Topic: Yet another reason to prioritize Bitcoin over Shitcoins. - page 3. (Read 533 times)

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.

Na so shitcoins be, you fit dey lucky and e go pump like mad; making you some good money, but the chance say that one go happen dey small, chance dey higher say e go dump and you go lose all your money. People wey dey invest in coins like this suppose know say na gambling dem dey do, so make dem use money wey dem fit afford to lose.

Yes, that's true, the guy did actually made a very wrong financial decisions by investing in Shitcoins over Bitcoin that never would have depreciated in value how his $2000 was turned into $6 in mere few days, but however, I'm very much familiar with this guy, as he is a popular crypto content creator and investor who always specializes on investing in newly launched coins, of which I'm sure that might have been how he lost his $2000 into random shitcoins investment that liquidated to $6 in mere few days (i.e a whooping 33,400%).  But for a complete newbie who don't have any basic knowledge about newly launched coins investment, sticking to Bitcoin is be a better financial option. 

The truth about this current world is most memecoin are pure gambling and it seems most people want quick money without  stress, most memecoin currently are created just for the purpose of rug pulling ...
People can literally a coin of their  choice these days make profit and dump it so most investors get trapped once they dump it ( which means they've been rug pulled lol, it's just a modern way of scamming  ) .

Thus, doing research on a particular memecoin doesn't mean you should dump your whole life savings on it , it's not advisable but if you still want to go ahead invest just a tiny amount out of your savings.

This fact are there and it won't change, Bitcoin is very futuristic and it's the excellent investment once one consider to  invest in digital asset as I choose to call it, it's very unfortunate that the guy has lost his money because of wrong investment decision, the thing is I can't judge him much because we don't know if he was introduced to such investment by a friend then he blindly invested because of lack of knowledge or understanding however as his statement goes I assume that he knows what he was doing perhaps he wanted to make some 10x or there about because of the hype of the random memecoin and unfortunately things got wrong, I think this should also serve as a lesson to many people who think of making profit in the crypto space without considering following the right approach, learning this way isn't nice at all, just imagine if this guy had considered investing such amount in Bitcoin by now his investment would have been very much in good shape, may be some profit would have been made too.

I think it's high time people should stop falling for this traps called memecoin or shitcoin because they ain't doing anyone good though I can't dispute the fact that some people get lucky but instead of gambling this stuffs why not concentrate in Bitcoin that has nothing to do with trust issues, Bitcoin has always been the best digital asset anyone can trust and invest on without shivering or panicking though with understanding of it's concept, the pursuit for immediate profit and gain has been the major cause of events like this, instead  of being a victim of such situations, let's think Bitcoin and the ways we can consistently add more fractions of Bitcoin to our portfolio to have a bulky portfolio and keep holding for a long-term.

Meme coins are just pure gambling, just as you have said it. One problem with people is how they allow their greed to control them. You can do research about a meme coin and want to run an investment in it; instead of going in small with hope of coming out with an average profit, some prefer to go in big and expect to come out a millionaire overnight, which is way more risky. That calculation of if I put in $10 and this coin/token pumps to a certain level, I will be getting $1000k, while I just put in $1k and expect a million bucks, most investors allow their greed to control them.

No. His expression was not not expressed to be wallet issue but of the shit Memecoins he he invested.
He only specified the wallet as a source where he hold those coins.

Clearly investors need to understand that most Memecoins are not good for long holding of which its beneficial potentials can just last for a while because the teams and developers could just be on the formalities of over hyping the coins and provides a temporarily pump of the coin in the market just as being said... "A trick to attract enthusiasts and investors to buy the coin".

Indeed those Memecoins are proportional to gambling because it is a base of luck to profit and when you apply too much to gain more profits, it becomes a greed potential to get you all lost.

Verily, due to the potentials of these highily volatile Memecoins, it fails to be pronounced a store of values this is why Bitcoin is preferred over any other cryptocurrencies because it posses varieties of utilities and less volatile to Dip like the Memecoins.

Even after research, it is better to use small amount of money that you can lose and not think about. I read about a person that made over $5 million from a meme coin with $165 recently. I do not know how that happened. Those coins are gambling and nothing more. Investing in them means that person is gambling. They can increase in price or fall in price. But either ways the price goes, it can be very significant.

Alot of persons still makes profits Investing in meme coins. What matter is how you are being able to manage your risk so as not to over gain or loss all to the market. Most of these tokens are just created to be rugged by the end of the day. So before embarking on investing , you should do proper research on which token you want to invest in. There are more scam tokens out there and to me it's better to invest in real coins that has less volatility. Though we know how greedy some people are, they just want to make quick money from the financial market. So the fault was his own for not managing his risk..

Bitcoin which is the mother of other coins has over the years proven itself to be trust worthy and at this point, it’s safe to advise someone who wants to invest in cryptocurrency to better invest in bitcoin over any other coin.
It is also worth considering the fact that, everyone has their personal purpose for holding a coin and for someone who wants a very fast profit, bitcoin wouldn’t be preferred coin for such an investor.

I stand with op but regardless of whatever coin you wish to invest in, it’s always advisable that you do your own research about the coin to advise losses as there are always opportunities in every thread of the market.

On the second thought, how person go just carry $2k pit inside something wey him no know anything about ?
That story no clear and I believe the person no Dey really suffer like me else him no suppose make that kind silly mistake but I hope this serves as a lesson to us to always DYOR.

I liken memecoins to gambling, anybody that is buying any meme should have it at the back of their minds that as they can make very fast huge profits, they can also lose their money very fast, that shows that they are very risky to invest in. Most newbies that comes into the crypto market might think that memecoins have the same reputation as Bitcoin, that is why they will believe any hype that they hear about new projects that they will skyrocket to the moon, they will invest all their money, not knowing that the memecoin can easily become dead. With the knowledge that I have gathered about altcoins generally, I always tell people without crypto knowledge to focus on Bitcoin which has the potentials to rally after a dip, most altcoins will crash and remain dead.

There are lots of scam cryptocurrencies and people who don't know will buy the shitcoins and regret their decisions. If someone wants to gamble their funds to buy memecoins, let them use the amount that they can afford to loose.

the truth be say, person when fit put $2k into a meme coin already knows all the risk that's associated with them and how volatile they can be in less than no time. investing in shitcoins na gambling on a normal and anybody when de invest in any meme coin de usually expect huge profit too soon and for that kind situation, you know say them no go want invest in bitcoin and then wait for bitcoin to stay the next 8 years or so before you go fit get two times return on your investment.

talk to the regular guy when don de used to trading on meme coin and them go tell you say bitcoin no be for the average person and say na for the rich and say na why them de invest in meme coin because them want de see quick returns. but the truth be say the way you fit likely see quick returns na the same way when you fit easily see quick losses when fit take you to your zero level. you know wetin e be say for a day your $2k just waka like that? e de enough to give person better brain shake for real.

When I stumbled upon this on X I felt he used the wrong wallet to store the coin but come to think of it Phantom wallet is safer cause it's a non-custodial wallet, then the word Random Memcoin made me realize what played out, $2k wasted cause of wrong investment. Situations like this is why investors are advised to prioritize Bitcoin over Shitcoins cause it more safer and reliable and if you follow the due process of Bitcoin investment you must definitely be on the profit side, the major requirement is patience and you're good to go. Most Memecoins are Shitcoins and are like a Russian roulette, it's very risky and not something one could rely on cause they're pump and dumps, mostly more beneficial to their owners than investors, they pump it to attract investors then dump when they're satisfied with the number of investors and profits they've made. If that dude had invested that $2k into Bitcoin his money would've still be intact in his portfolio, he'll just need to keep adding to it overtime for long-term. The worst are people who convert their Bitcoin to Shitcoins for more profits it's very risky and sometimes you'll have to depend on luck for profits, Bitcoin still remains the best and safest Cryptocurrency investment therefore investing on random memecoin (Shitcoins) like that dude is at your own risk.