Hi all,
I recently discovered the Steemit platform, and figured I could share my experience getting into the cryptocurrency world to help people in similar situations, and to shed some light for those just entering. I hope to contribute to the Steemit community regularly.
A little background on myself:
I'm an engineer by trade, happily married and in my mid twenties. We've got two awesome dogs that our life revolves around! (feel free to say aww). We love them, but they are a pain most of the time... look at that smug face.
I discovered cryptocurrency probably the same way as many people out there. A mainstream news outlet ran a story about Bitcoin and it's insane price increase. Specifically, I saw a story that the Chicago Tribune ran:
I'm immediately engrossed. I hop on twitter for the first time in 5 years and start following all the "OG" crypto traders. They have been essential in learning the ropes. I made a coinbase account and started buying my first digital currencies! This all happened within the last week of May and into early June, a time where many coins had just gotten some momentum and were getting pumped like mad.
Like many other newbies to the space, I came across Digibyte. I looked at the chart with no prior knowledge of trading securities or cryptocurrencies and said to myself, "Wow, that looks like very easy money to be made!". I bought a bunch of Digibyte for 1208 satoshi's on June 1 2017, with the thought that I would easily double or triple my money in short order.
I looked a couple days later, and the price was above 2000 satoshis. "That was easy" I thought to myself. So i buy even more thinking i'll continue to ride an amazing wave of easy money.
Fast forward to June 9, the day the Citibank event happens and Digibyte "loses", and the coin is dumped. It recovered some in the next days , but has been on a downtrend since then. Fast forward to today; at this time, Digibyte is trading for around 600 Satoshis. I've lost about half the value of what i originally invested on paper. A timeline of events:
I do think Digibyte still has a future, and has a solid platform. I hope that anyone in a similar situation can look past their own bad trade and not blame the coin or it's developers. A few lessons i learned from this experience:
1. Don't be greedy
The main issue I had was the premise of instant gratification and obscene gains. I should have taken my profits when i had the chance.
2. Don't sit on failing trades
Realistically, I should have exited long ago, after the first cliffdive. I would have had some losses, but none compared the the time and capital i have let sit idle. I think Digibyte will recover, but the cost of the money i could have invested in something else is immeasurable.
3. Don't listen to Twitter shillers
There are a handful of personalities on Twitter that are invaluable, but the majority of people tweeting about coins and prices are in it only for themselves, and have as much experience as I do in the space: near 0. Trust your own research and analysis, and if you can't do that, I suggest educating yourself before entering positions.
4. Do ACTUAL research and look at the chart before you buy
I literally did not even look at the price history to realize that Digibyte had basically exploded from nothing in the course of a week or two. That is probably a good indicator that something is abnormal.
Since my first days, I feel like I've learned a lot and have the tools to become a successful trader. I'm still recovering from those early mistakes, and may be for some time.
So for all you bagholders that bought at or near the top of the Digibyte hype... I feel your pain and share your suffering. Don't made the same mistake twice, and learn from your failed trades for future you. But please don't misconstrue this post as FUD'ing Digibyte or the project: I'm just sharing a bad trading experience of my own. DYOR and good luck investing.
Thanks for reading, and feel free to check out my Twitter page for more on cryptocurrencies from a relatively new player in the space!
Trading with a stop loss is very important, especially for newer traders.
Also, if you see a coin spiking in price, it's probably too late to get in.
Welcome to Steem @thenike I have upvoted and sent you a tip
Welcome @Thenike to Steemit! Glad to see you. I hope you enjoy your time here, its a great community :) Nice post, i will follow your account, please follow me .
Welcome to Steemit @thenike :)
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great post! following
seriously good advice. I am preparing cash out some savings bonds from when I was a kid to invest in some coin. I'm seeking out mentors and doing more research. Thanks for sharing your experience. Followed!
Now's the time. Expect a rise in all the alt coins by the end of the month as Segwit2x is implemented.
Welcome to the Steemit Community! I hope that I can add value to you in teaching about self discovery life hacks. I am learning a lot and so will you, follow me @zimi
Welcome to the Steemit Community! I hope that I can add value to you in teaching about self discovery life hacks. I am learning a lot and so will you, follow me @zimi
that's good to know i like this post thanks a lot for sharing and keep on posting ;)
Hello @thenike Great introducemyself post!!
I'm @andyluy and I've been here for a couple of weeks, a can tell youThat steemit is the most amazing thing I've ever seen at the internet so far. I'm happy seeing it grows every day!
I had some hard time on the firsts week, so I spent some time searching information to improve my experience with steemit, latter I've decided to make posts about those things in order to help the new ones to have a shortcut to get deeper on steemit. ^^
here is some of my posts, I hope It mitght be helpful to you:
The Randowhale
Getting videos from facebook
Minnowssupport!
Randowhale update 1
I intend to keep posting useful info that I may be able to gather, and in a near future some give away. Feel invited to follow me and if you have any question about steemit you can ask me in any of my last posts, I'll try my best to help.
Hi @thenike!
Welcome to (what I believe will become) the best social network on the internet! I know it seems like a like a lot to learn at the start, there are a couple of things you can do without much effort to start getting your followership up quickly.
First, make sure to follow @bot-helper so you have a better chance at getting some exposure on your content. You can check out what I mean by taking a look at this link. Also consider following @minnowsunite and @minnowsupport
Next, check out the chat rooms. The Minnow Support Group has its own Discord channel filled with folks who want to get to know you and hand out advice. So pop in and say hi from time to time. You’ll likely see me there as well. Just click on this link to get started> https://discordapp.com/invite/HYj4yvw
Finally, check out some of the tags and topics on the right side of the dashboard. Find a topic you are interested/knowledgeable in and start commenting. The more great comments you make, the better chance you have for people to start following you! Feel free to follow me as well (@randomness) so we can go on this journey together!
Good luck getting started and just remember to take it a day at a time. Rome wasn’t built in a day!
P.S. - Looks like you learned one of the first lessons in investing. Thanks for sharing! May you have better luck in the future investing in cryptos, but remember its more likely a long play, so don't try to just get rich quick.
Welcome to Steemit @thenike!
I'm a bot-helper, and I'm created to help. Congratulations on the registration on Steem - you really like it here! If you like me, make an upvote of my comment and follow me. Your upvote will allow you to give more money to new users, such as you. Let's make Steem better together!
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Steem on!
Welcome and Thank You for being with us!! Following your Blog now
Welcome and Thank You for being with us!! Following your Blog now
Hi!!Nice to meet you, Follow & Upvote is a You and I great strength~, @leesujae17
Enjoy writing and narrating …. here you can make some $$$ while blogging if this is what you enjoy. At the beginning, it will not be easy, but it isn't impossible. Wish you much luck! Check one of my past post and let me know any comments,
https://steemit.com/life/@indepthstory/nice-island-beautiful-beach-lots-of-aquatic-sports-to-do-still-the-best-part-of-the-trip-was-been-in-family-all-together
…. If you find it of value and interesting UPVOTE and/or please click on the FOLLOW and let’s exchange comments in the future.
Have a great day,
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Sweet ! Welcome to Steemit! Followed. Follow me back 😘
Welcome to steem @thenike, its an amazing group of people we have here! minnowsupport is an invaluable section for brand new members. Follow me if you want free banners to help build your following.
Welcome @thenike to Steemit. Thanks for sharing. Please follow me @hoaha
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