Why Technical Knowledge Alone Does Not Protect People From Scams.

[Bit-Mj1014]

Having technical knowledge is important and it helps to an extent, but one of  the most important things we need check about ourselves is how we respond emotionally to people we meet online, we all know that emotions cloud our judgement, but emotion can do worse than that, it can cloud your knowledge too, scammers know this, that is why most scammers relate to their victims on an emotional level because once they can trigger you emotionally they can get what ever they want, this is why even people with the best technical knowledge get scammed, all I am trying to say is make sure all your emotional relationships are physical and not online.

[Lukakur]

Having technical knowledge is important and it helps to an extent, but one of  the most important things we need check about ourselves is how we respond emotionally to people we meet online, we all know that emotions cloud our judgement, but emotion can do worse than that, it can cloud your knowledge too, scammers know this, that is why most scammers relate to their victims on an emotional level because once they can trigger you emotionally they can get what ever they want, this is why even people with the best technical knowledge get scammed, all I am trying to say is make sure all your emotional relationships are physical and not online.

Working emotionally on a person can allow you to control them, this is a consolidated technique in the world of scams, but there is nothing more squalid than such a job, if it can be called work...
It's a truly deplorable thing, but the only way to combat these phenomena is to inform people and be mentally and emotionally ready to face such a problem.

[Makus]

Working emotionally on a person can allow you to control them, this is a consolidated technique in the world of scams, but there is nothing more squalid than such a job, if it can be called work...
It's a truly deplorable thing, but the only way to combat these phenomena is to inform people and be mentally and emotionally ready to face such a problem.

This is why the topic says that having technical knowledge isn't really enough, people need to prioritize learning emotional control because without this it is going to be extremely difficult to avoid getting scammed. Just like you said, scammers use play with a person's psychology, you can have the knowledge but without being mentally mature and psychologically disciplined you'd definitely fall for Such scams.

[Z_MBFM]

Snip

Scammers basically play on human emotions and psychology. And they fool people and complete scams, so it is not the case that anyone can stay away from scams only if they have more technical knowledge. However, of course, if they have more technical knowledge, the chances of falling victim to scams are less than normal people. Scammers analyze a lot of things and create a roadmap on how they can take people under their control psychologically. If a scammer had used the amount of effort and technical analysis they put into scamming, they could have achieved a lot more. But the greed of getting rich quickly by scamming encourages people to scam.

[L E G E N D A R Y]

This is why the topic says that having technical knowledge isn't really enough, people need to prioritize learning emotional control because without this it is going to be extremely difficult to avoid getting scammed. Just like you said, scammers use play with a person's psychology, you can have the knowledge but without being mentally mature and psychologically disciplined you'd definitely fall for Such scams.

That’s true.
Several of the scam cases we see everyday, deep down we’re due to greed and lack of discipline. If a person is able to master discipline and not allowing their emotions to help them make decisions, they’ll be able to avoid getting scammed easily because these are the major tools that scammers use, they engage their victims, attempt to figure out their weaknesses and desires, and then use it as a weapon against them, and the moment they figure it out, it becomes difficult for the person to escape it.

[Big Dirams]

This is why the topic says that having technical knowledge isn't really enough, people need to prioritize learning emotional control because without this it is going to be extremely difficult to avoid getting scammed. Just like you said, scammers use play with a person's psychology, you can have the knowledge but without being mentally mature and psychologically disciplined you'd definitely fall for Such scams.

That’s true.
Several of the scam cases we see everyday, deep down we’re due to greed and lack of discipline. If a person is able to master discipline and not allowing their emotions to help them make decisions, they’ll be able to avoid getting scammed easily because these are the major tools that scammers use, they engage their victims, attempt to figure out their weaknesses and desires, and then use it as a weapon against them, and the moment they figure it out, it becomes difficult for the person to escape it.

Greed is something we need to get rid of as a trader and even a human because this greed most times get us into trouble and sometimes it helps out but this doesn’t occur regularly. In trading we need to get rid of our greed if we want to go far and stay longer on the market because if we don’t we can easily end our trading journey by chasing after profits even when we have a satisfying one, we will keep chasing after more because of our greed.

Our emotions and desire for more and not contented with the little we have can leave us in the hand of scammers to use and dump us. So I’d advice we shouldn’t allow our greed and emotions allows those who didn’t work hard with us wreck us.

[leonair]

This thread came about because of the conversation I had with my friends yesterday. At least one of my friends stated that most people get scammed because they don't know much of technical things.

I can partly agree with him, as indeed, not knowing much, or not knowing about technical things can make it easier to be scammed by someone.  However, there are also many cases where technical skilled individuals still fall victim to fraud.

So, if technical knowledge is not enough what else is needed? Imo, what I think is needed are: critical thinking, emotional control, patient and healthy skepticism, because scammers mostly succeed because they explore human psychology rather than technical weakness. therefore,  greed, trust, fears, urgency and overconfidence are some of the common tools used by scammers.

Understanding how wallet works, and how signature and blockchain transactions work is perfectly ok, but it doesn't prevent you from being manipulated. So, feel free to give your 2 cents on this discussion.

Scammers basically lure people, you have enough technical knowledge, but if you cannot handle the greed, then he will definitely succeed in cheating you. He will show you a tempting offer or tempt you to get something big for free. In this way, he will gradually take you under his control and then scam you. Technical knowledge is needed to solve various technical issues. But human greed and emotions can never be controlled by his technical knowledge. The greed to get something big easily is in everyone and no one wants to miss it easily. And this is how scammers are caught in the water. However, technical colleges definitely help to protect you from scams. If anything is thought of technically, any offer should be analyzed technically and then it is possible to stay away from scams to a great extent.

[L E G E N D A R Y]

Greed is something we need to get rid of as a trader and even a human because this greed most times get us into trouble and sometimes it helps out but this doesn’t occur regularly. In trading we need to get rid of our greed if we want to go far and stay longer on the market because if we don’t we can easily end our trading journey by chasing after profits even when we have a satisfying one, we will keep chasing after more because of our greed.

Greed causes you more harm than good, that’s if there’s even any good that comes out of it. It can make you take certain serious decision without critically thinking and examining the situation as well as the potential consequences of those decisions, as you mind would just be centered on the potential benefits and the things you stand to achieve from that decisions and the most ugly part is that you literally don’t care how that decision affects others, as long as you’re able to benefits from it.

[M. Ayan]

Greed is something we need to get rid of as a trader and even a human because this greed most times get us into trouble and sometimes it helps out but this doesn’t occur regularly. In trading we need to get rid of our greed if we want to go far and stay longer on the market because if we don’t we can easily end our trading journey by chasing after profits even when we have a satisfying one, we will keep chasing after more because of our greed.

Greed causes you more harm than good, that’s if there’s even any good that comes out of it. It can make you take certain serious decision without critically thinking and examining the situation as well as the potential consequences of those decisions, as you mind would just be centered on the potential benefits and the things you stand to achieve from that decisions and the most ugly part is that you literally don’t care how that decision affects others, as long as you’re able to benefits from it.

Sometimes it isn't greed that causes problems, it's not knowing when to be happy with your gains. Traders can take a good profit but keep changing their target price, therefore turning a winning trade into a losing one. Having a plan in place will help you as you will know exactly when to get out of the trade and not let emotions get the better of you.

[SPIDERMAN008]

Greed is something we need to get rid of as a trader and even a human because this greed most times get us into trouble and sometimes it helps out but this doesn’t occur regularly. In trading we need to get rid of our greed if we want to go far and stay longer on the market because if we don’t we can easily end our trading journey by chasing after profits even when we have a satisfying one, we will keep chasing after more because of our greed.

Greed causes you more harm than good, that’s if there’s even any good that comes out of it. It can make you take certain serious decision without critically thinking and examining the situation as well as the potential consequences of those decisions, as you mind would just be centered on the potential benefits and the things you stand to achieve from that decisions and the most ugly part is that you literally don’t care how that decision affects others, as long as you’re able to benefits from it.

You are right, many people are harmed due to greed. Because greed is created from human emotions. If a decision is made with emotion, it always causes loss. Technical knowledge is of no use there. Technical knowledge may protect the security of the wallet or from hacking or scamming. But if you cannot control your emotions, you will not be able to protect the loss that will occur. If a person trades in bitcoin with some of his deposited funds and he hopes that he will sell it only after making 20% ​​profit. As per his expectations, he makes a profit, but then waits without selling bitcoin, greedy for more profit, then if the price of bitcoin starts falling, then he will suffer losses by trading in bitcoin due to his emotions and greed. Therefore, an investor needs to learn emotional control along with technical knowledge and should follow the investment strategy considering how the possibility of making profit increases if he invests.

[L E G E N D A R Y]

Sometimes it isn't greed that causes problems, it's not knowing when to be happy with your gains. Traders can take a good profit but keep changing their target price, therefore turning a winning trade into a losing one. Having a plan in place will help you as you will know exactly when to get out of the trade and not let emotions get the better of you.

Many traders who find themselves in this situation did actually have an initial plan before they started, but the moment they started getting more profits than they anticipated, they start feeling it’s their lucky day, and maybe they could just get as much profits as they can before exiting the market, and that’s the point that greed gradually creeps in, and this point, it becomes almost impossible to turn back or notice when their luck have already ran out.