Most crypto investors are what I would call amateurs as the knowledge they have is minimal at best.
I bumped into an old work colleague today who I haven't seen for a good 4 years. He started getting involved in crypto due to my involvement and was curious to aske him how he had progressed. He is an accountant so he is no dummy and should be good with figures.
The answer I was given was that he hasn't looked at his portfolio on Binance for 3 years and opened another account on another exchange back in 2021 and has lost almost half of that investment due to buying near the top.
Why should we not be surprised as he is clueless which I would say more than 50% n crypto can be labelled the same way. If you do not do any research then you are gambling and it is as simple as that. I then asked him what he has staked and he had no clue what I was talking about and you could see the panic over his face as if I was speaking another language.
Again it is attention to the detail and these are the basics we all take for granted as we have learned what we know by being involved. This maybe scary to think we are so far ahead of the average crypto investor if you could even call them investors, but they are as they have bought crypto.
Many are treating crypto like a stock or a share where you buy and wait for the right time to sell or a long term hold. Only a small percentage are actually making their crypto work for them as they have no idea what they are doing or what their options are.
This is kind of comforting and worrying at the same time that someone who is so educated yet can be so lazy not researching into their investment. I never mentioned what I am doing as he is not worthy of tips and above his pay grade as his crypto knowledge is zero. Not only that the time it would take to educate him would be hours if not days as the hope is this may wake him up a little.
I have noticed not just with this guy, but everyone else I know in crypto is they are waiting to be told what to do as once they buy in they don't know the next step. The last person I spoke to was taking notes and you could see he was trying to learn yet also on another wave length and how much he understood was questionable. I do think people are blown away by just how much knowledge we have and why we are starting to feel a little nerdy in discussions.
The crypto knowledge we have taught ourselves is not normal and in many ways we have become specialists. the 5 plus years have definitely not been wasted and was highlighted today on how far I have already come. When an investment becomes that important in your portfolio you do need to know more than just the basics as this is your future that you are dealing with. I would comfortably say I am a specialist in 3 crypto projects now and need a few more over the coming years.
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I also meet the type of people you mentioned. What attracts their interest is the monetary prospect of the project, but when it comes to details, they almost have zero knowledge.
In my case, this reminds me of the years I spent becoming familiar with the lingo of one school of economics. It took me 5 years. It's not a formal study, more of a self-directed learning. In the case of crypto, though I will be entering my second year this August, I could say that my knowledge of the space is still very small, perhaps, 5 to 10%, and that only concerns Hive. As for other crypto projects, I am still basically clueless.
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I totally agree with you. I did this myself, I bought a coin in 2021 that was too much and after that I thought I would put it hold but my luck was going bad. Today it's value almost 99 percent down. The same mistake happened to me, I also didn't know anything about them, I also put all the money in it on the advice of a friend. Now I don't know if it goes up in the upcoming ball market or not. Because he was a game coin and now there are very few people left to play this game.
If you don't do your research or look for opportunities you will remain in the dark forever on crypto. There are new great opportunities daily if you are lucky enough to find them!
I’m still clueless on some of the various things :D DeFi is definitely my sore spot! But I think it’s crazy to have some assets and then just leave it there on an exchange. That’s not good!
Posted Using LeoFinance Beta
Crypto is a investment class which is high risk, and highly volatile. Most folks, even 'mature investors' are not adept at dealing with either high risk or volatile assets.
They may have high risk as part of their portfolio, but generally a very small amount, and not requiring active involvement to maximise gains.
Most investors do not deal with highly volatile investments, which require constant monitoring so as to react to changes in market conditions.
As a highly volatile investment, crypto is not linked to other volatile standard assets and most investors are not tuned to being alert to factors which may trigger a change in the sector as these are outside regular investment parameters.
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I can definitely agree with this. The interaction you detailed is one I have experienced many times myself. There is an enormous void when it comes to understanding and application.
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Nearly all of my friends have bought crypto but none of them know anything about it.
They have all lost money.
In time they will end up in crypto again but as users of an app like Leo or splinterlands rather than an investor. That's good for us though as that means our early investment will be paying off.
I think one of the issues that I see is that letting your crypto work for you is also taking a risk. After all in places such as Defi, you are giving up control of the tokens and there are a lot of places promising rewards that went down. It's not the set and forget that people would like.
Posted Using LeoFinance Beta
I know some people who have been familiar with crypto for year but they are still in the dark. They have not taken their time to do any form of research and that is why they can never grow when it comes to cryptocurrency
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