The past few weeks, I’ve been trying to get my lecturer involved in crypto. Apparently, he had almost been scammed in a ponzi scheme so he was very skeptical about crypto itself in general. I’m not sure if you heard about the Qnet ponzi last year that drowned a lot of people. He doesn’t know much about crypto, but he thinks crypto is a ponzi scheme. All my attempts to explain crypto to him have been met with the same responses. “My friends tried to get me to join. I almost lost all my money to it. Thank God I didn’t join”.
Also it seems he found out some way that the current market cap of crypto has gone down. But like you thought, he wouldn’t understand when I explained to him that we were in a phase of the market cycle called the bear market, and that the bull market full of smiles and profits is bound to come.
The Aspect Of FUD & FOMO
Have you heard about the ET airdrop by the superEx exchangethat happened a few days ago? The ET token was supposed to be $1 when it launched, but has since launch mooned to around $22.9 at the time I write this. People have thousands of dollars of ET just sitting in their wallets. There’s a catch though. To unlock, you need to trade on the superEx exchange and the transaction fees slowly unlocks your airdropped ET tokens. Some people believe the mooning of ET is a plot to incentivize more people to trade on superEx and unlock their tokens or buy ET before they ”miss out on this opportunity to catch ET in the skies”. Perhaps it is, perhaps it is not.
I don't know if it's just about getting people to trade there, sometimes it might be more, one might eventually trade on that exchange and pay those fees, but there might be more. However this is how crypto works, the risk sometimes equals the gains. Sometimes, we just have to give it all up to win or gain everything..
As for your lecturer, some people I know got into crypto through the wrong project and it has marred their expectations and this isn't even good for the adoption of crypto in the long run.
Probably. I imagine some other required task will spring out of no where for you to complete once you unlock your tokens. They might tell you the trading fees partially unlocked the tokens and there’s just one final thing to do to fully unlock them.
It is especially difficult for first timers who unfortunately joined a ponzi scheme in an attempt to invest in crypto to ever believe that crypto is anything aside a ponzi scheme. After their first time experience, their minds are made up and nothing anyone says matters anymore.