Topic: What we all learnt this 2023 - page 4. (Read 785 times)

I would like to share my personal experience gathering knowledge by losing assets from the crypto market.People have learned to be cautious of popular opinions that are fruitful to all.Sharing knowledge and experiences will build strong bonding with the biggest community that serves great work.I believe everyone has the freedom to express their own opinion.


Proper knowledge : risk management, avoiding scams, market analysis, security, empowerment and long term investment these are the key points to become a successful trader and also successful business man.

Understanding the complexity of Bitcoin and trading helps to understand and manage risk effectively.This knowledge shall allow individuals to make informed decisions and reduce potential harmful steps.

Skipping social media rumour : Avoiding Scams from Telegram , Reddit, Twitter and other media because most of the news we are getting from these.So use experience and knowledge to resist the highest level schemes.we cauld get scammed by other sources but above are the most common place where we get generally scamed.


Learning from mistakes : This is the most important part of my opinion or you can say suggestion.Because it gives you education in hand that you never forget in your life.It teaches us to be a complete successful man in any sector.

Invest renowned tokens and coins: Always invest in popular and big coin like - Bitcoin, Ethr, BNB because they never quit from the market that reduces the big losses.

In short, knowledge is the foundation for making informed decisions, mitigating risk, and navigating the complexities of Bitcoin and trading effectively. 2023 gave me teaching a lot about crypto. I hope it will never happen this mistakes next year .

[This is all about the discussion of my knowledge, experience and my point of view if anyone has a different opinion, this is their rights.I always appreciate others opinion]

If we do proper research before investing in any project / coin, we are in a better position to manage our portfolio. Following the signals and other such shortcut steps won't help you build the portfolio for the long term. Also, most people just keep the altcoins with them and they forget about the potential of bitcoins.

Another thing to learn is to hold the coins for the long term is much more beneficial and buy and sell them again and again for short profits. This means that swing trading is better than day trading.

You are right about your distrust of crypto influencers and public opinion! Bitcoin's 100k ATH hoopla was erroneous; market dynamics are more nuanced. This market is unpredictable, so we cant expect linear growth or divine intervention in prices. Your position reinforces that independent analysis trumps herd mentality in crypto.

I completely agree with Telegram and Reddit for trading signals. Following these sources blindly is a disaster. Personal analysis is key to crypto investing decision-making, thus your input is crucial. Knowledge is power, especially in volatile, speculative fields.

Your view on over-diversification is refreshing but divisive. Focusing on a few cryptocurrencies for deeper engagement sounds smarter than investing broadly. This strategy emphasizes quality over quantity, helping one understand and connect with their investments.

yeah, choose a crypto you want to invest in and stick to it, new project will keep coming and might seems to have good prospect although it won't take long before they become irrelevant, choosing a particular crypto asset is the best advice.

I learned that 2023 is an investment period, those who invested in Bitcoin early in this year have benefited a lot because the price of Bitcoin has increased a lot.  I will never tell you that you should sit and invest. Investing in Shitcoins has a high chance of loss. I have seen this year those who invested in Sit Coin are ultimate losers and those who have invested in Bitcoin are still very profitable. Because when the price of bitcoin was down below 20k, pretty much all the coins went down in price, not even a third when sold. Again if bitcoin price goes below 20k like in 2023 then I will hire nibi in bitcoin.

For those which joined the market many years ago this is not really a controversial advice and instead is nothing more but a fact, new investors get dazzled by all the coins that exist and the promises that the developers behind those coins make.

But once you get used to it you realize that the number of coins in which you can invest is very limited, since the majority of the coins that have been released have no purpose at all or are outright scams.

We can say that it is better to do your own research, which is to listen to all opinions, especially those that you feel you do not understand or opinions that contradict what you see. Then, by analyzing all the ideas, you can reach general lines to know the direction of the market. The only truth is that every 4 years the highest price is broken and bottom of the market is the high of 4 years before halving.

It is not diversification, but rather dispersion of investment in assets whose value may decline.

Indeed. It's not good to rely on other's opinions or suggestions. Exert an effort to gain knowledge because it's crucial and a must thing to do if you're going to invest your hard-earned money. Take their opinions as guide and not as a financial advice. Remember that you're still the one in control to have a positive result when it comes to your investment.

When I was a newbie I thought this is helpful and reliable. But after experiencing to lose my money, that's how I learned that it is still best to have your own understanding.

Diversifying is not bad. However, don't make it to a point that you're simply adding any projects in your portfolio just because you would like to join the ride of those quite risky coins that likely to give a huge return in a short period. Always DYOR or stick to Bitcoin if you're not certain what projects are good to invest in.

That's not how you do advice though, they're supposed to help you formulate your own opinion and they're like a guide towards something that you have to create, kind of like a cookbook, you don't have to really follow what's in there because the seasoning there might not be to your taste so you add or reduce the amount to suit your needs and palate, same with discourse, the opinions will be there to help you not to be a hive mind that only parrots what the majority say but to make an informed decision and opinion that either agrees, disagrees or supports the first opinion and a lot of things.

One thing that I've learned about this year is that you never should sell your soul and being to bitcoin, learn to enjoy life and that if you're still hodling, don't make it your personality to the point that it annoys the people around you because that's all that you're talking about. That's my biggest lesson this year.

Good thing you know your right from your left in the crypto world and is best not to completely agree with those bloggers or influencers we have trying to make every prediction about Bitcoin price getting to a certain amount before the end of this year or before the week runs out, they only do that to promote their channels and let it look like they're the eagle eyes of crypto world.
If you're an investor or trader and you intend to always go with their words without having a strategy then you're not ready to make profit.
Some telegram channels who always talk about having the best signal and they sell it at cheaper rate and it's the best, fine that's how it may look like as the best but we shouldn't rush into what we have no idea of just because we want to make quick money or excessive profit, no.
Patient and getting the best advise from someone (who has the experience for years) who's willing to expand your knowledge on the crypto space without paying for it is what you need to make your experience grow. Scammers are not ready to give up anytime soon so avoiding fake telegram channels would help a lot.
There's nothing bad in putting your money in multiple crypto investment, it helps a lot but knowing where and what you're doing is better than just blindly investing in something you haven't heard of because you think is right to have different form of investment, it works for others doesn't mean it will work for you as well.
We should sometimes reduce the rate at which we take risk while investing, to make research before we start investing reduces the risk, at least we have an idea on what we're doing.

This thread probably belongs to the beginners and help section.

Anyway, I agree with your advice. And having been in this market and community myself for years as well, I've also learned them through experience.

Popular opinions often don't last. So popularity can't be made as a basis for one's investment decision. The best time to have invested in Bitcoin was when it was not popular.

Reliance on public channels and platforms is more risky than reliable. Such platforms are full of scams and false experts.

While diversification is generally a wise business or financial advice, it might not apply to crypto where a good and profitable token or coin is like a needle in a haystack.

What you learned here can be very useful in your life. I believe investing should not be based on the opinions of influencers. You should always invest in your own analysis and personal judgment. I never invest in other people's decisions, I always invest in my own decisions. Many influencers analyzed Bitcoin going from $100K to $100,000+ this bull season. Also yesterday I saw in the news that an influential analyst named JWK predicted that XRP will hit $352+ this kind of analysis makes newbies very enthusiastic about investing so much that they are very eager to buy all these coins after receiving such news. But in this case I think influencer analysis should not be trusted at all.

Don't trust influencers, don't trust Reddit FOMO/hype, don't listen to BTC haters.

Opinions from popular influencers you are saying?

Who are they anyway? They might be popular, but are they knowledgeable enough for us investors to follow what they're saying? Investing in their recommendation is almost the same as suicidal for me. I know it's kind of exaggerated, but these popular influencers don't care about your investment. They only care about money and the money that they can get by advertising some random projects out there. I might be watching some YouTube videos that are crypto-related, but only for entertainment purposes. Take the OP's advice you newbies out there.

3 words. F*ck that platform.
Oh, I only talk about Telegram because I'm not using Reddit, but for me, that platform is full of scammers. Yes, it has been one of the most popular social media platforms when it comes to crypto, but the platform is also the home of scammers. I'm not using Telegram for some reasons, and I don't even fall for these scam attempts, but I wonder how many newbies these scammers lured already because of their attractive words.

Nope, this isn't controversial, but its the truth.
Diversification is good, but there's always a limit to it especially if you have low capital. If only you have 100$ money, it would be better if you would just invest it into one coin particularly in Bitcoin rather than investing it into 10 altcoins out there. That will not make you safer, and at the same time it will just lowers your profitability. Know when to diversify, and when not to as well.

Everything you mentioned is correct. As long as you continue what you have learned this year of 2023, and as long as I am apart from what you mentioned, what I have learned so far is to never stop learning in the crypto space if you want to succeed here.

Although it is not easy to enter this business field, the important thing is not to stop, study, and deal with what we should know. Be prudent and cautious at all times so that we do not become victims of exploitative people who also enter the crypto space.

Among the list, this is the most common issue right now, especially for other people who are just starting and don't know some risks of this.
You can also do this but it is much better to double-verify everything, like don't fully rely 100% on other people's opinions, just use them for some basis and research also on your own.

This will never get old. As the old timers have already understood that most of them are fake and not worth it to test and pay their premium service.

The new ones will still find their ways in knowing these fake channels and signal services. There's always the newer victims that they're targeting and their market won't be obsolete.

What we can do to prevent it from happening is the continuous giving of reminders that these channels aren't going to help them but instead going to milk money from them.

What I have learned from this forum in 2023 is to make quick investment decisions. If I want to invest I should do it quickly because the Bitcoin market is constantly growing. I learned how to invest in Bitcoin from many senior brothers. There are several methods of investing in Bitcoins, among which the DCA method I follow.  And among the many other things I have learned from this forum, I have cited one reason among many.

This year, one lesson I learn is that mistakes with bitcoins mostly ends in lessons, so instead of waiting to learn lessons from your own mistakes, learn from the mistake of someone else. Mistakes? Yes.

Mistakes with sending bitcoin to a wrong address due to rush.
Mistakes with clicking links you are not sure off, links that were maybe sent to you by friends and family.
Mistakes with over trusting people and talking so much about your bitcoins.

You can consider other people's opinions, but it's advisable to conduct your research to verify if it's credible and has a reasonable basis. Don't rely solely on one source of information. It would be helpful to analyze others' perspectives, but balance is key, and don't be too influenced without taking action on your part. You're right, it's not advisable to follow Telegram channels because scammers are present. I'm not saying this based on what others say but from my personal experience. It's still better to follow official and reliable sources. Focus on your main portfolio; it's not necessary to have many holdings. What's the use of having others if you can't monitor them effectively?