New to Steemit? Lack of Research Creates Your Biggest Risks!
This post is the first in a series, which will highlight famous quotes of Investor, Warren Buffett. As a novice in crypto, I find his words worth ‘listening’ to; and, decided to share what I have gleaned with you.
RISK COMES FROM NOT KNOWING WHAT YOU’RE DOING.
Ha! This is true in everyday life as well. When you do not know what you are doing, you can create serious problems for yourself.
If you don’t read the instructions, you might end up getting ‘tooled’ for lack of a better word.
Most of us have created extra work for ourselves when assembling an item, simply because we didn’t know what we were doing; and, didn't take the extra few minutes to read the instructions.
The same is true for investing. Don’t begin putting eggs in a basket under the guise of diversity without doing in-depth research. From firsthand experience, I can attest to the fact, that failing to get it right the first time, throwing 'all' in before testing the waters with a few coins, can cost you money you may never see again.
Callous and naïve trustful behavior will most likely cost you exponentially in the long-term. I will say, as part of my purpose as a member of the STEEM community, THIS PLATFORM IS NOT A UTOPIAN SOCIETY. Just as in the real world, there is good and evil, so does the same exist in this virtual realm.
There is no age requisite for being on this platform. Warren Buffet was 11 years old when he began investing. So, if you are under age, these words are for your protection. This is not a game. If you are under 18, I strongly recommend protecting yourself by having a trusted adult oversee your time and decisions, particularly on this platform.
Many people blindly follow the advice/pep rally of people who are wolves in sheep’s clothing. Their goal is to get rich, even if it means it leaves you poor. But, no matter their intentions, the fact is, lessen your chances of risk monumentally by saturating yourself in learning.
Since joining Steemit a few months ago, several ‘get-rich-quick’ “investment” schemes have gone belly up. I’m reminded of @bellyrub. No one knew who this person/group was. The people who left the ‘vulnerable’ holding the empty bag, quietly emptied the Wallet for, of course, most likely investing in BTC. The person/persons kind of just faded away over a few weeks into the blogosphere. Today, they are somewhere with fat coiffeurs; and, a conscience (soul) that is either black from desensitization; and/or miserable, knowing every penny spent is stolen goods. People who do evil don’t really sleep well. And, those who do, have as mentioned, dark hearts.
That said, the people who lost money which most probably couldn’t afford to lose, failed to listen to people shouting from the rooftops that this was a SCAM!!!!!
If you can’t read, and you can’t discern, you are in the wrong place.
There’s another alleged investment scheme that’s going, or has gone, belly up; but, this time many of the people involved put their names and faces out there. These whales didn’t hide behind unidentifiable avatars. They are being sued; and, because the case is ongoing, I will leave it as this:
Anyone who got left holding air, because they were sold a ‘bill of goods’ can only blame one person. (By the way this is a saying of Buffet’s).
You can only blame yourself for a bad investment. If you failed to read the white paper, and oops, failed to realize there isn’t one; you’re in the wrong business. Crypto is not for you.
Just because a person holds a lot of money, doesn’t mean they’re smart/wise. In fact, there’s another saying:
A FOOL AND HIS MONEY SOON PART.
In the words of Buffet, “The more you understand what you’re doing, the better you will be at it.”
In closing, allow me to sum this post up with a wise mantra:
LEARN before you try to EARN exponentially.
Do good work; and, remember if you don’t know what you’re doing:
A bird in the hand (the pennies you earn on Steemit); beats two in the bush (with the empty promise of them being yours, as you watch them fly the coop).
Best regards.
Btw, here’s the link to the original article:
Peace.
Yeah whatever!
Lol!..smh...I know...At least you're set up to trade. As a noob, I have not had any fun testing the waters with trading. Bittrex is not receiving new members, and I'm not a fan of Binance.
I have to accept that interest in crypto is growing exponentially; and, I will have to be patient as developers work to catch up.
Peace.
Thanks for the quotes. I haven't been too much into ICO's, but I agree that they can be really dangerous.
I've mainly used steemit to get into more art and photography communities so far. But now that I might start investing a bit, I'm going to try and have these Buffett quotes in the back of my head.
Great idea! About trading, it's a great hobby for starters; and, Steem is a great opportunity to learn without coming out of pocket.
I will definitely check out your art and photography! These are among my favorite Steem genres.
Best regards!
Peace.
Gotta watch those scammers!
Interesting thing to note: BCC is currently trading @$2.31. with a ~$23M market cap. I'm curious to see if it will be 'rebranded' after the dust settles and developers create a whitepaper. As with many of the bots on this platform, I'm sure there will be new 'takers' should the opportunity present itself.
Peace.