Crypto Scams!!! How To Avoid Them When You Invest???
Crypto Scams!!! How To Avoid Them When You Invest???

By andreaskanel | Altcoin Adventures | 17 Jan 2020


The most common cryptocurrency scams

 

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There is no greater mistake for a beginner in the crypto field than to give money for a budding currency that does not even negotiate on public exchanges. The double-edged knife of the loose slider.

The loose legislative framework for business financing through the issuance of cryptocurrencies, although it helped brilliant ideas and inspiring entrepreneurs, has proved to be a double-edged sword.

The prospect of easy enrichment has attracted cheaters more easily than blood attracts sharks. Next was to lose a lot of money. And unfortunately, they are still lost.

Many clever people use the words cryptocurrencies, blockchain, Bitcoin, to sell their idea more easily. They present a team as champions league level in the drawings, but they do not have a stadium either. They ask you to fund it. You are "confident" that they have already agreed with Messi's manager for a direct transfer from Barcelona. In the end, the only ones that will get a transfer are your money in their pocket.

You have to be very desperate or extremely naive to put your savings into a digital currency that you had never heard of before, just because someone you met today assures you that this is a unique opportunity. Do you think you discovered the new Bitcoin, that in 1-2-3 years its price will go up? Why are you in a hurry; If (casting a huge shadow on a huge AN here) it is worth hundreds or thousands of euros, you won't care if you bought it at 2 cents or 10. But what you care about is your money burn and the painful denial of expectations, when things don't go as they dream.

There is no greater mistake for a beginner in the crypto field than to give money for a budding currency that does not even negotiate on public exchanges. The minimum requirements for making your hard earned money are at CoinMarketCap.com. It means that it has gone through an elementary control by the investing public. Many more than you think fail at this stage. They do not manage to enter.

Not how getting into CoinMarketCap can guarantee you anything. Many companies that are already in the middle are worthless, as evidenced by their rapid devaluation to zero in recent years. What are the chances of someone not even in it? But let's say it has. Let's also say that its founders have an amazing business model that fascinated you. Have you exhausted their competitors list before you give them your money and come up with the best? Have you compared the people who make up the administration? Have you evaluated their technology experience or what they have achieved in business?

 

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If they claim that their idea is so innovative that there is no competition, it means they either do not know the market or that it is too early. In any case, go away. You don't need to hear anything else. If they tell you that they are targeting a market for billions of people, that they have found a way to solve hunger in Africa or promise world peace, do not take them seriously. It is the most sure sign that they will sooner or later fight for their survival.

These are irrelevant or cheats. Not excluding both. Do you think they have such a great idea sharing it with you and not the jackets of Silicon Valley? If so, then there is nothing we can do. The reason is science. And I don't mean financial.

Those who pat it on do not mean they are stupid. In the rest of their lives they can be smart and successful. However, they are seduced by the hope of easy and rapid enrichment. The skeptics know where they are hitting. They tell you, put some money in, maybe you're lucky. What souls have 500, 1,000, 10,000 euros? It's not like this. You didn't find them on the road. In investing, if you behave the same way you put your money into the casino, then the market will bring you accordingly. It's like being a casino gambler.

See what the founders of BitClub said about their investors or what those who naively believed in OneCoin have died. At best, they lost their money and at worst, they will see the world through the bars.

You tell me, are you sure? No, I am not, as I do not rule out that if you get a lottery, there is no chance of winning. But the odds are not much different. Bitcoin is a bad name because of such incidents. Those who lose your money in such "investment" schemes do not turn your back on cryptocurrencies. At least from this column, you have been warned. Repeatedly.


andreaskanel
andreaskanel

Crypto Enthousiast since 2016, I also write Crypto Topics and on Quora.


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