Upfront, it was no fun in seeing so many people taking to twitter, youtube and any other means they could latch on too to find out “what the hell happened? “
I followed it all that 48 hrs ( +/-), moving from one live youtube feed to another. People clinging on to some good news. Some news which will make the sunken feeling of losing go away.
We all know, agree or not, bitconnect is/was paying some ridiculous amount of interest as daily payout and who in this world would not want to stretch that hard earned dollar a bit more. But those hrs did give a scare and I presume there would be many who were happy to “count their coins” would have woken up.
I have always believed that - a price of an item ( read crypto, car, candy - anything ) is only so much that another person is willing to pay because he thinks he can still sell it at a higher price. And this fiasco also teaches that if there is no market there is no buyer, only seller.
While the coin is traded in few other exchanges, what happened during that day was sell and more sell - yes few brave were there to buy and some would argue maybe those bitconnect guys them selves were buying - who knows.
Hence stick to basics :
a) never put all eggs in one basket.
b) nothing is free in this world, nothing. If something feels too good to be true, better stay away.
c) create a portfolio of long term hold and short term cryptos. Take profits from short term and move to long term to hold or as some say HODL.
d) and do count your coins - you need to see how you are performing so that you can tinker it but not in public.
Happy buying. Happy saving.