How can I spot a potential cryptocurrency scam before investing?

[Zerologic]

So true! We should always question anything that sounds too good to be true—because it probably is

Avoiding promises that are too good to be true is safer than fraud, but if anyone is ready to lose money because deceived by promises that are too good to be true, it doesn't matter as long as you still have lots of savings.

 

[David79]

Exactly my point, it's all an attempt to abuse the environment of the market, lure them in, take their money and use the same "AI" to disappear.

Absolutely! I feel being cautious and trusting your own research is the key.. Scammers are everywhere.

 

[Zerologic]

Absolutely! I feel being cautious and trusting your own research is the key.. Scammers are everywhere.

The real world and the virtual world are almost the same, scammers will always be on the prowl finding prey to victimize, and this will always be there.

 

[Charlotte_Nguyen]

Absolutely! I feel being cautious and trusting your own research is the key.. Scammers are everywhere.

Yes, it is very important to be cautious but not too much, I honestly found out that as far as companies are involved there are not as many scammers as there are individuals.

 

[Zerologic]

So true! We should always question anything that sounds too good to be true—because it probably is

I think it's better to be careful, at least mitigating risks before taking a step is important so we don't get depressed if we fall.

 

[David79]

Yes, it is very important to be cautious but not too much, I honestly found out that as far as companies are involved there are not as many scammers as there are individuals.

I agree, caution is important, but companies are usually more reliable than individuals.

 

[Charlotte_Nguyen]

I agree, caution is important, but companies are usually more reliable than individuals.

Yes, I think if someone falls for some shady scammer for the sake of unbelievable profits they should not be going around spreading gossip about how much of a scam the market or the people are, it is mostly our own fault how we let our greed lead us into it.

 

[Ara]

I think it's better to be careful, at least mitigating risks before taking a step is important so we don't get depressed if we fall.

Exactly! Better safe than sorry

 

[David79]

Yes, I think if someone falls for some shady scammer for the sake of unbelievable profits they should not be going around spreading gossip about how much of a scam the market or the people are, it is mostly our own fault how we let our greed lead us into it.

Exactly, greed can cloud the judgement. Have you ever had a similar experience?

 

[NoShowBrooks]

I try avoiding anyone who mentions "100% profit" or "promising strategy". However, if someone is facing a loss, these things can be the most attractive to them being the ray of hope at that time. People should be spreading good and motivating words for people like them.

 

[Charlotte_Nguyen]

Exactly, greed can cloud the judgement. Have you ever had a similar experience?

I have never been ripped off or scammed in this business but that is not for the lack of trying let me tell you that xD. Just go with common sense and you are fine, be realistic about everything, there is no golden 1 night opportunity around the corner waiting to make you rich in return for nothing.

 

[David79]

I have never been ripped off or scammed in this business but that is not for the lack of trying let me tell you that xD. Just go with common sense and you are fine, be realistic about everything, there is no golden 1 night opportunity around the corner waiting to make you rich in return for nothing.

I get it. Common sense is the key which not so common? Do you feel new traders fall for scams due to impatience?

 

[Ejenjene]

Would someone please explain to me why would anyone do copy trading? I'm new to crypto and someone brought this to me and I think it's just stupid. How does it work? Do you lose total control and how does one exit when they want to? Thanks

 

[Benjifxfreak8696]

If they are good at what they do, you won't see it coming xD

Post automatically merged: Dec 27, 2024

Would someone please explain to me why would anyone do copy trading? I'm new to crypto and someone brought this to me and I think it's just stupid. How does it work? Do you lose total control and how does one exit when they want to? Thanks

It's very simple, you just make all the trades that the "famous" trader does, and you stop making those trades whenever you want to. Not the worst idea in the world of trading but since nobody has the same account as the one they are copying it always has the potential to go south, and not to forget even the big ones lose some trades too, so the question is that can you tolerate the losses and will you be getting the same amount of profit as they are?

 

[Ejenjene]

If they are good at what they do, you won't see it coming xD

Post automatically merged: Dec 27, 2024

It's very simple, you just make all the trades that the "famous" trader does, and you stop making those trades whenever you want to. Not the worst idea in the world of trading but since nobody has the same account as the one they are copying it always has the potential to go south, and not to forget even the big ones lose some trades too, so the question is that can you tolerate the losses and will you be getting the same amount of profit as they are?

Thanks for the reply. I don't have deep pockets and I'm not willing to suffer the stupidity of someone else. I understand the concept but I don't have the stomach to let someone else control my funds. I didn't like the idea the instant I heard it, so this won't be for me. Missed money is better than lost money. I used to trade stocks and this appears to use the same fundamentals as far as trading is concerned. Seeing I'm new at this, I think it's better I research and learn before doing. Again thank you.

 

[Charlotte_Nguyen]

I get it. Common sense is the key which not so common? Do you feel new traders fall for scams due to impatience?

I would say that people fall for scams because they fool themselves into believing what they know is too easy or too good to be true, so impatience I would does not play a part in it until the person actually knows how long it could take for them to be profitable, so for the most part I would say for the newcomers of the community it's greed and just being very much under the bias that you can get rich in one night.

 

[David79]

I would say that people fall for scams because they fool themselves into believing what they know is too easy or too good to be true, so impatience I would does not play a part in it until the person actually knows how long it could take for them to be profitable, so for the most part I would say for the newcomers of the community it's greed and just being very much under the bias that you can get rich in one night.

So true! I feel belief and greed that success comes early can lead people into scams. Do you feel it is mainly social media that feeds this?

 

[Benjifxfreak8696]

Thanks for the reply. I don't have deep pockets and I'm not willing to suffer the stupidity of someone else. I understand the concept but I don't have the stomach to let someone else control my funds. I didn't like the idea the instant I heard it, so this won't be for me. Missed money is better than lost money. I used to trade stocks and this appears to use the same fundamentals as far as trading is concerned. Seeing I'm new at this, I think it's better I research and learn before doing. Again thank you.

If my opinion turns out to be useful to you then I am happy, you sound like a well experienced and a smart person and I trust you will do good, best of luck to you.

 

[Charlotte_Nguyen]

So true! I feel belief and greed that success comes early can lead people into scams. Do you feel it is mainly social media that feeds this?

Yes, social media and just the way economies work around the globe, people are always looking for alternatives because they find banks or the industry or the more traditional means of financial gain to be to exhausting or just not worth the hustle, then they start trading and find out that this one is not so easy too, so they get hopeless and fall for scams.

 

[David79]

Yes, social media and just the way economies work around the globe, people are always looking for alternatives because they find banks or the industry or the more traditional means of financial gain to be to exhausting or just not worth the hustle, then they start trading and find out that this one is not so easy too, so they get hopeless and fall for scams.

I agree. Generally people'd jump as an escape but takes effort too. Have you seen how scams prey on desperation?