Topic: People with quick rich attitude always mess up with alt coins - page 3. (Read 1119 times)

this is because when the market is bullish crypto will be hype and this hype will invite many new investors to invest in crypto. unfortunately most of them do not study the characteristics and movements of the crypto market. as a result they invest at high prices without thinking about the risks they receive are also very high.

Xrp just has a quick pump and dump but the price might continue dumping because I read about the SEC saying they'll appeal the case and this will also make investors to start selling xrp again but the selling mightn't be as high as it was the first time that they had a case against them. XRP is a very risky project to be in right now but it can benefit you if you get lucky.
Everyone investing in altcoins wants to get more profits as if they wanted security they'll be investing in Bitcoin but they know that they can't get the high profit that altcoins are giving to their investors that'll why they're investing here. You can have quick rich attitude and also make profits from altcoins because some altcoins are better to take profits and leave the coin.
If you keep holding the coin, it can make you lose a lot of money when it starts dumping. Altcoins aren't investment that you should be holding for a very long time because the SEC can sue any project at anytime and cause them to start dumping as XRP did before it won the lawsuit against the SEC. You should always take profits when you invest in altcoins.

And unfortunately this happens very often, where these new investors enter when the market is at the top price, so when they enter, then the price of the new altcoin drops very drastically which makes them no longer have the opportunity to take profits, even to return their investment in these altcoins. While they are only consumed by the hype promoted by certain parties, they themselves do not do any research beforehand because they believe in various influencers and also the promises of the hype project. This is what often happens so that many new investors lose big in new coins from new shit coins projects.

Some traders or investors who get late when the price of that particular altcoin hasn't reach 100% are very lucky though fewer in number compared to the majority who bought at peak when the price is on reversal mode basically it's due to their inability to analyze and made research about that particular altcoin, for instance I was lucky to read the recent XRP court case a Sec which ripple won consequently triggering a massive pump on it price, I bought at the middle of the price rally and sold at high, actually the reason for that massive pump was because of the case won by XRP, there are other more examples we are to kept abreast with latest news on any altcoin to be traded.

Good thing to know about who's behind the project and what they are staking with it,

Reputations are very important for each business and like what you mentioned, if they are backing certain project they are not
just risking their money, but also their reputations. They will mostly refer on, as it will not be a good sign to have that bad reputation.
it will affect the whole business so they will be very careful about it (most of them if not all)

when it comes to alts, better choose a project that is backed by well-known company. because they won't just shelve the project because they will be investing their funds to take off the project. now, if they decide to stop the project, you can easily read their update as they will announce it in public. because if they will just abandon it without prior warning, it won't be good on their reputation. so they won't mess it up if they have image that they want to take care of.

well thats the thing with new project, nothing much difference if compared to the new startups.
the thing is that definitely not all of them could always survive majority of them will just outright dump and lose their value.
when it comes to the new project I think the project that has some partnership with the other large institutional even reputed exchanges like coinbase which we know always list very few select token or coins.
are gonna be that massive of helps, it will definitely helps a lot in keeping the project from dumping to oblivions.

And if you sum it up, the percentage of those who lost from this kind of investment is far higher than those who managed to earn.

It's really hard to pick and sort out the right project to invest. If you have a mindset that it will bring you big profits,
without doing deep research, more on how dedicated you are to finding the right project and you are not doing
a gambling type of investment, but you have deeper knowledge about the project that you support.

Binance has a good reputation and they don't want to risk that by allowing scams on their exchange. But we can remember that they did some delisting of projects that turned out to be dead. And I also have one example of such a dead project that is still on Binance. It's Sonm SNM. The developers quit a long time ago, but the project is still on Binance.

people who want to get rich quick usually always invest in altcoins and the proof is that many are successful because the altcoins they hold go up to 1000% or more. but there are also many who lose as a result of investing in altcoins because the altcoins they hold fall by 500% or more, of course, that will result in losses.

In my opinion, in this case, we can invest in altcoins, but we must be prepared for risks and most importantly, we must be able to analyze technical, fundamental, and others.

indeed, that's why a token that is new to the crypto business is not listed on binance because the standard requirements are high, meaning every coin. that is listed on the binance platform we can say that there is real potential and high chances that the value will increase due to the millions of users who use the platform.

it just becomes a mess when the altcoin you bought drops its volume and liquidity and when that happens the ship will surely sink and your coins will be stocked up.

Altcoin investment is also good if you are aware about possible peak of project before it died. Since you can able to earn with them as long as you are not into long term hold mindset on those token. But if you think about holding it because you want to get rich easily then provably you will be at huge mess and can't recover your losses since there's nothing to recover since the dev scam their community by dumping all their tokens.

Binance has listed scams in the passed and they immediately delisted it when it was exposed. All exchanges are the same they'll list any tokens that'll give them big trading volume so they can make money from the trading fees. Binance exchange also listed Floki and Pepe without any application from the team but just because this memecoins has huge trading volumes.
Binance exchange is still a good exchange because they care about their reputation and won't do anything negative to affect it so we can always trust them to make things right when they make mistakes. We have many dead projects still listed on Binance exchange and people are buying them thinking they're good project because they have very low volume and almost dead.
Cryptocurrency isn't a quick rich investment and any project promising you that is lying to you. The project that can make you money has to be invested in and you wait for some years. If you invest and get rich very quick, sell your tokens and move from that investment because it'll crash very soon just as others has crashed after it pumped very fast in 2021 due to too much hype.

It is going to put him on a bad place if a person has this type of mentality. It's wrong to think of quick rich gains and despite the market is highly volatile, that's still a bad attitude to have towards this market.

These people that have this mindset will likely end up being scammed and lose everything they have because they don't want to get into the natural process of gaining and losing in the market.

These things are normal and common but those that want to take a quick detour and shortcut will certainly end up badly.

That is true people should be cautious with alternative crypto currencies. The market is too volatile and anything can happen in a blink of an eye. We should had done a thorough research on a specific coin before investing in it. If an investor has a get-rich quick mind set they are more likely to make impulsive decisions without doing their due diligence and it may result to significant financial losses. To avoid such losses be cautious and always think a lot of times before investing.

Many investors are not cautious in choosing the altcoins to invest in. Because what they look for is an altcoin that can give give them insane return (like x1000) in a short period of time. The reason why they prefer to join the ride of the hype coins to not missed the opportunity. But this is the mistake of the investors who only look for what's the current hype and not on its use case. Sometimes you'll only understand and believe the suggestions of others if you already experience to lose your capital due to wrong decision.

All of these aspects must be implemented and carried out when making purchases on the crypto market. In fact, not only for coins that are experiencing high price increases, but for every coin that is purchased, it is mandatory to analyze and find out about the ins and outs of the coin being created. Because if don't take these actions, are afraid to buy a coin that doesn't have good potential (shitcoin). Then if there is a coin that experiences a high increase as you explained, I usually don't buy it, unless the increase in the price of the coin is genuine from the impact of the coin project. Because in the past, when I was not experienced enough in the field of crypto, the funds that I had, were often stuck in coins that were experiencing price increases. Because in the past, when I saw a coin that was experiencing a high price increase, I usually bought it immediately, with thoughts of fear that the price would get higher. But in the end, the coin dropped and you could say I lost. So for that reason, now I am more careful and not easily tempted by coins that are experiencing price increases.

And all the losses that I experienced before. Indeed it is the impact of the mind want to get rich quick. So I was in a hurry and didn't analyze the coins to buy properly.

As per my own take, as long as they see (binance) a huge amount of benefits, they will list it.

And that's what happened with Shiba, they've got a huge amount of supports where money really flows and that's bring
huge money for binance.

We can't conclude how they work or how the reviewing team works, but with the right amount of money that
they can earn is how it matters and how they weight it in.

That is true we must be cautious with alt coins. There is no guarantee that if we saw the coin pump to 100% within 24 hours and invest on it we will gain profit. It is very risky to invest in an alt coin that was being pump to 100% because it might declined dramatically or doubled the 100%. That is why the quick rich attitude often mess up with investors. Crypto currency market is very volatile in a blink of an eye you might loose all your investment. So think twice or thrice before investing in your chosen crypto.

the good thing about binance is they won't list a project if they know it is crap in the first place. they have their team reviewing the project itself, if it is valuable or not. or if it will be in demand in the market or not. and maybe with the exception of shib, they saw the high demand from the community so they list it even without the application the shib team. well, at the end of the day, it is all business.