Post
Topic
Board Altcoin Discussion
Re: Crypto misinformation is turning into an issue for people new to the game.
by
coin-investor
on 03/10/2021, 11:41:34 UTC
I have seen topics and posts around with incredible amounts of misinformation. Mostly posted by newbies as their first or second post. Most people that have been in the crypto game for a while knows to take most "news" about crypto with a grain of salt. But some people that are newer to it might fall victim to fake information or fake investment "guides" that tell you to invest in some token that is, to an experienced person, obviously a pump and dump or scam coin. A friend of mine who is semi-new to this called me a couple weeks ago frantic, telling me that he had seen a prediction about some random token and told me that he might invest in it if the returns were real. He asked me if he should go for it, and I told him that he looked alot like a scam project. Its a good thing that he didnt put capital into it, because within a week of him seeing this article on the token, the website for it was gone. This is an example of how easily people that are new to this get tricked into losing their capital. Theres really nothing anyone can do about it, but I think the easiest way the prevent scams and slow them down is to educate people that are new to this.

I always tell my friend before investing to take a few more days and stop being excited about the coin that they are interested to invest in and read articles on the risk of investing and watch videos explaining the many traps and pitfalls of investing in Cryptocurrency, I explain to them that the market is highly volatile even experts are losing a lot of money if they sober and 100% sure then I let them invest.
People should be comfortable with what they know