Every Bitcoin bull market is followed by a huge wave of scams. Scammers try every possible way to exploit the general public’s lack of understanding of what Bitcoin really is, taking advantage of both ignorance and greed. Bitcoin is too abstract for many people to grasp without knowledge of both economics and some technical understanding.
In every bull run, scammers come up with new and more creative schemes. In the past, we saw ICOs Initial Coin Offerings such as EOS, ETH, and many others. Then came the “blockchain has other uses beyond money” narrative, which was used to promote countless projects. This was followed by a flood of altcoins claiming to be faster and better than Bitcoin, and later the NFT hype, which lured in masses before collapsing.
One of the biggest Bitcoin YouTubers, Matthew Kratter from the channel Bitcoin University, recently made a video explaining that this current Bitcoin bull run biggest scam is Bitcoin treasury companies , here can watch his video in which he explains why
https://www.youtube.com/watch?v=vr8hog1BHAYHow do scammers manage to convince people to invest in their projects?Do you think Bitcoin treasury companies are the biggest scam, or are altcoin scams worse, considering Bitcoin’s dominance is only about 60%?
Reasons? Here are my points:
• Lack of knowledge
• Greed- Loves and believes that getting rich overnight is possible
• FOMO
• Gambling approach on investment
Actually it would be normal that we will be able to experience those common newbie mistakes on which these things could possibly happen and this is why its important that you do know at least on what you should gonna do. Its important that you would be that wary into those probabilities at the time that you would be experiencing it out whether it would be that positive or negative. If we are just that fixating ourselves on investing into Bitcoin and going for long term then you wouldnt be that trying out yourself to look for another alternative. Yes, we can be able to make more money and could possibly be able to obtain or gain that much more higher multiplier specially when you are dealing up with low caps or meme coins on which this is far more riskier rather than on investing into Bitcoin itself or with some top established altcoins in the market.
Scam would be usually be talking about those scam pre-sales or even with those projects. So long time gone with those doublers and investment that odfer some too good to be true investment on which there are still some experienced users do being hooked up and lose money because of these things on which its not that surprising.People would be able to realize when you are that losing money.