Why People Don't Trust Cryptocurrencies

Cryptocurrencies are here for a long period of time. Yet only a few people are into it and you may wonder why. In fact, i have read so many posts regarding that matter!

You are wondering why the hell we don't have mass adoption yet, or how can people be so stupid and don't join the party. From my understanding, there are many factors behind that phenomenon which i am about to tell you because i am too cool to be true as you know!

Ponzi Schemes & Scams

I bet all of us have one story to tell of how we got scammed or how a friend of us got into one of those Pyramid Schemes. The scammers watching and realizing how much money they can earn from cryptos decided to step up their game and delve into the cryptoverse!

That's why you see so many BTC/LTC/ETH type of Ponzi Schemes. In case you don't really get what a Ponzi Scheme is allow me to explain it briefly, or not, below.

It basically goes like this, you see a beautiful site or a friend that you had 10 years to see visits you and informs you about this new opportunity in which you invest X amount and you have a certain % interest in return. You also earn an additional something if you recruit others!

read more here

What they don't tell you is that they actually don't invest your money but pay the older investors, keeping a % for themselves ofc. This loop continues till they run out of new people and everything collapses, making them the only ones with profit!

One of the biggest known Ponzi schemes is by PlusToken check the following from segment and read the full post here

It seems that this huge surprise was the result of selling Bitcoin by PlusToken. PlusToken is a well-known Ponzi scheme prevalent in China and Korea. The initiators of this scheme managed to steal more than $2 billion worth of cryptocurrencies from investors.

On the 11th of March, PlusToken scammers moved over $100 billion. Experts think that culprits sold the cryptocurrency via different mixers. It caused a massive rise in supply, without enough demand to follow it. It produced this vast market fluctuation.

Now when you have so many cases of scams and scammers imagine how many people fall to their spider-webs and lost their money.

What do you think these people will feel?

How hard would be for them to trust cryptos again?

What will they say to family and friends about cryptos?

Lack of Knowledge

This isn't something that i am gonna say a lot about, cause it's quite clear i dare to say. Many people have no clue what cryptos are and how everything is working.

When something is completely new and involves money as well, we are all extremely skeptical especially when we can't afford to lose a couple of bucks!

I am quite young and you know that younger people can "take" more easily any tech stuff and not because we are smarter, but because we grew up with a smartphone on our hands!

So when i found out about steemit and read everything about it, i still couldn't believe that without spending a single buck, i can actually earn money. It took me 3 months to just take the decision and dive in! And still, i didn't understand half of it :P Also how many times did you try to explain to a friend and he/she couldn't understand a single word?

So don't tell me that it's easy for everyone out there to understand how exactly HIVE/LEO works, we need to make it as simple as it gets for them! That's marketing for you!

Misleading Media

Believe it or not, people are still watching the news. Not necessarily on their TVs, but on the internet instead. Mostly the same people that are behind the TV channels are behind the most popular news site as well!

They mislead the crowds not because they don't believe in BTC or something, but because they won't earn something in return! When they invest in cryptos you will see "different opinions" to arise!

Also, many of the finance guys that you hear talking about cryptos and that it's a bubble that gonna burst are just for laughs. They either have no clue of what they are talking about or get paid to say so!

Misleading "Influencers"

This is by far the most annoying thing for me. I am honestly sick and tired of all those wannabe "influencers", "Youtubers" that know shit and mislead others just for the sake of money!

To begin with, you need to know a little bit about how this works. Many of them have a decent amount of followers. There is a whole market behind the scenes in which companies and agencies pay them to promote their products!

I have seen a lot of altcoins to be promoted that way and the funny thing is that the ones promoting them has actually no clue what he/she is saying. They are given a script with bullets, show a little bit of the site and that was it!

Finally, the worst kind is, those little rats that are making out of the world predictions like 100k in 2021 or 500k ones. Let's think it through a bit.

Except for the fact that mostly none can predict these prices as there are factors outside their knowledge like governments, regulations, corporations, criminal empires imagine what the people listening or reading this will think.

If every time the price pumped i had someone over my head yelling "IT WILL REACH A MILLION" i would slap him. Βy not being realists in these types of situations, people are becoming even more skeptical like its some type of scam.

Imagine if TESLA's stocks moves up 1% and then someone starts telling you that in 1 year the company will worth 1 trillion, i bet you would think, this guy is crazy as @@!

Ofc it's not entirely other people's fault, we need to do our self-evaluation as well, make our research first and not take for granted everything anyone says!