Dangers of investing into non legitimate crypto assets

[Mhizlove]

Greetings my fellow country people and happy new month to y'all.
I think this is a good time to talk about this as the year is almost coming to an end.
What I want to talk about is based on the past years I have been with few people who are into business and investment working so hard to meet up before the end of the year. But that's not actually the problem because it is good to work hard to earn a living.

However, my main reason for this is that, as the year wants to end, many investors will be looking for a quick profit through different means, buying from one coin to another both altcoins and meme coins including some tokens. forgetting the fact that most of those coins are scam, as they are looking for ways to make profits same thing applicable to the operators of those memecoins and token. Many altcoins will pump and dump after a few weeks. So I think now is the best time to be smarter when it comes to investing in the crypto space.
Recently the FXT TOKEN just crashed from $22 down to $5. And everyone who invested hugely in this token has lost their money. And now binance which is the popular crypto trading platform has announced to dissolve their holdings  in the FXT TOKEN.

In early November, Binance, one of the largest crypto exchanges in the world, announced it would be dissolving its holdings in FTX Token (FTT) with reports that most of FTX liquidity was based in this coin and was very unstable.

Source

So this is a very good example that explains the importance of investing into legit crypto assets.

[Charles-Tim]

Almost all altcoins are gambling coins and tokens.

Most altcoins are shitcoins. You can go through the coins and tokens history to know that what I am saying is the truth.

New coins are created for the developers, the launching site like pump.fun and exchanges they are listed to make money from vulnerable people. The coins and tokens are heavily manipulated.

[Joy- maker]

OP your thread is a good one, and when it comes to investing in this crypto space everybody have to be very cautious in choosing the coin they will put their money into, because majority of those shitcoins out there has nothing to offer to her investors, and people are also into creating shitcoins with the intention to scam people, so for that reason we have to be very careful in this crypto space to avoid falling prey to scam, because as the year is about to end a lot of person's are looking for one way or the other to get rich over night through scam people who are also eager to double their money so let's be very careful this time around and invest only on coins we are sure of, or if possible stick only to bitcoin a coin with potentials and fully trusted.

[Cryptoprincess101]

Cryptocurrency is very risky because of their high volatile nature so if you want to invest, choose the ones that are less volatile so that if the prices want to crash it won't just happen within a twinkle of an eye.
Imagine holding a coin of $22 and it crashes to $5, isn't that a very huge loss? I know that not everyone will want to invest in bitcoin since there are people that wants to invest on other cryptocurrency that are far much affordable but just have it a the back of your mind that you are kind of gambling with your money so it will be wise if you invest with an amount that you are ready to lose so that when the market dumps, it won't affect you deeply.

[Bright0515]

Make research before you start buying any crypto currency. Many tokens are ponzi scheme as they pump and dump within a short period of time.
Buying Bitcoin is a save heaven asset because you don't get anything to lose when you invest for a long term. Only a short term investors lose money on Bitcoin. From $22 to $5 is a really big lose and it only takes just one day to crash to such amount. This is a purely ponzi scheme.

[Tetu100]

My bro this kind things dem no dey tell person oh because if you no know how you do you go collect woto woto, Christmas 🎄 don reach scammer's dem don dey arrange package 📦 to take scam people and I believe say mostly na those greedy once them nai go fall for their trap for this Xmas. Me and you know say na only Bitcoin nai b the legit matter for the crypto business, any other once them way dey na look well before you enter. Bitcoin investment they very secure and reliable you rarely hear anything like scam related matter inside Bitcoin it is just for us to open our eyes Wella make one junky no carry us shine shoe for this Christmas 🎄⛄.

[Shadiq]

Most of the time in this forum it is advised to ignore altcoins and be careful with altcoins. Maybe there is no need to mention the reasons, because we have already seen the evidence of this in practice.

Especially newcomers are strictly prohibited from entering altcoins, most of those who have ignored that ban and entered altcoins have lost money.

It doesn't matter whether you are new or old. Entering an altcoin means you are going to lose money. Especially those coins that are new to the market. If you are investing for the long term, some coins like ETH, BNB, SOL and XRP will be left out of this list. Although these coins are not as reliable as Bitcoin, the chances of losing from them in the long term are somewhat less. These coins are okay for providing alternatives to investment, not for quick profits.

[Agbe]

When it comes to the crypto currency space there are allot of different coins that looks fancy and attractive to investors. But one very important point that any investor who needs return on investment should do before investing is knowing the crypto currency that you are investing into.because there are allot of meme coins that are out there without any real future prospects and most importantly altcoins has no real growth potential so investing in such coins is not too advisable as the probability of you getting profit is low. Bitcoin should always be prioritized over altcoins.

[Charles-Tim]

Especially newcomers are strictly prohibited from entering altcoins, most of those who have ignored that ban and entered altcoins have lost money.

It is worth knowing that nobody or exchange prohibits newbies to invest or trade altcoins, they are given free access to all the markets just like every other people. Even if newbies are trading altcoins, the exchanges will be very happy because they will make more money and they will not care about the newbies at all. But you are right that newbies trade many altcoins to lose. Many of them invested in altcoins that will keep falling in price, thinking the coins will increase back but still continue to fall in price until the newbies learn what shitcoins are. In fact, some of the coins will become dead coins and the exchanges will unlist them.

[Sonia_123]

Especially newcomers are strictly prohibited from entering altcoins, most of those who have ignored that ban and entered altcoins have lost money.

It is worth knowing that nobody or exchange prohibits newbies to invest or trade altcoins, they are given free access to all the markets just like every other people. Even if newbies are trading altcoins, the exchanges will be very happy because they will make more money and they will not care about the newbies

In addition, because they are aware that newbies don't have the idea of the risk involved and are eager to make money, so they feel relaxed with newbies involved in altcoins, and that is why they cannot prevent or place a law that will prohibit newbies from investing altcoins since that is where they make most of their money from..

[Gentle_Soul]

Greetings my fellow country people and happy new month to y'all.
I think this is a good time to talk about this as the year is almost coming to an end.
What I want to talk about is based on the past years I have been with few people who are into business and investment working so hard to meet up before the end of the year. But that's not actually the problem because it is good to work hard to earn a living.

However, my main reason for this is that, as the year wants to end, many investors will be looking for a quick profit through different means, buying from one coin to another both altcoins and meme coins including some tokens. forgetting the fact that most of those coins are scam, as they are looking for ways to make profits same thing applicable to the operators of those memecoins and token. Many altcoins will pump and dump after a few weeks. So I think now is the best time to be smarter when it comes to investing in the crypto space.
Recently the FXT TOKEN just crashed from $22 down to $5. And everyone who invested hugely in this token has lost their money. And now binance which is the popular crypto trading platform has announced to dissolve their holdings  in the FXT TOKEN.

In early November, Binance, one of the largest crypto exchanges in the world, announced it would be dissolving its holdings in FTX Token (FTT) with reports that most of FTX liquidity was based in this coin and was very unstable.

Source

So this is a very good example that explains the importance of investing into legit crypto assets.

Investing into a project with just little or no knowledge about the project is a big risk, however, don't invest simply because of pressure of the year coming to an end and you want to make profit in a haste because the same pressure of the year ending might also affect that crypto project you want to invest in thereby causing a major or minor loss.
The bottom line is be statistical and analytical when investing don't invest under pressure

[SatoPrincess]

This mentality of trying to make quick money towards the end of the year is the reason why people fall for scams and for Nigeria scammers always target November and December as their month to run an exit scam. The pressure to make money to cover the Christmas expenses and other bills often cloud the judgment of investors who fall for these scams.

[Bright0515]

This mentality of trying to make quick money towards the end of the year is the reason why people fall for scams and for Nigeria scammers always target November and December as their month to run an exit scam. The pressure to make money to cover the Christmas expenses and other bills often cloud the judgment of investors who fall for these scams.

It is because the scammers knows that many hustlers are preparing to make quick money because of the festive period. This is the season of desperation because people who have not made much money during the other months will start looking for money like dey are hungry, many of this desperate individuals have many responsibilities to take care of and if they see anything that looks too good to be true they just do it, what they normally say in this type of thing is Let Me Take This Risk. Such people don't calculate the risk before they join, they do so because they are desperate.