If something sounds too good to be true, then 99.9% of the time it is

I decided to create this post after seeing the number of people getting scammed increase. The statement in the title is something you should generally live by, and it is especially true when you are dealing with the stock or crypto markets. There is no free or easy money in this world. You would have to be one in a million to luck out and find a coin or stock that will moon, and a further one in 10 million to actually hold that asset until it does and cash out at the right time. This is somewhat relevant but besides the point.

If you see a comment offering free money if you click on a link and follow the steps. Scam. If someone DMs you and asks you to send them money so that they can invest it for you and return double. Scam. If you see a YouTube video where is claims that you can get a high x% ROI by investing in an obscure coin. Scam. Literally anything that leaves an initial impression of “wow, I can make a lot of money if I do that”. SCAM.

The crypto space is still relatively new and much about it is still unknown. It’s the perfect place where people who are recently joining with promises of riches will get burned. Don’t play with what you’re unsure of, but if you do, keep the statement in the title in mind.

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41 thoughts on “If something sounds too good to be true, then 99.9% of the time it is”

  1. The sad thing about it is, a lot of people that fall for these scams think there’s some shred of hope in human decency, like maybe this one time they’ll catch a break and they’ll get lucky. And then they don’t, and the lesson has been learned (hopefully) but the notch of distrust has been carved and they’ll be one step closer to writing a manifesto in the woods.

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  2. Indeed, and please don’t believe believe you can outsmart someone/something to get free money, one of the best ways to scam people is to make them think they are the smart ones.

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  3. I just stake my brave rewards into MATIC and ADA anymore, my life is easier. Tired of getting rekt by whale manipulation, short sellers and exchanges that insider trade like Coinbase.

    If BTC or ETH go under $10-15k and under $1k respectively ( like a real bear market, not whatever this is ) I’ll buy back in but otherwise I’m out.

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  4. I don’t mean to sound like a dickhead but the vast majority of those scams are easily avoided by doing the bare minimum. Using common sense.

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  5. Hello Smellyjelly12. It looks like you might have found a new scam? If so, please report this scam by crossposting to r/CryptoScams, r/CryptoScamReport, or visiting [scam-alert.io](http://scam-alert.io/). For tips on how to avoid scams, [click here](https://www.reddit.com/r/CryptoCurrency/comments/s7srty/crypto_scams_how_not_to_fall_for_them_what_to_do/).

    *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*

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  6. I don’t know. I watched a YouTube video today, well I didn’t make it far into it. They said definitively that crypto will either go up or down. So with that solid analysis I figure it won’t be very long before I will be rich or penniless. So at least I have that going for me, which is nice

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  7. My friend said this about bitcoin when it went from 300 to 600. He kept telling me that It was a scam and not to trust it. He ended up buying in at over 20k.

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  8. It really is an obvious trap in many instances but the greed of us in the can just be too much, makes for easy pickings

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  9. The tutorials on youtube on how to “Game the System” bum me out. Listening to these low life sociopaths act so sincere and friendly. It’s really creepy.

    Also now that Youtube got rid of the dislike button these guys are probably fucking over a lot more people.

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  10. So why doesn’t “giving my hard earned money to a website in exchange for crypto so I can HODL/yield farm/make money passively ” not fall into this category?? Oh wait, it does.

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  11. The reason this is useless advice is because the people who fall for the scam didn’t think it was “too good to be true”, they thought it was “good and likely to be true”.

    I know someone who nearly fell for the “you send me X and I’ll send double back” scam?

    Why?

    “Well because I know Charles Hoskinson is a billionaire, the offer was on his video, and if I had billions of dollars I’d do the same thing. I just thought he must be marketing Cardano”.

    None of it seemed “too good to be true” to her. It all seemed “totally reasonable”.

    So your advice is really, “assume totally reasonable things are scams”. Which is advice that would make your day a lot harder.

    “10% off orange juice? Scaaaam!”

    Reply

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