If anyone wises to learn about investing in CryptoCurrency then here is a post on medium worth reading to learn how not to invest in it and a lot of best ever advices given in comments part of this post.
It is the comments part that is more valuable than the post itself, for new entrants in this field.
The reason I appreciate cryptocurrencies is that it is governed by young generation and technology driven decentralised and transparent governance.
Osho predicted future new-man to be above all divisions of religion, countries etc and cultivated first crop of such people in his commune at Pune, India under his kind guidance where sannyasins from 75 countries lived together as global citizen.
Cryptocurrencies will make it a reality one day, a world free from politics dividing people on religious, nationality and colour.
Here I am listing “only a part” of few responses, worth learning from, to the post by one author Mr Neel Aiyer “ How I lost all my money in crypto” I think it is best to learn from others mistake, because this way we will not repeat it and commit some new one to gain very personal experiences. I praise the author for his honesty in revealing it like ‘Me Too’, to let us all know about its risks. He accepted that he was wrong by stating about hacking. Hope you enjoy it but best is to read full article on Medium and all the comments. This is not part of any financial advice from me or anyone through this platform.
Here are the comments I selected, to generate interest in the post as well as it’s every comment being an interesting comments.
Realize that altcoins are like early stage startups, you might guess right and make a bunch, but you’ll probably guess wrong and lose most of it. Altcoins are an entirely different market than BTC and even ETH.
3. Dollar cost average and don’t sell. Buy for the long term and keep accumulating in bear markets and bull markets. And realize that bear markets are the best time to accumulate, which is the opposite of how most people do it. And don’t trade, just accumulate.
4. And of course hold your long term coins safely. A paper wallet is best, hardware wallet is second best. – Todd Cronenberg
This investment you had was entirely your fault for the following reasons:
1- You put more money than you can afford to lose.
2- You bought a hype, not a throughly researched asset. (This is important because if you understood the power of the asset, you would see potential and not be alarmed by price swings.) FreeLand advisd
I think in the case of crypto you either have to believe in it’s methodology long term making you a hard core hodler or you are in it to convert the crypto to fiat gains at a certian profit and don’t care what it does in the future which makes you a trader. It sounds like you did not have that commitment in place. You did not say to yourself “I am committed if this initial investment goes to zero”. My second thought is you possibly relied on the wrong judgment of others, they created fear and you sold. I’m a holder. I’m committed and don’t care if it goes to zero. I don’t care what others say. I did my research, I believed in myself, I focused on the target, I pulled back my bow, pointed my arrow and released. I trusted my judgement. I would have rather tried and failed than not tried. Every failure will either make you a better person or a depressed slug depending on your reaction. Get up and try again, never stop. That’s what makes you a winner regardless of the value of your portfolio. Gary Hunt advised through his comment on the post by the author.
Anyone who is thinking of investing in cryptocurrencies should first invest time into the fundamentals of cryptocurrencies.
Learn what a blockchain is. Learn how smart contracts work. Learn all the fundamentals and you will know what you are investing in.
Once you learn fundamentals, you start to understand how blockchain and crypto will affect different industries. Only then can you sustainably invest in different projects – when you understand the industry of that project and the history of economics in crypto.
Learn before you invest, not the other way around. Milad Mirshahi/ Naka suggested through his comments on the post.
The hardest part I found about crypto other than the easy picks of Bitcoin, Etherium, and other safe haven coins is understanding what the heck each project really aims to do. Whitepapers are so technical, that it practically takes and alien to understand anything (for most people – me included sometimes) . As such, people resort to YouTube or other similar venues in the hopes of falling upon someone that will explain is all in simple terms. The downside to this though is that there are people out there that are only looking out for their best interest and as such, shill (promote) specific coins or tokens in the hopes that enough people will FOMO into the hype, buy it in droves hence driving its price up, only to have the promoter dump his now valuable shares, leaving many unknowing people holding the bag.
Human nature sucks sometimes – nothing you can do about this unfortunately. My recommendation is to thoroughly do your own research if you are going to venture into coins and tokens that YOU do not understand. Find someone you trust to consult with, follow reputable YouTubers (there are plenty), check out Twitter and for the love of God, DO NOT throw money blind into a project simply because some clown is hyping it on YouTube. This isn’t to say, the project isn’t good, but VERIFY it first.
If you can’t be bothered to research, or feel you don’t have the time for it, then simply park your funds in Bitcoin and HODL. Do NOT even contemplate trading it. Just leave it and forget about it – ideally staked somewhere reputable or on a cold wallet. I personally recommend the Trezor Model T.
If and when we enter a bear market, then stop looking at the market every 5 minutes. Make sure you have most of your crypto portfolio in Bitcoin or other stable-coins and simply forget about them until that crappy cycle passes. If you have extra money available during the bear market, then it’s definitely an amazing opportunity to buy some more at possibly big discounts.
I hope this helps anyone. Of course, this isn’t any financial advice but more my opinion on how I deal with the crypto sphere!Good luck, stay calm, and HODL on 🙂 – tysecure advised
The number one rule of this game is to DYOR. There’s nothing wrong with being open to opinions, but make sure the source is credible. Being in crypto or any investment market requires you to be dialed in. Assess, process and filter valuable info from the noise and use all that data to make your best informed decision. DO NOT get caught up in hype or the price prediction clickbait. The market does what it wants, when it wants. The sooner you under the correlation between sentiment and the conditions that drive price volatility, the sooner you’ll realize more success. BUT even then, expect to take some loses every now and then. Nothing goes up forever and there isn’t an investor on the planet with a flawless investment record. In order for you to win, someone has to lose on the other end and some days that’ll be you. The lessons you take away from those loses should make you a better investor/trader over time. Refine your strats and learn to manage your risk.
1. Invest in quality vs trash.
2. Properly timed entry point is everything.
3. Learn basic charting / technical analysis .
4. Control your emotions.
5. Never chase pumps.
6. Learn the correlations between the Crypto and Traditional markets.
7. Patience is a virtue – This cannot be overstated.
8. Visibility is a must – How can you manage your investments if you’re not tracking them or their changes. Track and set alerts.
Yes, it’s that simple. People make this far more complicated than it has to be while chasing Lambo dreams. That’ll never become a reality for 99.4% of people that enter crypto. That’s the mentality of gamblers, not investors. Decide which you want to be and do the diligence required to separate yourself from the herd. Just because 1000 people are doing something doesn’t make it the right way. When the flock walks off a cliff would you follow them to you death as well? Learn and do better. The Yearn, Advised the author through comment by