Wrong perspective towards Bitcoin investment

[snowpega]

Buddy, There are alot of scammers who are waiting for your foolishness which means your foolish action can lead you to a clean wash out haha.. some days ago I stumble upon a thread where I learned about a dusk attack in which an unknown transaction held in your wallet when you will open the transaction to know about the details of the transaction your wallet will be compromised.

Some months ago There was a thread started by a newbie account that was offering 0.2 BTC for free i was confused about it so I thought to start a topic about it because it was a scam. here is the link to the thread: [Guide] Avoid These Kinds of Scams so always verify before taking any action. Many Thanks

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[AprilioMP]

He doesn't know and probably doesn't want to delve deeper before deciding to make an investment and is interested in the amount of profit he will get if he does so.
Basically, incidents like this happen a lot, even something like that happened in my neighborhood. This is because it is too easy to decide something without wanting to study it first after receiving explanations from other people, including from platforms like YouTube.

When someone explains about investing in Bitcoin and that person does not explain the risks that will be involved in it, it is likely that the person assumes that they already know the risks that will be involved in playing with crypto so explaining the advantages and benefits is the easiest thing to influence people's minds. who you want to invite.

Now that you have a story about how stupid he is who is too easily deceived with the wrong perspective, try to become someone who is able to educate other people who want to invest in Bitcoin.
Reminding other people to be more careful is very good and will not reduce your knowledge, it is actually beneficial for you personally.

[Franctoshi]

The investor's first investment experience with Bitcoin happens to be on the wrong hand and needs more of conviction to change his mindset towards Bitcoin. Little or no research and being too desperate to make money in crypto are one of the main reasons why most people or newbie investors get scammed in the industry such as this person. At times, those that brought in these people did not provide them proper information on how to navigate their way safely without falling into the traps of scammers.

[Youngkhngdiddy]

This act you did will make him become more curious about Bitcoin, and for sure he will be amazed and thankful. After that, for sure he will learn a lesson from his mistakes like falling in scams, and some mis understanding of Bitcoin.
By also doing this, you are promoting Bitcoin and helping new people to fully understand how Bitcoin really works.

Yeah that’s right, a lot of people fail to understand that they’re basic knowledge to have before even considering venturing into bitcoin. Like I keep saying and many people have too, you can’t invest what you have no idea about what you’re doing. Basic idea is very much necessary to get if you want to attain success in anything, people will have to do thier research before entering into the market. In short, the amount of research needed before investing will depend on the individual's level of comfort and experience. But generally, taking the time to do your research will increase your chances of making informed investment decisions and potentially earning a positive return on your investment.
 Have enough time to understand what you are investing on, so that you can back up what ever questions being asked about such investment. If you find out that an investment is too difficult, leave it alone. There are many investment choices,  find something you can wrap your head around. Overall, research plays a critical role in the investment process by providing investors with the information they need to make informed decisions and manage risk effectively. Without research, investors may be more likely to make hasty or ill-informed investment decisions, which can result in significant losses.

[CryptopreneurBrainboss]

From his reply, he said he came across a Bitcoin mining website that was shared via a YouTube video. The mining site mines Bitcoin in small quantities, which he decided to buy some mining power to accumulate faster. He successfully purchased one of the mining power worth $80, but the site eventually shut down a week later without allowing any withdrawals.

This story isn't new and I'm not surprised we still have victims falling for this type of scam. Their targets has to be newbie as those are the set of people that'll fall for this type of scam. The old members should already know about that there's nothing real with cloud mining because they're all scams or operating a big ponzi schemes that uses the money of new members to pay the old members and the cycle repeat in the same manner until the scam get exposed. Mining Bitcoin is now costly that $80 can't give you anything reasonable so why would someone buy $80 worth of mining power and expect to get profits if what he's engaged in isn't ponzi schemes. Your friend was a newbie and that's why he got scammed and this is a lesson for others to avoid quick money schemes.

I couldn't just leave him hanging with that mentality towards Bitcoin. I showed him some love by converting $10 worth of Bitcoin from my personal funds, sending it to him, and also sent him the BTT link so he can learn from a large Bitcoin community. I have done my part, and I repeat: there is no such thing as getting rich quick. I am glad he has joined the community, but wouldn't want to be mentioned.

Well this doesn't deserved to be announced, when you do good you don't have to blow your own horn. If the praises was coming from the affected users that'll be more reasonable but coming from you, it just seems like a cheap hurt for merit and to blow your own horn. Your thread mightn't have represented any of this things I have said but that's how it looks like. Next time when you do good keep quiet, this part of the thread wasn't necessary. Simply warning people about cloud mining scams would had been great without having to add this part and the large image.

[TimeTeller]

The investor's first investment experience with Bitcoin happens to be on the wrong hand and needs more of conviction to change his mindset towards Bitcoin. Little or no research and being too desperate to make money in crypto are one of the main reasons why most people or newbie investors get scammed in the industry such
 as this person. At times, those that brought in these people did not provide them proper information on how to navigate their way safely without falling into the traps of scammers.

That's the dilemma of most newcomers, they thought that it is too easy to gain profits but there"s more than meets the eyes in this market.
People should educate themselves and not rely on someone else's opinions. Because that is detrimental to your funds.
They don't care about what you do with your money, so it is your own responsibility to take care of your assets.

[Mr.right85]

Those who invest in Bitcoin mining sites with the intention of making extra profits face losses very quickly.

Bitcoin mining sites… where do these guys get these ideas of a mining site and all. Having to fund them for king and be hoping on profits for there invested funds. Oh that’s one means to get scammed. Bitcoin has been made in such a way that, you don’t need no one for anything. Yeah, I get the idea that there are cloud minings and some other pools that might exists within the system but, having to think or believe that you could just pool funds and mine online is false. You would be scammed on first trier. It’s a no.
Mining has gone way past that and miners rather pull forces together in resources to mine, earn block rewards and share amongst themselves.
Can’t say how profitable these have been in recent times with the reduction of block rewards.

[Julien_Olynpic]

Unfortunately, there are a lot of scammers in the crypto world. There's nothing you can do about it. Dangers await the cryptocurrency enthusiast at every turn. And a fake bitcoin mining site is not the worst thing. You can lose your bitcoins much faster. For example, having received a phishing wallet. We can get a fraudulent version of a Bitcoin wallet, upload our private key there and see after a while our Bitcoins fly to an unknown address. Or our destination address may be changed. A good solution was to make a multi-signature wallet, but even here it’s not that simple. Many multi-signature Bitcoin wallets, such as non-native Segwit addresses. Plus, multisignature requires paying a much larger commission.

[Xampeuu]

The investor's first investment experience with Bitcoin happens to be on the wrong hand and needs more of conviction to change his mindset towards Bitcoin. Little or no research and being too desperate to make money in crypto are one of the main reasons why most people or newbie investors get scammed in the industry such
 as this person. At times, those that brought in these people did not provide them proper information on how to navigate their way safely without falling into the traps of scammers.

That's the dilemma of most newcomers, they thought that it is too easy to gain profits but there"s more than meets the eyes in this market.
People should educate themselves and not rely on someone else's opinions. Because that is detrimental to your funds.
They don't care about what you do with your money, so it is your own responsibility to take care of your assets.

Therefore, many people are in a hurry to gain wealth, but they forget the minimal knowledge they have, so this makes them fall into a reality that does not match their expectations. Therefore, it is better to study it carefully first before deciding to invest, especially as opportunities to get low prices will come often, so there is no need to rush.

[pinggoki]

I guess they want to imitate the magic of hodling in the early days of bitcoin and so they're enticed by malicious entities into investing in a somewhat legitimate looking scheme but when you take a step back, it's a too good to be true scheme that should've been avoided a long time ago but people are still holding on to the hope that in the scams that they've joined in, that they will find one that really doubles their money.

Unfortunately, there are a lot of scammers in the crypto world. There's nothing you can do about it. Dangers await the cryptocurrency enthusiast at every turn. And a fake bitcoin mining site is not the worst thing. You can lose your bitcoins much faster. For example, having received a phishing wallet. We can get a fraudulent version of a Bitcoin wallet, upload our private key there and see after a while our Bitcoins fly to an unknown address. Or our destination address may be changed. A good solution was to make a multi-signature wallet, but even here it’s not that simple. Many multi-signature Bitcoin wallets, such as non-native Segwit addresses. Plus, multisignature requires paying a much larger commission.

That's why it's your responsibility to be vigilant and always updated on the latest ways that scammers will try to steal your hard earned money be it in crypto or fiat and it's also our responsibility to spread those information so we're not just helping ourselves but also the people that are the same as us. And it's also important that we also have some sort of point of gathering where we pool the knowledge that we've gathered all throughout the world wide web like this forum, it helps because it can make people get some assurance that the information that they're getting is correct, accurate and not elusive.

[moneystery]

most people who want to quickly make profits from bitcoin end up failing because they think that when they invest in bitcoin the profit is certain, even though on the contrary when they invest in bitcoin it means their potential to lose money is quite high.

also people who want to quickly make profits from bitcoin also have short-term and illogical thinking, where they invest in things like mining, staking, etc., which offer high profits in the short term, even though they are fraud. and in the end it was predictable that they were scammed by scammers because of their poor knowledge about investment and bitcoin.

[Oasisman]

At times, those that brought in these people did not provide them proper information on how to navigate their way safely without falling into the traps of scammers.

Nah, I think they are being told at least about the basics like how to make transactions, where to buy and sell, where to store and stuff like these. Beyond that should always be the investors' responsibility since it is their own money that'll be on line.
These new investors, surely had at least made their own research on how they're going to put their money in bitcoin. However, the person whom the OP was talking about is just one of the many people who have made a wrong investment decisions. Well, maybe because of greed and because of the get rich real quick mind set.
Scammers are everywhere not only in crypto but generally in our lives. So, I guess securing our own safety is given and we ourselves are always gonna be responsible for that, not the person who brought him in.

[ColdLava40]

some days ago I stumble upon a thread where I learned about a dusk attack in which an unknown transaction held in your wallet when you will open the transaction to know about the details of the transaction your wallet will be compromised.

Is there a guarantee that we are all safe in this crypto space? I don't understand how someone can easily avoid such attacks, even when we emphasize more on Bitcoin security.

Some months ago There was a thread started by a newbie account that was offering 0.2 BTC for free i was confused about it so I thought to start a topic about it because it was a scam. here is the link to the thread: [Guide] Avoid These Kinds of Scams so always verify before taking any action. Many Thanks

The comment section of the post you shared was quite enlighten.

[Zoomic]

most people who want to quickly make profits from bitcoin end up failing because they think that when they invest in bitcoin the profit is certain, even though on the contrary when they invest in bitcoin it means their potential to lose money is quite high.

also people who want to quickly make profits from bitcoin also have short-term and illogical thinking, where they invest in things like mining, staking, etc., which offer high profits in the short term, even though they are fraud. and in the end it was predictable that they were scammed by scammers because of their poor knowledge about investment and bitcoin.

It's not really easy as a beginner to know who is legit and who is not, especially when everyone speaks good of Bitcoin.  The social media isn't helping matters too as it is common to see people flaunt BTC earnings everywhere and link their success to Bitcoin. It is very easy for anyone who is vulnerable to jump on any site or page that offers to make them successful like every other BTC Lord they see out there.

We all know that Bitcoin has the potential to make anyone rich but telling people only the good sides of Bitcoin wouldn't be helping matters. Every newbie should know that Bitcoin is highly volatile and most importantly, your account is prone to security attack. Just like there are scammers everywhere trying to steal from Fiat accounts, same applies to Bitcoin. When talking about Bitcoin,  security education should be made a priority.

[MFahad]

The issue of getting rich quick isn't something that many adopters take seriously, as they've come to believe it is the only way to make a quick profit.

Because it is true if it works. I don't see anything wrong in this belief. but the thing is not everyone can become rich like that. except some lucky people. this method won't work for rest.

I recently stumbled upon a guy few days back who happens to be a anti-bitcoinist. He showed his frustration and condemned Bitcoin in a way that got my attention. I was eager to know why someone would have hatred for a life changing opportunity like Bitcoin, so I had to ask.

From his reply, he said he came across a Bitcoin mining website that was shared via a YouTube video. The mining site mines Bitcoin in small quantities, which he decided to buy some mining power to accumulate faster. He successfully purchased one of the mining power worth $80, but the site eventually shut down a week later without allowing any withdrawals.

His reply got me laughing because I quickly pointed out two things from what he said:
1. He was eager to get quick profit from an $80 investment but ended up getting scammed.
2. During my early days in crypto, I often came across these demo-like websites and have also fallen victim.

It was very clear to me that some ethusiast who promote Bitcoin don't talk about the risk part of it, while those who adopt Bitcoin on their own don't learn about the risk part of it.

I couldn't just leave him hanging with that mentality towards Bitcoin. I showed him some love by converting $10 worth of Bitcoin from my personal funds, sending it to him, and also sent him the BTT link so he can learn from a large Bitcoin community. I have done my part, and I repeat: there is no such thing as getting rich quick. I am glad he has joined the community, but wouldn't want to be mentioned.

Thanks for reading, and do well to share your opinion.

It is sad to know what happened with your friend. but he shouldn't blame Bitcoin for what he did. It was his stupidity to fall for an obvious scam like that. if he could've done little bit reserach about those cloud mining websites he would've find out immediately that it was a scam. but he was a newbie and naive so we give advantage of that.
I am glad that you helped him with little bit money and encouraged him to use bitcoin. I hope his trust will be restored and he'll start using bitcoin sensibly this time.

[ColdLava40]

(....)
I couldn't just leave him hanging with that mentality towards Bitcoin. I showed him some love by converting $10 worth of Bitcoin from my personal funds, sending it to him, and also sent him the BTT link so he can learn from a large Bitcoin community. I have done my part, and I repeat: there is no such thing as getting rich quick. I am glad he has joined the community, but wouldn't want to be mentioned.

Thanks for reading, and do well to share your opinion.

This act you did will make him become more curious about Bitcoin, and for sure he will be amazed and thankful. After that, for sure he will learn a lesson from his mistakes like falling in scams, and some mis understanding of Bitcoin.
By also doing this, you are promoting Bitcoin and helping new people to fully understand how Bitcoin really works.

Promoting Bitcoin by raising curiosity. Nice statement. Coincidentally, I noticed a similar point in one of my posts. Helping others in the best way I can, just by advising them on things to avoid, won't cost me anything. So why hold on to sensitive information? Certainly, he has realized his mistakes and has been able to correct his wrong perspective.

[NewRanger]

most people who want to quickly make profits from bitcoin end up failing because they think that when they invest in bitcoin the profit is certain, even though on the contrary when they invest in bitcoin it means their potential to lose money is quite high.

Yes. For these conditions they occur.

also people who want to quickly make profits from bitcoin also have short-term and illogical thinking, where they invest in things like mining, staking, etc., which offer high profits in the short term, even though they are fraud. and in the end it was predictable that they were scammed by scammers because of their poor knowledge about investment and bitcoin.

But, I think if we want to be successful, we can solve them one by one. If the focus is on long-term BTC investment, it's best to do it optimally, don't do it half-heartedly and don't be easily tempted to sell your BTC by following programs that waste and disrupt the initial plans of what we had previously intended if we are busy yourself as you mentioned above.

[CODE200]

Not all the fault lies on the people that fall for this scams, sure they're greedy and they don't know better but the problem is that there's some people out there that don't want to play fair and try to cheat people out of their money but they're not a big problem if we create a really good solution about them which is information and knowledge, having knowledge about things and the wisdom to know that something is fishy or suspicious is always going to solve the problem of the scammers. Regarding the people that see bitcoin as a quick money scheme, you're wrong and anyone who sells you something that tells you will double or triple your investment with bitcoin at a short amount of time is definitely lying and wants your money.

[IvugeoEvolutionCoin]

The investor's first investment experience with Bitcoin happens to be on the wrong hand and needs more of conviction to change his mindset towards Bitcoin. Little or no research and being too desperate to make money in crypto are one of the main reasons why most people or newbie investors get scammed in the industry such
 as this person. At times, those that brought in these people did not provide them proper information on how to navigate their way safely without falling into the traps of scammers.

That's the dilemma of most newcomers, they thought that it is too easy to gain profits but there"s more than meets the eyes in this market.
People should educate themselves and not rely on someone else's opinions. Because that is detrimental to your funds.
They don't care about what you do with your money, so it is your own responsibility to take care of your assets.

In the new situation everyone starts investing thinking that it is very easy to make profit. After few days when they see that their money is slowly disappearing by investing in wrong place then they get very depressed. I think from someone to invest.  We should stay away from investing without consulting and understanding. We should try to keep our own money carefully so that we can stay away from many problems.

[Y3shot]

When beginners hear about bitcoin or cryptocurrency all their mind is to just make money quick, having the mindset of making money quick from bitcoin have always been the cause why they end up becoming victim to scammers.  Beginners meed to learn about bitcoin first to understand that bitcoin is not all about to make money to become rich quick. Money can be made investing bitcoin as a longtime investment. The mindset of becoming rich in bitcoin has led so many beginners go into wrong ways.