Are you following very basic crypto rules?

TimeTeller

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Quote from: Viscore on May 28, 2022, 06:16:18 PM

Not only that you will invest in multiple coins but in different investments as well like stocks, bonds, real estate and even in gold. That way, if you lose in crypto, you will never experience such huge loss as you still have chances to make profits from your other investments. And yes, invest only on the amount you can manage to lose, although you can spend some of your life's savings but take only a portion of it and leave the rest for your other needs as well.

Yes, invest also outside the crypto market, much better in tangible assets like real-estate or gold.
Because if other fail, you have your tangible asset that you can see and hold.
Crypto market is still a very volatile one, so investing here is not an assurance that you will get your profits.
Those simple rules as stated by OP are easy to apply but some are ignoring them because they are after for high profits.

Viscore

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Quote from: The Cryptovator on May 14, 2022, 02:17:31 PM

The current hot topic is Luna. It's very sad that a lot of investors bagger due to Luna drama. The more sad thing is some people committed to suicide. Even in my country, it has happened. I will say think kind of situation occurs due to not following two very basic crypto rules. I know everyone knows these rules, but want to share again and remind you what would happen if you don't follow these rules.

1. Don't invest in crypto if you can't afford the loss.
2. Don't put your eggs in one basket.

It's pretty simple rules, I don't think here needs any detailed explanation at all. We should invest only what we can afford the loss. And shouldn't invest in one coin all of your savings. When you invest multiple coins that won't scam you at the same time. So follow the very basic crypto rules and don't commit suicide.

Not only that you will invest in multiple coins but in different investments as well like stocks, bonds, real estate and even in gold. That way, if you lose in crypto, you will never experience such huge loss as you still have chances to make profits from your other investments. And yes, invest only on the amount you can manage to lose, although you can spend some of your life's savings but take only a portion of it and leave the rest for your other needs as well.

panduryk

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Quote from: The Cryptovator on May 14, 2022, 02:17:31 PM

The current hot topic is Luna. It's very sad that a lot of investors bagger due to Luna drama. The more sad thing is some people committed to suicide. Even in my country, it has happened. I will say think kind of situation occurs due to not following two very basic crypto rules. I know everyone knows these rules, but want to share again and remind you what would happen if you don't follow these rules.

1. Don't invest in crypto if you can't afford the loss.
2. Don't put your eggs in one basket.

It's pretty simple rules, I don't think here needs any detailed explanation at all. We should invest only what we can afford the loss. And shouldn't invest in one coin all of your savings. When you invest multiple coins that won't scam you at the same time. So follow the very basic crypto rules and don't commit suicide.

Im think u should pin that rules on everyone monitor. Doing this rules 3 month and feel good, but when luna star dumping i became greedy, and invest in Luna more then 40% of my deposit and after short time the money turned to dust. 1 error and u loose money, so anyway its one more error that i should earn experience of it. Stay strong guys!

Dessy88

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My opinion one of the good point don't invest crypto if you can't afford the loss because there is no business in this world without losses but research and confidence are required to take risk. Also, if you lose money from crypto there is no chance of getting it back. but if your investment is right then it is possible to get rich. Plus you'll be getting rid of clutter you don't need, as long as you're able to recover.

LUCKMCFLY

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For now I don't understand the market well, I don't really see what could happen and I really don't want to get into gambling trading, because that would be it, I only like to do gambling and gambling when I go to one of my favorite casinos and have a balance available to lose in a slot machine, but I know that I am gambling and it depends on luck, but in trading I do not like to depend on luck, so in this case I am out of the market, I think that everything that is happening with BTC makes it very difficult other alts for trading.
So the basic rules that I follow is only one, that of BTC, as it is the King and it is going down, I will be totally away from the alts.

TheUltraElite

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So anyway, I applied as a merit source :)

I would say it's bitconnect all over again and other hyped coins that end up scamming it's userbase.

The truth remains that humans love taking risks without thinking of the consequences but profits only. The two rules OP said above are along with some others the basic things to be followed for any speculative trader.

But the funny thing is that most of the people who lost their money did know this, but the difference is that they never followed them.

Wakate

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Quote from: The Cryptovator on May 14, 2022, 02:17:31 PM

The current hot topic is Luna. It's very sad that a lot of investors bagger due to Luna drama. The more sad thing is some people committed to suicide. Even in my country, it has happened. I will say think kind of situation occurs due to not following two very basic crypto rules. I know everyone knows these rules, but want to share again and remind you what would happen if you don't follow these rules.

1. Don't invest in crypto if you can't afford the loss.

This is a major problem many crypto investors had been facing and it's a difficulty aspect that we need to fix. The more the project an investor makes, the higher the urge of investing more in that project or coin. This is a big challenge which had made many persons to lose big on an investment. Invest what you know you can afford to lose may be difficult to someone that had been making consistent profits from the crypto market.

Quote

2. Don't put your eggs in one basket.

We don't have to put all our eggs in one basket to avoid future damage to the basket. This is an investment and anything can happen any day any time. Luna is a good project from start but it ended to be out nightmare. Billions of dollars had been lost and we need to take further precautions to prevent this same heartbreak.

Silberman

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Quote from: isaac_clarke22 on May 19, 2022, 03:51:52 PM

Quote from: Silberman on May 19, 2022, 03:18:10 PM

~

Can't help people that are heavily influenced by emotions though. I mean why invest in the first place if you know that losses is nigh. Even if I was in a social circle of LUNA investors or whatever that is, I wouldn't be driven that much to these kinds of stuffs. I have my own gut feeling that this ain't gonna last long that much.
Unfortunately rationality disappears when it comes to these kinds of schemes.
It's mostly about the money now rather than everything.

True, but that tell us that a great deal of those that are trading or investing do not really have what it is needed to become successful at the markets and they are just wasting their time and money by pretending they can, it would be better for them to try to find an alternative way to make money, like creating a business, or maybe they should just invest in bitcoin and hold their coins no matter what instead of trying to find a good altcoin, something that is becoming harder and harder as times passes.

bitkanu

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I think many of the traders and us usually willing to just put all the money in one basket just to make us more focused in our investment and maximize the momentum, alas that's indeed a really bad decision in case of something like LUNA collapses happening we literally lost all of our investment.
It's true that it's better following a very basic cryptocurrency guide and advice because it just minimize the risk but in the case of this recent correction caused by luna, even if we spread our investment evenly across various altcoins, we still gonna lose anyway since almost all of the altcoins losing 90% of its value.

isaac_clarke22

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Quote from: Silberman on May 19, 2022, 03:18:10 PM

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Can't help people that are heavily influenced by emotions though. I mean why invest in the first place if you know that losses is nigh. Even if I was in a social circle of LUNA investors or whatever that is, I wouldn't be driven that much to these kinds of stuffs. I have my own gut feeling that this ain't gonna last long that much.
Unfortunately rationality disappears when it comes to these kinds of schemes.
It's mostly about the money now rather than everything.

Silberman

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Quote from: isaac_clarke22 on May 15, 2022, 03:38:29 PM

Quote from: The Cryptovator on May 14, 2022, 02:17:31 PM

~

Good thing I am not into these whatever Luna is/was. I just hope that people would someday think rationally to what they are about to get themselves into. I feel bad and sad for those people you mentioned that did the unimaginable due to this.
I guess the hype really got into them thinking that they'll be in their safe haven no matter what happens, but you know it is crypto and we're all aware that there are no guarantees in life.

What happens is that markets can be incredibly irrational, while in theory our movements should be very calculated with very defined intention, the truth is that only a small minority trades like that, the rest are heavily influenced by their emotions when they invest or trade and this exposes them to make all kind of mistakes that they would not make in other aspects of their lives, so this is what causes a project like LUNA to go up in value and then dump all the way to zero, if people were actually rational LUNA would have never gotten such a huge support from the community.

libert19

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Quote from: mindrust on May 15, 2022, 08:49:51 AM

Quote from: libert19 on May 15, 2022, 12:46:23 AM

Quote from: mindrust on May 14, 2022, 10:28:28 PM

Tbh luna was just another pump and dump shitcoin. What unique feature luna had over eth for example? I can't think of any. Then why did it exist in the first place? There are thousands of alts around and only a few of them are unique and decentralized. Monero for example is still the best anonymous coin and every other competitor is just a failure.

Explain how was it p&d shitcoin? Don't count current dump which is solely due to to ust.

Please explain luna's unique features which bitcoin and ethereum lack? If you can't explain then it means it was a shitcoin.

That would make almost all of crypto market classify as shitcoin, and tbf it is

WalkerIVIV

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It’s just some people are greedy and just bet on their whole life in order to make themselves rich thinking that they are the chosen ones that gonna be making the most out of the market
turns out they exists for simple reason of transferring their wealth to the big capital holders that causes this mess.
I’d say that in every investment instrument there is always these kind of outlier that definitely gonna sell their house for making a bet and as ridiculous as it sounds, it happened in so many people
the basic rules doesn’t really work with these people.

TribalBob

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Quote from: The Cryptovator on May 14, 2022, 02:17:31 PM

1. Don't invest in crypto if you can't afford the loss.
.

I don't think it's only in crypto, this provision applies to all investments, because it's already legal that if you invest in a place where you are at risk, you must accept the pluses and minuses of the consequences of that investment and don't ever assume that you will continue to profit in this crypto.

carlfebz2

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Quote from: The Cryptovator on May 14, 2022, 02:17:31 PM

The current hot topic is Luna. It's very sad that a lot of investors bagger due to Luna drama. The more sad thing is some people committed to suicide. Even in my country, it has happened. I will say think kind of situation occurs due to not following two very basic crypto rules. I know everyone knows these rules, but want to share again and remind you what would happen if you don't follow these rules.

1. Don't invest in crypto if you can't afford the loss.
2. Don't put your eggs in one basket.

It's pretty simple rules, I don't think here needs any detailed explanation at all. We should invest only what we can afford the loss. And shouldn't invest in one coin all of your savings. When you invest multiple coins that won't scam you at the same time. So follow the very basic crypto rules and don't commit suicide.

Majority is aware but there are instances or situations which emotions do really make out big influence on your overall decisions which it do really reach out into a certain extent that you couldnt get control or hold

of yourself which had been the case for some people despite of being aware on what are those crypto rules but there are situations which you cant really avoid on not to take action
specially if that risk taking of yours do really moves out which would really be resulting into these kind of unexpected kind of plans or actions which is something not that surprising.

Kavelj22

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Quote from: Alisha-k on May 14, 2022, 04:15:51 PM

Luna happen to be the most overhyped shitcoin in my area. It crash was like a shock to many investor in know and many didn't see the dip coming. This just one of the pump and dump coin with selfish interest from developers and influencers. Having diversified portfolio and minimizing risk would have reduced the panic but unfortunately it is already late

It is never too late because these principles are among the basics in the field of risky investments on the basis that a large profit requires a large investment as well.
Diversification of options in the portfolio greatly reduces the percentage of loss during periods of hard decline in prices, and this principle has proven effective in almost all cases and almost cannot be abandoned.

Marvell1

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Quote from: Jawhead999 on May 14, 2022, 11:18:04 PM

Even they didn't follow those basic rules you mentioned above, committing suicide is the most worst action that everyone must avoid it. Life is full of trial and error, if you never wanted an error in your entire life, there's no one never doing anything wrong and they're learn from that to become better. Though they invest all of their money in LUNA, at least they can still survive even they need become a beggar. It was a tough lesson and you will become stronger after making tough decision.

It's sad that suicides are related to cryptocurrencies, instead of choosing death to free, consider it as an expensive lesson that we must pay the price. If you lose money for investing in Luna then it's just money and part of life, money is not everything and there will always be a way back as long as we don't stop. As long as we are alive, there will always be opportunities to make money.

Hopefully after the Terra incident, investors will learn from the experience and should apply the basic principles when investing to avoid the worst.

Xal0lex

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Quote from: The Cryptovator on May 14, 2022, 02:17:31 PM

1. Don't invest in crypto if you can't afford the loss.
2. Don't put your eggs in one basket.

Diversification solves many problems. I see in this section that people often wonder how many altcoins to make up a portfolio. Some people think that they can make a portfolio out of 2-3 assets and that will be enough. My answer is NO. This is too risky a portfolio, more like a speculator's portfolio than an investor's. In order to minimize your crypto portfolio losses due to events like what happened with LUNA, your portfolio should contain at least 10 positions. I understand that for those who have little money, this option will not seem profitable at all, because let's say invest $500 in 10 projects and the amounts will be ridiculous. But this is exactly the mistake of such beginners, which describes OP, they will choose $ 500 in 1 project, because the profit of $ 500 seems more than the profit of $ 50.

isaac_clarke22

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Quote from: The Cryptovator on May 14, 2022, 02:17:31 PM

~

Good thing I am not into these whatever Luna is/was. I just hope that people would someday think rationally to what they are about to get themselves into. I feel bad and sad for those people you mentioned that did the unimaginable due to this.
I guess the hype really got into them thinking that they'll be in their safe haven no matter what happens, but you know it is crypto and we're all aware that there are no guarantees in life.

Silberman

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Quote from: The Cryptovator on May 14, 2022, 02:17:31 PM

The current hot topic is Luna. It's very sad that a lot of investors bagger due to Luna drama. The more sad thing is some people committed to suicide. Even in my country, it has happened. I will say think kind of situation occurs due to not following two very basic crypto rules. I know everyone knows these rules, but want to share again and remind you what would happen if you don't follow these rules.

1. Don't invest in crypto if you can't afford the loss.
2. Don't put your eggs in one basket.

It's pretty simple rules, I don't think here needs any detailed explanation at all. We should invest only what we can afford the loss. And shouldn't invest in one coin all of your savings. When you invest multiple coins that won't scam you at the same time. So follow the very basic crypto rules and don't commit suicide.

Simple rules and yet a great deal of people do not follow them, personally one of my rules when I was a newbie was to not invest in altcoins no matter what, I decided to concentrate on bitcoin and nothing else and this has brought me good results, only once you gain enough experience then you can choose to deal with altcoins, but newbies do not want to do this as they think it limits them and they are not satisfied with the profits that bitcoin can bring them anymore, then they invest in a coin like Luna and then suffer the horrible consequences of doing so.

shinratensei_

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This is quite different. This is the developer's fault. Remember if luna blockchain already halted for two times to prevent the minting but why they have not done it during the hyper minting by the contract? I do agree if people can also afford the lose when they are betting into the risky investment but it's not all about investor's fault. You must also see even someone was doing nothing was loosing their life too. The LFG funds are not going anywhere.
The problem was on the developers and investors would always become the victim. That proves that luna was centralized blockchain caused by it can be halted to prevent the contract to mint more tokens.

SUPERSAIAN

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Absolutely I agree. If you do not have the mentality to trade in the world's toughest stock market, the result of not trading in these markets can be sad. Even if you trust most of your money in bitcoin and some altcoins, don't keep them all here. I totally agree with the second part you said, not all eggs are in the same basket. Even if the coin you will hold is stable coin, it is useful to keep it in different exchanges in your partition. For example, you can distribute your stable coins as usdt, busd and dai.

mindrust

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Quote from: libert19 on May 15, 2022, 12:46:23 AM

Quote from: mindrust on May 14, 2022, 10:28:28 PM

Tbh luna was just another pump and dump shitcoin. What unique feature luna had over eth for example? I can't think of any. Then why did it exist in the first place? There are thousands of alts around and only a few of them are unique and decentralized. Monero for example is still the best anonymous coin and every other competitor is just a failure.

Explain how was it p&d shitcoin? Don't count current dump which is solely due to to ust.

Please explain luna's unique features which bitcoin and ethereum lack? If you can't explain then it means it was a shitcoin. If it was just a shitcoin it wouldn't do much harm. It was even worse than a shitcoin. It participated in a major ponzi scheme. There are lots of shitcoins that rise and fall but none of them got that big before they fall. Years ago bitconnect did the same thing but it was much much smaller than LUNA.

sulis sudibyo

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Quote from: BitcoinGirl.Club on May 14, 2022, 02:29:00 PM

Quote from: The Cryptovator on May 14, 2022, 02:17:31 PM

1. Don't invest in crypto if you can't afford the loss.
2. Don't put your eggs in one basket.

Do not invest in pump and dump shit coins

don't invest in a project where one of the teams has had problems in the past. and don't try to buy coins/tokens that fall very deep. this rule is very important to avoid shit project.

Kunnu

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This is very sad to hear that some people committed suicide because of Luna crash I can understand their frustration how it feels when our hard working money vanished suddenly, it really gives shock anyway it's really surprising to see that people are investing their whole amount of money in crypto currencies even know the risk factors of this industry, people must avoid to being greedy in crypto space and consider to move carefully with responsible decisions.

libert19

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Quote from: mindrust on May 14, 2022, 10:28:28 PM

Quote from: libert19 on May 14, 2022, 09:30:52 PM

Quote from: BitcoinGirl.Club on May 14, 2022, 02:29:00 PM

Quote from: The Cryptovator on May 14, 2022, 02:17:31 PM

1. Don't invest in crypto if you can't afford the loss.
2. Don't put your eggs in one basket.

Do not invest in pump and dump shit coins

How exactly? Ust was reason for luna's downfall. On its own Luna was/is thriving dapp platform.

Tbh luna was just another pump and dump shitcoin. What unique feature luna had over eth for example? I can't think of any. Then why did it exist in the first place? There are thousands of alts around and only a few of them are unique and decentralized. Monero for example is still the best anonymous coin and every other competitor is just a failure.

Explain how was it p&d shitcoin? Don't count current dump which is solely due to to ust.

Kemarit

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Quote from: mindrust on May 14, 2022, 10:28:28 PM

Quote from: libert19 on May 14, 2022, 09:30:52 PM

Quote from: BitcoinGirl.Club on May 14, 2022, 02:29:00 PM

Quote from: The Cryptovator on May 14, 2022, 02:17:31 PM

1. Don't invest in crypto if you can't afford the loss.
2. Don't put your eggs in one basket.

Do not invest in pump and dump shit coins

How exactly? Ust was reason for luna's downfall. On its own Luna was/is thriving dapp platform.

Tbh luna was just another pump and dump shitcoin. What unique feature luna had over eth for example? I can't think of any. Then why did it exist in the first place? There are thousands of alts around and only a few of them are unique and decentralized. Monero for example is still the best anonymous coin and every other competitor is just a failure.

I guess no one saw it coming, specially from Luna CEO and founder. But as it fall from grace, now we understand that it is shitcoins anyway and maybe the intention from the very beginning is for pure pump and dump. So no, they can't be compare to ETH and all any other competition right now is just a copy cat version. So we should really be putting money that we can afford to lose as the risk is high for this kind of projects.

Gayong88

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It's pretty clear that our crypto assets will be safe if we follow these basic rules, but In theory this seems like an easy way to make money from cryptocurrencies but application-wise there are some potential pitfalls to keep in mind before jumping from exchange to exchange and their consequences. Simply Luna becomes a very important lesson to remember for everyone because we are all in crypto because we want to make a net profit on investing

Jawhead999

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Even they didn't follow those basic rules you mentioned above, committing suicide is the most worst action that everyone must avoid it. Life is full of trial and error, if you never wanted an error in your entire life, there's no one never doing anything wrong and they're learn from that to become better. Though they invest all of their money in LUNA, at least they can still survive even they need become a beggar. It was a tough lesson and you will become stronger after making tough decision.

mindrust

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Quote from: libert19 on May 14, 2022, 09:30:52 PM

Quote from: BitcoinGirl.Club on May 14, 2022, 02:29:00 PM

Quote from: The Cryptovator on May 14, 2022, 02:17:31 PM

1. Don't invest in crypto if you can't afford the loss.
2. Don't put your eggs in one basket.

Do not invest in pump and dump shit coins

How exactly? Ust was reason for luna's downfall. On its own Luna was/is thriving dapp platform.

Tbh luna was just another pump and dump shitcoin. What unique feature luna had over eth for example? I can't think of any. Then why did it exist in the first place? There are thousands of alts around and only a few of them are unique and decentralized. Monero for example is still the best anonymous coin and every other competitor is just a failure.

TravelMug

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I agree, this might sound like basic rules, but still very much effective and everyone can learn from it.

And now that we have the Terra debacle, we need to remind again about the dangers of not diversifying your portfolio here. Just imagine putting everything in Terra because so 'believe' in this project and suddenly it almost went to 0 and trading has been halted to previous further damages to investors/traders.

yazher

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These are golden rules in crypto and it's better to consider them before making any moves because these decisions can not be undone once you realized you choose the wrong coins to invest your money with. Therefore, it's important not to rush decisions especially when money involves. Today, the world is in crisis and it is better for us not to spoil our savings and choose the right way to invest them so that they will grow in the future. Nowadays, if we have a spare budget to invest in, it's better to put it in the top 10 coins in the market if we want to increase our chances to earn and saving our money from scammers.

libert19

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Quote from: BitcoinGirl.Club on May 14, 2022, 02:29:00 PM

Quote from: The Cryptovator on May 14, 2022, 02:17:31 PM

1. Don't invest in crypto if you can't afford the loss.
2. Don't put your eggs in one basket.

Do not invest in pump and dump shit coins

How exactly? Ust was reason for luna's downfall. On its own Luna was/is thriving dapp platform.

kurniawan05

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Quote from: The Cryptovator on May 14, 2022, 02:17:31 PM

The current hot topic is Luna. It's very sad that a lot of investors bagger due to Luna drama. The more sad thing is some people committed to suicide. Even in my country, it has happened. I will say think kind of situation occurs due to not following two very basic crypto rules. I know everyone knows these rules, but want to share again and remind you what would happen if you don't follow these rules.

1. Don't invest in crypto if you can't afford the loss.
2. Don't put your eggs in one basket.

It's pretty simple rules, I don't think here needs any detailed explanation at all. We should invest only what we can afford the loss. And shouldn't invest in one coin all of your savings. When you invest multiple coins that won't scam you at the same time. So follow the very basic crypto rules and don't commit suicide.

I almost never use money from real life, only money from bounties or trading, but losing large sums of money is painful. I still use the two rules, don't use money that you're not ready to lose and don't go all-in on one project.

dothebeats

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Quote from: BitcoinGirl.Club on May 14, 2022, 02:29:00 PM

Quote from: The Cryptovator on May 14, 2022, 02:17:31 PM

1. Don't invest in crypto if you can't afford the loss.
2. Don't put your eggs in one basket.

Do not invest in pump and dump shit coins

And don't try to take part in 'recovery programs' for a dead shitcoin. This is also pump and dump with extra steps. A lot of shitcoins have been doing this thing for years now, and they mask this activity with 'market recovery' to do another round of pump and dump to unknowing people who are gullible enough to fall for the trap.

Tellek Garing

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Holding you money in a decentralized coin like Bitcoin is the safe haven as far as cryptocurrency is concern, I hold 100% of my entire portfolio in Bitcoin and each time I get an altcoin in my portfolio I never feel comfortable until I get it converted to Bitcoin.

This give me peach of mind and safe my funds from the clutches of centralized actors who can twist the price of those altcoins even the stable coins just like what we witnessed with Luna which has become one of the biggest cryptocurrency crash for a long time in history.

noorman0

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[Nope]No hype delivers more than hope

Another rule, don't invest when you only hear good stories from someone. A small example (the part I quoted).
Because after all one's greed can overpower their own reasonable judgment. Sometimes the price of crypto moves beyond expectations and some lucky people get in before it starts to create confidence and influence as if they were reassuring others that it will continue.

ultrloa

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Quote from: The Cryptovator on May 14, 2022, 02:17:31 PM

The current hot topic is Luna. It's very sad that a lot of investors bagger due to Luna drama. The more sad thing is some people committed to suicide. Even in my country, it has happened. I will say think kind of situation occurs due to not following two very basic crypto rules. I know everyone knows these rules, but want to share again and remind you what would happen if you don't follow these rules.

1. Don't invest in crypto if you can't afford the loss.
2. Don't put your eggs in one basket.

It's pretty simple rules, I don't think here needs any detailed explanation at all. We should invest only what we can afford the loss. And shouldn't invest in one coin all of your savings. When you invest multiple coins that won't scam you at the same time. So follow the very basic crypto rules and don't commit suicide.

For us who experience losses from the past yes we can say that we already follow this rules because we already know the end point of taking so much risk for investing on single particular project.

But for newbie I believe not because most of them easily got hype or get FOMO for certain project especially when they see something huge money offer to them if they participate on what their friends or people told them.

BitcoinGirl.Club

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Farewell LEO: o_e_l_e_o

Quote from: Oshosondy on May 14, 2022, 04:37:46 PM

To be serious about this, nobody expected Luna to be a pump and dump coin. I hope people should be wiser by this time not to invest on altcoins unless they see it as gambling and be treated as gambling.

This should be a great example that no crypto except bitcoin is safe. If anyone really wants to be in crypto then be in bitcoin, as simple as it is. Just imagine this, if there were no bitcoin then would there be any crypto. No. So why play with fake digits when you have the real one for you. It's not that you have to have a whole bitcoin.

You want to buy $10 worth of crypto? Buy bitcoin.

BIT-BENDER

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I don’t think many have been following the rules because many of this newbies has been guilt of crimes like borrowing money to invest in Crypto-currency, virtually almost every newbie thinks crypto-currency is a get rich scheme that why they are Willi to even borrow to get into it, that’s where the dip comes in, with drops in coin like Luna this has had many questioning the truth in the fact that crypto-currency can make anyone rich, so it about that time every newbies follow the basic rules of not their experience here would have terrible consequences.

Oshosondy

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Gamble responsibly

Quote from: The Cryptovator on May 14, 2022, 02:17:31 PM

It's pretty simple rules, I don't think here needs any detailed explanation at all. We should invest only what we can afford the loss.

I only apply this rule to trading, not investing. I have almost all my money in bitcoin and I convert some to stable coins sometimes and back to bitcoin. Is this risky? I think it is worth going for than holding fiat.

But the rules applies to altcoins because some altcoins are just shitcoins and a good one just like how Luna was before it become a shitcoin, we can say altcoins is like you are gambling so should treated that way. There is still nothing bad to invest 10% of my bitcoin on altcoins, out of 10% taken, some should be profitable, but this will be after a significant bear market which I am still expecting. After bull market, converting it from altcoin to bitcoin is not bad because altcoin falls significantly than bitcoin.

Quote from: BitcoinGirl.Club on May 14, 2022, 02:29:00 PM

Do not invest in pump and dump shit coins

To be serious about this, nobody expected Luna to be a pump and dump coin. I hope people should be wiser by this time not to invest on altcoins unless they see it as gambling and be treated as gambling.

Alisha-k

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Luna happen to be the most overhyped shitcoin in my area. It crash was like a shock to many investor in know and many didn't see the dip coming. This just one of the pump and dump coin with selfish interest from developers and influencers. Having diversified portfolio and minimizing risk would have reduced the panic but unfortunately it is already late

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Quote from: The Cryptovator on May 14, 2022, 02:17:31 PM

1. Don't invest in crypto if you can't afford the loss.

This should be; don't invest in anything more than you can afford to lose. Investments bear a certain level of risk, with the possibility of losing your investment. Do not put in more than you can spare.

Also, do your damn research. Not every asset or currency should be bought; that's not diversification, it's simply creating more ways you can get burned out.

BitcoinGirl.Club

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Farewell LEO: o_e_l_e_o

Quote from: The Cryptovator on May 14, 2022, 02:17:31 PM

1. Don't invest in crypto if you can't afford the loss.
2. Don't put your eggs in one basket.

Do not invest in pump and dump shit coins

The Cryptovator

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The current hot topic is Luna. It's very sad that a lot of investors bagger due to Luna drama. The more sad thing is some people committed to suicide. Even in my country, it has happened. I will say think kind of situation occurs due to not following two very basic crypto rules. I know everyone knows these rules, but want to share again and remind you what would happen if you don't follow these rules.

1. Don't invest in crypto if you can't afford the loss.
2. Don't put your eggs in one basket.

It's pretty simple rules, I don't think here needs any detailed explanation at all. We should invest only what we can afford the loss. And shouldn't invest in one coin all of your savings. When you invest multiple coins that won't scam you at the same time. So follow the very basic crypto rules and don't commit suicide.

Topic: Are you following very basic crypto rules? (Read 341 times)