Yes it's true. Many people were afraid then to invest money and earn. They thought that it was another pyramid. Even now, when there are many examples when people became millionaires, they are still afraid.
When every successful story comprises of hard work of so many years then why people think of bitcoin as a stick of magic that you just put your money in and the very next day, you become rich. No, this isnt going to happen in any case. Things take time and this is natural law. You cant just expect it to hatch egg within one day. This need a lot of time and you have to be patient in such tenure.