Topic: Buy wisely not because of anybody. - page 2. (Read 362 times)

For long-term investment I think Bitcoin is still an unquestionable choice,
in this bearish condition the price is still going down and we have to be patient to hold it,
when it's bullish it's not impossible that the price of Bitcoin will rise again

Useful advice, invest with your own knowledge and never listen to anyone's advice especially celebrities, who know nothing about cryptocurrencies. Celebrities are good, but they are only good at their field and not with cryptocurrencies. If you see a very popular singer suddenly promoting a project, immediately think that they are doing it for the money, not for you.
We need to remember that money is ours, so we must be responsible for our money, once lost, no one can return it to us.

True that. Some people still mistake investing in other Altcoins like investing in Bitcoin. There is an above 80% that your investment in Bitcoin is going to give you more profit that investing in any other Altcoin for a long time. Yes, there might be a risk with every investment, and not that it could not happen in Bitcoin investment too but it is safer everything being equal cos I believe that we can all agree that the day Bitcoin fall, so is every other Alt.

This has been the advice being posted in this forum for many years , as I have posted similar quote many times that never fall from other words where and when to invest instead do it your own and with precaution because if not? then consider yourself as forever loser.

The reason is because Bitcoin has been proven and able to rise to a higher price despite the many negative issues or FUD that befell it. Saving money in Bitcoin is more comfortable than collecting some Shitcoins whose future is not clear, even if you buy Bitcoin without any plans for the long term, Bitcoin can still be relied on for a long time.

This is what we are supposed to do but people don't even think about learning first as in their minds is to earn profit and make rich instantly. And a reason why most newbies fall into scam projects and make them say that crypto is a scam. Knowledge is very important here, though losing is avoidable due to high volatility but choosing potential coins seems to minimize it and could somewhat assure something in the future like if you are investing in Bitcoin.

There's many new scam coins created just to follow the current trend including those fraudster who create Queen Elizabeth coin. Don't get trapped by such charity or get rich quick scheme, those are bullshit and a red flag that everyone should stay away when they see such projects.

My advice is, if you want to start invest in cryptocurrency, make sure you learn about Bitcoin and get educated enough. This will make you to understand what is Bitcoin and why you can trust Bitcoin. Choosing other cryptos is wasting of time IMO.

Even if there's no funding, a developer can create his own token as long as he can deploy that and easily do it on his own share.

This is common for most projects, they think that they can attract more investors just because they've hired a celebrity that would Tweet or post the project that they have. But technicality, these celebrities are ignorants because usually they just advertise it without knowing if the project is legit or a scam, it's proven because it happened in the past so many times with different celebrities. But it's an increasing number for celebrities that are starting to know more about crypto and crowd funding.

Actually tokens are quite cheap to create, practically free. In fact that is why shit-platforms such as ethereum were created to let people easily create virtual assets out of thin air for basically no money and then sell it to any idiot who would buy them for a massive profit.

One thing that newbie should always remember "crypto investing doesn't always offer profits", there are always two sides to it, losses and advantages. Shitcoin has a greater risk of loss, especially since the coin has very weak fundamentals in the market. We've seen some celebrity launched coins are unreliable, more risk than profit. Most of them (celebrities) just want to accumulate wealth by exploiting the ignorance of investors in the crypto field. After accumulating enough money, they would immediately leave it without caring about the future of the coin it worked with.
Bitcoin is a good investment medium for newbie, I highly recommend Bitcoin for you and other newbie.

Related to celebrity shilling: https://www.coindesk.com/business/2022/10/03/what-is-ethereummax-inside-the-crypto-kim-kardashian-lost-12m-promoting/

Facts. Actually celebrity that promoting scam crypto and NFT are now being chased by the authorities since this illegal. Kim Kardashian is one of them that get the taste of his own medicine for promoting scam NFT. Most of the celebrity doesn't think about the welfare of there fans that will purchased tokens due to there influence. Celebrities ain't crypto or financial expert so they are not a good source of financial advice.

---

Is there still any newbie keeps buying random shit just because celebs promotes it? If you are still doing this kind of shit then you need to grow up. 

One need to know this when it comes to cryptocurrency investment most especially altcoin you must do your research and rely on them to make better decisions. If you follow the trend blindly you may get burned.

I like your advice ops and this advice is not only applicable to newbies alone but to every other member of the cryptocurrency community.

There is a statement about the investment that is right at all times, which never follows anyone's advice and always risks what you can afford to lose.

Thats when you get burned when you followed a shill blindly. Great advise, but some newbies or even degen players dont usually mind if the project is heavily shilled or promoted. They also knew that those influencers are paid and have bag of what they are posting. They just riding the potential gain which sucks for newbies who will bought late. Cause what would happened is simply they will become the liquidity of those guys and got stuxk at the bottom and will end up with a lower price of their entry. Soon turn to rug or drained liquidty.

Great advice OP. I think celebrities are supposedly the last set of people to actually believe when it comes to cryptocurrency. The entire Social media isnt even advice to rely on, we could see how Terra Luna and DOGE where hype and later failed. Senior members of this great forum have even warn of investing in a coin even if a forum member preaches its potential. The best advice to any newbie trying to invest is to Do your Research or rather just limit it to investing in Bitcoin only

Hello to everybody! Since I am a newbie , I would love to share this with my other newbies because I firmly feel that we are the ones who fall prey to ignorance the majority of the time.

Please let us be cautious when choosing which coins or tokens to buy. I've found that most of us newbies simply buy because others are doing so, believing that the coin or token will continue to have more value as it was introduced by someone we  love so much until they discovered it end up in nothing but only scam.

Always keep in mind that anyone can generate cryptocurrency coins or tokens as long as they have the funding to do so.

 Use of celebrities to mislead us.
After creating coins or tokens, their goal is to recover and double the money they invested. To do this, they use various strategies to make it appealing to people and promote it on various social media platforms, likely using celebrities.
Celebrities are sometimes used by new initiatives to draw attention by giving the impression that they invested a certain sum of money and received a return on it, but this is a lie—the celebrities actually work for the projects because he/she have been paid bfor it.

Please resist the urge to buy any token or coin because of your passion for a particular celebrity. Before you purchase any of these tokens, do further research. Always remember that even celebrities are after money. Allow yourself to be guided to avoid scam projects.

Source : https://www.bbc.com/news/technology-63116235