A friend/contact of mine who I have known for many years asked me around 2 months ago if he could copy what I am doing in crypto. He knows I am staking and not trading and wanted to see what I was involved with.
He is the typical retail investor who buys or invests at the wrong time and then gets wrecked because he panics when the market drops. The last Bull cycle he bought Ethereum and never waited or asked for any advice losing I would guess most of his investment. This sums up the majority of new crypto investors mainly because they have no clue what they are doing
After showing him a couple of staking projects he asked if I could help him get involved with COTI. I informed him he needs to register with COTI so he can obtain the Viper wallet which is also part of the COTI Treasury.
I had heard nothing from him since then on crypto besides some work related stuff and asked him yesterday where he was with the COTI registration. He then went on to tell me he was waiting for verification still and it has been 6 weeks.
Last night I emailed one of the COTI developers and this morning received the news it has all been sorted and he is now registered. After phoning him I said please do nothing until we sit down later this week and will give him his next to do list. My fear he would purchase COTI via Binance wasting the tokens having to use the bridge converting them from an ERC 20 token to a native token. I have no clue how much he will invest, but presume it will be R10K or $550 which will get him around 4K COTI. Not much, but it is a start and I will make sure he wont lose this time around.
This is not ideal as I do not like advising anyone over their investments, but I also understand how clueless he is and this is giving him the best chance to actually make some money. He does not know it yet, but he could be doing a 10-20 x his initial investment or possibly even more.
COTI launched their DevNet today with a $50 million development grant system offering anywhere between $1k and $100K. TestNet goes live in Q3 and then the MainNet goes live in Q4 so as timing goes he is lucky to be staking now.
Privacy and encryption is going to be big in crypto over the coming years and it could be a leading narrative of this crypto Bull cycle. Being an L2 Ethereum token COTI will do well and one of the reasons I am accumulating whatever I can now before the price rises. There will be a swap out in Q4 which is another bonus which could be worth an extra 20% in tokens moving from COTI to COTI V2.
I have told him none of this so as to not get his hopes up because there is nothing worse than disappointment and best to keep him in the dark for now. He will realize soon enough when the price starts to move and that is when the fun part of being in crypto starts and at least he will experience that for the first time.
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To be fair he is more than able to keep the COTI as ERC 20 tokens and still deposit them in the Treasury. That's what I am doing anyway. I will be interested to see if he gets a better rate than me with a smaller investment on the native chain.
That is why I think he should keep it on the native chain because it may be the better option. I only know the treasury and why I want him to put it there and not as erc 20.
The fact that you are more familiar with the other chain is definitely a benefit.
Nice gesture from you guiding a friend and what a great project you've chosen to do so - COTI. When we believe in things and speak to others about them, we feel some sort of responsibility but in the end it is the "investor" decision if to jump onboard or not.
Yes it is his decision and I think he is lucky because his investment will do very well. I wish I had help like this when I first started out.