Knowledge is the New Gold

[Porfirii]

There's one thing we need to be careful in when it comes to acquisition of knowledge, we shouldn't make pretense in it in such a way that when we lack the knowledge, we claim we have the knowledge, we are not deceiving anyone than ourself, its not also what we should brag or boast about because we want to impress others and depress some, afterall, the learning process is a continuous one, what we know today might have been outdated by tomorrow and if we don't learn, we cant grow and improve.

Moreover, he charged for his recently gained knowledge. 30%, which can be cents or millions, depending on the "client's" balance (more cents than millions, I guess) but still a lot in relative terms. And I don't think he has the knowledge to give advice: what of the other person lost his money because of a bad decision made because of him? You have to know your limits and be a little responsible...

[Obulis]

If knowledge is to be qualified a gold, then it is not new, because there nothing to be compared with it. Knowledge has been a corner stone since human existence...
Knowledge is power. Just imagine the confidence your friend has to charge on that regard.

[Dzwaafu11]

People lose more of their assets to ignorance or a lack of knowledge about the crypto space than to scammers and hackers. Even if there was no risk of a bad guy getting a hold of his phone and stealing his already screenshot seed phrase, what if the phone becomes broken and the data lost, what becomes of the screenshotted seed phrase saved in his gallery assuming he didn't back up his photos to the cloud(which is another terrible way to store your seed phrase). He loses his assets forever.

Also, screenhots should not be allowed on crypto wallet apps. These wallet apps developers are indirectly promoting this reckless behaviour.

Yeah, screenshot is another risk that can lead someone to get scammed because if a stranger gets access to the phone gallery, definitely if he wishes to steal the owner of the phone's crypto assets, he will easily do that because the seed phrase is already with him and he already knows that unless he doesn't know anything about it, so you are right, crypto app developers should set it up because it will really help people. Although screenshots should not be a means of saving or hiding the seed phrase, the best way is to write them down on a sheet of paper and hide them somewhere outside the phone because I believe the phone can be lost or stolen. 

[Gladitorcomeback]

This is the reason why before we start anything like trading or any other thing we do in life,we should try to seek some knowledge about that particular thing so we'll be equiped with the tools of it before venturing into it.

That's right, newbie traders and investors need to memorize this line because we often see them venturing into the market without gaining any knowledge beforehand and then complaining that they have lost their capital in cryptocurrencies and blaming the market for it when it's their own mistake for not trying to learn anything about the market before getting in it.

We can't expect to achieve high feats without acquiring enough knowledge about the things we are willing to do because it doesn't work this way. You can't become a doctor if you don't study about it otherwise you wouldn't know what to do, so the same thing applies to everything you do in life, whether it's a profession or something you do for fun, to be able to do it effectively, you need knowledge. Of course, you need experience as well, but that comes later.

[albon]

Ignorance and lack of knowledge lead these people to be scammed and have their hard-earned assets stolen. Any beginner can access many audio, visual, and written sources for free without paying someone for his assistance as a service fee.  ^{[Bitcointalk is a living example]}

If the person who asked him for help did not have good intentions. He could exploit his lack of experience and knowledge to steal his bitcoins and hack his devices after the victim sends his seed phrases/private key or downloads suspicious wallets and the like based on the instructions he received. In the story you mentioned, OP, I believe many beginners have acted recklessly and trusted strangers, and they have certainly paid a high price now. So Yes, all beginners must educate themselves with the correct knowledge and learning because every problem has a solution without relying on one person. They need to avoid laziness, and investing only after they are well-informed about everything is better.

[Alpha Marine]

Then knowledge is not a Gold but is power. Gold is an asset while knowledge is to solve problem therefore you have to restructure your topic again to suit the story because I didn't see any gold in the story but all about solving problems with knowledge gotten.

It's a metaphor, and that being said, Knowledge is gold. Knowledge can be an asset. Asset is a useful or valuable thing to a person, so that makes knowledge and asset to an extent.
It's just like the saying "Oil is the new gold" or "bitcoin is the new gold". They don't mean them literally, but figuratively. Knowledge can be power, but only to an extent.

Your friend took a screenshot of his wallet seed and uses a closed source wallet like Trust. Unfortunately, most traders come from a purely economic background and do not want to learn the basics. Their only argument is that since I did not lose my money, this means that I am safe, so stopping using a closed source wallet like Trust is only necessary. Such as not saving the wallet seed digitally or in an unencrypted version, such as taking a screenshot of it.
If the wallet is well programmed, it will most likely not allow him to take a screenshot.

I remember some time last year where I read an post on Reddit that said "the ability to screenshots your wallet recovery phrase needs to go away". It doesn't make any sense to have the screenshot of your seen phrase on your phone.
It's funny because there are a lot of things OG traders do that will get you so surprised, it makes you ask questions like "how can somebody so smart, yet so foolish". I've seen this happen to 2 people I know. They've been trading bitcoin way before I owned my first bitcoin, one somehow allowed another person to know where his seed phrase is and lost all his coin in his wallet, while the other keep a huge amount of money ($80k+) on Binance and his account got frozen because Binance wallet received stolen bitcoins.

I wasn't experienced in bitcoin at all when these things happen,, but now that I am to an extent, I always ask myself why people who have had so much experience can be so naive. And till now, there are more people like them.

[rachael9385]

 
Out

The person who said, knowledge is the key to success didn't made a mistake, the truth is the person who paid 30% from his Bitcoin didn't know to import seed phrase from truest wallet to electrum because he has no technical knowledge about wallets. But it will be more better if the person pay attention to what the dude is doing so that he will be able to do it by himself next time or might help someone that has a similar issues. It helps to be knowledgeable about the things we do because it reduces expenses, just like the he dude who paid someone to import seed phrase.

[Fuso.hp]

It is very important to be aware and stay organized.  Hard earned money if we can't catch the fraud of a fraudster then our earning is in vain because the fraudsters will cheat us and steal all our money and wealth. Knowledge is always valuable, many would argue that the time spent on education should be invested in business or other activities. But I am different because whatever time it takes me to get an education, I am definitely gaining enough knowledge and this knowledge will help me throughout my life.

There are still many people in the village who are being cheated regularly. 
Many times fraudsters use mobile banking agents to call customers and ask for customer account PIN number and other information. Those who can catch this fraud but do not share the account information with those fraudsters but those who do not know about this but easily give their account password and other information to the fraudsters. Here lies the difference between a wise man and a fool.

[CoinMin3r]

I want to say knowledge is a powerful tool that can dig/earn gold & not the gold itself. Its a intellectual asset. And once one learn that knowledge that can't be lost/theft like physical gold and remain with him forever. So one can keep digging sea of gold with his knowledge power.

[adultcrypto]

I want to say knowledge is a powerful tool that can dig/earn gold & not the gold itself. Its a intellectual asset. And once one learn that knowledge that can't be lost/theft like physical gold and remain with him forever. So one can keep digging sea of gold with his knowledge power.

That statement is figurative, that is metaphor if I want to be precise.  It does not mean that knowledge is the solid metal found beneath the earth or the aspect of it being treaded in the FX market,  what it simply mean is that knowledge has become something of treasure which has high worth. I agree with that statement completely because money and affluence are just product of knowledge.  Even things natural resources such as crude oil, solid minerals, fertile land and water require knowledge to put them to good use and without knowledge,  they cannot be harnessed. 

We are now in an age where technology is making impact. We now have Artificial Intelligence, super computers, machine learning, nanotechnology and many other innovation whose common denominator is knowledge.  Indeed knowledge is the new gold.

[Onyeeze]

People lose more of their assets to ignorance or a lack of knowledge about the crypto space than to scammers and hackers. Even if there was no risk of a bad guy getting a hold of his phone and stealing his already screenshot seed phrase, what if the phone becomes broken and the data lost, what becomes of the screenshotted seed phrase saved in his gallery assuming he didn't back up his photos to the cloud(which is another terrible way to store your seed phrase). He loses his assets forever.

Also, screenhots should not be allowed on crypto wallet apps. These wallet apps developers are indirectly promoting this reckless behaviour.

based on my own understanding concerning people who lose their cryptocurrency based on their mistake I stand to blend them because cryptocurrency is all about researching continuously because if you don't research in cryptocurrency you will end up investing when it's not proper for you to invest that is why many people have to advocate time to learn the consequences and the benefits of cryptocurrency before they start to the investment but people currently does not look at the advantages and disadvantages of cryptocurrency before they go into it because there are not after learning but there are after profit from the investment so that is one of the things that makes them to lose from their investment in cryptocurrency especially in Bitcoin

[Richbased]

Something interesting happened over the weekend and I think it’s worth sharing. A friend of mine reached out to me that he was having some problems with his Trust wallet. According to him, he received some bitcoins days ago through his trust wallet address and even though the transaction was confirmed on the blockchain, the bitcoins did not reflect on his wallet balance so there was no way he could move the bitcoins. I suggested he download Electrum and import his seed phrase to Electrum. He told me that wouldn’t be a problem since he had his seed phrase saved as a photo in his phone. This took me by surprise because he isn’t a newbie to Bitcoin. He’s been a p2p trader for about three years and still did not know the danger of saving one’s seed phrase online. I explained to him the consequences of storing his seed phrase online and advised him not to use that wallet anymore. His only defense was that Trust wallet allowed him to screenshot his keys so it shouldn’t be that bad.

Many people are adamant of taken screenshots of their seed phrases with their phone and even me I was literally doing same thing before I saw a thread in this beginner and help section that discussed about the risks associated with taken screenshots of one's seed phrases as every picture that is being taken can be sent to Google cloud and it will be visible to others over there so immediately I opened another wallet address and did an offline backup of my seed phrases on electrum wallet and also saved it in my diary and notepad in my phone.

Anyway, he successfully imported his seed phrase to Electrum and was able to move his bitcoins with less fee. What’s fascinating about the story is this. I got a text from him this morning that someone has a similar problem with his wallet and he needs my guidance once again to help this person. He then told he charged 30% of the bitcoins as his fee. I laughed because I thought he was joking. But he wasn’t. He’s actually thinking of making a business out of this. Turns out that people will pay for things they can do by themselves if they had the right knowledge. 

At some time in our lives, most of us have paid for something we later discovered it was so simple and easy when we gained the knowledge so it is a normal thing. There's a statement that is always common within the area I reside and it is that something that you don't know is bigger than you until you know it, so if you do something for others out of your freewill and they decide to transfer same knowledge to others and receive a compensation in form of money I don't see anything bad there.

[Wakate]

Something interesting happened over the weekend and I think it’s worth sharing. A friend of mine reached out to me that he was having some problems with his Trust wallet. According to him, he received some bitcoins days ago through his trust wallet address and even though the transaction was confirmed on the blockchain, the bitcoins did not reflect on his wallet balance so there was no way he could move the bitcoins. I suggested he download Electrum and import his seed phrase to Electrum. He told me that wouldn’t be a problem since he had his seed phrase saved as a photo in his phone. This took me by surprise because he isn’t a newbie to Bitcoin. He’s been a p2p trader for about three years and still did not know the danger of saving one’s seed phrase online. I explained to him the consequences of storing his seed phrase online and advised him not to use that wallet anymore. His only defense was that Trust wallet allowed him to screenshot his keys so it shouldn’t be that bad.

Anyway, he successfully imported his seed phrase to Electrum and was able to move his bitcoins with less fee. What’s fascinating about the story is this. I got a text from him this morning that someone has a similar problem with his wallet and he needs my guidance once again to help this person. He then told he charged 30% of the bitcoins as his fee. I laughed because I thought he was joking. But he wasn’t. He’s actually thinking of making a business out of this. Turns out that people will pay for things they can do by themselves if they had the right knowledge. 

What a nice story and the ending part is what summarized why we should learn so we don't have to pay for little thing that could have helped us to save some bucks. Since everyone of us have different ways we think about the use of wallet for transactions. I do that really know why someone would have to screenshot their seed phrase on their phone and they are not even scared what will happen if they eventually lost the phone to someone else who could go through the get to know about the seed phrase. Our safety is what matters in the cryptocurrency market and we ought to seek it first by all means so we don't have to loss fund.

[CryptopreneurBrainboss]

But people currently do not look at the advantages and disadvantages of cryptocurrency before they go into it because there are not after learning but there are after profit from the investment so that is one of the things that makes them to lose from their investment in cryptocurrency especially in Bitcoin

If you're speaking about the market in general, looking for the disadvantages or advantages are a waste of time because most of the altcoin are typically the same. They move the same, have similar marketing and mostly built with intention to make their founders rich. Bitcoin on the other hand wasn't built with the intention of enriching the founders but the believers. Altcoins are a gamble and they all depends on Bitcoin for success. As Bitcoin is talking a hit, the entire market is feeling it in all sectors no one is excluded. Knowing that altcoins needs Bitcoin is knowledge and that's golden in the Industry because It'll affect the way you go about your investment. It'll save you from losses that would had happened if you decide to trust altcoins more than Bitcoin.

Knowledge in what you're involved in is golden, if you don't have the knowledge that you can determine your fee price that you'll like to pay for your transaction to confirm, you'll be giving away free money to the miners. Some people don't know how to adjust their transactions fee when sending out a transaction and if you're using a wallet that doesn't allow you to do that then that's a clue that you're using the wrong wallet.  There are other things that you should have knowledge on and  as you engage on the forum, you'll be coming across them, one after the other.

[Y3shot]

Many people out there still don't know the danger of keeping their asset in exchange,  even people that have been into crypto for a very longtime arr very comfortable in keeping bitcoin in exchange.  I'm so glad for the forum, if not here I'll also think that every wallet is the same and I won't know the risk of just dealing with exchange wallet.  Honestly is a gold, because when you have knowledge it will only bring more value to you.

[Ludmilla_rose1995]

If knowledge is to be qualified a gold, then it is not new, because there nothing to be compared with it. Knowledge has been a corner stone since human existence...

Since the Stone Age, humans have used knowledge to survive, so as long as humans exist, knowledge is a very important tool for humans to survive, including in the world of bitcoin and crypto

Knowledge is power. Just imagine the confidence your friend has to charge on that regard.

knowledge without courage is empty and vice versa, but OP's friend has proven how important knowledge in bitcoin and crypto

[hd49728]

Many people out there still don't know the danger of keeping their asset in exchange,  even people that have been into crypto for a very longtime arr very comfortable in keeping bitcoin in exchange.  I'm so glad for the forum, if not here I'll also think that every wallet is the same and I won't know the risk of just dealing with exchange wallet.  Honestly is a gold, because when you have knowledge it will only bring more value to you.

They can be taught about that risk but they ignored it and use centralized exchange accounts as their personal wallets. These accounts can be used to store their bitcoin or cryptocurrency but it is not safe. They are not given wallet seed phrase or private keys and they don't have control of their cryptocurrency.

Will their money be safely or lost, it depends on security and trust of that centralized exchange. They as users don't control on any business operation of a centralized exchange.

Reminder: do not keep your money in online accounts
Exchange graveyard
Hacked exchanges since 2011

[ThemePen]

Many people out there still don't know the danger of keeping their asset in exchange,  even people that have been into crypto for a very longtime arr very comfortable in keeping bitcoin in exchange.  I'm so glad for the forum, if not here I'll also think that every wallet is the same and I won't know the risk of just dealing with exchange wallet.  Honestly is a gold, because when you have knowledge it will only bring more value to you.

Many people even those who have used crypto for long time do not know risks of keeping their crypto on exchanges. I am also thankful for this forum which taught me that not all wallets are safe because I read many threads about this. If I did not learn this I would have thought all wallets were the same and put my crypto at risk. Learning is very valuable because it helps us make good choices and keeps our assets safe I am still in learning phase and this will never ens. It is important to understand how to keep our crypto safe and take control of our digital assets. Because we are listening many news about hacking day by day. So we should keep safe our assets.

[cryptoWODL]

Many people out there still don't know the danger of keeping their asset in exchange,  even people that have been into crypto for a very longtime arr very comfortable in keeping bitcoin in exchange.  I'm so glad for the forum, if not here I'll also think that every wallet is the same and I won't know the risk of just dealing with exchange wallet.  Honestly is a gold, because when you have knowledge it will only bring more value to you.

Many people even those who have used crypto for long time do not know risks of keeping their crypto on exchanges. I am also thankful for this forum which taught me that not all wallets are safe because I read many threads about this. If I did not learn this I would have thought all wallets were the same and put my crypto at risk. Learning is very valuable because it helps us make good choices and keeps our assets safe I am still in learning phase and this will never ens. It is important to understand how to keep our crypto safe and take control of our digital assets. Because we are listening many news about hacking day by day. So we should keep safe our assets.

It is our responsibility to protect our resources. You have to choose how you protect your assets ie how you keep your cryptos safe in your crypto wallet is your responsibility.

Yes like you I read a lot in this thread about people losing access to their wallets due to hacking. Basically they are failing to keep their wallet seed phrase in a proper safe place due to which people's wallets are getting stolen or hacked. Many people also want to memorize their wallet seeds without writing them down properly which I have seen here. Maybe it can be one of the biggest mistakes because we can never memorize them we can forget them anytime which can cause danger for us later.

One thing we should always remember about the security of our wallets is that Not your Key Not your Coin.

[ndutndut]

I want to say knowledge is a powerful tool that can dig/earn gold & not the gold itself. Its a intellectual asset. And once one learn that knowledge that can't be lost/theft like physical gold and remain with him forever. So one can keep digging sea of gold with his knowledge power.

Seeking knowledge is one of the most important aspects in the crypto world, especially when it comes to storing assets in a wallet. So the pursuit of knowledge should become our habit as this will give us knowledge about the crypto world and enable us to achieve success in the crypto world. Knowledge also allows us to gain more information about the crypto world so that we can get involved in the crypto community or even help overcome challenges when we invest or trade.

Moreover, the importance of knowledge in this very complicated world of crypto can completely change the way we trade, making us productive traders. Knowledge is power and knowledge allows us to analyze what is in front of us so that we do not make the wrong decisions in trading and when choosing a crypto wallet.

I also agree with you, knowledge is an intellectual asset, because knowledge will never be lost and with knowledge we can dig deeper into the world of crypto so that we can minimize losses and be consistent in seeking profits.