I made some little gains trading bitcoins two months ago and sincerly the most difficult part sometimes can be knowing what to do with a profit especially when you feel "gains" are opportunities to accrue more "gains". On second thoughts, Crypto is risk and risk is crypto I use to think about following the hype especially when the FUD starts kicking in. The internet eventually makes it worse. The impact of the internet on crypto has been huge, most times we hear success stories of people who bought into some unknown random shit and now they're sitting in millions of dollars, these goads people it sometimes influences our initial plans to how we want to diversity our funds and this is why a person might want to buy a coin that's solid, well thought out and of course has other added advantage, let's say utility but then goes back on this decision.
Via Bitmoji
I have seen others try to play smart too; "Get in quickly, take the gains and get out fast" gamble a little bit these profits, takes some sweet rewards gamble more with their money this time, finds it really satisfying and then this probably becomes a habit. To a lot of people, they've made so many shitty coins as their main projects simply because the money is coming in at that time and why not? A lot of people came into crypto for so many reasons and this often determines what they're buying. Many people have probably heard of doge before now, but then on seem to buy because of FOMO.
This isn't me, I'm always pragmatic about crypto and maybe that's why I'm not yet rich. The aim to maximize a little investment to a large extent in a short period of time is always "Ponzi-esque" to me and throughout my life I've been involved in a lot of Ponzi schemes to ever treat Crypto that way. Inasmuch as I wouldn't ramble about long-term and all that stuff, I am always having that FOMO feeling of always missing out on these potential millions but then being someone with limited amount of funds I have my scale of preferences, while wealth can buy you more wealth, having more crypto might not, sometimes it's all a little bit of luck, sometimes you get rekd but I'm not one for uncertainty, I like to predict my finances and project how the projects I invested in can grow.
Predictions and permutations in crypto aren't tenable and can never be used to project real-time plans because of the volatility that's involved, however everyone, or most people like to take control of their finances, because with it, eventually they can plan if not exactly but something similar. This is me, I prepare for times when there will be scarcity by building on projects I can trust, so inasmuch as I would miss out on a lot of millions, i would prefer not getting burned. Crypto isn't all about gambling and Defi seems to prove that crypto can be more than buying the low and selling the high. Nevertheless, we can try to forestall some stability by actually building for what we can be accountable for and this is eventually the plan.
At the end of the day, we gamble some, we invest some, but then what I'm gambling on is only a tiny fraction of what I'm investing on. At the end of the day, greed is always a factor and almost everyone is tempted to chase the figures, ATH and percentages on increase. Knowing the difference between investing and gambling might just go a long way.
Interested in some more of my works?
DeFi In The Nigerian Space; Controlling Finances You Can Understand?
Understanding Cyclical Responsibility; Making A Case Scenario (3Speak)
Comparing Asians & African Food; What Determines The Unique Eating Habits Of Most Nigerians?
The Stench Of Change (An Original Poetry)
Some Of The Most Unique Things About Schooling & Living In Lagos State Nigeria
My name is @Josediccus, a young Nigerian student who is a Vlogger, A Psychologist, Poet And Sports Writer/Analyst. I'm using my contents as a process to create shared meaning as well as create expressions through which people on/off hive can relate. I believe content is a process to be enjoyed and relished and I'm up for any collaborations in my field stated above. Cheers
@Josediccus, your brother-in-pen & heart
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Very well written article with some great advice. I personally am not a big risk taker and like to diversify my investments. Helps me sleep well at night. Have friends who have won and lost fortunes in the crypto market and they go on a wild financial ride. It's not for me and seems like it's not for you. Have you diversified into the metals market there in Nigeria? How is the Silver market? popular?
I've never made to Nigeria but I would love to go. However we'll see how things go with covid for now.
Great blog following and put on my autovoter to give you some more incentive to keep up the great work as I don't have much time to curate but I know you do good posts.
Have a great day!
Thanks a million for coming through, I tend to relate my investment story and of course use to inform and of course educate someone out there, by all means. I'm not the risk taker simply because I don't like losing and I don't have money.
Nigeria is an exciting place surprisingly cheaper to live in but very expensive for people who are living inside of it, probably because of the limited opportunities we have here. The silver market isn't really a thing. We have more of the Forex thing and so many people are losing out on a daily through so many scamy means.
I have been following you before now and your travel journey. Thanks for finding my contents worthy, I'm grateful.
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Oh wow, very insightful. Yes, to my understanding Nigeria is a country of hard workers trying very competitiely to get ahead. Must not be easy, but seems like you are doing well and taking care of yourself. In that regard keep up the great work and I'm happy to know you have been following my adventures too! Thank you and I'm very happy support your efforts here :)
I think every investment has a risk but some are less riskier than others. For example, HIVE could go to zero but I think its highly unlikely to happen. So I consider it as a safe investment but I would consider a random Defi token to be risky since there is a decent chance of rug pulls.
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Every investment has a risk but like you said some are totally riskier and unreliable and we can't build something we can't at least have an iota of trust on and this is basically my point, thanks for dropping by.
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Its only wise to predetermine one's risk.. I don't like risking anything that will affect my sleep. If its going to disturb my precious sleep and peace, I rather walk away. I would rather allocate my money in a stable project and watch it give me returns patiently. That's why my best pair is cub-busd pair. I have some sort of stability so my fear is less even if cub goes below the 1 dollar mark.
Nice post... Thanks for sharing
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As for cub we all know it will relatively do well overtime, just need to get a little stable and we have less dumpers and more stakers, logical risks are what makes us good investors at the end of the day.
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Little risk might pay in long time but we should take that risk only that we can handle without impacting ourselves.
That's why I think we need to take calculated risks once in a while. No with what would eventually get us rekd.
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Gamble in crypto with large funds and the chances of getting screwed is super high!
Some of us gamble now and then but reasonably. Projects that will be here while others vanish is always the best to invest even if its returns are not outrageous.
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I don't even have the large funds to gamble with hahaha, but now and then I pick up exciting projects and gamble responsibily. Hahaha
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Upvoted and reblogged!
I wrote this article with links to 27 YouTube videos promoting Cubfinance, please reblog this article at this Link
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