Investing with zero knowledge.

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Avatar for George_Dee
2 years ago

How are we holding up everyone? The impact of the continuous dip in the crypto-verse is hitting harder than I thought it would, the discussion won't just stop on different platforms and it is something else when it comes to the Crypto WhatsApp groups.

One of the group admin shared an experience with me, he had to mute and block people so he can have peace. That's one of the issues you face when having lots of beginners investing based on your advice and guide, they failed to understand that you didn't influence the market to turn as bloody as it was. His experience brought back a memory of something that happened back in May last year.

I have this friend we both lost our job in 2019, we were both hunting for a job all over Lagos but somehow she got a job with good pay on the Island within 2 months, we have been talking on the phone since then because she is permanently based on the Island while I am on the mainland and we are both busy leaving whatever is doing but the smartphone has been helpful with keeping us in touch.

We met on the Easter holiday in 2021 and she talked about investing her savings instead of leaving them idle in the bank, I was happy she had the mindset of investing.

We talked about several opportunities before we arrived at Cryptocurrency. She said she is scared and she doesn't want to be scammed, I assured her nothing bad would happen since it would be a long-term investment. She agreed but came up with a weird condition which was me refunding her money if anything happens, I was surprised because after putting effort into making her understand a lot of things, she still didn't get what crypto was and the best part she was missing out on was the assurance I gave her on Bitcoin Cash.

I immediately turned down her conditions and she made it clear that she doesn't trust online stuff except for someone guarantee, I made her understand life is a risk and even physical business fails so anyone who doesn't want to take the risk shouldn't expect to enjoy the reward of the risk.


A few days after the meeting, I remembered her talking about Forex, and I told her I don't have any idea, she said one of her course mates in the university gave her assurance and agreed to refund if things didn't go well.

I was surprised, why would someone agree to such conditions if it is not a scam? I advised her not to do it but she was too desperate and she did, she just knew she was scammed after six months.


Here was what happened...

The deal was that she had to invest in the guy program where she would get 2o% of her investment every month with her capital still intact, that sounds like her good offer since she wouldn't be doing anything.

She invested $4oo and got $8o in the first month, the guy talked her into reinvesting the $8o and even the profits for the next six months which agreed. He kept sending the screenshot of her progress, she told me about it in September. I told her I wasn't interested because I didn't trust the guy, to convince me I told her to collect her profits for the past four months.

She requested it and the guy said, he placed her on a fixed plan for six months which would end by November and she can't withdraw until after the six months elapsed. She got worried but the guy assured her that the funds were safe and when we talk again I made it clear to her to expect the worse and she quarreled with me for that.


In the first week of December, nothing came in and she couldn't reach the guy anymore. She was forced to tell me so we started checking for the guy online, probably can reach him but everything failed.

She contacted her friends but they haven't heard from him and a few of them even invested as well. In the end, she had to forget about it and I told her she would have made a huge profit if she invested in April when we met because BCH reached $1500.

Making your money work for you doesn't mean you have to be ignorant about what your money is been invested in, you must have a good knowledge of the investment you are getting into.

It took me time before I could get into SmartBCH because I didn't understand a lot of things and when I did, I didn't regret it. Investing wrongly is as well as burning your money because the results are the same. I am not saying there aren't legit companies who are into the invest and earn some percentage at the of the month but engaging with your investment is the sweetest thing you can do, it gives you good security for your investment and new opportunities as well.


Thanks for reading.

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2 years ago

Comments

Dats y its very important for one to do his/her own research before venturing into any business or earning site ni latter how much you have heard about people cashing out "big".. One should also brace up for any eventualities too.

$ 0.00
2 years ago

One thing about crypto is having the knowledge first before venturing into it so you won´t have to regret later. I really felt for your friend. She would have been happy and enjoying it now if she had heeded to you to invest in bch. This is one lesson we should learn from.

$ 0.02
2 years ago

Having the basic knowledge of whatever we are venturing into is a very important thing to do because nobody will call black for white when we are into it.

She learned her lesson and am sure she won't try such anymore.

$ 0.00
2 years ago

This is a lesson for all of us, please before you go invest on something be wise and think of it thoroughly. Sad to hear this my friend.

$ 0.01
2 years ago

That's the lesson, understanding what we are investing in matters a lot

$ 0.00
2 years ago

The Ponzi schemes & scammed projects makes always Money due to our neglence in research. Your friend trapped by the sweet words . Sad to hear that . We must invest wisely and should consult with someone.

$ 0.01
2 years ago

Despite people getting scammed every day, I wonder why people still go into it.

$ 0.00
2 years ago

Sad to hear that,she shouldn't believe on the guy to invest in something which was scam.Personal research is utmost needed before investing in crypto.

$ 0.01
2 years ago

Many of us are lazy with things like this, we feel reluctant to do research and complain about getting scammed.

$ 0.00
2 years ago

this is a warning and advice. it is very unfortunate what has happened to your friend, I don't think he is experienced in investing, and can't read the high risk he will accept, this is talking about money that can make someone bad because in reality there are lots of scams that happen, maybe always the question is whether people you know closely can we trust? maybe not. forex once I was there but once I also fell .. basically we have to know in depth both licenses and white papers. An experience to always remember.

$ 0.01
2 years ago

Some people still don't understand the concept of crypto investments. For instance the way BCH price is dropping at this moment, most would think they have been scammed because they do not understand the volatility of the crypto market.

$ 0.02
2 years ago

That's true, they do think they have lost it all not knowing that their funds recover when the market recovers as well.

$ 0.00
2 years ago