One of my coins lost 95% of its value. What did I do then?
So, one of the coins I was holding (I have 1000 of it and its ico price was 1$). It lost 95% value because of a hack. So, what did I do?
I held onto these worthless coins. In crypto world hacks and losses are very possible and sometimes unavoidable. But the reason I held onto them is because I did a lot of reasearch on the team. I checked the social profiles, github, the official website, updates, news, what other people are saying about them and then decided to hold.
Moral of this post: Always do your own research before you invest in crypto.
Definitely the thing to do. one thing that's really in short supply on the blockchain is research about the blockchain. people feel it's okay to simply buy and hold so they wouldnt miss out, and then with the bulk of users buying without a clue, the coin has no sure support. No one's in for the long run. they just want the "now" cash!
It still can go higher, can't it?
Holding is always a good idea!
Yes it can. But that depends on the development of that project. Some projects have very high volume even though they don't offer anything unique. For example, bitcoin gold. Stupid people still buy that crap.
Thank you for your great advice dear with us. I will keep in mind your bitter experience. Thank you again for sharing your post with us.
I totally agree with you in this lesson. If you go with others' opinions, there would be a lot contradictory statements, so do your own research and take a decision.
If I would be at your place, I must hold those coins as I've almost lost whole investment and I'll get nothing on selling. So, hold with a better hope. :)
It is very informative post about crypto.
Patience is the key to success.
You Did a great job to hold them.