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I don't think it takes a particularly high amount or sophistication to google "ico", see that most of them are scams, and stay away. People shouldn't invest in

I don't think it takes a particularly high amount or sophistication to google "ico", see that most of them are scams, and stay away. People shouldn't invest in things they don't understand.

TeMPOraL 8y ago
For many people, greed, or just having no financial luck in life and being desperate for a way out, are both powerful forces that can pretty much turn off any rational thought.
BinaryIdiot 8y ago
You'd think so but literally no one in my family was able to do this. You're coming from a place of higher-than-average technical knowledge. Many who do not, especially folks who never learned how to think critically, have no idea how to verify a claim or to verify that something is what it says it is. Many, in fact, take what is said on TV as the "correct" thing and rely on that to help steer their knowledge. People just see everyone getting stupid rich around them on TV by investing in "crypto" so they obviously would like to do the same thing. But crypto is hard. Even the hard core crypto fans have many blind spots.
ll931110 8y ago
There are a lot of assumptions in this statement. 1. You assume those people are proficient in English. 2. You assume those people can operate a smartphone or a computer, let alone go search for news. 3. You assume they will immediately discard scammy stories as fake. True story: yesterday, a relative of mine sent me a story about keeping her Facebook's account free by sending a certain SMS to 10 other people in her contact book. It took me 5 minutes to explain to her this was obviously a scam, and yet she wasn't totally convinced, because by her words "a lot of her friends sent her the same SMS". 4. You assume people have financial knowledge about investment or basic understanding of risk and return. Remember, in Vietnam there's no concept of 401k or IRA, and most people never invest before. 5. You assume people have college degree. In fact, many victims didn't finish high school or even middle school. Despite all the news, a large population of Vietnam still lacks college education.
JamesLeonis 8y ago
> I don't think it takes a particularly high amount or sophistication to google "ico", see that most of them are scams, and stay away I did technical due diligence for several investors last summer for ICOs and their "whitepapers" as well as talk to founders of these ICOs themselves about their idea. I successfully steered many away from these frauds, I sadly watched as others didn't. Hell, I watch one "founder" launch his token right in front of me, yet he "had to care for a sick relative in <HOME COUNTRY>" not two weeks later. I haven't heard of it since, and they haven't updated any of the company marketing material since it's ICO. > People shouldn't invest in things they don't understand. I have a rule. Every time I catch myself about to say somebody "should/shouldn't" do something, I ask myself: "Does my comment materially help prevent this situation from happening again or help the victim seek justice?" Or, "Does my comment only show contempt for the victim while not materially improving the situation nor helping the person victimized?"

I don't think it takes a particularly high amount or sophistication to google "ico", see that most of them are scams, and stay away. People shouldn't invest in things they don't understand.

TeMPOraL 8y ago

For many people, greed, or just having no financial luck in life and being desperate for a way out, are both powerful forces that can pretty much turn off any rational thought.

BinaryIdiot 8y ago

You'd think so but literally no one in my family was able to do this. You're coming from a place of higher-than-average technical knowledge. Many who do not, especially folks who never learned how to think critically, have no idea how to verify a claim or to verify that something is what it says it is. Many, in fact, take what is said on TV as the "correct" thing and rely on that to help steer their knowledge. People just see everyone getting stupid rich around them on TV by investing in "crypto" so they obviously would like to do the same thing. But crypto is hard. Even the hard core crypto fans have many blind spots.

ll931110 8y ago

There are a lot of assumptions in this statement. 1. You assume those people are proficient in English. 2. You assume those people can operate a smartphone or a computer, let alone go search for news. 3. You assume they will immediately discard scammy stories as fake. True story: yesterday, a relative of mine sent me a story about keeping her Facebook's account free by sending a certain SMS to 10 other people in her contact book. It took me 5 minutes to explain to her this was obviously a scam, and yet she wasn't totally convinced, because by her words "a lot of her friends sent her the same SMS". 4. You assume people have financial knowledge about investment or basic understanding of risk and return. Remember, in Vietnam there's no concept of 401k or IRA, and most people never invest before. 5. You assume people have college degree. In fact, many victims didn't finish high school or even middle school. Despite all the news, a large population of Vietnam still lacks college education.

JamesLeonis 8y ago

> I don't think it takes a particularly high amount or sophistication to google "ico", see that most of them are scams, and stay away I did technical due diligence for several investors last summer for ICOs and their "whitepapers" as well as talk to founders of these ICOs themselves about their idea. I successfully steered many away from these frauds, I sadly watched as others didn't. Hell, I watch one "founder" launch his token right in front of me, yet he "had to care for a sick relative in <HOME COUNTRY>" not two weeks later. I haven't heard of it since, and they haven't updated any of the company marketing material since it's ICO. > People shouldn't invest in things they don't understand. I have a rule. Every time I catch myself about to say somebody "should/shouldn't" do something, I ask myself: "Does my comment materially help prevent this situation from happening again or help the victim seek justice?" Or, "Does my comment only show contempt for the victim while not materially improving the situation nor helping the person victimized?"