This article is directed at the ChainCoin HODLing community but it works across the board anytime you are staking your own money into a venture. For those that do not know what the ChainCoin community is, well it is a movement started by Max Lee (YouTube: HighOnCoins) were rather than many investors losing their shirts to the pump and dump teams, we the HODL'ers will be buying ChainCoin and holding on to it for dear life.
The idea behind this is to starve the market of the supply of ChainCoins which will steadily drive the prices up. This is a social experiment more than anything else, the people have been giving the opportunity to play the waiting game and in time make a residual income for themselves. The hard part is holding on to your Coins while the price increases. A couple of big selloffs from a few individuals could see the coin in a panic selloff and the price will crash back down.
This particular coin was chosen due to its MasterNode facility which in short means; for every 1000 ChainCoins you hold you can set up your own MasterNode which can generate you 2 ChainCoins per day. Thus given an extra incentive to hold on to your ChainCoins rather than sell them.
So what are the rules?...
I know what you are thinking; to hold, right? Well actually that is the Third rule. The first rule is the same across all investing - DO NOT SPEND WHAT YOU CANNOT AFFORD TO LOSE!! It is as simple as that. Over the course of this ChainCoin experiment there has been many comments in the Social sphere of people selling all they had to plough in to this. This situation brings your emotion level to dangerously high levels where you will start making rash decisions with your heart rather than your head. So be warned!!
The second rule is; believe in what you are investing in. If you decide to plough all your money into an investment because 'the man on the internet told me too' then I'm afraid to say you will more than likely come to an unhappy ending. I am sure FOMO (Fear Of Missing Out) plays a big part of these decisions. So an add-on to this rule would be; leave your emotions out of this.
So take the time to research what you are putting your money in to and act with your head before you pull the trigger.
Why did I invested in ChainCoin?
I decided to put my money into ChainCoin because firstly I liked the coin, it is very stable and has the facility to send anonymously through its dark send feature. (No I am not a drug lord or a criminal hiding in the shadows) I just believe that every person has a right to privacy. The other feature I liked was the MasterNode facility, to be able to generate wealth on a daily basis without having to do anything apart from setting it up. A no brainer!
I like the community around the ChainCoin, it seems to be a likeminded group that has had enough of the financial chains our central banks have placed around our necks with the debt based system we all live in.
Finally the Third rule, which I think is the hardest; DON'T SELL!! I am sure during this experiment people have seen their accounts with more money than ever before. The temptation to selloff and take a large chunk of money is tempting for all. I guess this is the where the 'social' part of the experiment comes in, sell and a couple of people get a lot of money. Hold and the entire community get rich.
Anyway I hope this article has helped you in someway, if so please share this article around..