Most coins, and I mean 99% of them, are scams.
Just because a coin has a white paper and a cool logo, it doesn't mean they are working or going to work on a product.
Trading cryptocurrencies is straight-out gambling.
If you are getting tips for pumps then you are participating in scams. Someone else is going to lose money in order for you to gain aka zero sum game.
You can't time the market.
Most likely, you won't be able to control your emotions. When it is green you will get greedy and not sell and when it is red you will panic and sell low.
Hodl is just a meme. Hindsight 20/20 is the actual tip here. Only after everything plays out you will be able to create a narrative that fulfills your superstition.
The entire market is controlled by a handful of people and their surrogate accounts. This is equally true for Wall Street, Bitcoin and Steemit. The distribution of wealth always works like that. This is also why capitalism is antifragile to any other system. Human greed, from the lowly poorfag to the top tier whale works much the same.
There are always greater fools to buy something from you. Until there are not any. Then, you are the last one holding the bags.
Cryptocurrencies move about 10x faster than regular markets. Cycles are extremely fast. Most experts get in and out based on the connections they have with the exchanges. When you will want to cash out, most likely, you won't be able. 90% of coins have no liquidity. Don't get fooled.
To solve a similar problem, one can borrow experience from our ancestors :)))))
1.Margarita Grimm was thrown alive into boiling tar for selling 3 fake thalers. (She was 17 years old)
2.In ancient India, counterfeiters were cut into small pieces.
3.In the XII century in England, according to the royal verdict of Henry I, counterfeiters along with the right hand were cut off and sexual organs. What is the relationship between these parts of the body and counterfeit money - it is difficult to say (apparently so that they do not have offspring).
4.On Christmas Eve 1125, the English King Henry I invited all the masters who were given the privilege to mint coins of precious metals to their Winchester Castle. It is not known whether conscientious masters received gifts for Christmas from their monarch, but it is known that 94 unscrupulous masters returned from a famous evening with one hand.
5.In Germany in the Middle Ages used for excruciating execution a special large case with blades - "Nuremberg maiden". One of the chronicles narrates: "On that day a counterfeiter was thrown inside her, then the doors were slammed" very slowly, so that very sharp spikes pierced his hands and feet in several places, his stomach and chest, bladder and groin, and his eyes, and His shoulders, and his knees, but not enough to kill him; and he remained inside, plaintively shouting and groaning for two more days, after which he died. "
Not necessarily funny 8-).
But then again, the old saying goes "It's funny because it's true".
:thinking:
wasn't intended to be funny
Most really funny stuff never is.
Better watch out for the tag police then 8-).
I'm cool as a fucking cucumber. Legit. I've played the game for such a long time that it's hard to get me phased.
Great honesty. I can’t believe the amount of crap coins that promise to do things that they can’t/ won’t achieve, yet end up with massive valuations. It is all based on polytechnic speculation at present and the greater fool! Crypto will definitely change the internet and the world but as you said, 99% of current coins will fail. People should be aware of this when investing but it’s difficukt when you are seeing 1000% gains in an otherwise zero interest world!
I wish I had known some of these facts when I started! Could've saved a lot of money!
I look at cryptocurrency as a way to diversify. I've never invested a dime in it I've only invested my time. I believe in hard assets precious metals land and real estate. But as I often say the best investment is in people and relationships. Growing friendships and Partnerships is priceless and well worth the time. Thanks for the insightful tips as they are wise and well-thought-out.
So true. I'm glad I found a community like Steemit connect with people!
Pretty good information, keep it up.
Thanks for sharing !! Good informartion @kyriacos :) are u from greece?
Totally controlled by whales for sure....the tech may be revolutionary and a few normal people might do well for themselves, but power is still centralized. :-/
What would you say is the percentage of scams on the first page of coinmarketcap? Any other notable ones? You told me dash once, any others?
Great tips. There's a reason they call the chat a "trollbox" on many of the exchange sites, haha.
Yes - the point about the handful of people at the top controlling everything is most important, as is the point about anti-fragility: the scope for those handful of individuals to engineer a crash-for-gain is huge, as with the recent Verge scam.
Good advise! Hopefully this will stop people buying stupid coins like Bitconnect (Or should I say bitcoooooonnnect) because that ended well.......(It didn’t).
These are invaluable tips with so much to learn. The painful thing is that noobs will read and still not adhere to it.
Such an inside! Thanks
It's the blind leading the blind! Or rather the blind trying to make money off of the blind!
one the best post from you that i read!
wow the best content ive seen on steemit so far would like to hear your opinions on cardano
Amazing
your honesty and wisdom are overwhelming I often enjoy your posts..I believe this is the first time I've commented and truly I'm going to resteem this... the pump-and-dump game is greed and eventually the game ender ....
BTW The Office is one of my favorite movies
Solid post. Good warning to people just jumping all in. Sure there will be a few people who hit it big. Just think of it as the lotto....The pot gets huge because all those people are losing money...but hey ya never know. haha
Stop speaking so rationally here! Lol jk. This is good stuff! The markets do move insanely fast! It is like the stock market x 1000.
Thanks for this post. I am still a new to actually investing in cryptos and this post was useful.
Nice post...
Please upvote my post..