu]

When you say scientific mind then you are already implying this is an intelligent mind...but does it mean a scientific minded person can not be scammed??? Am Pretty much sure such minds can be scammed too.
As far as am concerned it's actually common sense that will allow a user from being scammed and doesn't require some certain level of IQ to tell from what's a scam and what isn't!!

Besides what happens if the scammer has a scientific mindset...i guess it's chaos and still comes back to common sense to save you from being scammed.

Right. Having a scientific mind doesn't automatically mean you're scam-proof. Scammers are sneaky and can manipulate anyone's emotions and trust. It's not just about IQ or being super smart. Common sense is something natural that we just have to work on. Knowing what feels off and trusting your gut instincts can save you from falling into scams, no matter how scientifically inclined you are. And yes, scams don't discriminate based on someone's mindset. Even if a scammer has a scientific mindset, it can lead to total chaos. But in the end, it all boils down to common sense. Staying aware, being cautious, and recognizing the warning signs are universal defenses against scams. So, whether you're a science pro or not, being street smart can keep you safe. A scientific mindset would help but we shouldnt stop there. Wehve to keep our eyes open, be skeptical when something seems fishy and trust our instincts.

[CODE200]

In order to advance science, scientists must think critically about everything that is being claimed, and scientists must evaluate all the evidence to determine which claims are supported and which claims are not supported. Many people have ideas including some very good ideas, but most ideas do not work, so one will need to test those ideas to determine which ideas are supported by evidence and which ones fail for one reason or another. The cryptocurrency community could benefit a lot from a scientific mindset.


To make a good observation, you should probably do some background reading (including reading the Bitcoin whitepaper and other papers).

Personally, I think in order for us to avoid scams, we do not need to pass through such scientific method for us to figure out if something is legitimate or not. Yes, we need to think critically and be logical about things so that we cannot be easily swayed by something, which is the common reason why someone was being scammed. But what I mean is that we do not have to make things complicated, because not everyone has the same intellectual capacities than others. I think that you just need to learn about the basics in finding out what is legitimate and what is not. Sometimes, it's very obvious and you just need to use your common sense. But I would like to put an emphasis on what you have mentioned, and that is to do background reading like the whitepapers. Because this will be the best way for us to find out if something is a scam or not. Again, it does not require us to be intellectual people to avoid scams, sometimes you just have to use your common sense and think critically.

[taufik123]

When you say scientific mind then you are already implying this is an intelligent mind...but does it mean a scientific minded person can not be scammed??? Am Pretty much sure such minds can be scammed too.
-snip-

There will always be gaps where people can be scammed even if they are smart or well-versed in advanced technology.
Speaking of fraud, there are many people who are even very careful about everything and take everything into account but can still be tricked, can still be hacked.

Even those who understand security will be too paranoid about all kinds of security that they think is lacking.
Being smart is relative and does not guarantee one is free from fraud.
Those who don't have the title of smart even tend to be safer, because they ignore what they don't need and don't over-act on something they think is out of line.

What is actually needed is a healthy mind, a mind that will think about whatever will be done in the next 1 second.
Full of calculation and vigilance.

[jvanname]

slaman29-You have made a claim, so where is your scientific evidence to back up this claim?

Woodie-"When you say scientific mind then you are already implying this is an intelligent mind...but does it mean a scientific minded person can not be scammed???"-If one applies the scientific mindset to investing, one is less likely to get scammed. I never said it is impossible to get scammed, so even people who think they have a scientific mindset still need to be vigilant and apply their scientific mindset to their investments.

"As far as am concerned it's actually common sense that will allow a user from being scammed and doesn't require some certain level of IQ to tell from what's a scam and what isn't!!"-No. People need to do the research to find out what is legitimate and what is not. The problem is that most people only rely on first impressions and are unwilling to do any research whatsoever.

"Besides what happens if the scammer has a scientific mindset...i guess it's chaos and still comes back to common sense to save you from being scammed."-A scammer with a scientific mindset will be less likely to be scammed than a scammer without a scientific mindset.

"I think that you just need to learn about the basics in finding out what is legitimate and what is not."-By just learning the basics, you will not be able to find out what is legitimate or not. At the very best, you will just be able to follow what everyone else is doing. The problem is that most people are really dumb and don't know what they are doing; it is another case of the blind leading the blind.

"But I would like to put an emphasis on what you have mentioned, and that is to do background reading like the whitepapers. Because this will be the best way for us to find out if something is a scam or not. Again, it does not require us to be intellectual people to avoid scams, sometimes you just have to use your common sense and think critically."-Yes. One should always read the whitepaper and other documents before deciding to invest in something.

taufik123-And that is why we should talk about the probability of getting scammed since being an 'intellectual' is no guarantee that one is completely immune to scams.

[GeorgeJohn]

Their no scientific measure that can eradicate scam, to start with, a scam is be done and achieved base on your desperation to achieve what you want, so if you are not curious of getting something I don't think you and I can be a victim of scam, a scientific method can't prevent you of not be scam.

You emphasise on scientific mindset very well, if I should ask you what do you think is a scientific mindset from your theory and your observations. Do you know that cryptocurrency that is in worldwide market today was been introduced base on scientific theory, do also know that bitcoin which is the top cryptocurrency today the technology was established due to scientific technology.

[jvanname]

"Do you know that cryptocurrency that is in worldwide market today was been introduced base on scientific theory, do also know that bitcoin which is the top cryptocurrency today the technology was established due to scientific technology."-I read the Bitcoin whitepaper. While it is a scientific paper, Bitcoin still has a mining algorithm that was never designed to advance science, and the Bitcoin community really hates science. Bitcoin uses science, but that does not count at all since it is much better to contribute to science than to simply use it.

[sheenshane]

Reading a whitepaper is enough information to avoid scams.
There should be education and awareness in this field to avoid scams and understanding the common strategies used by scammers and the vulnerabilities they target can help educate us regarding this matter.

You can use scientific tools to educate yourself not necessarily to eliminate scams entirely but to reduce their prevalence and protect potential victims.

[joniboini]

While it is a scientific paper, Bitcoin still has a mining algorithm that was never designed to advance science, and the Bitcoin community really hates science. Bitcoin uses science, but that does not count at all since it is much better to contribute to science than to simply use it.

Why would it need to advance science? Bitcoin is not scientific research, so obviously it will just incorporate the most secure algorithm available at the time it was developed. I wouldn't be surprised if a new algorithm comes out and is stronger, without a ton of drawbacks, people will fork or move to that. Besides how does it help to avoid scams even if satoshi or others make a new algorithm? Most retail users don't really care about the nitty-gritty tech.

Where does this hating science narrative come from? Due to the fact that many disprove the narrative that mining consumes a lot of energy or produces a ton of waste? That doesn't make sense. Most arguments that they bring to disprove this also use scientific research. Why would anyone hate science if it can improve Bitcoin or help its adoption?

[wxa7115]

Reading a whitepaper is enough information to avoid scams.
There should be education and awareness in this field to avoid scams and understanding the common strategies used by scammers and the vulnerabilities they target can help educate us regarding this matter.

You can use scientific tools to educate yourself not necessarily to eliminate scams entirely but to reduce their prevalence and protect potential victims.

Reading the whitepaper is without a doubt a good step in order to determine if a project is any good or not, however it is also important that investors change their mindset as they are simply too naive for my tastes.

Investors need to be way more skeptic about whatever claims they read online, and if there is a way to test if those claims are true then they need to do so and see if those claims stand up to those tests, and if they did that then will soon realize the majority of the coins out there cannot pass such examination and they will be able to avoid investing in them, saving themselves a great deal of trouble by simply taking a few minutes of their time.

[Belarge]

Reading a whitepaper is enough information to avoid scams.
There should be education and awareness in this field to avoid scams and understanding the common strategies used by scammers and the vulnerabilities they target can help educate us regarding this matter.

You can use scientific tools to educate yourself not necessarily to eliminate scams entirely but to reduce their prevalence and protect potential victims.

Profits is our primary targets, there's absolutely nothing more considerable than earning in the system and sticking to a particular strategy. Information is key, most individuals often ignore vital piece of information concerning the system due to their ignorance or having no concerns because they're more focused on earning. They forget to anticipate learning before earning in the system, that's how one grow to become a professional trader. Scams are present in all sectors, since we can not eradicate the functions it serves, we just have to create awareness of the scamming activities that circulates round the system.