Crypto Is Scam!!!

[GeorgeJohn]

Crypto had a different purpose when it was invented. Bitcoin had a goal, it was supposed to be your own bank and privacy money. But the purpose totally changed now. If you ask me why I use crypto, my answer is too clear. I use crypto because there is a chance to make money in crypto and there is a possibility I can double my investment. I believe I am not the only one with such a belief. There are thousands of crypto users who in this space just because they want to make money and they are here because they want to multiply their investment.

Actually that's the objectives of some of us is into cryptocurrency investment today, but we misunderstood the concept of Bitcoin, when says cryptocurrency many people taught we are emphasizing on bitcoin alone, crypto is a name that comprises all the cryptocurrencies

But for aspect of bitcoin, the main motive of people to invest on Bitcoin is exactly what you said above, they seems bitcoin as investment plan, whereas it was not the aim of satoshi to establish bitcoin, the aim of creating bitcoin was not because of investment plan or option

But as a means of currency to be use generally for else transactions, but we changed the narrative of we using bitcoin as investment plans, we need to understand that bitcoin investment is not the plans of satoshi, it's people like You and I, that uses bitcoin as investment plans.

[RockBell]

The same thing also happened in my environment, and in fact, many people still consider crypto to be a scam, but I am sure they consider crypto to be a scam because there was once a case of "Binary Option" which was declared a fraud in my country, and they previously said that the way to use binary options was by doing "Trading", so my environment is very anti-word "Trading", and immediately labeled crypto as a scam because there is trading in it. Even so, I feel that this is a misunderstanding and also includes ignorance, it could be because of the lazy factor of reading. So I, as someone who understands, will continue to educate them about what crypto is, and especially Bitcoin, so that there is no misunderstanding.

When it comes to topics like this its usually very wild because both people that see it as a scam and does that don't see it has a scam have a point because there is a lot of scam going on in the crypto world I won't even lie but this is for those that are seen it as a scam to understand that bitcoin is not scam just some rogue individuals using it to steal the same bitcoin from its holders.

And if people are not seen it in this direction then they need to go back and study, because when you have enough knowledge I don't think you should even be having thoughts like this wether bitcoin is scam or not because people are always scared that if they invest they might lose there money.

If they did there own research they would have testified that bitcoin is one of the best virtual investment that people with knowledge will advise you to go into because no knowledge you just wonder inside the bush.

[Zanab247]

i wouldn't say that crypto is a scam, because there are some tokens that have managed to grow and survive, but i can say that it is a more volatile and risky market, like memecoin, this is a crypto that is more like gambling, where people who put their money in it only expect high profits in the short term even though in most cases it ends tragically. and so do other cryptos, there are many tokens that promise a lot of sweet things but in the end they are just scams for their investors. this is like a market full of uncertainty and high volatility, which makes it more risky for buyers.

Because you have tested it to know crypto is not a scam, but those who have lost a lot of money in crypto investment will bear  false  witness that crypto is a scam for other people not to buy crypto, and we have many people like that who are against crypto and their users.

You can only experience such thing from those newbies trying to use small amount of money to make millions from memecoins, because they saw the advert that investors can make suitable profits from the memecoins without verify to know if it's true or not before investing. if you are very active in this forum, there are many signs you will notice from a particular memecoins for you to identify if the memecoin is going to be profit or not before making your decision.

[uchegod-21]

Crypto had a different purpose when it was invented. Bitcoin had a goal, it was supposed to be your own bank and privacy money. But the purpose totally changed now. If you ask me why I use crypto, my answer is too clear. I use crypto because there is a chance to make money in crypto and there is a possibility I can double my investment. I believe I am not the only one with such a belief. There are thousands of crypto users who in this space just because they want to make money and they are here because they want to multiply their investment.

So many different reasons why different persons are in crypto. However, the main reason is to double investment which came as a result of the volatility of the cryptocurrency industry. Meanwhile below are some of the reasons people are into crypto;
To make profit;
To scam people;
For privacy reasons;
To be their own bank;
To evade taxes;
To look techy;
And more reasons. So, when someone is scammed in the space, they spread the rumour and that is how the conclude that the industry is a scam.

[nakamura12]

Just leave those people in their own opinions about bitcoin. If they think bitcoin is a scam then let them be and continue doing what you want like investing in crypto. They may be right that crypto is a scam but not all of crypto is a scam. My opinion why they say it's a scam is because of these shitcoins that affect the opinion of others about Bitcoin.

[NotATether]

You had me in the first half, not gonna lie.

In my opinion, people see all kinds of scams being performed with cryptocurrency and then conclude that the technology itself is one big scam. But they tend to forget that these exact same scams happen using fiat money too.

Maybe it's because of the unregulated nature of cryptocurrencies, but regulation will severely hurt the industry as the whole point of crypto is to "be your own bank".

[Wonder Work]

Is this the case of a closed mind, or ignorance, what exactly could be this?

If you want, you can think of many things or say many things, but in reality, you have to see how acceptable it is. Initially, everyone thought it was a scam, but now it is becoming popular in line with the modern world.

There is no reason to think it is a scam. When crypto could not be used, it was okay to make various comments, but now it is becoming easy to use. That is why there is no point in dwelling on this crypto scam. People will comment, it is normal, it is not right to dwell on this as the main issue. Let those who think it is a scam think about it and you continue with your work.

[Mpamaegbu]

Are we still in the era where people condemn what they have no knowledge about? Or crypto is actually a mirage?

Yes, we will continue to be in such an era at every point in time. Even as more people get enlightened, there are going to be ignorant ones in the world who will continue to argue blindly. That's why nobody should allow another distract them in their life pursuits. If you've a pessimist who speaks it to your face concerning your dream without genuine clarification but with a mere generalization that whatever you're doing or about doing hasn't been done by anyone, just cut them off and move on. Hanging around such people with your idea will more likely kill your dream.

Or crypto is actually a mirage?

I stopped doubting in 2017, barely few months I stumbled on this industry after the so much talked about "bubble" didn't burst. It was a singsong in 2017 that Bitcoin was a bubble that was on the verge of bursting. But that never happened till date. Anyone still in that mindset has a closed mindset and isn't ready to learn new things. It's eight years after that era and Bitcoin is sill standing tall.

[God Of Thunder]

Actually that's the objectives of some of us is into cryptocurrency investment today, but we misunderstood the concept of Bitcoin, when says cryptocurrency many people taught we are emphasizing on bitcoin alone, crypto is a name that comprises all the cryptocurrencies

If you exclude Bitcoin and talk about all other cryptocurrencies, most of them actually launch their tokens with promises to people to reach 10x or 20x within a certain period of time. I even see ads on Facebook from some shitcoins. They appear to be like money-making schemes. The reality is that nobody knows if a certain coin is going to return anything or if they are going to scam.

Yet, people invest in crypto with the hope of getting a good return on their investment. Bitcoin had a different purpose. We all use it now to make money, even though not everyone can make money from crypto.

[Ricardo11]

Actually that's the objectives of some of us is into cryptocurrency investment today, but we misunderstood the concept of Bitcoin, when says cryptocurrency many people taught we are emphasizing on bitcoin alone, crypto is a name that comprises all the cryptocurrencies

If you exclude Bitcoin and talk about all other cryptocurrencies, most of them actually launch their tokens with promises to people to reach 10x or 20x within a certain period of time. I even see ads on Facebook from some shitcoins. They appear to be like money-making schemes. The reality is that nobody knows if a certain coin is going to return anything or if they are going to scam.

Yet, people invest in crypto with the hope of getting a good return on their investment. Bitcoin had a different purpose. We all use it now to make money, even though not everyone can make money from crypto.

In fact, they attract people through such advertisements, and investors invest in that lure, but in the end it gradually disappears, and at one stage it fully disappears, and investors face huge losses. In fact, investors should understand that this is like a scam. There is a possibility of losing most of the coins here, in fact, investors get involved in such temptations due to their carelessness, and face losses. But a conscious investor never invests in such a place.

[coupable]

i wouldn't say that crypto is a scam, because there are some tokens that have managed to grow and survive, but i can say that it is a more volatile and risky market, like memecoin, this is a crypto that is more like gambling, where people who put their money in it only expect high profits in the short term even though in most cases it ends tragically. and so do other cryptos, there are many tokens that promise a lot of sweet things but in the end they are just scams for their investors. this is like a market full of uncertainty and high volatility, which makes it more risky for buyers.

Cryptocurrencies are highly volatile because they are still in their infancy and are not fully regulated, which makes them vulnerable to manipulation and fraud. Therefore, their value can change quickly and dramatically.

A trader can make huge profits from this volatility, but he may also incur huge losses. Since the cryptocurrency market is largely unregulated, there are no guarantees or restrictions to prevent the market from collapsing.

By simply looking at the price chart of Bitcoin or any other digital currency over the past years, you can see the extreme price fluctuations that these currencies have witnessed and the waves of price collapse that have caused these currencies to lose most of their market value on several occasions.

[Glowy]

There are numerous factors why a lot of people don't know or aren't interested in Bitcoin. Some heard about it somewhere at some point but don't want to learn more. I hope they aren't simply lazy. Many are probably too busy about other important things. Others are probably comfortable with how things are.

Some are cautious in dealing with new and strange stuff. Many aren't tech-savvy enough to even try understanding Bitcoin. There are also people whose day-to-day lives Bitcoin simply doesn't belong.

But to those who argue against Bitcoin but are in fact ignorant about it, lazy to do research, and so on, leave them alone. There are only two possibilities with this kind of people. One, they will eventually turn around like Saylor, Trump, Fink, and others. Two, they will stick to their wrong opinion whatever happens like Schiff, Taleb, and the like. Either way, you can leave them alone.

Absolutely, this is well said.

[Agbe]

Those who have involved in bitcoin or any other cryptocurrencies to know their reality would call crypto as a scam. But those who are really involved in it would never called it. And there are some people that like to invest but there is no money to invest and some don't like to invest because they have not seen someone close to them make good profit from cryptocurrency investment.

[Ndabagi01]

Is this the case of a closed mind, or ignorance, what exactly could be this?

I believe the Internet is a home to all who seek knowledge, even though you might get lost if you are not guided.

Are we still in the era where people condemn what they have no knowledge about? Or crypto is actually a mirage?

Just venting and open for more. Tell me what I don't know.

What do y'all say?

In this era, you can’t still control how people think and perceive some certain things but that doesn’t mean one should not do the right thing at the right time. The crypto market is very wide and people say what they like base on what they know about bitcoin. Many people have called it scam in the past but today they are now part of it and encouraging people to join. Some are still in the view of it being a scam and people should stay away from it, but they have no proof to back up their claims. I am not surprised if we still see people disliking what they know nothing about, it’s all self centered and won’t take part in what they feel they’ve missed the chance and won’t get to benefit like others that have adopted it earlier would.

[Zoomic]

Anyone who claims crypto is a scam is a weakling who is just making excuses to satisfy his ego for not investing. Scams exist everywhere, even fiat currency, which they trust and are comfortable with, has been the primary tool for countless scams right from time.

A true investor understands that crypto comes with risks, including volatility, theft, and hacks. Yet, instead of running away, they find ways to manage these risks to avoid or  minimize losses. If they are not willing to take the risks, then they should not show interest in the gains that comes with investing in crypto.

The truth is, not everyone is meant to invest in crypto. Fortunately, there are many other risk-friendly investment options available that better suit different personalities and risk tolerances. Just so they know, scammers exist everywhere.

[Btcdeybodi]

There are numerous factors why a lot of people don't know or aren't interested in Bitcoin. Some heard about it somewhere at some point but don't want to learn more. I hope they aren't simply lazy. Many are probably too busy about other important things. Others are probably comfortable with how things are.

I believe what you said because likewise me i heard about bitcoin long ago but it was just in 2023 that i developed interest to know more about bitcoin and basically i was so occupied with other things at that time when i didn't get any interest to know and invest in it so there are people who are aware of bitcoin and it's potential growth but they may literally be giving interest to other things or other investment that are working for them so it's not like bitcoin is the only sure investment that are working for people. Sometimes the reason why some people don't want to invest in bitcoin is because they feel it's too costly since they also have knowledge of other coins they can buy with far lesser amount which they prefer that they can make more profits from them to bitcoin.

[Belarge]

The simple truth is that, people have rights to their opinions and you do not have to blame them because everyone has a tangible and justifiable reasons to their actions if asked and that is why we do not have to blame them for their choices.
There are some persons who out of pressure invested in cryptocurrency and got the dark side of it because of proper orientation and there are some other persons who maybe got scammed through cryptocurrency and for these set of people, it will be very difficult to convince them to involve with crypto because they already tasted the dark side even from a start and you wouldn’t have to say, they aren’t knowledgeable but rather it will be better to say that, they got the very wrong orientation.

Op I love the thread title as it was a great way to drag people’s attention to the thread.

[letteredhub]

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Is this the case of a closed mind, or ignorance, what exactly could be this?

I think what makes people lose their funds with crypto is due to their own doing, they got into the space with ignorance on how to go about with certain processes. They feel so quick to have arrived with just a little floating idea they may have been told or heard about crypto and they zoom in and got themselves bitten, and the next thing you'll hear them say is that crypto or bitcoin to be precise is scam.

AFAIK, if you are able to patiently learn and build your knowledge about crypto you'll appreciate the current challenges that cryptocurrency solves in this global economy that has been taunted by inflation and excessive financin censorship from government on individuals private finance.

[Taskford]

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Is this the case of a closed mind, or ignorance, what exactly could be this?

I think what makes people lose their funds with crypto is due to their own doing, they got into the space with ignorance on how to go about with certain processes. They feel so quick to have arrived with just a little floating idea they may have been told or heard about crypto and they zoom in and got themselves bitten, and the next thing you'll hear them say is that crypto or bitcoin to be precise is scam.

AFAIK, if you are able to patiently learn and build your knowledge about crypto you'll appreciate the current challenges that cryptocurrency solves in this global economy that has been taunted by inflation and excessive financin censorship from government on individuals private finance.

That's actually the real situation happened. Now they are blaming and generalizing all of it are scam its because they lose their money due to their own greed. If they do their own diligence to know what they are trying to invest and ask the community for feedback then provably that there's less chance for them to participate on scams.

But yet they let their selves be eaten by their green and join the FOMO and got easily affected with small fuds then losing will provably what their end point if they have this traits.

There's so many challenges we could face on investing on crypto that's why research is important action to do.

[cryptoaddictchie]

Those who have involved in bitcoin or any other cryptocurrencies to know their reality would call crypto as a scam. But those who are really involved in it would never called it. And there are some people that like to invest but there is no money to invest and some don't like to invest because they have not seen someone close to them make good profit from cryptocurrency investment.

Fair assestment. Like my friend who I invited to learn crypto, at first he doesnt have such interest but later on when he saw I bought things like that and share like that he becomes so interested that wanted to ask how when questions that surely you know when someone sufdenly become obsess on what you do. Well I can say, some will still call it scam until they find the experience to themselves.