***This article is to give you my experience within the Cryptocurrency world over the last two months of investing. More specifically, the bad. Like most of you, I too was motivated to make money (lots of it), which brought me to this wonderful place of headaches and heartbreaks. Don't get me wrong, it is not all bad. But, it sure can change you. Here are three things that I have learned so far.***
1.) I have found out that money is more of a motivator for me than I would like to admit. I have always told others that money is not important, and that you need to be happy with what you are doing. Although this is still true for me, it is not as important as I once thought. I have found out that it is the process of making money that keeps me happy lately. The desire to make money can change you. It has changed me and I am not happy about it. I have even considered scamming people out of their own money by promoting my own pump and dump group, or coins I have invested in, just to make money off of people who blindly follow. I am happy to say that my own ethics stopped me from going through with it, but I was still pretty close, and I never thought that I would be saying this.
2.) People are evil. People are innovative. People are convincing. People know you want to make money. You put these three things together and you have one of the most dangerous environments that there is. Don't trust anyone, that is my advice to you. Do your own research, go with your gut instincts, and if something is too good to be true then it probably is. Luckily I learned this quite early with pump and dumps, but others haven't been so lucky.
3.) Cryptocurrency is volatile and unfair. You may think you know this, but the more you get into it, the more you realize how little of control you have. With people owning the majority of the shares (whales or CEO of the coin), they can manipulate the value of the coin to make themselves more wealthy. Heck, they can even manipulate other coins to make their own coin grow in value (EOS to Ethereum). Even more scary, you are up against super computers and trading software. Yes, they are not always perfect, but they will almost always beat you. I have tried, and am still looking into various trading bots, they work. As long as you hold while the value goes up, or sold while you have made a profit, you are safe. Never sell for a loss unless the coin is actually going to die, or you know with confidence that you can make that loss up with another gain. Also, please don't gamble what you aren't willing to lose and please spread your investments into more than one coin.
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Thank you for reading and please do not be deterred from investing because it is still a place where you can make a lot of money. Just please, please be careful and stay true to yourself.
How true you are @over-caffeinated I will follow you
Followed you in return, thanks!
Thank you much appreciated