That's the worst situation, but usually, scammers use the lack of knowledge as a way to promote their "guidelines" or "guidance", and then people get rugged.
The first rule is to do things yourself, you will be right or wrong, but it will be you, not somebody else.
Sometimes, people with good knowledge also fall for scams. Scammers are always inventing new methods, and some of them actually work. Even people who have been crypto space for a long time fall for these traps. I was scammed a few months ago even though I thought I would never fall for scams. I was scrolling social media at late night and I received a phishing email. I didn't notice who is the sender and I connected my metamask wallet to a phishing website which drained my entire metamask wallet. Another Legendary forum member was scammed in the same way. Do you think it's because of a lack of knowledge? In my case, I didn't pay enough attention to the website before I connect the wallet even though I know how these scams works.
Perhaps this is more of my reasons why I say bitcoin is risky and it's not guaranteed that one will succeed with bitcoin even after observing all of the investment methods which we advocate for, perhaps success can not be quantified with the amount of bitcoin one has accumulated over the years but his success rate at which he makes use of one of the Sustainable bitcoin withdrawal methods which JayJuanGee also talked about in one of his threads, which may not also be a real success as on whole time of investment could be whipped out in less than an hour of encounter with scammers.
Perhaps being careful is not just enough but also educating ourselves with the right knowledge regarding scams, phishing links etc is very important hence to protect us a little bit more as the internet itself is not a safe place.
Regarding scams and hack attacks I have once urged JayJuanGee to include security related issues into one of his writings as having to educate on every other part of bitcoin and leaving the security wise of it seems too left out IMHO.
I talk about coin security sometimes, but I don't really feel that qualified to really get into security and/or coin storage details, and sometimes it can also become problematic to get into too many details of our own personal security practices.
Perhaps in various occasions I have come across posts you've made regarding coin security and it occurs to me that coin security can be so complex to a very great extent that it requires a lot of dedication to figure out how one might be able to handle security wise cases but perhaps in general discussions coin security should be at least a part even though it would be discussed with minimum details it's still available for one to read and when it gets to the level that might seem to become difficult then one might be able to create a separate topic on that hence more people with technical and coin security knowledge might be able to help out.
There are also ONLY so many hours in the day, and surely people who are way more qualified to talk about the topic than me.
I suppose if I were to make some kind of thread (or a section in one of my other threads), then I would likely merely be referring to various other threads on the same topic, which such threads already exist in this forum, and from time to time, I have chimed into some of those threads.
Part of the punchline with coin security surely relates to the quantity of coins held, so in the very early times that a person is just getting started investing into bitcoin, there might not be a lot of value to protect, yet with the passage of time the value of the bitcoin holdings will likely grow with both ongoing adding of value to the investment over time, and also with decently good odds that bitcoin prices will continue to go up in value, especially for folks holding BTC 4-10 years or longer.
So the level of your security and coin protection likely has to relate to both the value of the coins at any particular time and the fact the coins can change in value quickly, but also there likely needs to be some concerns about level of competency for people to establish their BTC storage system and to employ decently good coin securityprotection practices. Of course we should also attempt to account for possibilities that from time to time bitcoin might go through considerable increases in its value in a relatively short period of time, and for sure BTC coin holders are going to want to protect our coins more if they are higher percentages of our networth and as the coins might end up going up in value we might need to increase our coin security practices.
Of course the fact that bitcoin price increases in some length of time makes it very crucial for coin security to be deeply and effectively discussed but perhaps it would have to depend on ones bitcoin value yet it's in my opinion advance coin security should be taken into actions before bitcoin value begins to appreciate and regarding the price of bitcoin increasing a short or long period of time, perhaps it have lead some of the investors in the early days of bitcoin to loss their coins as they left their bitcoin in a wallet that is not well secured and over time the price or worth of their coins became more expensive that before they would be able to get into more security hackers/scammers already too advanced or compromised wallets and sweeped out their investments hence on this same note we should be able to have the knowledge of coin security issues that in a long or short period of time one needs to check or figure out a way to increase their own coins security practices.
Sure. It seems that over the years, the ways that coins were attacked have changed, and perhaps the attack vectors have become more sophisticated based on how valuable bitcoin has been becoming, and so more and more industries are being built out of merely attacking people's coins and trying to figure out ways to get people's coins. So, part of the difficulties in talking about security and attack vectors is that best practices are frequently changing, and sure there can be ways that one method might seem secure until some vulnerabilities might be found and exploited. Some guys might not mind saying "this is what I do," yet it could be problematic to describe with too many specifics in regards to what you do, since attackers might be able to figure out various vulnerabilities, whether it is in person and real world attackers or if it might be through some internet vulnerabilities that might be found in giving up certain pieces of personal information or information regarding quantity of BTC and where they are held. There are some kinds of systems that make coins fairly robust to attack, but at the same time, they could become a bit cumbersome to recover coins too, which may well be part of the rationale to keep some coins in less secure kinds of set ups and more like wallets in which hot wallets might interact.. so if maybe there is replenish of hot wallets or even movements of coins from hot wallets to medium security wallets, and maybe then movement of coins from medium security to cold storage once the medium security coins reach a certain value size.
For example, a guy with 0.2 BTC in 2020, might not have thought too much about whether that BTC was on his phone since its dollar value was perhaps around $1k or so, but then he might not have realized how much BTC prices went up, and then he might not have realized that he was holding way more on his phone than he thought to be reasonable, and maybe he should have had been paying more attention to the value that he was carrying on his phone since it ended up going up so much in the years after 2020, and even in the dip in 2022, the BTC still was valued around $4k or more but then there had been period that BTC prices were spiking, and the BTC was valued well over $10k for a considerable time in 2024 and even getting up to $20k in recent times.
I cannot even figure out how particular the circumstances of people, since there are some circles that you don't need to worry about having personal confrontations or being robbed, but there are other circles in which robbery is much more common..and so we have to pay attention to certain places that we might be carrying around too much value and realizing that price changes can cause quite a bit of magnification of the value into way higher amounts.
Another aspect of BTC coin security is that there seem to be ongoing developments in regards to various ways that we can hold our coins, sometimes even discovered vulnerabilities in regards to how folks had historically held their coins. Normies also might have bitcoin that they keep more in cold storage (and maybe they only check access a couple times a year) and other coins that might be medium accessible or even other coins that might be on hot wallets.. so there are also levels of security, and surely in the bitcoin community there is value placed in open source kinds of security set ups rather than closed sourced, since closed source could end up having back doors, so guys might end up choosing wallets that are not as secure at they believe them to be, and so in that regard, guys likely have responsibilities to figure out the security of their own set ups and if they might be putting their coins to unnecessary risks in regards to how they are holding them.
Guys also need to be careful as to not overly complicate their security set up, since a lot of guys lose coins by making their security set up too complicated, and then if they cannot remember their password or they lose it, then they may well end up losing their coins forever, and no one can help them to recover their overly complicated coin storage set up. Being your own bank can be difficult for some folks and even folks who are technologically capable, they can end up messing up their own coin storage security.
Perhaps you're very correct in everything you have said above guys have to figure out whether their coin security level is balanced with the worth of their bitcoin but sometimes it's very difficult for people to know more about the advanced level of coin security regard closed source wallets and open source wallets and good practices to keep them in a good condition because even with an open source wallets or cold storage guys might somehow get things complicated and eventually loss their coins and just as you have said which also lead me to say that its a very crucial area in the bitcoin investment that needs to be included in every deep investment discussions hence I think it might be possible for one to create a thread regarding how to maintain ones coin security regardless of what type of wallet one is using to hold their coins and perhaps in such a discussion or thread newbies/normies might find it interesting to figure out a way to put all their coins into a very good security level hence to prevent such stories like the one that lead us to have this discussion because recently guys are beginning to be uninformed of the new changes or developments in the coin security area.
Even if we study bitcoin all of the time, it would take a while to figure out various bitcoin security tradeoffs, which is part of the challenge for any of us to be our own bank versus having some of our coin held with third parties. I frequently like to recommend to try to keep more than 90% of your coins in personal protection, but there are still circumstances in which guys might be more comfortable with custodial solutions or even sharing custody with multi-sig kinds of arrangements. Since there are quite a few varieties of wallets, there might not be a lot more that I can say on the topic.. and if you are so interested in that topic, you can either read through other threads or perhaps help to consolidate those topics into your own thread that includes your setting forth various ongoing questions that you seem to continue to have, but also to potentially asking various questions along the way that focus on those particular wallet and/or security questions. I think that there are already quite a few threads on the topic in the forum, yet your reading through those threads and/or creating your own thread might be helpful for you to figure out the extent to which you still have questions that have not already been addressed.
..... the knowledge that keep giving peope that false impression about bitcoin is the fact that they think buying bitcoin requires you to buy 1 whole bitcoin before you can profit from the market. But that is wrong, you can actually invest to your financial capability for long term and still get profit from every pump. ....
Yep.. .for many years I have been hearing various unrealistic assertions that guys need to buy at least a whole bitcoin, and so they are victims of their own unrealistic skew towards the unit value, and surely there will be a lot of people realizing that accumulating as many satoshis as they can is a much better perspective...perhaps starting out getting to 1 million satoshis, then 2 million, then 5 million, then 10 million, then 21 million, then 50 million etc etc etc... Some guys may be able to reach these various satoshi goals much easier than others, but the fact of the matter is that guys can adjust their approach, and surely it can take 4-10 years or longer just to reach fractions of a bitcoin, even a guy starting now and investing $200 per week, may not even be able to reach 50 million satoshis after 10 years of investing at that rate. We cannot really know for sure, and guys should try to figure out how aggressive they are able to be within their own financial and psychological circumstances, rather than imposing unrealistic and/or unreachable goals upon themselves..and then getting dissuaded from even starting because they had imposed too high and too unrealistic in their goals..
One more thing after you read my post above that needs to be conveyed to people who ask you about how to buy and invest in Bitcoin.
In addition to the intention and having money, what is no less important is knowing how to store it properly and correctly, don't let it be after buying it but wrong and not knowing how to store it.
Choosing a wallet is very important. Don't just store it because expensive assets should not be ignored at will.
You mentioned basic knowledge of investment. Having basic knowledge is one of the basic foundations to start investing. If you ignore this issue or try to ignore it, you may be putting your valuable assets at risk. It is important to have the ability to buy, how to store or choose a reliable wallet. Even knowing how to use your chosen wallet correctly is part of basic knowledge. If you make mistakes in acquiring basic knowledge, then you are leaving a shaky foundation for investment, the results of which will not be positive at all. Even acquiring deep knowledge after starting investment is important.
I would suggest wallet security is beyond basic knowledge.
To get started, all a person needs to do is figure out whether he has discretionary or not, and sure he has to be convinced that it might be good to put some value into bitcoin, just in case it might catch on. If he has $10, he can get started, and then he can figure out the details as he goes, especially if he decides to buy $10 (or more) worth of BTC each week. The more he invests then the more likely he would need to look into further details.
Of course, a very beginner investor might need to figure out from where he is going to source his first coins... which could affect what he does next in terms of if there might be minimum purchase requirements or if any traveling might be involved to get to the place to make his purchases or to set up accounts.
Well it's not too late to buy bitcoin if you are a big investor with enough capital,but my advice goes to beginners who are new in the crypto market.
Bitcoin has gained weight and higher reputation in the crypto market,so as new beginner in the crypto market with a small capital I we advice you to go do day-to-day trading,so that you can be getting little little profit from the crypto market.
Just avoid buying bitcoin and storing them for long term,even if you make profit from buying and holding for long term it won't be enough,you we even regret it,saying that why you no go for day-to-day trading
You sound confused and hopefully no one is fucking around with crypto (shitcoins) or trading/gambling. Surely bitcoin is amongst the best (if not the best) of investments available to people across the world, so getting involved in bitcoin can sometimes take a bit of time, including that it could take 4-10 years or longer to build up a bitcoin investment whether you have a lot of capital or a little capital Of course, the person with a lot of capital has advantages, yet one of the great things about bitcoin is that the person with little capital can still participate with whatever quantity of capital that he has and to build up his bitcoin stash over as much time as it takes or that he has available to him, which hopefully anyone investing into bitcoin is considering investment timelines that are 4-10 years or longer... and yeah if it might take a newbie 10 years just to build up his bitcoin investment, it still might take several years before he transitions from his BTC accumulation stage to a point that he might consider starting to cash out parts of his BTC holdings.
Well it's not too late to buy bitcoin if you are a big investor with enough capital,but my advice goes to beginners who are new in the crypto market.
Bitcoin has gained weight and higher reputation in the crypto market,so as new beginner in the crypto market with a small capital I we advice you to go do day-to-day trading,so that you can be getting little little profit from the crypto market.
Just avoid buying bitcoin and storing them for long term,even if you make profit from buying and holding for long term it won't be enough,you we even regret it,saying that why you no go for day-to-day trading
you advise newbies while you yourself are a newbie. moreover your advice is basically wrong... in fact, newbies are more advised to invest compared to just trading just to get small profits. newbies can use DCA to invest their discretionary income, and then they can do it regularly in the long term. that is a more recommended way of investing. as for trading, you can keep that advice to yourself.
One of the errors that many traders make is that trading generates income, and surely it is way better if someone is able to earn income from places other than trading and invest in bitcoin. If for some reason guys want to try to earn money by trading, that seems that it should be a side activity rather than something that they should expect to help them to build their bitcoin portfolio. It becomes even worse if a guy is expecting to trade and earn profits to invest into bitcoin and also trade and earn profits to also support their own expenses. Those are unrealistic expectations and guys frequently make mistakes to assume abilities to make profits prior to even having a track record and/or building up their own experience that might show that they might be able to make profits by trading, which gets back to the idea of whether guys are able to generate income through regular work and do they have discretionary income that they can invest into bitcoin from their work?
Even if we might assume that a guy is able to generate income from trading, the income would likely be small as the capital of the trading portfolio is building up, so it could take a long time to build up a decently sized trading capital, so the assumption that trading is better for the guy with low capital as compared with the guy with low capital is another error in thinking about how income might be generated from trading even presuming a guy learns good and safe trading techniques rather than gambling techniques that will likely end up with a lot of losing of money rather than gaining money.
