His reply got me laughing because I quickly pointed out two things from what he said:
1. He was eager to get quick profit from an $80 investment but ended up getting scammed.
2. During my early days in crypto, I often came across these demo-like websites and have also fallen victim.
Get rich quick from $80 as an initial capital, it's joking.1. He was eager to get quick profit from an $80 investment but ended up getting scammed.
2. During my early days in crypto, I often came across these demo-like websites and have also fallen victim.
How much to become rich in mind of that person?
$800, $8000 or $80000, what is enough to be considered as rich?
If it is $800, it is a possible target.
If it is $8,000, it becomes a little bit impossible. You need to be very lucky to get a 100x increase from your capital.
If it is $80,000, it is 1000x increase from initial capital so it sounds very impossible.
People must be realistic and know that they can get rich, but with careful investment and with a lot of patience to know that if they want to get rich quick, they will become poorer.
There are actually a couple of angles to this:
1) High return - high risk
If someone claims you can make high profits without high risks he is lying, because if someone comes up with such an investment he would keep this knowledge to himself and get funding from his bank and become rich alone
2) understand the business model
If someone claims: send me 100 Dollar and I send you 200 Dollar back, then maybe there is a certain chance that the model will not really work for you.....
3) Only invest what you can afford to lose....... If you invest 100 USD the most you can lose is 100 USD, but if you make a 100 x return you can make 10 000 USD.....It is kind of gambling some are lucky some are not, but be prepared that you will likeley lose...... but on the other hand maybe you have a good instinct to spot the winners...
Just saying....