If you trawl r/cryptocurrency/ then you'll see a lot of people complaining about "shitcoins".
Shitcoin
/ʃɪt/kɔɪn/
noun
- A cryptocurrency coin(or token) that is decided by the community at large to hold no real value.
"Man all these shitcoins seem to really be pumping today"
WHY SHITCOINS ARE PUMPING
People talk of hard work like this mystical thing that only Olympians and Billionaires know the true essence of. We all know that this isn't true. Every single on of you reading this would've worked hard for something in your life. Yet, the cryptocurrency scene as a whole doesn't seem to understand this concept. Let me explain.
Today many cryptocurrency investors see this crypto-market as a way to easily make money, and it some respects it is. An influencer (like DataDash, John McAfee) intentionally, or unintentionally shills a coin and everyone clamours to buy it up. Even though these influencers tell people to do their 'due diligence', no one ever does. People trust hype, and they trust others to have done all the hard work for them. No one is prepared to read a 30 page white-paper, stalk through LinkedIn profiles and check charts.
I'm sure many investors have seen great returns from this strategy, but I'm here to tell you it's not going to last. Whether you like it or not, 90% of the coins in existence today will be worthing nothing in 5 years. Short term greed is blinding the vast majority of this community, and if we aren't careful we'll drive ourselves off a cliff. A great example of this is the doubt that Bitcoin will comeback by all those soles who have bought up vast amounts of Altcoins. It's coming back, it already is. Many people will see their large gains drain, and try to find them in another shitcoin. It's a never ending cycle.
I'm not investment God, but the best advice I can give you is to read up on a coin, trust it, invest in it, and then wait it out. If you've picked a good coin, that you believe in, I promise it will make you money. Maybe not as much money as filling in shitcoin positions every week, but remember the first rule of investing: You never want to lose money. Filling in shitcoins is a sure fire way to lose money.
Sure this might be a bit controversial but I wholeheartedly believe there is TOO much greed in this scene right now. A lot of people will be left feeling quite solemn if they don't put in the work required.
This is merely my opinion and we can have a friendly chat about it down below if you wish.
I totally agree! I have researched 10 coins hopefully they will be around in 5 years. I am trading them buying low and selling high to increase my holdings over the long term.
I'm amazed at comments that appear in Trollboxes ect, the majority have no idea on chart analysis but even worse they take for gospel the hype on said coin.
As you quite rightly said there is too much greed which is going to make 2018 a stellar year for crypto but it will also lose people a hell of a lot of money and bring in the regulators.
Exactly, put in the time and the results will follow. In the end the coins that hold real value will come out on top.
I don't mind the idea of regulators. Brings consistency to it all. Gets rid of the Bitconnect type coins and brings in more legitimate institutional money. Hopefully :)
Thanks for the comment!
I agree with the regulators, I don't mind I do worry that if it comes to late it will be harsh. That said the powers that be are no doubt waiting for Joe Blogs to lose the lot and start screaming you need to regulate this market, in they sweep
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