Why Technical Knowledge Alone Does Not Protect People From Scams.

[Plutomanian]

It is possible to have knowledge and still end up getting scammed and this is can happen when you don't get somethings In check and those things are emotions like greed and also the need to make quick money. People that have experience in the financial market throw their knowledge outside the window when they come across something that promises to pay a huge amount of money within short period of time, technically they know that this is something that is going to fail but their greed just makes them stop thinking rationally.

We know what we want in the market and how we're pushing ourselves upper and upper. It's very important we know about our weakness because that's what we make us lose heavily in the market. Scams can never be eliminated from the market, but it can be prevented, but we're not exempted by scammers infact we're the targets that they're implementing new strategy to help us enact their techniques towards scamming.

It's fine to have full knowledge about the market, we can be intellectual enough to handle our losses and the market but our weakness is the problem here. We're then open to much vulnerability and we can't control them rather than stacking up and moving in our own direction.

[Awaisjanizz11]

Understanding how wallet works, and how signature and blockchain transactions work is perfectly ok, but it doesn't prevent you from being manipulated.

As joy maker said that understanding the work of wallet and how Blockchain transaction and signature works is perfectly ok,but it can't save you from being tricked.We recently heard a news that "MORE THAN ¥2 TRILLION HAS BEEN WIPED OUT OF CHINESE STOCKS IN JUST 10 MINUTES." It means that it doesn't means that being perfect in wallets or blockchains can save you from being scammed or being hacked . Nowadays scammers and hackers are also using the pov of the targets to know better about the weaknesses of the targets . We should use some of our common sense and not share any kind of information related to our wallets or something else where you keep your currency with our family,friends and someone else closed to you . They can be the snakes in the grass.

[puloweh555]

That you are experienced in technical aspect of Bitcoin does not mean you are 100% protected except you maintain all the necessary precautions that are needed to be observed as the Bitcoin or crypto holder, don't create a vulnerability that will serve as an entry route for scammers to hack you and take away your coins, don't also reveal anything about your personal information or wallet keys online or even to a third party, avoid public appearance because of wrench attack as some scammers are only targeting on physical appearance to some crypto holders using wrench attack.

Yes. Physical threats like a “wrench attack” are very real and often target people who appear to show off as crypto owners. So, we really shouldn’t flaunt the assets we have and should always keep our privacy to avoid such risks. 

Besides scammers and hackers are actually different. Scammers usually rely on psychological tricks and often offer big rewards to grab your money. On the other hand, hackers usually focus on technical loopholes in systems, networks or software to get unauthorized access. So, this difference is important because the threats they pose are different and even the ways to deal with them are different.

If you have technical knowledge of course that will help protect you from hackers while usually experience and caution are more effective against scammers. You just need to read a lot about different types of scams and how to prevent them. The main point is when it comes to dealing with both scammers and hackers generally you need to be cautious and read a lot.

[Fiasem20]

It is possible to have knowledge and still end up getting scammed and this is can happen when you don't get somethings In check and those things are emotions like greed and also the need to make quick money. People that have experience in the financial market throw their knowledge outside the window when they come across something that promises to pay a huge amount of money within short period of time, technically they know that this is something that is going to fail but their greed just makes them stop thinking rationally.

It's fine to have full knowledge about the market, we can be intellectual enough to handle our losses and the market but our weakness is the problem here. We're then open to much vulnerability and we can't control them rather than stacking up and moving in our own direction.

It’s crucial to have full knowledge about scam tactics but even if you have little knowledge about scam strategies you can still survive in the crypto space.Sometimes your instincts speak to you about a project that’s not legit but you ignore it until you finally become a victim.That’s why I said even with the little knowledge you have you can still succeed in the crypto space because your instinct would be there to direct you,I’m not saying acquiring the technical knowledge on how to secure your coins is a complete waste of time,but even the basic knowledge you have and your instinct that’s inside of you would serve as a directive.Then lastly most people are victims of scam because they tend to believe every project that seems as a route to become successful in a short period of time.

[Rabata]

It is possible to have knowledge and still end up getting scammed and this is can happen when you don't get somethings In check and those things are emotions like greed and also the need to make quick money. People that have experience in the financial market throw their knowledge outside the window when they come across something that promises to pay a huge amount of money within short period of time, technically they know that this is something that is going to fail but their greed just makes them stop thinking rationally.

It's fine to have full knowledge about the market, we can be intellectual enough to handle our losses and the market but our weakness is the problem here. We're then open to much vulnerability and we can't control them rather than stacking up and moving in our own direction.

It’s crucial to have full knowledge about scam tactics but even if you have little knowledge about scam strategies you can still survive in the crypto space.Sometimes your instincts speak to you about a project that’s not legit but you ignore it until you finally become a victim.That’s why I said even with the little knowledge you have you can still succeed in the crypto space because your instinct would be there to direct you,I’m not saying acquiring the technical knowledge on how to secure your coins is a complete waste of time,but even the basic knowledge you have and your instinct that’s inside of you would serve as a directive.Then lastly most people are victims of scam because they tend to believe every project that seems as a route to become successful in a short period of time.

With technical knowledge, there is definitely a need for psychological awareness. Technical knowledge alone cannot save an investor if he lacks awareness. If he does not have the ability to control it. We often see cases where a person knows the security issues very well but he loses his wealth due to greed. For some reason, he may have entered a site due to which he lost the wealth in his wallet. Despite being experienced, that person had to lose. Although this does not happen in everyone's case, there are many people in the crypto space who get greedy. They lose wealth because they cannot control their greed. That is why I must say that a person does not need to be very skilled in investing. If he starts investing with basic knowledge and is in the right position in his psychology, then he will be able to protect a lot of his wealth and can gradually gain more skills after investing.

[GbitG]

Knowledge is not just a name of perfection... I saw a lot of big profile where they have an extraordinary knowledge about technical aspects but still they got trapped. I got one thing form then that only knowledge can't shield you against scammers. So if you want to avoid form scammers then probably you will need to keep update of your access because scammers will try to find loophole in your privacy element or  sometimes they will even try to manipulate or pressure you into following their instructions.....

So simply just keep eye on your privacy element as well as avoid the greed pulse understand the dodging domino like if someone is offering you a free object then definitely there will be something else behind it. So always think before click.

[SPIDERMAN008]

With technical knowledge, there is definitely a need for psychological awareness. Technical knowledge alone cannot save an investor if he lacks awareness. If he does not have the ability to control it. We often see cases where a person knows the security issues very well but he loses his wealth due to greed. For some reason, he may have entered a site due to which he lost the wealth in his wallet. Despite being experienced, that person had to lose. Although this does not happen in everyone's case, there are many people in the crypto space who get greedy. They lose wealth because they cannot control their greed. That is why I must say that a person does not need to be very skilled in investing. If he starts investing with basic knowledge and is in the right position in his psychology, then he will be able to protect a lot of his wealth and can gradually gain more skills after investing.

You are right that psychological awareness cannot be created by technical knowledge. Many psychological issues depend on the financial structure. A person may consider himself very disciplined but if he does not invest with discretionary income he will not be able to manage the investment activities for a long time. Because if he invests with the required amount of money it can be useful at any time in the future. At that moment neither his psychological discipline nor technical knowledge will be useful anymore.

And for me the most important thing about psychological awareness is to understand in advance what his reaction will be to his decision in  the Bitcoin market volatility and prepare accordingly so that he does not have to regret any wrong decision later.

Now if the price of Bitcoin starts decreasing or if the price of Bitcoin suddenly starts increasing at that time what will an investor do, what kind of reaction will he take that investor should control it in advance. Just as panic selling or over aggressively investing in Bitcoin is a mistake when the price keeps falling and also if you decide to sell your Bitcoin holdings with greedy mindset for the profit you will make if the price suddenly increases then  you will miss out on the potential for more profits in the long run. Psychological awareness depends on the planning fund management, cashflow and financial situation of investing in Bitcoin.