Topic: Yet another reason to prioritize Bitcoin over Shitcoins. (Read 230 times)

Last 2 weeks, you will think that X(formerly Twitter) will explode when I was seeing meme coins every in my timeline and I knew alot of people has lost it. Even big coins like Litecoin and some exchanges were following the trend saying "they officially recognize as meme coins" just to shill their own coins and I knew more results will come after the show, this is part of the results. The person that bought the coin has just been rugged and he thank God he is even left with $6, some wallet goes zero.

There is nothing good that comes out of meme coins if you are not insider because you will never know what the person behind the coin is planing next about the coin. You will hear one person buys $17 coin turn $3M dollars but what they wouldn't discourse is the people that lost everything on meme coins just like this guy, the media wouldn't make it trend because they think it wlll tarnish the meme coins market. Na only mumu person they buy meme coins.

This is why people are advised to always do their research before making any form of investment. And when you want to make an investment in a new coin, especially when it's a shitcoin or meme coin, don't invest your entire budget for the first time; limit your investment instead. Because things like this happen whenever a new coin comes out. As long as you're not the originator of that coin, just know that the people behind it are out there to make a profit first before you do.

So, if after your research you don't find enough evidence to not invest, then your initial investment shouldn't be that much to avoid this kind of risk. And yes, when you have this type of money, it's better to use it to invest in Bitcoin. You could use this year's method to acquire Bitcoin, which has consistently shown returns over the years. As it stands, there might be a dip, but over time it will rise, just like this period where there is a bull run in the Bitcoin market.

Well, you know, we have to be careful with our investments because once we lose this type of money to all the scams going on, there's no refund anywhere. And it takes a mature mind or a really good support system for someone who loses their money to cope with the emotional impact. It can be really frustrating.

I guess the dude must have gotten carried away by one of those stories of how a memecoin trader turned little amount of dollars into a fortune. But he didn't do enough findings about such coins because if he did he wouldn't find himself in such a mess. 95% of newly launched memecoins are fake and traders who are able to make profit from such coins have a strategy. $2000 is a huge amount to throw away on memecoin and I believe next time he'll do well to advice people whenever they want to invest in such coins.

In the cryptocurrency world, Bitcoin is constantly moving towards the upper potential in an unforgettable way, although it is not against criticism. At one time, people took more risks in investing in Memecoins because it is capable of giving a good return very quickly, but here I will express my inability to think that people can say that the far-reaching potential of this Memecoins can be said to be absolutely zero because it is compared to a gambling game. Gambling or betting is the way people play even though they know they will lose money, we see that maybe 1% of people have won money in betting. Considering various aspects, we can see that Bitcoin is at the highest place, where people have the right to earn a good profit in the near future if they invest patiently and according to plan. Bitcoin investment should be carried out by our investors for at least one cycle time, However, it is possible to achieve the potential right to get a high return.

There are so many things to look out for and why it is reasonable and wise choice for anyone to focus and prioritize Bitcoin over any other coins, the foundation Bitcoin has is too strong to be compared with shitcoins perhaps even the performance of other depends on Bitcoin performance, it is less risky, reliable, more save and best of it's kind when it comes to digital asset, but yeah if the temptation is  too much to resist, by definition it is advisable not to do more than 10 percent size of our Bitcoin size in to shitcoins, even though they are both risky but shitcoins is far more risky when compared to Bitcoin.

People most times forget that shitcoin or memecoin are like gambling and they must depends on luck to gain profits from their investment, also as they invested they wouldn't know the interior motives of the coin creator if it's created to stay or just for gambling purpose. Because coin like this are not something to hold for long term because it has no usecase and prospect, people should also learn to place value on bitcoin than altcoin shitcoin which they calls memecoin, and we should know also that they have time we can hold for some while and time we should cash out immediately as the profits starts increasing gradually.

In this case, the investors didn't consults a crypto expert before investing as I believe he saw the coin on twitter (x) then before he might took his decision to invest, probably it could be that the project owners has promised that the price would hit a specific amount, so they should take this opportunity to bag enough coins (random memecoin) but unluckily it went on the reverse.

Sorry for him, though this could also sounds as a lesson to those who aren't putting much interest on bitcoin than shitcoins or be it memecoin.

So he lost 99.7% of his investment? That's so painful. Even losing the lowest amount of money on my investment will not make me happy talk more of losing a whole $1,994, that will hurt. I stopped investing into altcoins, especially new altcoins because of the experience I had when I was investing into some altcoins that I felt had potentials.

Omo with the rate of how things done dey hard for our country, even person wey dey get money fit vex small if eh just lose $2k overnight to wrong investment, eh just be like say you use #200k stake on bet wey fit profit you #15m plus hoping say na sure odd then the last game come cut am, I believe say before him go invest on that random coin, em fit done cone across several hypes from paid actors or media concerning am. Anyways there's a possibility say the money na less to am but on a second thought em for not post am if eh no touch am small or let's just say maybe em dey indirectly pass message to people concerning the disadvantage of ìnvesting on random shitcoins. No be say people no dey profit from investing in those coins ooh but na 50/50 chance and eh no really good for person wey dey struggle to survive cause imagine say that $2k na em last card

Bitcoin has been the talk in town in the past week as we all see Bitcoin price going higher people who has been accumulating Bitcoin in the past 4 year and more will definitely have some good reasons to be happy now Bitcoin has been the most outstanding coin among all coin which is potential and reliable to invest on and hodl for long. Investing in memecoin or shitcoins is very risky because you could loss all you invested at any given time and when investing in memecoin it should be money you can afford to loss without regretting it because anything fit happen, we all know that Bitcoin is risky too but it has less risk when hodling for long compare to shitcoins that have 99% risk expecially when trying to hold for some little time.

I guess he has made one of the worst mistake of his life.. actually your explanation is what happend. The owner of this memecoin has waited to achieve the numbers of investors they needed before dumping the coin. And the guy in question was unfortunate to have bought this memecoin at the wrong time when they want to sell it. It is advised that if a person want to gamble with memecoin, they should buy and sell quickly and not HODLing. The worst mistake a person can make in buying coin to make profit is buying and HODLing shitcoin or memecoin in hope of making profit from the increase without understanding that memecoin can not be replaced by bitcoin. The best coin to HOLD is bitcoin and nothing more. Any other HODLing is at owners risk.

If na memecoin wey don already dey listed, you go check dem on their SM handles and more importantly you go check them Onchain to see stuff like – how many active wallets dey hodl what percentage of the token, d buying and selling pressure, if people dey only buy but nobody dey sell, run. It means sey na only the Dev or team go fit sell later. D project only whitelisted their own wallets. Anybody wey buy apart from those wallets, na exit liquidity (money for boys) dem go be. On d oda hand, if more sellers dey there than buyers, of course e go mean sey d project dey dump. Nor buy at dat moment. Wait and monitor d project more and decide whether na good project to buy or not.

If d meme project neva dey listed, you go need to be an insider or you go sabi someone wey be insider for d project before you go fit invest. Ordawise, na liquidity you fit turn to.

Every investment for dis industry na risk, including dat of Bitcoin too. D only difference between odas and Bitcoin be sey, at least you dey sure sey if you fit wait d next three to four years afta you buy Bitcoin from top without selling off you go recover ur loss.

Yes, you observed am well. E go mean sey e go don get times wen him made so much profit from memecoin investment too. So, im understand d game well.

If u be persin wey get BP, e go dey good to stick to Bitcoin. But if you're a risk taker, nothing dey bad trying out memecoins with money wey you can afford to lose.

A non-custodian wallet has improved securities and allows full personal control over our assets. But it's not immune to hacks and scam attackers. As well the carelessness of the user might make one lose his funds entirely. In as much as we are banking on the safety of non-custodian wallets, we should ensure the priority person security as well.


Sometimes I don't get to castigate someone because of some personal decision they took. Perhaps he invested in that memecoin because he has no idea about the potential of Bitcoin. Although there are still people who know about Bitcoin but would rather choose to invest in memecoin because of quick gains. Am glad that most of them get disappointed and learn their lesson. What's more annoying is that they won't learn their lesson. Those who have come to the awareness of the tragic situation of this person they won't learn from the experience. Repeating the same thing out of ignorance might occur.

I want to find it hard to believe people are still making such clumsy mistakes. I won't call it a mistake because it's an obvious intentional act. It's understandable that one chose to invest in shitcoins right from the start but selling off their Bitcoin to invest in a random shitcoin is a terrible decision to make. Let's learn from that now so we don't think of it as an option in the future. No matter how promising the altcoin looks.

If no be say the person wey make that investment no Dey think well, or make I just talk say him get money to waste. How person go take carry $2k go put for meme coin? Anybody wey fit do that kin thing, then that means say him get better money be that, and d $2k no go be one big money for him side, because everybody sabi d risk wey Dey meme coin investment, we all know say the chances of losing Dey high, and the chances of winning Dey low, so we suppose know say na small money wey go Dey leave for coins like that if we wan put money for meme coin.

The reason why I think most people do invest in meme coins is because they are looking for quick money, and they always ignore the risk involved in it. Most people are always expecting huge amounts of money within a short period of time, and they believe they can get that from meme coins alone, they don’t really have the patience to wait for bitcoin, and they believe bitcoin won’t be giving them the kind of profit that they are looking for, but when they invest in meme coins, they do end up losing. It’s just better to invest in bitcoin and have peace of mind, gradually bitcoin price will increase, and you will be able to make a profit also.

Me I no even sabi why him Dey complain, is it that he doesn’t know the risk involved in meme coin investment, or person don give am confidence already say the coin go pump hard? Person wey fit get mind put dis kin money for meme coin, then him suppose sabi Wetin Dey sup for crypto space now.

Nah so eh just be, but people they even lose more easier for this memecoin something when them see say coin don already exercise some kind serious pump dem rush go through money inside thinking say the pump go still continue to they go up when eh fit be time way team of the project really wan do their own sales den rug pull japa with watin dem fit carry, rug pull nah really one thing way I see say fit finish person $2,000 down to $6 under hours.

How much research is needed before investing in a Memecoin?

What is the possibility that after much research that the particular meme investment will yield profits? from the image presented by OP, the investor never sounded too shocked about the outcome, he made a post concerning his loss but i felt he has experience of course and yet he still lost all he had.

Is taking the risk really worth, aside settling on Bitcoin investment that has less or no risk of limiting our profits as long as we hold compared to the shitcoins that can similarly change lives but at most RIP to our funds.

To buy another coin wey not be Bitcoin no bad but if you want to buy make sure to say you buy it so that even if you lose E will not pain you, imagine someone takes $2k and invests in another coin wey not Bitcoin no be small thing ooh because I dey think to say E too much, some people sha like to take a risk and even if you want to take the risk that should not be in coin wey any be bitcoin, you fit invest for a coin today make the coin sef no be a better coin.

But people wey dey get mind invest in another coin wey no be bitcoin get mind and it looks like those people na those kind people wey dey quick to make money because anybody wey no care how to na he go get mind go invest for the kind coin before we invest in any coin we should put it in mind that he dey gambling and anything wey the person see make he take am at the end.

Exactly my thoughts,.make we nodey blame bad trading skills ontop memecoin that are changing lives everyday, people don't realize that one trader loss  na another trader gain abi den think say na the exchange dey pay all those profits? Abeg oo na only human loss all those liquidity dey carry dey pay another lucky traders.

Bitcoin isn't going to make you generational wealth in a short period but memecoins will in less than 30 mins.. same memecoin can send you go village if good strategy is not used

With all the advocacy that people have been talking about doing your due diligence before investing into any coin, a lot of people still believe in the narrative of no risk no rewards, if not why would somebody take this kind of decision for a coin you ain't sure about it's longevity.
I think people that take this kind of decision have money to spend, so I don't want to believe he will be bothered, because if it was an investment he wants to be careful about, he wouldn't have investment that much in this Tinubu economy. Omo baba was just being careless with his money.

Na d game be dat. As him own lost, na so anoda persin gain am. If to sey d thing favour am, na so anoda persin go dey in loss. Anyway, even Bitcoin too dey get low moment too. If to sey these tokens wey we dey tag as shitcoins nor dey relevant for dis industry, I nor sure sey Bitcoin Blockchain for utilize itself take build BRC20 tokens. For d first time we see how Bitcoin join d craze for memes.

I know sey investment in shitcoins dey like gambling but na im fit give persin generational wealth overnight, nor be investment in Bitcoin or ETH. So, to invest in "shitcoins" persin supposed do research join. Nor be by just hype. He invested in a random Memecoin and possibly e nor research am well well first.

I like your advice. It's not like it is not good to try one's luck in some memecoin but let it be an amount that one can afford to lose. If you make profits while gambling on memecoins, then you can just swap it to bitcoin immediately. These are basically coins with high volatility such that as they pump so fast that is same speed they dump with as well, so it is a game of smartness and not use greed to follow it up otherwise you can lose everything you have gained in a blink of an eye. About the person that made $5 million with just $165, it's really crazy amount but the only problem is that this person that gained that huge profits will never stop gambling on memecoins because he will feel that he will make it huger if he invests higher amounts and before you know they are already falling prey to memecoins.