Don't invest money you can't afford to lose out of greed. - page 3.

Distinctin

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Quote from: Davidvictorson on April 16, 2023, 07:14:48 AM

Quote from: Dzwaafu11 on April 10, 2023, 12:44:38 PM

I've noticed that a lot of people are entering the cryptocurrency sector to invest in one or two projects because they've heard that bull run is on away coming and that have many people have plans to invest a sizable sum of money in some way to ensure they don't miss the opportunities.

Tossing caution to the wind and investing in one or two projects without a strong foundation or community because of the expected bull run, which is predicted will offer potential for huge gains, would certainly result in loss and pain.

Quote

In fact, I would advise newbies to stay away from altcoins and only invest in Bitcoin in order to be on the safe side of the game, as there will be many shitcoins that will not recover after this bear market.

Although bitcoin is not immune to market swings, we strongly believe in it and advise beginners to buy in it rather than altcoins because it has withstood the test of time, multiple FUDs, backlash, and market crashes. It is still here and still rising.

Bitcoin is the only crypto coin who has survived more than a decade and obviously, that’s what made it more reputable and reliable compared to majority of altcoins that are eventually losing their value after a year or two of existence. So if you want to take the risk when investing, just stick to bitcoin and never be tempted to trust altcoins especially with their too good to be true promised goals. Altcoins may be profitable at first but it’s only bitcoin who will give you consistent profits throughout the years.

Luzin

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Quote from: Outhue on April 16, 2023, 07:29:11 AM

So OP, it's not all altcoins are bad for investment, and I started with both altcoins and Bitcoin, it's less fun for me if I can't figure out why one is better than the rest.

First I did crypto trading to accumulate more Bitcoin. I use BTC altcoin pairs to do that. I think I succeeded, I was able to earn more BTC and help me in financial matters.
There are standards of bad altcoin categories that should be equated. So if we lead to profits, then we can use bad category altcoins to make profits. But there is a note that there may have to be noted, don't hold back for long it is better to enter the profit and leave. We only take advantage of the moment, not the quality of the coin or token.

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Quote from: Dr.Bitcoin_Strange on April 10, 2023, 01:22:31 PM

Quote from: Dzwaafu11 on April 10, 2023, 12:44:38 PM

In fact, I would advise newbies to stay away from altcoins and only invest in Bitcoin in order to be on the safe side of the game, as there will be many shitcoins that will not recover after this bear market.

I wonder why a newbie would even want to invest in altcoins. Crypto newbies may not even be aware of how to look at a project white paper and identify if there are some tricky things with it. Newbies don't know fully well how to check the Twitter, Telegram, LinkedIn, Discord, and other social platforms of a project to decide if it's a project to risk their funds for. So newbies wasting their time on altcoins may result in the fact that they are just burrying their funds in a snowy environment that cannot melt when warmth comes. It is wise if newbies clearly stay away from altcoins. Even some experienced crypto enthusiasts sometimes get disappointed along the way when they try to take advantage of some altcoin pump and dump price manipulation.

We all have our differences and experiences, some people started their crypto investment with Bitcoin and some with altcoins, and the result will never be the same, in the crypto space, timing is everything, some buy Bitcoin and sell too soon, some buy and hold but failed to take profit when Bitcoin reached a new all-time high.

It's been several years now that I have been into crypto investment and I have made a lot of money from Bitcoin and much more from altcoins, I could easily say that I got lucky but that's not entirely true because I spent most of my time learning about crypto projects and what makes them better than the rest.

I choose some good altcoins and also some very bad ones, but this result reshaped me and I am getting more experience with crypto projects, once beaten am twice shy right? I can't open my eye and make the same mistakes over again, this time, I am much better than who I used to be.

So OP, it's not all altcoins are bad for investment, and I started with both altcoins and Bitcoin, it's less fun for me if I can't figure out why one is better than the rest.

Davidvictorson

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Quote from: Dzwaafu11 on April 10, 2023, 12:44:38 PM

I've noticed that a lot of people are entering the cryptocurrency sector to invest in one or two projects because they've heard that bull run is on away coming and that have many people have plans to invest a sizable sum of money in some way to ensure they don't miss the opportunities.

Tossing caution to the wind and investing in one or two projects without a strong foundation or community because of the expected bull run, which is predicted will offer potential for huge gains, would certainly result in loss and pain.

Quote

In fact, I would advise newbies to stay away from altcoins and only invest in Bitcoin in order to be on the safe side of the game, as there will be many shitcoins that will not recover after this bear market.

Although bitcoin is not immune to market swings, we strongly believe in it and advise beginners to buy in it rather than altcoins because it has withstood the test of time, multiple FUDs, backlash, and market crashes. It is still here and still rising.

Taskford

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Quote from: Smack That Ace on April 15, 2023, 09:45:29 PM

Quote from: uchegod-21 on April 11, 2023, 01:05:53 PM

...
However, altcoin investment isn't bad because it has made many millionaires in the cryptocurrency market. But where it becomes bad is when the newbies doesn't understand the risk behind it. But for he that understands the risk and abide by it, there's nothing wrong with altcoin investment.

Indeed, investing in altcoins is not all bad. I am also investing in them and believe that most people also invest in altcoins because nobody doesn't want a lot of money. But as a newbie, inexperienced, you should stay away from altcoins and only invest in them when you are knowledgeable and aware of the risks that it brings. We can't deny that altcoins are giving better returns than bitcoin these days, but to find altcoins that do, not everyone can. Investing in altcoins is interesting, but it's not for everyone.

It became bad if you invest without knowing the project. We need to do more research on the altcoins catch our attention to invest and also we also need to take out our greedy thoughts since sometimes greediness is one of biggest enemy which cause capital lost to some investors. If we just do the right thing we can really find altcoin investment is really fun and challenging.

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Quote from: uchegod-21 on April 11, 2023, 01:05:53 PM

...
However, altcoin investment isn't bad because it has made many millionaires in the cryptocurrency market. But where it becomes bad is when the newbies doesn't understand the risk behind it. But for he that understands the risk and abide by it, there's nothing wrong with altcoin investment.

Indeed, investing in altcoins is not all bad. I am also investing in them and believe that most people also invest in altcoins because nobody doesn't want a lot of money. But as a newbie, inexperienced, you should stay away from altcoins and only invest in them when you are knowledgeable and aware of the risks that it brings. We can't deny that altcoins are giving better returns than bitcoin these days, but to find altcoins that do, not everyone can. Investing in altcoins is interesting, but it's not for everyone.

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Quote from: Marykeller on April 10, 2023, 02:21:21 PM

In order to truly invest safely in crypto and relax, one should purchase bitcoin. Altcoin investment these days is no longer safe and secure. A popular altcoin may be scammed or compromised by hackers. Just yesterday, hackers broke into Sushi Swap, stealing around $3 million.
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I've been feeling horrible ever since I heard the news because no one can predict which other altcoins may be compromised by hackers tomorrow. It's a pity that crypto has now become a place, hackers can hack into and siphon people's money

That’s the reason why we should be more responsible for the security of our own account. Scamming has been rampant but we can avoid it as much as possible if we take precautionary measures on how to protect our account, and by not chosing altcoins for our investment, it will save us from these greedy scammers. And for us to be more safe, invest only what you can afford to lose, and stick to bitcoin and stay away from unestablished altcoins.

Uruhara

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but the irony is that most beginners invest more in altcoins. well they are tempted by quick profits and such. but in the end they realized that investing in bitcoin is less risky than in altcoins. and I think a lot of the senior members here had their first crypto experience from altcoins. but yeah it was a risky step they took. and as long as you only use money that you are ready to lose, it's not a problem. but the problem is that there are indeed many beginners who enter into direct investment on a large scale because they are chasing greed to get rich quickly.

And yes, this kind of advice is really needed so that beginners are more careful and not easily tempted by the lure of 10x 100x profits and the like. unless he has done a thorough analysis and also only uses money that he is really prepared to lose or lose. but in the end it is better to invest long term in bitcoin. and invest slowly and slowly. at least that's what i do for the long term. but yeah I admit that I also save some altcoins like Ethereum etc.

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Quote from: Finestream on April 13, 2023, 03:58:42 PM

The truth is we can’t stop people from investing their money into altcoins because the social media is telling them the opposite thing. And we can’t be certain too if they won’t really make it big with altcoins in the future since everything in the market is uncertain. Even bitcoin that is quite profitable these days might stop from rising in the future, no one really knows. But I believe if we can convince them to do DYOR first before investing, I guess that will help them to avoid losses in the future by not investing into too good to be true altcoins.

Well, what I have learned from this thread and based on what Zaguru12 said, I will not warn anyone not to invest in altcoins, but it's good to always let them know it's very risky to do so because there are lots of shady projects that just want to scam investors, and if they wish to invest, let them know they are doing so at their own risk, and like you said, it's uncertain that they may or may not make profit in the pump of the coin they have purchased. And perhaps if they do not buy a coin they were supposed to buy because someone advised them not to, and by chance the coin gets pumped, they will blame the person who advised them not to buy the coin when they wanted to.

My only concern with newbies investing altcoins on their first start is that if the project fails, it might give them a misconception about crypto entirely, and they may pass on such misinformation to their friends, which is not good for Bitcoin to receive a bad name for crimes committed by other shitcoins.

Finestream

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Quote from: Zaguru12 on April 10, 2023, 01:30:20 PM

Quote from: Dr.Bitcoin_Strange on April 10, 2023, 01:22:31 PM

I wonder why a newbie would even want to invest in altcoins. Crypto newbies may not even be aware of how to look at a project white paper and identify if there are some tricky things with it. Newbies don't know fully well how to check the Twitter, Telegram, LinkedIn, Discord, and other social platforms of a project to decide if it's a project to risk their funds for.

Funny enough The social media this days is one of the last places to go and do research on new cryptocurrency projects. Infact it was through social media promotions or hypes by celebrities that newbies have the narrative of getting rich quick through cryptocurrency. Some of these Alticoins have a very well established and even verified account to promote these projects that end up dumping.

I don’t warn People not to invest in all these alts because some of them turn out to have a great pump during the bull run I will always warn people that these alts are more less gamble to accumulate and shouldn’t be placed in same category as bitcoin. And one who is looking for an asset to invest in should stick to bitcoin only

The truth is we can’t stop people from investing their money into altcoins because the social media is telling them the opposite thing. And we can’t be certain too if they won’t really make it big with altcoins in the future since everything in the market is uncertain. Even bitcoin that is quite profitable these days might stop from rising in the future, no one really knows. But I believe if we can convince them to do DYOR first before investing, I guess that will help them to avoid losses in the future by not investing into too good to be true altcoins.

Obari

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This will only cause you heartbroken and might discourage your interest in investing in much longer it is better to start chasing bigger results even at their beginning of trade
Life is a stage meant to be followed gradually so as to crypto currency it is something you have to look at your standards before putting in your best efforts it is advisable to take risk but not the one you cannot bear the shock of you losing
Always understand that there is a tendency of you winning or losing

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Quote from: Dzwaafu11 on April 10, 2023, 12:44:38 PM

As a beginner, don't be overly eager to invest in any project without conducting your own thorough research.

This is always sounding as usual, but not all newbies follow this. Many of them are only in this investment because of high expectations about getting much money from the investment, without considering the risks or even about getting understood about crypto investment. Some of them also commonly consider that crypt investment is something that is easy to do. Whereas they are wrong enough, the crypto business is something that is risky and difficult to do. Moreover, if we are not doing any research and we are investing on it, this will give us very high risks and lose. But many beginners don't really pay attention to this. They sometimes put their money in more than they can afford and they are also sometimes deceived by scammers about fake investment to do.

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Quote from: Dzwaafu11 on April 10, 2023, 12:44:38 PM

In fact, I would advise newbies to stay away from altcoins and only invest in Bitcoin in order to be on the safe side of the game, as there will be many shitcoins that will not recover after this bear market.

As a beginner, don't be overly eager to invest in any project without conducting your own thorough research.

I used to be a big fan of altcoins until I got my portfolio busted when so many of these altcoins tun to shitcoins, many of us here are looking for the next big thing and we want not to be a whale but early birds of the coin that many of us think will be the next big thing like Ethereum, Binance and all the other coins on top when they are started out.
But the fact still remains that it's Bitcoin that still rules the market and it should be the coin that you have a large percentage in your portfolio.
Stop chasing quicksilver you will only risk losing your investment.

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Quote from: Ndabagi01 on April 11, 2023, 05:38:10 AM

Anyone who was introduced to cryptocurrency and told to invest in altcoins has just made a mistake that they will regret for the rest of their lives. Only bitcoin has the greatest chance of surviving market volatility. We've read and seen many people testify about how they sold their properties and invested the money in bitcoin, making a large profit. They may have invested what they can afford to lose while remaining financially stable.

If you come into the market as a newbie and invest everything you have, you may end up losing it all due to FOMO. Investing all you have in bitcoin could save you but that is not guaranteed if you’re in for a short time trade, a long time trade will be the best when you buy bitcoin the first time after making the mistake of investing all your savings. As a newbie in cryptocurrency, never invest all you got into crypto.

Investing in Altcoins is very risky and once Newbie fall in to a trap then for sure they will regret it in the end, I am not saying that all altcoin are scam but What I said is that nowadays out of 10 only 1-2 are legit and the rest of that are scam in order to make an easy money. So as a newbie we we need to be careful and don't let our greediness control our selves we need to focus and make a smart move before we invest.

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I agree with your opinion, because it's true, investing in crypto is very full of risks, so everything must be considered carefully, in essence beginners have to learn a lot first, before starting to invest in crypto or bitcoin. and never invest in bitcoin with the intention of trial and error, or speculation. because crypto (especially) even though many say speculative assets, but if it is accompanied by mature research and knowledge, all of that can be minimized.

GeorgeJohn

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Actually it's good advice to invest what you can afford to lose but some people does not take such advice, while some people invest in a large form is because of greediness, so they know that the higher the value of what you invest the higher the profits, so that's while many people choose to invest higher and not what they can afford to lose, its b
causes depression when they finally lose, so for investment, I can advice to venture into investment with your spare money.

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Quote from: Dzwaafu11 on April 10, 2023, 12:44:38 PM

I've noticed that a lot of people are entering the cryptocurrency sector to invest in one or two projects because they've heard that bull run is on away coming and that have many people have plans to invest a sizable sum of money in some way to ensure they don't miss the opportunities.

I want to use this opportunity to warn newbies not to be deceived by the idea of becoming wealthy quickly by investing a sizable sum of money that they cannot afford to lose in the cryptocurrency industry. They should be aware that no any crypto advisor will advise anyone to invest their entire life savings in any project that it will do 10x, since nobody can predict the future of crypto industry, and with that anyone who claim so, is a lier.

In fact, I would advise newbies to stay away from altcoins and only invest in Bitcoin in order to be on the safe side of the game, as there will be many shitcoins that will not recover after this bear market.

As a beginner, don't be overly eager to invest in any project without conducting your own thorough research.

DYOR before you invest, that way you will learn which coins have potentials for investment and which coins are seen weak and mostly not profitable. To make it safe, invest only in bitcoin. And when you invest, invest at your own risk. That means invest only what you can afford to lose, otherwise if you lose, you will suffer its consequences. And never invest with greed, that is a useless thing to consider in the first place.

nakamura12

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This advice is quite common and it's what most people advise to others. There are things that make people become greedy because of FOMO. When they see other people who share their experiences when they earn good profit from holding crypto for a certain time. Since there are people who can manipulate the price then they are most likely get fooled by it like what elon musk did with twitter and as you can see, many people are now asking if it's worth to own the coin that elon musk supported.

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Quote from: Zaguru12 on April 10, 2023, 01:30:20 PM

Funny enough The social media this days is one of the last places to go and do research on new cryptocurrency projects. Infact it was through social media promotions or hypes by celebrities that newbies have the narrative of getting rich quick through cryptocurrency. Some of these Alticoins have a very well established and even verified account to promote these projects that end up dumping.

I don’t warn People not to invest in all these alts because some of them turn out to have a great pump during the bull run I will always warn people that these alts are more less gamble to accumulate and shouldn’t be placed in same category as bitcoin. And one who is looking for an asset to invest in should stick to bitcoin only

Well, though I would also suggest inexperienced people to stay away from most of the altcoins as investing in them isn't less than gambling as you said, but sometimes these gambles are worth taking but only with very small amounts since they mostly provide a hell of a lot of tokens for only a small worth of your capital and it sometimes can hit the jackpot.

I say that because we have seen in the past where some altcoins had grown hundred folds just because of the hype from the communities and maybe also because of the buying pressure put by some unknown whales which were also results of the hype. Moral of the story is, they can pay off sometimes so they might be worth buying only with the smallest possible amounts.

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