Why cryptocurrency is dangerous?

[Nomad]

I bought Mattic for $1.99 and current price is $1.54. I lost 45 cents per mattic. I have bought 100 Mattic. Now make the calculations, how much I lost. That's why crypto currency is dangerous.

 

[kayode10]

I don't see any danger associating with cryptocurrency. Cryptocurrency can only become risky if you purchase it in a country where it is banned. This can lead to a lot of trouble if police or law enforcement agency discover that you process cryptocurrency.

 

[Sotherefore]

I don't see any danger associating with cryptocurrency. Cryptocurrency can only become risky if you purchase it in a country where it is banned. This can lead to a lot of trouble if police or law enforcement agency discover that you process cryptocurrency.

There are a lot of danger o, if you are investing in wrong cryptocurrency then the rest of you losing all the money you are invested is very much possible, without proper understanding it is not really saved to invest in cryptocurrency you don't understand.

 

[kayode10]

There are a lot of danger o, if you are investing in wrong cryptocurrency then the rest of you losing all the money you are invested is very much possible, without proper understanding it is not really saved to invest in cryptocurrency you don't understand.

This is even more riskier to invest in cryptocurrency someone do not have knowledge about. Such a person is bound to lose money in the process. It is only a foolish person that was to invest in cryptocurrency based on speculation.

 

[eLdavis]

The truth of the matter is that you would never find any technology that has only an advantage. Everything out there has its advantages and disadvantages, they all have some certain level of risks at play. I would only advice you make sure you know what you are doing.

 

[Good-Person]

While it is true that cryptocurrencies are not regulated or controlled by anyone, I do not think that cryptocurrencies are "dangerous" or "risky" if the cryptocurrencies are decentralized. Being decentralized is a very important aspect of cryptocurrencies and this is what it makes them less riskier.

 

[eLdavis]

While it is true that cryptocurrencies are not regulated or controlled by anyone, I do not think that cryptocurrencies are "dangerous" or "risky" if the cryptocurrencies are decentralized. Being decentralized is a very important aspect of cryptocurrencies and this is what it makes them less riskier.

That's one way to look at it, but looking at it from another angle, I guess some persons consider crypto currency as dangerous or too risky based on its nature. It's not tied to any thing, hence it has the power to keep on increasing in value and also go down in value at anytime. Then again Since it cannot be traced, this has also Put some level of fear amongst some persons. What's your take on this though?

 

[Ub40]

At first, the title of the thread scared me so I just have to come in to see why crypto currency is dangerous but come to realize that it is talking about the risk involved in trading crypto. Indeed, there are so much risks involved in trading crypto coin so one needs to know about this before going into the crypto world to avoid rushing in and rushing out due to lost of funds.

 

[Sotherefore]

This is even more riskier to invest in cryptocurrency someone do not have knowledge about. Such a person is bound to lose money in the process. It is only a foolish person that was to invest in cryptocurrency based on speculation.

Sometimes we do ,a lot of the time the influence of others are only affected us , a lot of people are now interested to invest in Shiba Inu, they believe it is a potential coin based on the fact that people are shouting it, well base on my own research it is completely the other way around.

 

[kayode10]

Sometimes we do ,a lot of the time the influence of others are only affected us , a lot of people are now interested to invest in Shiba Inu, they believe it is a potential coin based on the fact that people are shouting it, well base on my own research it is completely the other way around.

I like the fact that you do your own research and that is what I always tell people to do. Fall into peer pressure or joining the bandwagon is bad for personal development. anyone is bound to lose money in an investment when they allow speculation to guide their decision-making.

 

[Sotherefore]

I like the fact that you do your own research and that is what I always tell people to do. Fall into peer pressure or joining the bandwagon is bad for personal development. anyone is bound to lose money in an investment when they allow speculation to guide their decision-making.

Yeah Is very importance that we do our own personal research , I always try as much as possible to avoid a situation that I only have to depend on hyping I'm the crypto space, it is not good for us to invest blindly ,we also have to know how to check out the future potential of any coin we are investing on.

 

[kayode10]

Yeah Is very importance that we do our own personal research , I always try as much as possible to avoid a situation that I only have to depend on hyping I'm the crypto space, it is not good for us to invest blindly ,we also have to know how to check out the future potential of any coin we are investing on.

It is dangerous to depend on speculation when it comes to cryptocurrency investment. You are bound to lose money anytime if you follow this path. Researching about the cryptocurrency to invest into takes a lot of time and this is the reason why some people are shying away from it.

 

[Sotherefore]

It is dangerous to depend on speculation when it comes to cryptocurrency investment. You are bound to lose money anytime if you follow this path. Researching about the cryptocurrency to invest into takes a lot of time and this is the reason why some people are shying away from it.

But one thing I have now understand is that because of the high level of scam projects available in the crypto system I believe it is a wise decision not to invest in any new projects for long-term purpose, you should only invest in potential coin that has existed for a long time.

 

[kayode10]

But one thing I have now understand is that because of the high level of scam projects available in the crypto system I believe it is a wise decision not to invest in any new projects for long-term purpose, you should only invest in potential coin that has existed for a long time.

You are very on point in your comment. The rate at which New coin hits the market is too high. If you visit reddit regularly you are going to understand what I'm talking about. This makes it pretty much easier to conclude that the majority of them are scam.

 

[Good-Person]

That's one way to look at it, but looking at it from another angle, I guess some persons consider crypto currency as dangerous or too risky based on its nature. It's not tied to any thing, hence it has the power to keep on increasing in value and also go down in value at anytime. Then again Since it cannot be traced, this has also Put some level of fear amongst some persons. What's your take on this though?

I think illegal transfer of money was already a big problem even before cryptocurrencies were invented. I do not think that we could say that cryptocurrencies alone are responsible for this. There are many advantages of cryptocurrencies and I think that advantages outweigh the drawbacks.

 

[eLdavis]

I think illegal transfer of money was already a big problem even before cryptocurrencies were invented. I do not think that we could say that cryptocurrencies alone are responsible for this. There are many advantages of cryptocurrencies and I think that advantages outweigh the drawbacks.

That's true but everyone thinks like this, let's take the internet for example, you and I know the internet actually made it alot easier for so many fraudulent activities to take place, yet there are so many good things the internet has done. But there are still some persons who would classify the internet as bad simply cause of the little negative part.

 

[Dagm1]

I don't know how much you spent on cryptocurrency or how much you invested, but I believe it is both hazardous and helpful. Imagine you own a small amount of cryptocurrency, and the value continues to depreciate.
[automerge]1640800664[/automerge]
I don't know how much you spent on cryptocurrency or how much you invested, but I believe it is both hazardous and helpful. Imagine you own a small amount of cryptocurrency, and the value continues to depreciate.

 

[Sotherefore]

You are very on point in your comment. The rate at which New coin hits the market is too high. If you visit reddit regularly you are going to understand what I'm talking about. This makes it pretty much easier to conclude that the majority of them are scam.

In this case it is a wise decision for people to understand the type of cryptocurrency they are investing on, I have a lot of cryptocurrency in my mind and those are the ones I have to invest on because they are potential project, I don't really care for new upcoming coin

 

[kayode10]

In this case it is a wise decision for people to understand the type of cryptocurrency they are investing on, I have a lot of cryptocurrency in my mind and those are the ones I have to invest on because they are potential project, I don't really care for new upcoming coin

One thing I discovered just of recent is that most of the new coin are out for the people's money. Majority of them are scam and they have no capability of bringing good return on investment.

 

[Sotherefore]

One thing I discovered just of recent is that most of the new coin are out for the people's money. Majority of them are scam and they have no capability of bringing good return on investment.

For me I don't really trust a new cryptocurrency, they can rugpull but we have to invest in cryptocurrency that I've been in existence for a long time because the rate at which such cryptocurrency is likely to rugpull will be very low compared to cryptocurrency that has been launched newly.