Study; Why you are more likely to be scammed when it comes to crypto compared to cash


The human condition is a curious one when it comes to behavioural economics regarding cash versus tokens of momentary value.

We would like to assume that people act rationally and that cash compared to tokens worth money would be treated similarly when is comes to cheating. 

There was a study done in a university frat house where coke bottles were placed in a fridge in the communal area and low and behold they were all gone in a week.

Then they placed six one dollar bills in the same fridge and after a week they found that the money was still there.

It seems that hard cash is something people are not as willing to typically take because the crime feels to direct versus items worth cash which is an indirect theft.

This in a way is understandable when we reflect that we are more likely to nab a pen that we could use from an office compared to taking 50 cents on a desk from the same office to buy a pen. 

Based on this premise I believe that the crypto space is a much greater target and hot spot for cheating.

Cheating people online is even more likely to be done even by the average Joe because of all the degrees of separation of tokens online compared to hard cash.

Their justification might that the tokens are not money, and that they are merely "speculative symbolic digital info bites" .

I therefore urge everyone to counteract this natural human bias consciously and to be extra careful when transacting cryptocurrencies due to this natural human propensity.

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sharding_responsibly
sharding_responsibly

A crypto-enthusiast who loves the concept of decentralisation and bringing back the power to the people. Let's shard responsibly and help inform each other to navigate the wild cryosphere.

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