Topic: I fell for FOMO (Read 603 times)
After the full year plus dump, one thing I've learnt is waiting the market out as the cycle repeats itself. I fell for FOMO too bought some Alts early April I'm 60% down from my entry.
2018 clearly showed that it is better to get rid of fomo forever. You can not fall in love with the project, you must always follow your strategy otherwise you will get the money.
First, I think this should have been posted at the altcoins mining section. Now, back in 2017, I also got involved in mining and the bear market caught up as well, rendering my investments into losses. I do not lose hope. I believe mining will still be profitable again and its getting better as the bull run commences.
Mining is no doubt profitable. It had been something that require a once time cost and then some running cost but the amount of money you make in mining is more than what you spend in mining. During the bulls, miners have great market as their value rise up dramatically. In addition, you just need to be worried about the cost of electricity and a wise mind would now think about some sustainable mining as well. 
This year there were good coins for mining, my rigs has long paid off, if you have inexpensive electricity, you can normally earn. Of the last interesting for example was Zilliqa.
Currently mining coins requires large capital but with not so good results, it is only a little profitable if we are lucky to choose the right coins.so I think it's better to invest because even though they have almost the same risk but more in my opinion it's easier.
we just need to wait for the good news and the coins we have are likely to rise.
You are NOT alone in this. It happens even to the best of us in this industry. FOMO has to do with emotions and only a few are blessed with the ability of keeping their emotions in check and actually making rational and logical decisions when faced or challenged by their emotions. Watching a coin/token rapidly increasing in price could be massively tempting and that could be a pull too difficult to resist.
This year there were good coins for mining, my rigs has long paid off, if you have inexpensive electricity, you can normally earn. Of the last interesting for example was Zilliqa.
You are just saying this because the current situation of the market is bearish. When the bull run happens, mining will be profitable once again. Now the question is when will the bull run happen.
Nobody knows when it will happen but one thing is for sure, IT WILL HAPPEN anytime so if you are mining at this moment just continue to mine because there will be a time that you will get your profit because mining altcoins are profitable because they are more volatile compare to Bitcoin.
What you are saying is true but big miners had the chance of mining during the moment when the market was bullish and probably sold their coins at that moment meaning they have a huge amount of cash in their pockets which they can use to absorb any losses they may have now, but if you began mining just before the market crashed then that means you do not have those cash reserves and it will be way more difficult to keep mining for a loss for long. Nobody knows when it will happen but one thing is for sure, IT WILL HAPPEN anytime so if you are mining at this moment just continue to mine because there will be a time that you will get your profit because mining altcoins are profitable because they are more volatile compare to Bitcoin.
I think you're not using the right equipment and not mining the right coin because mining is still very profitable. Maybe you need to sell those devices and research about profitable mining equipment and profitable coins to mine before getting involved again.
Back in December 2017 when mining coins are still damn profitable a friend told me about how much he was making from mining and I decided to check it out, I was hooked and I can't keep my mind off it so I venture into setting up my own, the first coin I started mining was electroneum but unfortunately I wasnt able to recover half of ROI back before bears take over the market and now mining seems hopeless, my question to miners like me out here is how are you guys managing? Will mining be profitable again when bulls return???
I think its still profitable after bitcoin price increase to $5000. But compare 2017, its more profitable for miner in 2017 because bitcoin price above $10k. But it also depends on electricity costs and I think it is still profitable even though it is less than before
Back in December 2017 when mining coins are still damn profitable a friend told me about how much he was making from mining and I decided to check it out, I was hooked and I can't keep my mind off it so I venture into setting up my own, the first coin I started mining was electroneum but unfortunately I wasnt able to recover half of ROI back before bears take over the market and now mining seems hopeless, my question to miners like me out here is how are you guys managing? Will mining be profitable again when bulls return???
Mining is still profitable but depending on what types of coin you gonna mined, FOMO are everywhere and it happens to all types of opportunities, but i were you, i should not try if you have a limited amount of knowledge you have, id rather do trading than mining, mining takes time and effort, while trading is somewhat kind of energetic and excitement, but remember, trending is a friend of trading.
I fell as well to fomo and rushed the then xmrg moneto gold token on coinexchange.io only to be left red faced
As they ended up as a scam exit and went away with my investments
But I have learnt which is all that matters; learn the lesson, move on and be better than before
You should not rush to buy shitcoin dude. Why you buy monero gold when you are able to buy a real one like monero? Anycoin that called themselves as the fork from the major coin is a scam and mark my words. i hope you can learn from there. Fork coin is a scam. As they ended up as a scam exit and went away with my investments
But I have learnt which is all that matters; learn the lesson, move on and be better than before
Holding on to all the proceeds from mining is the best way I do now as a miner. I believe a bull will be present someday and when that happens we just need to harvest the results from our mining that we have been holding.
Maybe out there many people decide to stop mining because they think that when bearish market conditions like this they do not make any profit except the losses they get because the mining process costs are not balanced with the results of mine. However, I do not recommend such a thing because after all if we are not patient to wait for the right time then the mining results will not be profitable.
Maybe out there many people decide to stop mining because they think that when bearish market conditions like this they do not make any profit except the losses they get because the mining process costs are not balanced with the results of mine. However, I do not recommend such a thing because after all if we are not patient to wait for the right time then the mining results will not be profitable.
I fell as well to fomo and rushed the then xmrg moneto gold token on coinexchange.io only to be left red faced
As they ended up as a scam exit and went away with my investments
But I have learnt which is all that matters; learn the lesson, move on and be better than before
As they ended up as a scam exit and went away with my investments
But I have learnt which is all that matters; learn the lesson, move on and be better than before
Back in December 2017 when mining coins are still damn profitable a friend told me about how much he was making from mining and I decided to check it out, I was hooked and I can't keep my mind off it so I venture into setting up my own, the first coin I started mining was electroneum but unfortunately I wasnt able to recover half of ROI back before bears take over the market and now mining seems hopeless, my question to miners like me out here is how are you guys managing? Will mining be profitable again when bulls return???
I started to mine ethereum by the same time you've mentioned. By that time it calculated to give an earning of 0.5eth after meeting all my electricity bills. Later as the price began to drop I was unable to settle my electricity bills, further I shut the mining rig. Hope the price will recover so that somehow I can get back the investment back.We just have to wait for the market to recover completely, so that we can have more demands, then miners will definitely get back to business, so it means that everyone in crypto as a role to play, spread the good news always so it can get to those that we need to push the price of Bitcoin into the bull run, especially, large scale institutions.
Well, if there is a bull, the profit will cover the costs. But now is not the time for home farms. Who would not say, I think that this is not profitable for many years. A small profit in the replacement of the permanent control equipment, with the risk of fire. I think that there are many ways and without production.
Don't worry about it. I think all of us here at some point fell for it. Some of us got lucky and fell for it early, and made good profits. Some of us missed boats it was just a matter of luck and timing not so much skill.
Mining can be profitable for alts I think so, but only long term. IT isn't like Bitcoin where you sell as you mine, because it is cheaper you mine and hold hoping for even 5% increase in price to make up for the cost.
Mining can be profitable for alts I think so, but only long term. IT isn't like Bitcoin where you sell as you mine, because it is cheaper you mine and hold hoping for even 5% increase in price to make up for the cost.
Way back to 2017, the situation was different and we need a different level of crypto ecosystem versions. Fomo is good in the bull markets and missing the key answer is the best answer to the FOMO.
Its great to enter in a bull but the risk is high and you don't know if the price will stop to pump. FOMO is not good at all, because it looks like you are panicking to buy and you don't have any study about that coin and the result will too costly for you. Many newbies are trap on the peak because of FOMO, they don't even have the chance to sold their token because they don't have a plan so its risky and better not to feel FOMO again. 
Back in December 2017 when mining coins are still damn profitable a friend told me about how much he was making from mining and I decided to check it out, I was hooked and I can't keep my mind off it so I venture into setting up my own, the first coin I started mining was electroneum but unfortunately I wasnt able to recover half of ROI back before bears take over the market and now mining seems hopeless, my question to miners like me out here is how are you guys managing? Will mining be profitable again when bulls return???
I understand that it is really getting difficult for miners to really make profit now because of the bear market situation, but now that we are gradually leaving the red arena, I think miners should start seeing some improvement, especially when mining the major coins responding to the green market.You know the coin being mined too matters in this, Though BTC is very quiet capital intensive to mine now and very costly, I believe that the complaints BTC miners will have, cannot be as much as what other people mining some coins that are not rising in value will have. But I typically believe that the next bull run will favor all miners.
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You are just saying this because the current situation of the market is bearish. When the bull run happens, mining will be profitable once again. Now the question is when will the bull run happen.
Nobody knows when it will happen but one thing is for sure, IT WILL HAPPEN anytime so if you are mining at this moment just continue to mine because there will be a time that you will get your profit because mining altcoins are profitable because they are more volatile compare to Bitcoin.
Nobody knows when it will happen but one thing is for sure, IT WILL HAPPEN anytime so if you are mining at this moment just continue to mine because there will be a time that you will get your profit because mining altcoins are profitable because they are more volatile compare to Bitcoin.
Back in December 2017 when mining coins are still damn profitable a friend told me about how much he was making from mining and I decided to check it out, I was hooked and I can't keep my mind off it so I venture into setting up my own, the first coin I started mining was electroneum but unfortunately I wasnt able to recover half of ROI back before bears take over the market and now mining seems hopeless, my question to miners like me out here is how are you guys managing? Will mining be profitable again when bulls return???
I tried to mine through renting and I find it profitable if we choose the right coins to mine. Mining this days is kinda hard since difficulty is getting higher and if we have no adequate equipment, we will be just wasting our resources. Aside from that majority of token or coins now a day are premined and only a few that use POW.
I believe mining will be profitable once the bulls return. You see, we can sell our coins in a higher price with the same amount of capital for our mining activity.
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