Greed Breeds Stupidity in the World of Crypto Currency.
Sounding the Alarms in the Altcoin Market!
I want to warn all of you relatively new folks in crypto currency trading and remind the veterans that greed breeds stupidity. As I look around the crypto currency space I see green candles everywhere. It seems every crap coin in the market is getting action. I am not going to say that I know what is going on but I will deliver a warning.
"DO NOT RISK MORE THAN YOU ARE WILLING TO LOSE!"
This market is fraught with unseen perils. No one really knows the reason behind this pump besides the whales that are facilitating it. For all we know it could be someone, an organization or possibly something with insidious intentions.
For Me and My House We Will Be Holding Only Proven Crypto Currencies.
During this time of uncertainty I recommend that you only hold the tokens that have proven themselves over time. If you go to Coin Market Cap look at the top 20. These are all pretty safe bets but they also could drop considerably if and when Bitcoin recovers from all of the FUD. Those who have been around a while have grown accustomed to the see saw battle between Bitcoin and the Altcoins. When Bitcoin is rising high Altcoins are down and vice versa.
Don't Fall Into the FOMO Trap!
Enjoy Your Profits but Beware the Red Candle Cascade, Stay Safe!
Sage advice.
I would add one more dimension to the warning. Steer clear of crypto coins that do not have a very clear business model driving the value growth. I am especially nervous of those that are related to MLM's (multi level network marketing businesses). These are often the source of pump and dump schemes
Oh goodness those MLM coins are centralized BS! I am not a fan but I do love to buy them before their little get togethers and dump them right before it ends.
Haha that's smart
Good Advice, but don't tell everyone! I see you're in Panama. I'm thinking of moving to Costa Rica. How difficult is it to trade out bitcoin for cash down there?
I agree. Sometimes it's the other way around in my opinion. Stupidity leads to greed. There are lots of smart and greedy people out there,
That is great advice, and presented so well. I don't have as much time to watch coins as I used to, and that's forced me to stick to the coins that I know will still be around if I ignore them for a month or so.
It's been crazy out there for the last 24 hours. It's hard to look at a 2000% pump on a sh!tcoin without thinking, "if only I had invested." But jumping at every potential spike is a mad gambling scheme. I'll be sticking to the tried-and-true coins.
Yeah... shitcoins. We always beware with this thing ! Nice :)
Awesome advice and great post Randy! It gets interesting when things start moving and the FOMO energy running around. Best advice to hold steady with what is tried and true. The battle shift is real! ;-)
Some wise advice... I just hope people heed it. Seems to me that most people in pursuit of short term riches and hopes of "scoring a short term 3-bagger" tend to be rather doomed... it's not really "investing," it's "playing the lottery."
Thanks for the warning. Luckily I have the coins on your list. Good to see Steem still in it.
Thanks @hilarski
You know me...
Frank III
I subscribe to you cause I have FOMO !!!
Great advice!