A blind investor's confession | Bitcointalksearch.org

lovesmayfamilis

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Quote from: Vvang on April 15, 2022, 03:45:49 AM

2. I bought a lot of altcoins because they are new, thinking I will make better money from those projects but almost all turned to exit scam right in front of me.

I accidentally stumbled upon your topic and remembered myself. I also previously thought that whatever is new could become successful in the future. Therefore, there were a lot of mistakes with new coins, which, of course, were subsequently turned into dust.

In cryptocurrency, in fact, according to my feelings, everything has long been invented. And any project that seems new to us is actually a repetition of someone else's idea earlier.

The most reliable is, and will be, bitcoin. Maybe this is turning into a religion for many, but today there are very few coins that you can really trust with your money.

Masplanc

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It very wrong to take risk blindly for investing and not getting to know if the coin that is to be invested if it is real. Some people would say life is all about taking risk, taking risks blindly is beyond taking risk. A good risk one need to be 70% sure it may sure work out to be real.

Eduardo Musskopf

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Good Morning. How are you? I'm new here, looking to understand a little more about this BTC market. https://bezelinvestments.com/pt/gestao-de-bitcoin/ I met through this site, and now I'm looking for other channels to improve myself, after all there is always the fear of taking risks. Do you use a broker to make this investment, or do you risk it individually? How do you know if it's a good time to buy? Thank you for any information that can shed more light on this matter. Eduardo Musskopf

TreyARC

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I have lost up to 700$ to junk and scam projects before I decided to learn from scratch, I thought to myself that I knew nothing about this stuff, imagine seeing your friends getting better results from their investments and only you a total failure, the thing is you cant come out with a flying colour if you push aside learning first, it will also cost you loss of money.

Slimzeee

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I’ll say I have similar experience mostly during the shiba inu era. I was so pumped and dived into the project without making quality research and right now it’s not really a good story to write home about.. Not just shib but other alt coins as well.. But now I know better. I only invest on my own research that if I’m considering alt coins.

lienfaye

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Quote from: Vvang on April 15, 2022, 03:45:49 AM

Most of my money are gone through fake meme coins and now after a few search online I came to know that meme coins aren't even important at all, dogecoin just receive a favour from Elon musk is all, please I need help.

What you're lacking is the knowledge that you forget to prioritize doing to help yourself understand crypto investment.

But because you didnt follow the basic rule before investing your hard-earned money, you end up committing wrong decisions that cause you losses. Anyway you're aware of the mistakes you did, that experience will make you realize the importance of having knowledge because its your stepping stone to be in the right direction when investing.

TelolettOm

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Quote from: Vvang on April 15, 2022, 03:45:49 AM

1. I have the money but not the knowledge of picking the right coins to invest money on.

Commonly this really happens to the new people who want to invest in cryptocurrency moreover because of any hype, other person's success, and other reasons.
If you have the money but you don't have enough knowledge, I suggest you start by learning at first, not signing to invest directly without any knowledge.
It is risky because you want to ut your money but you don't know in what thing you will invest, this is holy risky.
No need to hurry up to invest, moreover no need to only follow the hype and FOMO for investing.Think about the future investment that you are going to do, and seek more about the knowledge, once again

firmino10

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elysian.finance

I fell victim to this and i learnt it the hard way. i follow the trend and knowledge of the common man without studying and understanding the market and project. now i am reading up on project and understanding how this things work. one could join an online community, read the white paper and also know about the project of that coin. it is good to invest but one should make findings about ones investment.

Alisha-k

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Investment without the knowledge is gambling, the same goes to investment without analysis. Even with the heavy analysis there is still no guarantee of a sure profit how much more when the investment is done outside having a good research and analysis. It's good you now understand how the crypto investment market works. Welcome on board

Ethan151

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It’s quite a petty that you lost your money, all you would have done is consult a professional or someone who has a better understanding thank you are, it’s quite annoying when people don’t ask questions before venturing into businesses. Well I’m sure you must have learnt your lesson and please you need to be properly guided and very careful now.

freedomgo

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Educate yourself through a deep study on investing in crypto.

It's easy to invest but finding the right investment requires due diligence.
Don't consider what you are investing as an asset that will give return to you overnight, as for sure you'll easily loss money.

If you invest in a project, consider checking their ANN thread here so you can find some feedback that would give you an idea of whether the project has potential and is a legit one. Don't get into FOMO as that's usually the weakness of the newbies, but it's never too late to learn, just learn.

JangoUnchained

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Almost all newbies did this mistake as well, they always run after the gold rush until they made big mistakes, I did the same thing twice until I start learning more about top crypto projects vs new crypto projects, there is a lot to learn in this area, new coins are higher risk than top altcoins, to invest safely start with ETH, BNB BTC.

Mpamaegbu

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Quote from: Vvang on April 15, 2022, 03:45:49 AM

I've come to realize that you can't take risk on everything without fully understanding what you are taking risk on

That's right. Sadly, some people don't believe that such apply to trading but they dare not do it when it comes to flying an aeroplane or moving a ship/boat. They learn first. Well, now that you've got your baptismal of failure and have come to a realization that knowledge is key to development I guess I should confidently say you're at the place now.

Quote from: Vvang on April 15, 2022, 03:45:49 AM

2. I bought a lot of altcoins because they are new, thinking I will make better money from those projects but almost all turned to exit scam right in front of me.

I also made that mistake in the past (I guess many old timers here did too) of buying new tokens and hoping they would perform like Bitcoin and ETH did. Now I know better. Always look at the use case or utility of any token before investing into it. If a token doesn't have it, steer clear of it even if has hype.

On a side note, I think you should also consider tokens that have staking value. Where you can stake and earn passive income.

GeorgeJohn

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Quote from: CryptoATM on April 17, 2022, 12:27:05 AM

It's good that you've learnt your lessons, now you need to take your eyes off any crypto investment and spend your time reading about crypto and also try to know more about the differences of crypto wallets too this is very important.

lol.. cryptocurrency investment is good to someone to enroll itself there, but before you do so, you have to investigate properly as i portray from the first comment..is not bad to invest but the issues is that knowing the good one to be venture into. Do you know that before you invest in cryptocurrency platform, you have already have the passion in cryptocurrency especially bitcoin, learning is gradual process, i think with time you will get acquainted with all the necessary cryptocurrency scenario's

CryptoATM

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It's good that you've learnt your lessons, now you need to take your eyes off any crypto investment and spend your time reading about crypto and also try to know more about the differences of crypto wallets too this is very important.

GeorgeJohn

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Quote from: Franctoshi on April 16, 2022, 04:47:52 PM

That's why it's very important you get a little knowledge about any crypto project or investment you wanna dive into ,

not all round knowledge, but the necessary information you need know regarding that particular asset so don't blindly dive into a project that may burn your hard earned money.

before venturing into crypto sphere you have the primary knowledge as you portrayed, the problem is that some people don't bother to know the rudiments of cryptocurrency before adventuring into it, so when they join project investment without carrying out proper research of the project they will became blindfolded because of lacks of information or not knowing the rudiments of the project before venturing into it, this has became many people challenges into crypto sphere, and will be nice to carry out some elementary functions and research before we merge into market.

Franctoshi

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That's why it's very important you get a little knowledge about any crypto project or investment you wanna dive into ,

not all round knowledge, but the necessary information you need know regarding that particular asset so don't blindly dive into a project that may burn your hard earned money.

jossiel

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Quote from: sheenshane on April 15, 2022, 06:46:07 PM

Quote from: jossiel on April 15, 2022, 06:06:43 PM

Don't be too emotional with the altcoins and meme coins, they're really going to put you through hype but eventually will leave you and will be stuck in the midst of it leaving you at great loss.

The most common happened in all newbies out there, they actually lure on the hyped coin knowing that those coins actually exist because of the hype not the utility of the project. Newbies should know this, don't dive into it easily without proper research, or much better stick to the top cryptocurrencies which give the potential of gaining profit.

Yes.

They've been attracted to the hype and not to the actual which made them too excited and both it while it's on hype. That has made them blind investors.

Quote from: sheenshane on April 15, 2022, 06:46:07 PM

New investors should not think only about profit in the short term because it's very risky for them, just go for the long-term investment which is considered safe for them. But at least OP learned from those mistakes and it might this will not happen again, experience is the best teacher as they said.

This is expected.

They are also investors and they're aiming for the profit that they have to make and that's why they're rushing with the potential profit they'll make.

But that's always wrong when someone is in rush for the profit, he's likely to fall.

Taskford

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Quote from: sheenshane on April 15, 2022, 06:46:07 PM

Quote from: jossiel on April 15, 2022, 06:06:43 PM

Don't be too emotional with the altcoins and meme coins, they're really going to put you through hype but eventually will leave you and will be stuck in the midst of it leaving you at great loss.

The most common happened in all newbies out there, they actually lure on the hyped coin knowing that those coins actually exist because of the hype not the utility of the project. Newbies should know this, don't dive into it easily without proper research, or much better stick to the top cryptocurrencies which give the potential of gaining profit.

New investors should not think only about profit in the short term because it's very risky for them, just go for the long-term investment which is considered safe for them. But at least OP learned from those mistakes and it might this will not happen again, experience is the best teacher as they said.

Sometimes those people who promote some coins on social media groups is one of the main reason why there are newbies got scam by those devs who doesn't do anything good to anyone here. And this is one of many reason why those newbies got affected by many scams. We know there are so many stories posted about this issues but the unfortunate thing there is mostly those newbies who get scam are lazy to do some research to find out the legitimacy of the project they are looking on.

pawanjain

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Quote from: Kelvinid on April 15, 2022, 09:52:34 AM

Quote from: pawanjain on April 15, 2022, 09:23:16 AM

According to me, picking the right coins is relatively easy when compared to holding them.
Just pick the top 20 or top 10 coins and select a few from it and invest in it.
But the holding them is a tough thing to do. Fortunately I am good at holding.
But I am bad at entry and exit points. I have noticed many times that I enter and exit at wrong times.
Holding for long term has been the most profitable investment for me.

Living in a place that we know we are good at is really the best choice ever. Some people are good at holding (just like you), they have the patience that most people don't have, you're actually a gifted person.

In my opinion, we don't need to become an expert on something, that is even hard in the crypto world but at least we are helping ourselves to be good in some areas, and we are able exceel. And having KNOWLEDGE is to be our advantage in every investment we made. Choosing the best coins and applying all the learning will help to see positive results despite the risk and market difficulties.

The trick is to hold the coins in a non-custodial wallet or a cold wallet rather than an exchange from where it becomes difficult buy/sell.
I am just too lazy to transfer the funds to the exchange which makes me hold them for a long term.
And then there's also the price gains in long term which makes me think it's better to hold than trade to make good profits.

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