Before Trust, Doubt First: A Simple Rule for Crypto Investors

[The Cryptovator]

In the crypto industry, often we need to make some important decisions, especially to invest in a new or old project and in other sectors as well. So I follow the simple logic: before trust, doubts first. That means wherever you are going to invest your crypto, you have to have doubts first about investing in that. When you have doubts, then at least you will do minimal research, and then you will have a basic idea about the platform you are going to invest in.

I have a friend who has been working with a government law-enforcement agency; he taught me that you must need to doubt before trusting anyone. Though in real life we trust someone effortlessly, if we follow these rules, then we may avoid many scams and cheating as well. I believe this logic is crucial for crypto users, as we frequently witness scams targeting them.

[Coyster]

Many times scammers lure their victims with high APY. Many of those who end up getting scammed had the inkling that it could possibly be a scam, but greed and the desire to get-rich-very-quickly wouldn't let them pull back.

There are a lot of "too good to be true" kind of scams in the industry and there are also more sophisticated ones, but you'd save yourself from most of these scams if you are not greedy and if you have your coins stored in a cold wallet. Don't trust, always verify!

[Alpha Marine]

Trust, but verify
A principle I've always had for a long time, and it has always proven to be correct.
If you follow this principle, you won't fall into Ponzi scams and other scams, even though they are brought to you by trusted friends or family members. Some family members' intentions are genuine, especially when they introduce you to crypto projects and Ponzi schemes. They may have actually made money from it and want to share it with you. That is the way Ponzi schemes work. So if you just go into it simply because you trust them, you might lose your money.
The same goes to mentors and influcncers you follow. They may have good intentions, but verify whatever they tell you first.

[Dave1]

I have a friend who has been working with a government law-enforcement agency; he taught me that you must need to doubt before trusting anyone. Though in real life we trust someone effortlessly, if we follow these rules, then we may avoid many scams and cheating as well. I believe this logic is crucial for crypto users, as we frequently witness scams targeting them.

Exactly, the thing with human is that we easily trusted someone or something even if we haven't seen proof that they should be trusted. Just like here in crypto, there are many scammers and most of them are believable in the beginning, but then again pull that exit exam.

We've seen a lot of them in recent years and yet it is still very effective method to scam. And if we look at it, there's no new method that has been  created, it's the same old strategy that this cyber criminals have been using for years and yet very effective because as humans we do trust very easily. But it should be not like that, we should doubt and question it from the beginning and maybe it will unravel itself as just a scam and too good to be true offer.

[WhoYouCantKill]

I believe a mindset such as is this is the best forms of protection for any crypto investor. Several scammers in the space mostly rely on blind trust. When people have even the slightest doubt, it’ll push them into verifying certain details, check reviews, research about the project and gain a better understanding of the risks before investing. The crypto industry is undoubtedly filled with so much hype and fake promises, and it’ll only be wise to question everything before completely trusting it, at least this is what draws the line between smart investors and victims.

[_act_]

Many times scammers lure their victims with high APY. Many of those who end up getting scammed had the inkling that it could possibly be a scam, but greed and the desire to get-rich-very-quickly wouldn't let them pull back.

There are a lot of "too good to be true" kind of scams in the industry and there are also more sophisticated ones, but you'd save yourself from most of these scams if you are not greedy and if you have your coins stored in a cold wallet. Don't trust, always verify!

Yes, very hard to believe scams, but only people that have experience about the scam will be able to avoid it, I noticed some people do not have the experience. And some people are just very greedy because the APR or APY is very hard to believe in many among them. You can see the recent that I posted that the scammer said investors can make 100% interest within 21 days, or at least 40% to 50% within 30 to 45 days, and that the customers money is secured by a surety bond, insured by the  Federal Deposit Insurance Corporation (FDIC) and protected by a professional liability insurance policybehich is a lie. Many people will not make further investigations but just believe.

[BlackBoss_]

In the crypto industry, often we need to make some important decisions, especially to invest in a new or old project and in other sectors as well. So I follow the simple logic: before trust, doubts first. That means wherever you are going to invest your crypto, you have to have doubts first about investing in that. When you have doubts, then at least you will do minimal research, and then you will have a basic idea about the platform you are going to invest in.

People want to get opportunities, get profit, so the first thing they need to look at is history. How about that project and its cryptocurrency performances in past years, look at ROIs. In addition, if it is an old project with many years in this industry and price as well as ROIs in many years for checking, it's better. Looking at prices also helping to have information about trading volume. If it is a very short history, or ROI performances are not good, I would like to stop there as I don't want to waste my time.

With new projects, the first principle to know is most of them are scam and don't worth to check at all. With altcoins, I don't want to take risk with new projects because many altcoin projects already created and died by trends, and there will be more such projects in the future.

Check Bitcoin ROI over years
http://casebitcoin.com/

[Donk1]

​Well I guess that brings me to the core ideal that not all risks are worth taking. Because at times I hear folks say stuff like, there is no reward without risk. Yeah true but then that doesn't mean an individual should just jump into conclusions in stuff they see online especially as a crypto enthusiast or as a newbie who is looking forward to becoming one.​Basically having doubts isn't a bad thing It's more like a gap between you getting carried away and you being aware. If peradventure there is no doubts then that individual might end up falling for one of the three categories which is either getting scammed, hacked, or falling for one of all those shit coins with no real value out there.

​Overall Bitcoin is a perfect example because if you look back at its history there were many criticisms and doubts. But now, Bitcoin has earned trust through pressure and has gained adoption through doubts. So yeah trust is earned not influenced upon another. That's all.....

[joniboini]

​Overall Bitcoin is a perfect example because if you look back at its history there were many criticisms and doubts. But now, Bitcoin has earned trust through pressure and has gained adoption through doubts. So yeah trust is earned not influenced upon another. That's all.....

The difference between Bitcoin and many crypto projects are massive though. For one, it's not created to get investment to properly launch a network or something similar. It's simply a currency that doesn't rely on third-party to prevent double spending, and so on. Kinda hard to imagine the same thing can be said for stuff like meme tokens and whatnot. Their existence has no value other than for pump and hype.

Then again, I think the principle can be applied to many things, not just crypto. It's not like we can easily trust anyone with fiat investment just because they promise 50% return to begin with.

[Zaguru12]

In the crypto industry, often we need to make some important decisions, especially to invest in a new or old project and in other sectors as well. So I follow the simple logic: before trust, doubts first. That means wherever you are going to invest your crypto, you have to have doubts first about investing in that. When you have doubts, then at least you will do minimal research, and then you will have a basic idea about the platform you are going to invest in.

Exactly you don’t need to actually just blindly trust. I think that if you actually have a doubt it gives you extra zeal to actually verify and do proper research about such thing. Another thing doubt helps with again is the issue of risk management, if some is actually having doubt over an investment they usually invest moderately first before going in, even scammers have understood this and that’s why they usually like to be patient before rug pulling so as to build trust with you first.

​
​Overall Bitcoin is a perfect example because if you look back at its history there were many criticisms and doubts. But now, Bitcoin has earned trust through pressure and has gained adoption through doubts. So yeah trust is earned not influenced upon another. That's all.....

They were those who actually doubted bitcoin in the early days and a clear example is Micheal Saylor who company; Microstrategy is currently one of the top holders of bitcoin. At the start he was a bitcoin critic but as you know good product sells itself with advertisements and that’s why he found himself back support bitcoin

[DubemIfedigbo001]

In the crypto industry, often we need to make some important decisions, especially to invest in a new or old project and in other sectors as well. So I follow the simple logic: before trust, doubts first. That means wherever you are going to invest your crypto, you have to have doubts first about investing in that. When you have doubts, then at least you will do minimal research, and then you will have a basic idea about the platform you are going to invest in.

Without doubt, you'll not be able to identify obvious loopholes, doing is important so you can verify and not become an easy catch for scammers, doubt doesn't mean you're not optimistic, it means you've enough facts you need to validate in order to convince yourself that the project is with investing into. If a project looks too good, then that's more reason to doubt it because there's no such thing as something for nothing. People need to develop that mentality that for anything they receive, there should be justifiable quantity of what they will give and a transparent process of generating profits, if it's shady at some point, then there's a reason to doubt.

I have a friend who has been working with a government law-enforcement agency; he taught me that you must need to doubt before trusting anyone. Though in real life we trust someone effortlessly, if we follow these rules, then we may avoid many scams and cheating as well. I believe this logic is crucial for crypto users, as we frequently witness scams targeting them.

Do you end up trusting people? People can change even after clearing your initial doubt, which is why you should remain attentive to details and not overlook things because they earned your trust initially. You shouldn't trust people, it's always better giving them benefit of doubt, you only believe they're capable of doing such things they've proved to you they can.

[Somegory]

Many times scammers lure their victims with high APY. Many of those who end up getting scammed had the inkling that it could possibly be a scam, but greed and the desire to get-rich-very-quickly wouldn't let them pull back.

There are a lot of "too good to be true" kind of scams in the industry and there are also more sophisticated ones, but you'd save yourself from most of these scams if you are not greedy and if you have your coins stored in a cold wallet. Don't trust, always verify!

OP clearly used new projects as an example, don't trust, verify won't work here, because there are many projects with lots of good utilities and they still fail, as someone who have invested in such in the past I can say that you can't verify anything.

Some raised funds and along the way they quit and vanished, verification won't do you good in this case, for new projects it's all about try risking what you can afford to lose.

Having doubts can make you see things for what they are before bad things happened, i have escaped few scam this way, not because they have a vulnerable spot that revealed them but what they plan to fix in this space isn't going to work.

[knowngunman]

I completely agree with your last statement. Almost all scams succeed because people fail to practice this. Majority of scam victims trust first before they research. They only realise to verify after they have been scammed.

I will make it more strict. Never trust, only verify.

Even if the project or whatever it is turns out to be legit, then that's fine. If it later turns out to be a scam, I won't be surprised or caught unaware because I never trust. I may give benefit of doubt while I run background checks but the doubt never turns into trust.

Trust is a liability in crypto. It is a different case in real life because there are courts out there and that's why we sometimes trust effortlessly.

[michellee]

That is make sense, we don't know much yet so we should research to find out more. We can't put our trust easily especially on new things to avoid scam and others bad things. We must be very careful before doing something, don't forget to research as that is the key.

If we following the guide, we can reduces the chance of getting scams. We will be careful if we get something that looks good and not do something if we don't know more.

[ultrloa]

In the crypto industry, often we need to make some important decisions, especially to invest in a new or old project and in other sectors as well. So I follow the simple logic: before trust, doubts first. That means wherever you are going to invest your crypto, you have to have doubts first about investing in that. When you have doubts, then at least you will do minimal research, and then you will have a basic idea about the platform you are going to invest in.

I have a friend who has been working with a government law-enforcement agency; he taught me that you must need to doubt before trusting anyone. Though in real life we trust someone effortlessly, if we follow these rules, then we may avoid many scams and cheating as well. I believe this logic is crucial for crypto users, as we frequently witness scams targeting them.

This is provably the smartest approach that they could ever do, since if they have an attitude to be doubtful first, before they start to trust whatever platform or investment programs they are going. For sure that there's lesser chances that they would fall on scams.

Scammers will always exploit the hype, also the blind trust of people. That's why there are to many scam victims out here. If people have a habit to ask important question, then try to look at the company background, maybe they might know immediately if the platform they are looking at is a scam or something we could trust. Having that mindset not only could protect people from any potential scam. But also it can help them became knowledgeable and identify what's bad and best investment to join.

[Chibit01]

I doubt everything I see in front of me first before trusting it, with the research and the idea to convince myself base on actual facts, than when I trust something first before trying to run more research about how it works or how good it is, that doubt can save a lot, and going by verifying something first before trusting it is also another safety tips.

Many times scammers lure their victims with high APY. Many of those who end up getting scammed had the inkling that it could possibly be a scam, but greed and the desire to get-rich-very-quickly wouldn't let them pull back.

It's not just about the greed, sometimes overconfidence in some of this victims lead them into being scammed, they know is ponzi, they know they could likely be scammed but they still try to see if they can be among the lucky onces make it big before it crash.

There are a lot of "too good to be true" kind of scams in the industry and there are also more sophisticated ones, but you'd save yourself from most of these scams if you are not greedy and if you have your coins stored in a cold wallet. Don't trust, always verify!

Greed indeed have been one of the things that lure victims to getting scammed, and scammers knows exactly how to explore that weakness on them, if people become less greedy the number of scammers will reduce at least only other form of sophisticated scam will be recording victims.

[348Judah]

When we have this kind of mentality that we shouldn't trust any crypto project we are coming across with, then try to exercise some level of doubt in them, are some have the probability of delivering up to our expectation and some may not, but this context is to help us get the exposure needed to know that there is always a risk at any decision taken for a crypto investment.

Most of us we only be persuaded by the advertisement we see on some of these coins and tokens, without taking proper time to research about them to know what they are really going to offer us, because to invest is the least thing we can do, but before then, it is expected of us to engage in thorough research about anything related to cryptocurrency or a project that we are seeing that is getting traction.

[Coyster]

OP clearly used new projects as an example, don't trust, verify won't work here, because there are many projects with lots of good utilities and they still fail, as someone who have invested in such in the past I can say that you can't verify anything.

Some raised funds and along the way they quit and vanished, verification won't do you good in this case, for new projects it's all about try risking what you can afford to lose.

I guess you wanted to say there are quite a lot of projects with no utility, that can be the only correct thing to say in this context.

I do not play around with shitcoins, anyone that does, should be ready to get rekt 9 out of 10 times, that is the order and it has been that way for a long time. If you keep investing what you supposedly cannot afford to lose into too many shitcoins, then when accumulated, you'd find out that you have lost a lot of money.

Don't trust; always verify!

[Hatchy]

I have a friend who has been working with a government law-enforcement agency; he taught me that you must need to doubt before trusting anyone. Though in real life we trust someone effortlessly, if we follow these rules, then we may avoid many scams and cheating as well. I believe this logic is crucial for crypto users, as we frequently witness scams targeting them.

they say seeing is believing. It might not be so easy to see something eye catchy and suddenly start to doubt. Most people cannot even tell the difference from an obvious scam to a legit investment plan. It would be so open in their face that it's a scam, but they still will play blindly and ignore alot of possibility. The idea now is not trust easily. Be the type that ask questions, do research go around and talk with another person about the idea so you can confirm from them if what you heard about was even true in the first place. Don't be the type who is scared because in any investment you are risking your capital on an unrealistic gain, so it should be worth the risk.. so many people still falls for scam because of ignorance..

[Majestic-milf]

 I used to think that you don't need to be told twice to be wary about something especially when there's money involved but then I realized that there's still those who will easily fall once there have been promised a huge returns.
It's not everyone that actually knows what it entails to invest, they're often attracted by the idea of finally having their money work for them so instead of bothering themselves with making research or having doubts about the validity of the project, they just trust the so-called financial expert and then when things don't work out, it's then the lesson will be learned.