Topic: A blind investor's confession - page 3. (Read 420 times)

Well, the best help anyone can give to you will still depend solely on you, and that is you must do your own research before doing anything on the network, newcomers tend to invest/trade before learning/researching, you could prolly be lucky and it works for you that way with one or two projects, but what are the chances? Pretty low if i must be honest with you.

Thus, forget about the losses, it is more or less very common these days that people always learn the hard way, what i mean is, they learn a lot of what they should have known before investing/trading only after they have made a mistake and lost some of their funds, take it to be a process, and going forward do your research, focus on long term projects (Bitcoin), invest only what you can affford to lose, remember that whatever is too good to be true, is prolly not true, etc, etc...

Many people were crazy about hoarding gold coins, bonds and other items few years back as many people have the same old school mindset that it's the best and safest option to invest in with returns but didn't bother to check how much returns it has given to the holders in recent years.When you checked it's the same inflationary measure giving downtrend returns to the holders.As per investigation $1000 of gold investment would have given you $996 while bitcoin has managed to grow 68000% compared to it's ATH in past.So you manage yo to know the difference

If you have knowledge or not BTC is the best option for all of us due to it's technical working, complete decentralisation and long term utility if you understand it at core level.

But the only thing is you keep them on hardware wallets or non custodial wallets like Electrcum with proper backup of your seeds instead of securing them on any centralised exchange that can deny you of your funds anytime or get hacked.

You got that right all the shitcoins at first seems to be very promising but has nothing in them to offer to the holders and will soon turn out to be scam.Many people have the this mentality that it's cheap and giving huge profits so invest in it without even understanding the project.That's their worst mistake because you can't make money from them and whales will make out of your pockets.

Doge and Shiba Inu won't go the moon and Musk influence was at peak one time but now his manipulation tricks are not working anymore.How could you invest in the projects under someone's influence without even doing your research once? But you might be the same group who was under his influence and lost their money.I clearly remember when the shiba inu surge was there the Binance servers got crashed and not any orders were completed so the normal people get nothing out of it but become victims of these shitcoins pump dump scheme.

I’d say (out of the blue, with no data to back it) that there are likely more people that went into crypto in a manner similar to what you mention, than doing the necessary homework beforehand, and trying to narrow down the scope and broadness of the investment/gamble they make.

The latter is certainly not easy to do, as it requires time, dedication and criteria, whilst lacking the experience to separate the wheat from the chaff, and be more sensible than passionate driven by fomo. Sure some people have made a pretty penny by placing money on a bunch of unnecessary coins/tokens, and selling before they became worthless, but that’s not likely the norm.

Note: My backgroud is actually similar in a sense, but with an ICO scamalot scent ...

Understand that this isn't investing, but simply gambling. And to be honest, almost all the altcoins have no purpose other than to create a problem that does not exist so few devs can profit out of it. Ethereum, with their tendency to switch to Proof-of-Stake with over 70% of the coins being ICO-ed, is a perfect example. But, that opens a big discussion.

If I were you, I'd just begin reading this: https://www.lopp.net/bitcoin-information/getting-started.html

This learnings from what you experience is good to mirror already for your next action you made upon investing. For now since you are picking up yourself and trying to learn things I think what most better to do right now is to study how top coins flow then research more information what you can possibly see that can contribute for its possible pump so that you will be on your best position if you want to buy something. Also learn to read the chart trader should know this and this is one of our best indicator for our possible next action.

It's not a great situation, but this forum is a great place to start your learning experience before further investments. Also, don't dwell on your past mistakes, those are all lessons that can only benefit you in the long run (if you are willing to learn from them). And I would second the suggestion of first and foremost investing in BTC or ETH. Then from there, you will see what works and what doesn't.

After all the gold rush now I've made up my mind to start learning from scratch, I've come to realize that you can't take risk on everything without fully understanding what you are taking risk on, I made some mistakes that I want to share and I need some guidance, pls help me.

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

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.

3. Doge coin bringing huge profits to holders got into me and I thought every meme coins will do the same thing.

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.