I used to unconditionally love Blockchain and Bitcoin.
During the past years I have encountered pretty much every downside imaginable within the world of crypto currencies.
I have dealt with more than 20 hacks+ scams, ddos attacks, a couple million $ in losses due to black swan events..
It made me realize that if I simply held the bitcoins that I bought during the past few years, I would be the owner of bitcoins which would be worth over $10m+
I used to be a start up investor before I became a blockchain investor.
Blockchain investments, due to their new and unregulated nature, are risky long term investments, so I decided to trade crypto currencies as a day/short term trader instead, ultimately aiming to own more bitcoins.
This brought many new problems, such as having money stuck on exchanges, having alt coins which are not supported by offline wallets, ddos attacks..
And ultimately margin trading caught my eye and cost me fortunes.
Due to the massive amount of bullship regarding bitcoin, I lost focus of what my initial goal was.. Trade alt coins to own more bitcoins..
Due to all that has happened, my passion for blockchain mainly turned into chasing money that I feel is rightfully mine. (As exchanges and hackers have robbed me and many others and we are unable to sue)
Blockchain technology has been abused a lot, like the internet.
The original vision has been ignored in many cases and it simply became a scammer's Valhalla.
For now I will day trade until I reach a stack I feel comfortable with again, then I will start taking out parts of my cash to find another industry that I can be passionate about, while keeping a part of my money invested in coins which I do expect to have a longer term future and which I can store in cold storage and forget about.
We all have to realize that blockchain technology is still in its baby phase and the odds of getting burned are huge at this point in time, even if you have been a successful trader in other markets.
In other markets you simply have to beat the market (and insider trading of course).
In crypto you have to dodge all the dodgy exchangers, hackers, scammers, news manipulation and black swan events while trading and there is nowhere to go to claim your money back if you get caught in a web.
I don't like having money as the first reason to do anything.
It has to be passion first, then money as a secondary reason..
Leave your thoughts about this!
What's a black Swan event?
Any major crisis.
For example the DAO hack, if you are familiar with it.
A book by a dude Taleb or something or other, read years ago
I hear you on this stuff,
Marijuana. Fun, profitable, passion for pot?
i hear you, everyday on telegram, got your point of view perfectly, what about coins that make you earn like WTT form giga-watt, REAL, WGR? or maybe you can keep a masternode, when you have a capital in the thousands of euros maybe the best way is to keep a laptop staking 3 or 4 coins and forget about trading them.
if u simply held ur bitcoin, they wouldnt have risen in value. as god emperor trump would say, its a rigged system.