Crypto Thoughts by Randy Hilarski.
We have all seen promises of huge profits if you hand over your Bitcoin or Ethereum to a third party. Even I fell victim to a few of these schemes early on in my crypto currency journey. Looking back I would not take the same path. I have learned over the last four years that the best path to take with my crypto currency is to hold it in my hands.
I have invested my Bitcoin in Genesis Mining, Bitclub and even a few shady HYIP scams. None of these programs have come close to approaching the profits I would have realized if I just held my Bitcoin.
My biggest concern is not having control over my crypto currency. I should have known that handing over something of value to me will never be taking care of, as good, by the third party as it would if I just held it myself.
I see people promoting things like Bitconnect, USI Tech and other 3rd parties that would love to get a hold of my Bitcoin. I cringe every time I see someone promote this garbage. STOP, you are hurting the community.
9 Reasons Why I Don't Recommend Handing Over Your Crypto Currency to Third Parties Promising Big Gains or Future Payouts.
- You run the risk of losing it due to bad security on the part of the third party.
- If something goes wrong do you really want to deal with customer service to recover your money?
- When you invest your hard earned Bitcoin in third party projects you no longer hold your keys.
- You miss out on all Bitcoin aridrops. I missed out on a ton of Bitcoin Cash, Bitcoin Gold etc.
- Becoming a Crypto enthusiast means you are taking responsible for your own financial future.
- Do you really trust these third parties?
- Never make decisions based on greed in Crypto.
- Companies and websites disappear all of the time.
- When you are new in Crypto, companies will prey on your lack of knowledge.
If Something Requires That You Turn Over Your Crypto, I Recommend You Think Twice.
Excellent post, Randy! This needs to be said over and over again and then repeated again.
If you don't control the private key, you don't own the cryptocurrency.
We have to get people into the new financial paradigm of controlling their own stores of value. We have to help educate people and give them the confidence (and the technical capacity) to be their own bank and control their own stores of value. Stuff like this gets me fired up to get back to my understandingblockchainfreedom project. :)
hear hear!
You gave excellent reasons why not invest in other wage options. I'm really pleased with Bitcoinconnect,
I like to risk money, I play - nothing is certain in this world.
Sensational post. Your warnings should be heeded by all.
It is sad that people fall victim to these schemes yet it is understandable. Greed is a tough thing for anyone to resist and these entities are very good at using this to their advantage.
Bitcoin is the grandddaddy of all coins and, in my view, will remain such. There will be only 21M in total supply meaning that as more people start to enter this realm, each coin is extremely scarce. Any coins that these entities get out of a person is another coin they free up for themselves.
Than you for the reminder that I am best off keeping all my bitcoin instead of trying to "put my BTC to work".
Just HODL.
Excellent post, well i also hate those HYIP sites and ponzi schemes because they promise so much but at the end they runs away by taking the peoples money, i agree with your points holding bitcoins is more beneficial then investing in such ponzi schemes, thanks for sharing the nice information with us, Stay awesome.
HYIP, PONZI & MLM are mostly affiliate programs which are handling by scammers. Excellent article & nice information you have provided to Steem community. Those points are really useful for all of us~
excellent article & useful guidance for all crypto investors & lovers. impressive work @hilarski
@resteemia
Yes we have to try to invest in projects with value and try to avoid ponzy icos or pages. Regards
You are very right. No need of handing over our bitcoin to third party. Thanks for sharing such a wonderful information @hilraski.
Hello @hilarski,
Extraordinary good article with valuable information. Never trust 3rd Parties, keep BitCoin if you can't trade it. Nice post.
~@mywhale
I cannot acceptable Ponzi, MLM or HYIP Schemes for cryoptos. These currencies have not lot market cap more than cryptos. You give nine facts Why I Don't Recommend Handing Over Your Crypto Currency to Third Parties Promising Big Gains or Future Payouts? I appreciated it @hilarski. Absolutely agree your nice points. You always try to share your invest experience with us. I again tell you Bitconnect like as garbage. Best one is crypto market.
Resteemed.
I agree, I'm always trying to steer people away from third party projects, and have experienced in the past what can happen if a person falls for schemes claiming unrealistic ROI.
I fell for it a handful of times and not once have I ended up on top.
Thanks for sharing this important information. For i have already made up my mind before now not to deal my cryptos with third party.
Congratulations @hilarski
Now you are in the MinnowsPower Loyalty Member List...!!!
Exceptional article, very informative. Discussing about a valuable topic to protect our crypto investments from scammers who comes like legitimate programs...!!!
100% Upvoted by @MinnowsPower
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@hilarski,
You provided us great 9 facts and also most of mining programs are scams too! Moreover, BitConnect, OneCoin and DasCoin (may be) are scams too!
Great article and a great reference for all of us!
Cheers~
Good words! As always great advice I stress enough with my friends and family who invested in bitcoin or other coins. Paper wallets! Back up back up back up put the paper wallet in a fire safe box! Haha too many stories of peoples hard drives crashing and there money is gone. Take the steps. Prepare.
Rule #1: Never trust 3rd parties
Rule #2: Attach with Rule #1
Rule #3: Hodl is better than Invest in crypto world
You described those things in-detailed.
~Followed & Upvoted
i lost so much money for all ponzi out there, then i understood that we must never give out crypto to anyone!
Thanks Randy!
No problem, I still owe you some trading posts.
I will excitedly wait for them but no rush! Same with your baby..hope everyone is well.
firstly we have to conscious about that matter...try to invest as well as..
keep it up sir..
love to read your post
@RESTEEM
Couldn't agree more. I hate all of these MLM's that are hyped on social media (even those not related to cryptocurrencies)
Yep, holding your own crypto and trading it when you feel it's the moment is much better than letting someone else handle them for you. I would add that if you lose some money, you would accept the situation much easier than if somebody else would lose them.
My personal 3 liner guide towards cryptocurrency
Mine some currency
Buy some currency
Hold them out..
Thats as simple as it gets.. i have even seen people jumping hoops from one currency to another trying to catch the one thats trending.. and ultimately they end up losing everything.
Always protect your keys and never lose them! A great deal of security has to go into protecting your assets so please educate yourselfs.
If anyone is reading, listen to me. I was supposed to have at least $1200 right now for my $400 investment in real cryptos. Bitcoin, Ethereum and Steem. I have just $3.18 right now. All that money is lost because I anticipated gains in sh!t coins.
Please do not trade in bad coins. Invest in good coins and leave it there. You will get more profit than you can get by trading.
Chaincoin was one such example. RNS another. Elixer another. BSN took my final $111 right down to $1.
PS: I accept full responsibility of my losses. If I had kept good cryptos, I would have had $1200 by now, thrice my investment over time.
Thank you Randy for sharing this.
Wow, I have never heard of any of those coins you speak of. I am sorry you went through that but I hope the lesson has helped you going forward.
I learned my lessons and stopped pumping more money into crypto until I develop the right thinking and decision making. All of them were rubbish and you are way beyond their league to know about them.
I am focusing my efforts on Steemit and fortunately my decisions within Steemit market go well. Probably because there are only two currency and I am almost always having a look at price movements.
By sharing the info, I did not wish to highlight my losses but share my experience with bad decision making and investment in bad bad coins for bigger gains.
Thanks for sharing this important information.I really pleased with Bitcoinconnect,really pleased with Bitcoinconnect,
Nice summary of financial results - way ahead in USD but behind in BTC
I have not done the math but suspect this to be the case with BitConnect as well.
Now there are a lot of scam sites and before deciding to invest it is necessary to check this site, read the feedbacks in the chat. Otherwise, one can be well deceived...
Oh yes, my friend, I sympathize with you about the losses with the help of fraud of individual platform scams and I myself was their victim before, but now I am more experienced and I bypass these sites! Thank you @hilarski
Greetings@hilarski! Do you think Steemit has what it takes to be one of the top 10 global social media platforms?
No
@hilarski - Sir, this is a wonderful post.... I would like to bookmark this post.... Because this is valuable content to all crypto lovers.... Nice you decided to share it Sir....
To get more audience, I wish to ReSteem your post.
+W+ [UpVoted & ReSteemed]
Yes you absolutely right never give to third party to our cryptocurrencies, and I believe in there this word of you
Crypto enthusiast means you are taking responsible for your own financial future.
I was planning to invest in Genesis Mining.. If there is no profit, its better to hold bitcoin or invest in ICO coins...
You posted very valuable post how we protect scam sites and secure our currencies? Give massive 9 steps for us. I can`t accept third party money or other changes. But I can trust our better way of crypto market. If we have updated about cryptos we can do better investment and trading.
yes that's right.must not give up and should not hand over bitcoin to third parties.
I suggest best way, if we invest or trading any where before research market cap, trend and a currency validation currently. If not unsuccessful . I think BTC market has huge market capitalization and reputation. Better way Cryptos I think.
Yeah that's makes people worried about their money. They start thinking that it's all fake and you'll get nothing.
@hilarski Thanks for sharing the information. I just followed you
Hey @hilarski
I too invested my Bitcoin in sites like coince.com which took my money and disappeared. I should have held it.
By holding our crypto we hold the power and we can control it the way we want. If trust third parties we loose control and third parties make thousands from it and give us pennies.
What do you say?
I already said it above. ; )
Hodl'ing is by far the best strategy fo the majority of us. However it feels like when you begin in the crypto world, the only way to realise this fact is to not follow the hodl'ing strategy, and realise your mistake... mine was buying lots of altcoins and trying to day trade them...
thank for wonderful information excellent@hilarski.
Optimism is the faith that leads to achievement. Nothing can be done without hope and confidence.
great post boss ,howdi?
great work
There's a lot of money being made with the HYIP ICOs atm lol. A lot, about half of them are jumping up to $30 in the first week from less than $1.
Excellent post for newbies and Pro in crypto thank you so much for sharing with us your knowledge in this great field
its scheme
nice post big up
really good post bro @hilarski
Thank you, Randy, for this excellent post.
You sold half of your Crypto a while ago. For fiat ponzi, I suppose. How that' comes out for you?