Illusions in Cryptocurrency—All the Glitters are not Gold some are Garbage

By Aslamrer | Aslam-Hiver | 13 Aug 2023

Hello to the Hive Learners Publsih0x Community! Welcome to my blog. Happy Weekend to all Learners! I hope you are enjoying your week.

Today, I decided to participate in the Hive Learners Weekly Featured Content All that glitters are not Gold This is the proverb I learned when I was in 9th Grade.

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I studied a story that leaded me into this moral. This was the time when I read these words theoretically. I was not much aware about its practical implementation.
As I grew up with time, I learned about things faster. It can be due to my sharp mind or good company I have around me. Anyway, come to the topic All that Glitters are not Gold.

Being a human, we have jealousy factors. We are always influenced by our human fellow either positively or negatively. If we are poor then rich influenced us. If we are student then teachers influenced us. If we are fans then our heroes influenced us. This series of influencing is continued from the birth of the Universe. Everyone is influenced by someone in one day and is the source of influence on the other day. We should save ourselves from illusions. You must get influencing but don't make hurry in decisions. There is not every gold for you and no one will bring diamond for you. It is only you who will bring diamond or gold for yourself.

Illusions in Cryptocurrency:

The illusions are very common in Cryptocurrency. There are many social influencers who are doing these shits on Social media. Even YouTube and Twitter is full of these people. There are very few people who guide us technically.

Recently, I met to a friend who was worried because his financial condition was very bad. I sit with him and asked about his worries. First, he denied to hide his shame but later when he realized, my sole purpose is to heal him then he exposed his story.

Glitters that proved garbage not Gold:

Some months ago, he was finding different platforms for investment. He made search on YouTube where he came to know about Java Eye application. The cunning YouTubers also shared his referrals link in the discrimination of the video. He influenced by this YouTuber because he was doing V-blogging with proofs. The YouTuber claimed that his earning from Java Eye is many thousands dollars by just doing simple tasks.

Even a dice is not gold for you, Michael

This YouTube video was an easy way to make yourself rich. After watching this video, he did not bother to make another research for this application. He sold his all property plus gold from his wife. He invested everything for this opportunity. Moreover, when he joined the application, he got 20$/day profit in initial days. Later, he realized that he would increase his investment hence would not withdraw anything all he would be able to get 100$/day. He was complaining to God that why had He make him poor in comparison to the people who are getting 1000$/day from their investment. The days after days his profit started to increase 100$/day, 200$/day and so on. When he was near to 500$/day, there was a rumor that application is illusion and it had deceived many people.

Cryptocurrency that have risk for illusion, Kanchanara

He didn't do anything next just decided to withdraw his assets. When he submitted request to withdraw 2000$, the server informed him to wait till they processed his transaction. This waiting period was increasing but their was no sign of deposit of his assets in Binance. Days after days his worry was increasing and he couldn't take help from our government because crypto is illegal in Pakistan. Anyway, his all assets got freezed in centralized platform and he had to repent on his decisions. He got this illusion from YouTube and someone scammed him easily. Here, I realized that All glitters are not Gold, some are garbage.

Lesson I learned:

In Crypto Industry, I have found many scammers. Even after joining hive platform, I have seen in the discord of many Community that everyday someone had been sharing someone Dm him for investment or crypto deposit etc. These all illusions first gave us the idea of bright future and then they take our money leaving us poor. So we should be able to differentiate between garbage, diamond and gold. The appearance and basic theme presented by anyone can be fake. We should do our research before investment. This is the good way to save ourselves from illusions. After that, we should easily discriminate either it is gold or diamond. We can't make decisions to see glitters only.