Let´s be clear, there are several reasons for starting an engagement in #cryptocurrency. Some people may have started to invest as they were just curious of how this works and wish to be a part of the development. Most people, I assume though, are here based on the perspective of extremely high profit in a short time periode.
#Greed rules, many people investing don´t really seem to be interested in the actual use cases and business model of the companies / #tokens / currencies they invest in. It´s not important what the currency is meant to do, just hype and recommendations drive people into buying specific company “#coins ”.
We will come back to recommendations later.
I would still call me a beginner in blockchain and cryptocurrencies starting late 2017 I started to invest based on the combination of curiosity and, honestly, a little bit of greed. I wanted to proof to myself that gaining a “fortune” with little investment would still be possible.
Do I still follow this path? No, not really. I have decided that investing in concepts I believe in and understand the concepts. If, one day, I would own some more money, that would obviously fine. Do I actually need this? No, I am founder and partner of a very successful consultancy.
About youtubers and #bitconnect.
As most of us, people will most likely start to get information about the cryptocurrency world by watching a bunch of videos on youtube. If you search for relevant keywords you will sonn find cryptoX, crypoty XYZcrypto and many other protégées of fastly getting a milionaire with only 500$.
If there is anything I would recommend: use common sense and don´t trust one source!
#Cryptocurrency and #Blockchain are, as any market that draws attention and money, is a perfect place for scam and burglars. Especially since this market is not regulated in any way.
#Bitconnect just recently shows how this might end for some of the platforms.
I did watch many of those videos initially and seeing that pyramid earnings were 4–5 times higher than own investments should let alarm bells ring. There are few that made the big deal. Seeing them posting new videos makes me personally sad.
I am truely sorry for all of you that lost a smallest or big amounts of money but there are always to sides. One that offers you wealth and yourself being greedy enough to be cought in the trap.
“Get rich or die trying” (50Cent)
I realy love this album, the name itself is especially true when you follow #crypto these days.
Markets are so volatile that you may loose 50% a day and earn 100% the other. Based on this extremely high range you can surely still get rich, often it feels like casino though, betting on the right number or coin, you are done.
Comming back to youtube, there are some really cool people giving truely helpfull insights of what you should an shouldn´t do. Just be curious and search for those.
Just recently I read a post of somebody that put up a mortage on his house again just before January 16. / 17. crash. He honestly posted on Twitter that his wife did not know and he is realy in panic and wanted to know what to do…
This I assume comes close to “die trying” not will you loose your house but also you love.
DO NOT DO THIS!
Up and down…
The last days were honestly challenging for a (still calling me) beginner. There is no health movement here. Either it goes down like crazy or up like a rocket. The days were small gains or losses dominate are rare.
Greed and panic are so close together that the scale is bumbing up and down like the TV soap “Yukon Gold”. Just when they find gold a digger breaks, snow is falling or the water pump breaks. The crypto-market feels the same way somehow, people are so nervous that any comment on twitter, news or rumour is able to crash a coin.
I am curious to see when this is getting more settled. If at all.
An what about your personal health?
Even though the amounts I invested into #Hashflare #Cloudmining a well diversified (actually NEVER only own one currency!) crypto portfolio are comparably low, my way of living suddenly changed.
Strange enough following twitter and opening #Blockfolio and #coinmarketcap on my iPhone turned out to be the mostly performed tasks of the day.
It is obviously related to my personality but I would tend to say that investing in stocks and other investments and running my own business put far less stress on me.
I honestly have to say that I slept better before crypto and can only recommend anybody to closely validate if all this is worth the pain. To me it is, since I have been learning so much about trading, crypto and blockchain in the last weeks that I will definitely continue.
Sleep well and happy trading!