10 WORST Crypto Mistakes: Are You Making These?!
Published: 2023-12-06
Status:
Available
|
Analyzed
Published: 2023-12-06
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
Bragging about crypto gains can attract unwanted attention and make individuals targets for criminals.
"And if you do do well in crypto please folks For the Love of All Things holy don't go bragging about it it's crass to brag but that's not why I'm saying this if you brag about your wealth you could find yourself on the end of some unwanted attention there are some horrific stories about people who bragged online about their crypto fortunes being targeted by criminals so just don't do it"
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Only 5 million out of 29.95 million crypto users globally utilize hardware wallets from major manufacturers Ledger and Trezor.
"it's still quite shocking to see how small the proportion of crypto users that use Hardware wallets actually is according to reports at least 29 95 million people across the world use crypto yet Ledger and trasor the two primary Hardware wallet manufacturers have just 5 million users between them"
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In 2021, South Korea shut down 11 exchanges accused of fraud.
"In 2021 for instance South Korea shut down 11 exchanges which were accused of being involved in fraud"
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Binance experienced a hack in 2019, despite having extensive security measures.
"binance suffered a hack back in 2019 and that was despite its extensive security protocols"
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Over $4 billion has been stolen from crypto exchanges and custodians in recent years.
"more than $4 billion dollars has been stolen from various exchanges and custodians in recent years"
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Failing to prepare is equivalent to preparing to fail in crypto investments.
"by failing to prepare you are preparing to fail well this certainly is the case in crypto too"
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A red flag in token allocation is when a majority of tokens are held by a small group, typically the founders.
"a red flag is when most of the tokens are held by a few people usually the founders"
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Significant trading volume and listing on at least one reputable exchange are indicators of a legitimate crypto token.
"the trading volume should be significant you want to to make sure people are actually buying and selling the token and it should be on at least one reputable exchange"
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New investors should avoid high leverage trading as it's a fast way to incur significant losses in crypto.
"if you're new to investing avoid the temptation of using High leverage this is one of the quickest ways for newcomers and indeed anyone to get wrecked trading crypto"
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Pig butchering is a scam where perpetrators build an online relationship to trick victims into sending money or revealing financial details.
"Pig butchering one of the nastiest scams of all this is when someone establishes an online relationship with their victim and then persuades them to send money or reveal their financial information"
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Phishing attacks involve scammers creating fake websites or emails to steal private keys or wallet passwords.
"fishing attacks that's fishing with a pH where scammers set up phony websites or send you emails that look legit all to swipe your private keys or wallet passwords"
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Ponzi schemes are fraudulent projects with no underlying value that collapse when new investments cease.
"Ponzi schemes now these are projects based on bugger all foundations that operate for a Time on Promises of big returns only to collapse when new investment stops coming in"
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During the last bull run, many believed BTC would reach $100,000, and the narrative led some to not take profits when they should have.
"remember in the last Bull Run many people thought BTC would hit $100,000 it didn't but the narrative caught on and people didn't take profits when they should have done"
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Short-term price fluctuations in crypto can be daunting, but zooming out provides a longer-term perspective.
"prices might fluctuate dramatically in the short term but remember when in doubt zoom out"
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