Once upon a time, there was a cryptocurrency that suckered a lot of people into buying it in the range of millions of dollars on its first day. There were also a few dudes warning people to avoid the hype. From social media to discussions, the world could not turn away. However, the dudes were right after a bit, and the cryptocurrency crashed and crashed and crashed.
Like we warned with Synereo (see blog history), if a person must speculate, he should do so when the risk is low, not high. It makes almost no sense to buy in a crowdsale since over 95% of the times these crowdsales are one of the most expensive prices for a token. Relative to $2.2 million, $50 is cheap, $30 is even cheaper, and $10 is even cheaper! The trouble with timing bottoms, of course, is that one does not know how cheap something will be, or even if the something will work out in the long run. Still, if Bob buys something at $50 that others bought at $10,000, Bob is more of a genius than the others.
A person who wants to speculate should speculate, provided they're okay with losing everything. And I mean everything.
The following article covers a token or element in the cryptosphere. The cryptosphere is new and exciting, but changes rapidly and often in ways that do not benefit users. By the time this article is published, changes may have already occurred. Most tokens in the cryptosphere are complete scams that are get-rich-quick-schemes for insiders. Often, we cannot know this beforehand and only later discover this. A person should only trade with money that they’re willing to lose because losses are guaranteed. If you choose to participate in purchasing a token in the cryptosphere, you should do so with the full expectation of a loss and you should also expect it to change in a manner that does not benefit you. There are very few good ideas in the cryptosphere. Finally, by reading this post, you agree that you’ve read our disclosure.