Topic: Back then and Now, lesson learnt - page 4. (Read 936 times)
The word lesson learnt goes a long way in the crypto currency space today; it means that we have survived a dump, or missed out on a valuable project; and we have taken a step back to find out why, fix it, and then proceed to make the most of today; be researching and having a better knowledge of crypto currency. Everyone should do this, be it a trader, bounty hunter or an hodler.
It is sad to see that people learn the hard way by wasting time and money on obviously useless projects and coins, i am not singling out anyone so do not feel bad we are all in the same league and have been scammed in one form or the other, so for newbies who are entering the market i will just suggest to stay in btc because you will not be able to absorb all market data instantly rather it will take a lot of time so till you learn and know the facts fo not take a leap and invest in shiny looking coins it is a friendly suggestion.
Most of the project in the market are mostly for short term, the team do not have the intention to maintain this project long term, this is among the reason why some coins will just appear to be dead or completely dead and abandoned, they have already achieve their goals and will leave the project,
So it is very necessary to always do a bit of research and ensure that the team behind the project are active, project have a good approach in blockchain with a use case.
So it is very necessary to always do a bit of research and ensure that the team behind the project are active, project have a good approach in blockchain with a use case.
Thanks for this information, atleast it's a wake up call for newbies and every other person to do research before investing his or her time and money in any project and to know that some projects are just for profit taking while some are for long term hold, so choose wisely and know what to hold.
besides the use case, there are many more that we must pay attention to if we want to buy or mine new coins. such as the soft cap and hard cap from the development team that sometimes they give false info, then where will they slag their coins. because in the end the coin will be successful if it is successful in listing to an exchange that has a high market cap and a high coin exchange rate. luqidity is also very important here.
Mistakes will help us to find out new things in crypto, of course, even I have faced many challenges while choosing crypto and lost a lot of money.
Learning from how you experienced things will give you much better looks with another project to invest your money and time. With such
previous mistakes you'll be able to enhance your criteria in picking your participations.
Instead of investing in ICO's and IEO's better trade already listed coins which have already launched their main net and it will help the coin to generate some decent volume.
There also traders who do both, while investing with IEO's they also dealing with trading.
Over years, have learnt my lessons regarding holding altcoins, held alot of altcoins 3 years ago in which worth nothing currently, I was holding with the mindset it will pump more and I will later cash out big, not knowing the project is not a solid one to hold for a long time. I hope newbies learn from this, anytime you earned token that worth something in the current market, is better to sell it and invest the cash made from it on top coins.
Mining new coins can be profitable at times but make sure you are selling them off instantly as you are getting paid, mine new coins to sell don't mine to hold, you can easily convert them to Bitcoin or litecoin, most new coins never planned to stay long, they are just short term opportunities
The problem is when your coin is not even listed on a single exchange site and how you able to sell your coin? this is the main question caused by mostly new coins that already mined have not yet traded on the exchange site. You should aware if these even have a lot of possibilities to be rejected by exchange site. 
Mining new coins can be profitable at times but make sure you are selling them off instantly as you are getting paid, mine new coins to sell don't mine to hold, you can easily convert them to Bitcoin or litecoin, most new coins never planned to stay long, they are just short term opportunities
The problem is when your coin is not even listed on a single exchange site and how you able to sell your coin? this is the main question caused by mostly new coins that already mined have not yet traded on the exchange site. You should aware if these even have a lot of possibilities to be rejected by exchange site. I don't know if some newbies are still doing this today, if you are you'd better stop right now. Many new coins can be easily mined through a single CPU or GPU but 90% of them are trash coins, you need to understand how important use cases are.
In the old days, three to four years back I was so obsessed with new coins simply because they are easy to acquire, mining them is easy and difficulty are low, this got me blind so I started mining coins without getting into good research first, I ended up with coins like
1. MarketCash
2. NiobioCash
3. Worktips
4. Spotme
5. Gadcoin
And so on.....
These coins are all dead or useless right now, few are trading back then but I was too dump to sell and buy better coins.
Today I asked myself why did I do that back then, I guess it's because I never knew the difference of high quality projects and why some coins make it to top 100, If you are reading this make this your targets
The importance of real use case
These coins are all trading in the past, you should have sell them for better coins, why did you hold them? They aren't that good for long term holding, these coins are perfect for those who don't have high end mining setups, you can easily mine them with mediocre CPU and GPU, anyways you've learned your lesson and that's the most important In the old days, three to four years back I was so obsessed with new coins simply because they are easy to acquire, mining them is easy and difficulty are low, this got me blind so I started mining coins without getting into good research first, I ended up with coins like
1. MarketCash
2. NiobioCash
3. Worktips
4. Spotme
5. Gadcoin
And so on.....
These coins are all dead or useless right now, few are trading back then but I was too dump to sell and buy better coins.
Today I asked myself why did I do that back then, I guess it's because I never knew the difference of high quality projects and why some coins make it to top 100, If you are reading this make this your targets
The importance of real use case
Mining new coins can be profitable at times but make sure you are selling them off instantly as you are getting paid, mine new coins to sell don't mine to hold, you can easily convert them to Bitcoin or litecoin, most new coins never planned to stay long, they are just short term opportunities
I hate to break this to you, most new mining coins are built by upcoming developers who aren't pro yet, they are just testing out how to make coins works and in the end they pump and dump the coins, that's the end, no more development or such.
I don't know if some newbies are still doing this today, if you are you'd better stop right now. Many new coins can be easily mined through a single CPU or GPU but 90% of them are trash coins, you need to understand how important use cases are.
In the old days, three to four years back I was so obsessed with new coins simply because they are easy to acquire, mining them is easy and difficulty are low, this got me blind so I started mining coins without getting into good research first, I ended up with coins like
1. MarketCash
2. NiobioCash
3. Worktips
4. Spotme
5. Gadcoin
And so on.....
These coins are all dead or useless right now, few are trading back then but I was too dump to sell and buy better coins.
Today I asked myself why did I do that back then, I guess it's because I never knew the difference of high quality projects and why some coins make it to top 100, If you are reading this make this your targets
The importance of real use case
In the old days, three to four years back I was so obsessed with new coins simply because they are easy to acquire, mining them is easy and difficulty are low, this got me blind so I started mining coins without getting into good research first, I ended up with coins like
1. MarketCash
2. NiobioCash
3. Worktips
4. Spotme
5. Gadcoin
And so on.....
These coins are all dead or useless right now, few are trading back then but I was too dump to sell and buy better coins.
Today I asked myself why did I do that back then, I guess it's because I never knew the difference of high quality projects and why some coins make it to top 100, If you are reading this make this your targets
The importance of real use case
I believe that you did everything right, you wanted to earn money and for this you chose a lot of different projections and cryptocurrencies. It is worth noting that earlier the crypto sphere was only gaining momentum and almost all coins gave good profit, but there is a moment. Many, including you, were waiting for a huge income to get rich and therefore kept these coins. Now they are worth nothing and you have not received the expected profit. I went the other way. I participated in various companies and immediately sold the coins I received. He left only a small part and did it right. It gave me the opportunity to make good money. I think that waiting too long is also bad.
Do not feel so bad because at least, you tried mining with your resources and the only problem(not a problem though) is that you didn't sell at the right time hoping you would make profit it in the future just like some early miners of bitcoin. I would have done the same too.
You could try mining big coins if you have enough mining power to mine some coins though you will be needing a big budget to get that set up.
You could try mining big coins if you have enough mining power to mine some coins though you will be needing a big budget to get that set up.
Back then, very few will focus their research on the use case of the coin. So I really don't blame the OP as we had that kind of thinking before. But then more and more coins were launched and turned out to be crap. And so most of us learned lessons from these crap projects.
you are absolutely right. Op and people who did (or do) the same don't have to blame themselves for such mistake - crypto was absolutely unknown territory for each of us and no one knew whats going to happen now we have the knowledge so gotta make less mistakes
Its because 4 years back even if the coin is new and mostly the code is a copy-paste from another project it will still get listed in exchange and will have value for a couple of months before it dies, pump and dump coin is a popular tactic back then before the Scam ICO fiasco even started.
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The biggest mistake you can do when mining new coins is planning to hold them, whether they are good or not it's better to exchange them for bitcoin or Ethereum once you receive the coins from pools you using to mine, do not plan to hold new coins because they can stop working at any time
Many new coins don't have a good price or don't have a market, so how can he exchange them for bitcoin or ethereum. Suppose he needs to hold for a while until the coin has a price, so he can directly send it to the exchange once he can get a large amount. But think about how long he can start mining until he can have a large amount, maybe that is not worth doing. Well, we can only suggest to him, but the final decision will be at on him.
It's easy to create a coin because some coins are open sourced you can create your own or if you do not know much about coding you can hire coders to create you a mineable coin, because of this we have hundreds of mineable coins in the past, with no purpose but to clone Bitcoin, Dogecoin and Litecoin are lucky to have survived but other coins with no purpose are now dead.
The biggest mistake you can do when mining new coins is planning to hold them, whether they are good or not it's better to exchange them for bitcoin or Ethereum once you receive the coins from pools you using to mine, do not plan to hold new coins because they can stop working at any time
Yes, holding new coins is indeed not a good solution at this time, because new coins do not yet have a strong foundation to survive in the long run, so the best solution is to exchange them with other top Bitcoin and Altcoin such as USDT and ETH, because they are much better than on new coins at this time.
Mining can be frustrating but it's not a danger and you'll learn something from your mistake. It's not bad to try mining at all.
The danger I see for newbies are cloud mining. In realitythere are only a few legit services that are still providing cloud mining to people and they are not profitable.
But there's always an interest on newbies about cloud mining which is driven by the hyips that comes up with aggressive advertisement. Newbies should stay away from cloud mining at every conditions.
The danger I see for newbies are cloud mining. In realitythere are only a few legit services that are still providing cloud mining to people and they are not profitable.
But there's always an interest on newbies about cloud mining which is driven by the hyips that comes up with aggressive advertisement. Newbies should stay away from cloud mining at every conditions.
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