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

A lot of people has fallen victim to wrong crypto investment ever since these so called telegram memecoins started and people will invest their resources, time and energy into these coins only to be disappointed at the end this is because of these coins are not even listed on the coin market so investing in such business is like throwing something into the river and expecting to dive into the water to get it back which is not a wise investment and people should be weary of investing in such coins as the probability of return on investment is low

 unlikely Bitcoin that is an already established coin that has stayed the test of time most of these memecoins are just looking for promotion as they are finding their way into the coin market

Exactly, no matter the amount of research someone did about a particular coin and no matter how promising and good the coin appears it will still not be safe or the reason no dey enough to use big money to invest in it because our research na just speculation and prediction which fit happen and off course e fit no happen too and I don come to realize say na greed or big eye dey make some people invest so much on memecoin though investing big on them is not a bad thing or  a bad idea but the question is can they afford it if it doesn't go as predict or as planned.

Perhaps it is because of being active in the last update that makes him invest and leave the coin thinking that it will bounce back again. Ah no fit invest for memecoin with big money come close my two eyes say ah dey sleep or ah wan sleep mba e no go happen ooo even though say ah don get update say the coin go do well ah no fit still zero my mind. However, I wan believe say na because of greed make that guy incur that kind loss, how person go use $2k go invest for memecoin wey every body know say those coin no be am some of them be like mirage, personally I no fit try am to use $2k put for waiting I know say the risk no be here instead ah go put am for Bitcoin even if e go take me years but make e be say profit go come out. Ah no suppose pity that guy because en know waiting been dey involve before the investment.

My broda, nor be lie you talk there. I get a friend like dat wey me and am dey follow run some investment parole. Till date dat dude nor get a single satoshi wey im dey hodl, except na to buy and do transactions. A few years ago I dey always worry am to set something aside for Bitcoin and not put all in alts but e com be like d advice wan begin cause rift between us, I just chill. Na d same ROI wey you yarn there na im him too put out to me as his reason. Dis dude wey I dey talk so don do over $20k in altcoin investments. Some people are like dat. Nor be everybody dey reason Bitcoin like most of us here dey do.

E dey advisable make we invest Money way no go pain us if we loss am and e also good make we invest Money way we no go need for a very long time investing all you have into bitcoin is not a good approach because anything fit happen and everything way you invest on done go .
But nevertheless it is important we put our money on bitcoin rather than puting into shitcoins because to me they are unreliable coin, there are risk in Bitcoin investment but the one of shitcoins is high.
Bitcon still remain the best coin to invest on in the cryptocurrency market you can plan for bitcoin long term investment by making sure you have your discretionary income and emergency fund so you can be able to accumulate Bitcoin and HODL for long without any challenge of selling out in a short period of time you can increase your Bitcoin stack by accumulating little by little using the DCA strategy either weekly or monthly without minding the price of Bitcoin and HODL.

@Cb, you have shown that you have experienced in bitcoin trading. I think you just nailed it there, everything about cryptocurrency invest is all depend on choices of the investor, if you choose altcoin over bitcoin then be ready to accept any outcome either profit or lose. Like your side CB bitcoin is  the baba of them all and when you invest in bitcoin you have this assurance that you will profit in a long term but altcoin doesn't have such assurance bitcoin has. Altcoin is a short term investment while bitcoin is a long term investment.  That's the best way to put it for beginners, I see people selling out their bitcoin to buy altcoin and it amazed me. Who's their adviser? That's the question that I keep asking  myself on their behalf.  However, the main reason we investment in cryptocurrency is to make profit, so if you do proper analysis on any altcoins and you see future in it, invest in it. But never empty your bitcoin investment for altcoin.  Bitcoin is the messiah of them all, hodl it for long period and it will save you from poverty.

Best decision that you can ever take, there hasn't been anyone that risked it all on Bitcoin and have regretted that decision but there are many people that did the same for altcoins and have nothing to show for it. I'm an example but again there are people that have been fortunate to be a beneficiary from altcoins too.

Bitcoin has the better success rate but quite a number of investors won't be patient with it and want to experience profits faster than when the profits would have come from being part of the industry. Bitcoin has always followed a pattern, by studying it we'll know when is the best time to invest, hodl or sell depending on when we intend exiting the market, excluding that criteria, hodling indefinitely will always be the better option.

I wonder why stuffs like this doesn’t come up frequently for a lot of people to benefit from it, it has now become like it’s all about information. Those that get more first hand information about those coins pumping benefit most from it. If it was that easy and it’s not a gambling thing to invest in such coins, more people would have been opportune to also benefit from it. From $165 to $5million is gambling, it doesn’t happen naturally not even on luck you’ll see that happening. A few number of people will always benefit from gambling coins like this while those that FOMO to invest in them are rugged in the end. It is better to avoid them and focus on more natural coins that can’t be pumped and dumped at anytime.

I agree with your advice because the only way for a small sized investor to buy a good amount of bitcoin right now is via leverage and even that increases the risks of loss exponentially.

Now that Bitcoin is over $100K, the volatility might not be as much as it's used to be and might do only a 10-50% max returns from here. I'm not saying higher prices like $1M are not possible — they are just unlikely for now. Maybe until all countries start buying en masse that pumps the price upwards more.

For now, alts present best opportunities for upside vs Bitcoin for small sized investors. That is a fact.

It's obvious he is a newbie in the crypto space; that is why he made such wrong financial mistakes. If not, why would you just go and invest your $2k into a random meme coin when you know what that costs in Nigeria presently when converted to naira? 
 
Although it is not something new for a newbie to make such mistakes. If not even in the forum but also in the social media platforms, I always see other experiences of crypto enthusiasts encouraging people that if they want to go into crypto and have no knowledge, they should first invest in bitcoin so that they will be getting small profits and small losses until they are able to know more about crypto so that they can see if they will be able to start trading or continue investing. 
 
Furthermore, you can still invest in altcoins, but the mistake most people make is less research on an altcoin before they invest; that is why they are always a victim of loss.

Bitcoin has proven and will continue to prove that it is the best amongst the rest..
But mind you this individual should have known about the risk involved in this altcoins before embarking on investing.
Maybe he did know and decided to risk .
I rather invest my all on Bitcoin than altcoins... Fact

Seriously. You read my mind. There is no way someone will use $2k in meme coin, and he did not know something like this would happen. He must be aware of the risk that is attached to investing in meme coin before he does that;

However, someone who uses $2k to invest in meme coin already knows much about the crypto space. He is not new in the crypto market anymore. However, he thought he would make a huge return in the bull market; that is why he invested in it. You are right by saying they won’t invest in bitcoin because of how long it will take to take profit, so many of them don’t want to invest in them.

Exactly. Even if one must invest in any of those new meme coins that are being hyped, the person should always be active for latest updates with the token, so that if there's any need to sell off so quickly and accept your already incurred lose, at least it will be better thank losing a whopping 99.7%. If maybe he was aware of how the price was drastically dropping down, he would have sold when he lost about 50% rather than allow it to draw down till 99.

As Bitcoin prices rise, the chances of smaller investors dwindle. As a basic economic knowledge, I believe a $1k Bitcoin investment at this stage is becoming a drop in the ocean because the ROI will not yield much even if you hold it for a long time. This is why smaller investors are shifting their focus to memecoin in order to make quick profits and return to Bitcoin.

When someone asks me for financial advise on crypto investments, I normally suggest them to take the risk and invest in memecoin, or to get a stable coin if their goal is to increase their purchasing power against the Naira.

You're right, from the information i gathered about Memecoins, they're like the clown of the Cryptocurrency world, a common joke just like the memes we used on social media so investing on a joke is at one's risk, im not trying to say that people don't profit from it, of course the lucky ones do but like you said,  it's just like gambling where the house got a better edge than the gámblers, in this case the coin producers got the upper hands cause they can pump it and dump at their own will, that's a very big joke and highly risky i guess that's the netizens call it the joke of the Cryptocurrency world. The biggest mistake one would make is buying some of these faceless coins as you said and holding for Long-term, that's like shooting one's self on the leg and it comes with lots of regrets similar to what that dude in the image experienced.

Those new altcoins are give and take; they are like a sporty bet. They give you a little chicken as a reward, using their left hand to take a cow from you, and still demand more.
 
Considering investing in some of these faceless memecoins alone is risky; the same way they can turn your life around in matters of minutes or hours, the same thing can also happen in reverse. A lot of us have had our own fair share from the altcoin market.

I would understand if someone decides to invest in a memecoin rather than Bitcoin. Totally understand. Why? Bitcoin's upside gets diminished with every $1K it adds to its price. At this point, $110k will just be a 10% move while $120K will be a 20% move. The upside potential reduces as price goes higher.

But with memecoin, you can get a make or break moment. If you are successful with it, you get rewarded handsomely because it's usually multiple X price increase.

Bitcoin is well suited for deep pocket investors. I feel like the timeline to invest in Bitcoin is slowly closing for small sized investors.

You see this period way bitcoin pump in price above 100k instead of some of the memecoins to respond to that pump plenty of them rather come the do the opposite and this na coins we been the think say go do well during the bull run.  If person get better funds nah to just push all put for bitcoin where it sure make person for get rest of mind and they contented with any profits you get than to spread that money on shitcoins come the lose in return after waiting for this long for the bull run.

With such huge amount being invested, I think that with a slight move he should have been in small manageable profit but he must have thought that he would gain more profit from the token which led to a huge rough pool that lead to swiping off his capital. I feel petty for him though.

Investing on Bitcoin requires certain sacrifices such as patience and discipline but I've come to understand that lots of people are not patient enough to wait for a longer period, they're so either to make quick money and that's why they channel their attention to those shitcoins and even make the mistake of investing heavily on it to make huge profits. Sometimes, it's ignorance cause some people don't really understand the concept of Bitcoin, they don't know that it's the best digital asset for investment nor hw to go about it  whereas their are investors who are knowledgeable and understand it's concepts very well but are not very disciplined enough to invest for long-term and watch their portfolio grow. In Bitcoin investment, patience is virtue and only those that are patient enough would be able to succeed in it and that's what makes it stands out compared to other cryptocurrencies.

This always happen every time the price of bitcoin is going up the news is always going vital and that is when you see people making comments as if they are regretting there action of not investing in time and they will still do the same thing they won't invest shit and those that have already invested will be exited about the whole market going up, and imagine accumulating for four years and you get exactly what you want because the profit you will get is enough to drive anyone crazy.

And this clearly shows that people can be able to handle what ever bitcoin comes with, and this thing keeps happening so we need to have understanding about bitcoin we know that no matter what the price will come down and when it turn out like that we are suppose to buy and hold that is how this things work but, we have to be conscious about what ever coin we buy because does shitcoins can so ruin your money so it is better off you invest in what you know.

But a lot of people are just focused on getting the money not trying to understand the business and it's only when you understand what to do that you will be able to get what you want.

E fit be say this guy na just new him come into this crypto space and na hype make am go invest for that meme coin with big amount of money like this. This money no look like wetin him fit sacrifice for memecoins like this, if not him no go come on social media to come dey talk wetin sup to him investment. We know say Memecoins dey give high return on investment between a short time, but e better make people realize say the thing just dey like gambling, e fit favour you the first time  only and not favour you again. And e fit no even favour you at all and you go wan still dey try base on say people still dey win big money through am. Even if na 70% of this money him been put for bitcoin, e for don favour am pass now and him capital go still dey while him go don make a lot of profits. This na lesson for all but I know say people go still fall for this more in the future, because people are always looking for easiest way to make money instead of doing the right way.

Some of these shit coins just get a temporary shelf life and if you dey lucky, you go cash out but the odds of cashing out sometimes dey low and if say I be this guy, nah to first make my research; then i put in small cash, even if nah $1000. These kinds of things nah risky something and if you don dey the business, you suppose know say no be every day be Christmas.

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.

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.