The above and the following is not to be taken as financial advice. Do your own due diligence before any investment into the markets. Cryptos are loosely regulated in many territories, so look up your local laws regarding taxes and investing in them. EOS recently mooned and is on the downtrend, same for Steem. Past performance is no solid metric of future returns.
Before opening any account with an exchange make sure to look up issues with USDT (Tether) currently used by the top 7 of 10 exchanges by volume. Wash trading is illegal in regulated markets but it is speculated by many that wash trading is an allowed practice on many exchanges. Many exchanges are currently under fire for allegations of insider trading and pump and dumps. The types of information disseminated and how they are spread on cryptos that are widely flung about by large holders to increase their profits would be highly illegal in existing regulated markets.
Don't spend money you can't afford to lose trading in any investment scheme. Determining your own risk profile is one of the hardest things for new investors and impossible to test until you've been a seasoned trader. The vast majority of day-traders get fried within a year.
It still remains uncertain whether all of the paper gains made in crypto will be allowed to cash out at any point in the future. The net inflows of money do not match the marketcaps of crypto and liquidity is uncertain and not audited at most exchanges. Exchanges appear liquid until the moment they aren't. Don't get Mt. Gox'd. If you don't know what Mt. Gox is then don't trade until you know what it is and how it played out.
Bitcoin itself has been subject to giant market crashes where it's lost ~90% of its value in a matter of days. If you aren't ready for exposure to that kind of volatility then crypto trading is not for you.
The pattern is that in periods of extreme volatility many exchanges have been unable to trade certain coins or all coins, and whether intentional or not these closures of trading during important times in the market should be an indicator to potential investors that caution should be used considering we have not yet seen a repeat of the level of correction seen in the past.
If you suffer from immense FOMO and truly want to become a zombie-like, catatonic entity who is fixated on daily price movements of the latest shitcoin, memes and shills incessantly on every social media platform they have access to every time they see a double digit upward price movement, and then suddenly stops talking about cryptos at all when they go bust, then crypto is for you.
And remember, everyone looks like a fucking genius in a bull market, and the bid bots have been very efficient to this point in making general prices go up, but new tether haven't been printed in a while and the price has remained lower since then, so draw your own conclusions.
The above and the following is not to be taken as financial advice. Do your own due diligence before any investment into the markets. Cryptos are loosely regulated in many territories, so look up your local laws regarding taxes and investing in them. EOS recently mooned and is on the downtrend, same for Steem. Past performance is no solid metric of future returns.
Before opening any account with an exchange make sure to look up issues with USDT (Tether) currently used by the top 7 of 10 exchanges by volume. Wash trading is illegal in regulated markets but it is speculated by many that wash trading is an allowed practice on many exchanges. Many exchanges are currently under fire for allegations of insider trading and pump and dumps. The types of information disseminated and how they are spread on cryptos that are widely flung about by large holders to increase their profits would be highly illegal in existing regulated markets.
Don't spend money you can't afford to lose trading in any investment scheme. Determining your own risk profile is one of the hardest things for new investors and impossible to test until you've been a seasoned trader. The vast majority of day-traders get fried within a year.
It still remains uncertain whether all of the paper gains made in crypto will be allowed to cash out at any point in the future. The net inflows of money do not match the marketcaps of crypto and liquidity is uncertain and not audited at most exchanges. Exchanges appear liquid until the moment they aren't. Don't get Mt. Gox'd. If you don't know what Mt. Gox is then don't trade until you know what it is and how it played out.
Bitcoin itself has been subject to giant market crashes where it's lost ~90% of its value in a matter of days. If you aren't ready for exposure to that kind of volatility then crypto trading is not for you.
The pattern is that in periods of extreme volatility many exchanges have been unable to trade certain coins or all coins, and whether intentional or not these closures of trading during important times in the market should be an indicator to potential investors that caution should be used considering we have not yet seen a repeat of the level of correction seen in the past.
If you suffer from immense FOMO and truly want to become a zombie-like, catatonic entity who is fixated on daily price movements of the latest shitcoin, memes and shills incessantly on every social media platform they have access to every time they see a double digit upward price movement, and then suddenly stops talking about cryptos at all when they go bust, then crypto is for you.
And remember, everyone looks like a fucking genius in a bull market, and the bid bots have been very efficient to this point in making general prices go up, but new tether haven't been printed in a while and the price has remained lower since then, so draw your own conclusions.