I have been in the crypto space for close to 4 years now and guess what I always get messages or calls of people asking me crypto related stuff.
It is fascinating that most of the questions are always related to scams!!!!! Yes you read that right.
Someone calls me asking if I have heard of coin "x" which gives a certain percentage daily/weekly or monthly???
There are people who are actually shocked because I have not joined or heard of "their" new coin!!!
So how do most of these scams work or operate??
I always ask these folks a few questions in regards to their new business opportunity.
It is obvious I ask them the name of the coin or company so that I can do a quick Google search!! I am always shocked why people cannot do a simple search on Google on some of these coins/businesses???
Most of these businesses have weird names that end with coin like onecoin.....hope y'all know onecoin was/is a scam???
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The other thing that stands out of these scam coins is their promise of high returns on investment and also zero risk. Another thing that is common with them is when they say that their coin/business will overtake bitcoin!!!
I know there can be, maybe maybe a coin that can overtake Bitcoin, but not these scam ones.
So on further probing these folks who call me, I ask them how their new business works.
They always tell me that you pay a certain amount of money(package) and you are given a certain number of tokens corresponding to your capital.
I always shut them down here , telling them that chances are very high that that is a scam!!! I have never believed in a crypto currency that encourages people to buy packages!!!
Never have I believed in such crypto businesses, this is the same model Onecoin used and we all know where onecoin is now(in the gutter, founder disappeared in 2017!!!)
Another checklist I use is by asking if they can withdraw their coins/tokens easily into fiat with ease.
I have realized that most of these scam coins hold up their users money for a year and above.
Most(if not all) of them have a network marketing model, now again I have never believed in any crypto that uses a Network marketing model!!
I did write a post highlighting how to detect crypto scams two years ago, you can find time and read it here
Could This Be The Reason Many People Fall For Crypto Related Scams??
I know this is what you have been waiting for and I will get into it shortly.
If you have been in the crypto space for sometime now you should have witnessed someone you know or read about crypto scams and how people have been rekt!!!!
The reason I highly think many people fall for crypto scams is greed!!!!
Google defines greed as
intense and selfish desire for something, especially wealth, power, or food.
The keywords here are intense selfish desire for something and in our case money!!!!
I have a suspicion that most people who hear anything that has the word crypto or bitcoin get excited and see it as a way to make insane money...
Btw I do not know why many people associate Bitcoin or crypto with a lot of money!!
I know most of us are naturally greedy and we want to accumulate money in the shortest time possible without even taking the time to understand what we are getting into.
A non greedy person would take their time and research about a business venture before investing their hard owned money.
I think greed clouds people's rational thinking faculties where they cannot even take time to study the given venture.
In these people's minds all they see is money coming in daily/weekly or monthly, they do not even question how this is possible.
Greed also makes people lazy to research and it is worse with Africans, we here do not like to read unless when we have an examination to take!!
So do you also think greed is the major factor or there's something else that makes the biggest number of people susceptible to scams???
If you have any other reason drop it in the comments below.
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Jarau Moses