Topic: I took the wrong advice (Read 235 times)

it's okay to take the wrong advice, the important thing is you learn that you just can't depend on others opinion, and you need to make your own research, asking opinion is alright, there is nothing wrong with that, but once the information is shared to you, it should not stop there, you have the responsibility to validate that information, because your future and money is on the line, always remember there is nothing wrong double-checking your actions.

I'm no expert, but my opinion is that it is better to buy Bitcoin and wait for growth, which will probably be to buy than it is unclear as to hope that at least something to shoot.

Actually it is not wrong for those who say $ 6,000 bitcoin is expensive, this is because of the perspective and profit that will be obtained. Some of them says if choosing an altcoin with the same value as bitcoin can earn you more. this is what they think. Well, in fact, this calculation is not quite right, especially if we buy coins that we did not research at all. predicting more profit will lose profits, due to a much bigger dump or even when these altcoins are worthless due to slow development and small demand. Many people suggest, use 50% to invest in bitcoin, 30% in altcoins, 20% in stable/fiat, I haven't tried it, so I don't really know how its effectiveness. DYOR

do your own research before you buy!!!
bitcoin is boss and is many Altcoins around for you to buy for profits! crypto space still warming up, not boiled yet so not late to buy
buy what you like and understand

At least you have learned your mistake, do not easily believe with advice given by someone unless they are good or professional on it, it would be better if you will also ask for more advice from different people so you would identify and compare all the advice given to you. Bitcoin at $6000 is not costly, actually, that is a really good time to buy bitcoin, but unfortunately, we can't turn back bitcoin with that price but still at $58000 some companies keep on buying bitcoin so mean bitcoin could still go higher.

If someone's aim is to make a lot (as in a LOT) of money from BTC, I reckon the ship has sailed.  By 'someone' I refer to those on average or below incomes.

Example, I was going to invest $5000 in BTC in 2017, like a FOOL (with hindsight) I thought it was too expensive so I didn't.  That would have bought me 3.4 BTC, worth $193,800 today if I'd held on to them.

However if I invest $5000 today, that only gets me 0.087 BTC.  So if my calculations are correct, for my investment to rise even to $50,000, BTC has to rise in value to $570,000 i.e. ten-fold.  And to reach a value of $100,000 BTC would need to reach $1,140,000.  Whilst many predict BTC will rise to these values, I'm not too sure.  And if it does, to realise a genuinely large ROI, unless you've already invested earlier you increasingly need to be in a position to inject large sums of cash into BTC.  Doing something like a dollar cost averaging approach of $250 - $500 a month from now isn't going to cut it.  Yes you'll obviously get returns if BTC continues to rise, but not significant returns in the true sense.

Unless you're rich now, you no longer have the sums to inject into BTC that will see you get a good return, unless it crashes at some point enabling average/low earners to buy in.  However you're then dependent on it rising again.

Is it too late? No, I think not. Bitcoin is still developing and has open bigger oportunity those who wishes to get bitcoin. Now that all people around the world are eyeing bitcoin indicate high demand for it. Not only that, one of the rich people in the world the owner of tesla has lead to buy bitcoin and wishes to get more. This means that there will be more rich people to follow for if not how can this rich guy trusted bitcoin and seeing the opportunity?

This is one thing we should consider in buying bitcoin. There is no late in here for still bitcoin can go for more and that will regret you more not taking chances of this opportunity right now.

In my opinion bitcoin as a decentralized currency make it as a balance to the fiat currency. There is always a negative impact on too much use of fiat currency and with the decentralized digital currency it will going to blend with fiat as an option for all to us. Meaning to say that there will be a high chance of adaptation of digital currency whether it will be approved or not by any government. The government can never stop bitcoiners to utilize bitcoin as a digital currency, an  asset or some.sort of investment. This is what we are fan to do and that make sense why you should chose to start bitcoin now or regret later. Just hold and  be smart with bitcoin.

See friend, the thing is no one really have predicted and guaranteed that bitcoin will be over $50k, else everyone of us would have purchased it when it was at $5k right? You didn't take wrong advise, you took the lesser risk. You have invested in coins with small value right? Why don't you give them some time and chance, and look if they grow? You shouldn't just have purchased any coins which is in cents, rather the ones which are established, then chances for profits would have been higher. It's useless to blame yourself, as no one can tell the future. Maybe, your portfolio will get in profit without you even realising it?!

Yea we only get to realise sometimes that some friends we hang out with or keep as friends aren't worth it if only we were too sensitive to know earlier on time,  but because there fancy friendship style were fancinating and  including their 'Technical know how' were somewhat of things we couldn't find in others, we decided to keep them as friends .
Along the line we started playing along to every decisions they made to themselves and the peer group influence begins to play out and if care is not taken our lives begins to have a different perceptions and danger will start looming.
All this happens as a result of trying to fit in not knowing our destiny are at stake.

People were saying "it's too expensive" when it was $500, then $1000, then $10000, they say it again now. It's an ongoing mantra LOL I was playing with alts 4-5 years ago, out of all I had only one or two came out worth keeping. So my advice would be convert it to BTC.

You don't need to follow the steps of other people because they have their journey it's better now to follow the steps that are not for you instead it's better to have your steps or try to find your steps this might help you toward your future.

Also finding a coin like going to be the bitcoin is quite hard to know it's just an investment by jury chance. I think you learned from your mistakes already looking forward to your investments.

The most important thing about mistakes and errors are the things you learn from them. Those things you learn from them are what makes the mistake a valuable one. No doubt,it would still be a regrettable decision, a constant reminder of what you would have gained but, it would be worth making should you learn a skill or lesson from it. It would be your guide towards any investment for which you stand to get financial benefit and it could apply towards aspects of life as well.

So, what lesson have you learnt?
You don't need to answer this to me directly but, having the answer stationed on your mind would achieve the purpose of my question.

This is the mistake from the newbies into the world of investments they are just carried at because of too much news, information, rumors, etc. The best way is to each mistake you need to learn not just lose analyze your mistakes to make sure you don't need to do it again.

Always have research and conduct a lot of information to make sure you don't catch up with those coins you don't have any idea.

I think it's hard to get out your funds to those you already put in. Instead, lose your money.

Nobody has a crystal ball, and no one force you to listen to their advice. The market is a wild space, almost everyone has their opinion. If you get swayed easily you won't make any money. If you do listen to them, just understand their point and then analyze on your own whether it makes sense or not.

You're the only one who can help yourself, nobody won't help you make money since we're just "taking money" from each other.

That's what will happen if you get the wrong advice, bad for your decision, for shitcoin that you have already bought, I can't suggest selling or keeping it, it is better to find out for yourself, while for Bitcoin it is still feasible for you to buy it.
Improve your knowledge about crypto so you won't get stuck with wrong advice.

Investing your time collecting altcoins isn't always a bad idea. However, you should be aware that not all of them are worth risk taking for, since in most cases, these altcoins will just end up becoming a vapor in a short period of time. Sure, there are people who have earned a decent amount of money by means of collecting these so called "gems" however, keep in mind that even if you find one, you'll just end up holding tons worthless coins and a wasted time and effort.

Perhaps, this approach of getting into crypto is applicable only for people who is able to take a lot of risk in terms of their resources such as time, money and effort. And I personally take this as a long term short-term high risk type of opportunity.

Furthermore, if you find having loads of alts that has value, try to conduct some resesrch and see if you can exchange it for bitcoins. This way you can get rid of these thrashes. After which, move on and use your time learning the basic economics and technicalities of bitcoin. And I'd rather upskill and try to work on something such as offering some services to earn some bitcoin.

Maybe you could start by believing in the Bitcoin network, not just cause of the ROI you can scratch out from it, but for other things that also (really) matter, like the control of your funds and freedom you get in the network, in culmination, it's decentralized and 'self-banking' nature; I think if you believe in Bitcoin for what it actually is, you'll not be swayed by what people or anybody has to say about it, and then you can move on to understand what the historical price movement has been like down the years, in other words, you'll then be doing your own research and debunking FUD-like news splattered all over the media.

I'm holding many altcoins I earned through airdrops too and till now they are still considered shitcoins because all of them have worst value and don't even worth selling right now, there is nothing you can do OP just learn from your mistake and move on

Just learn from your mistake, and move on. Because is there really any other way?

Though 99% of altcoins are going to end up crashing down or being totally worthless int he end and that bitcoin is what mostly matters, do research on whatever cryptocurrency project or even asset in general and come to your own conclusion. Listening to people online is mostly just going to end you up in a bad situation, pretty much like what happened to you.

Also, do a bit of research on marketcaps and circulating supply. There's a reason why some coins have "cheap" prices— because they have billions and trillions in circulating supply, whereas bitcoin is only limited to 21 million hence the "expensive" or high price.

Many but not all are credible right? You should only follow legit people or some known persons that understand the situation of bitcoin. They can never predict the price of bitcoin from 6k going to 50k but some bright one can give you reason why it could go on that particular level and so It did happened. Altcoins are also good to, its just a matter of choice which one to follow and take risk with.