How I Got an Overdose of Cryptocurrency and How You Can Avoid It

When I just started investing in cryptocurrencies I wanted to know EVERYTHING about it. So I read every book about blockchain and cryptocurrencies, many many posts on Medium, Reddit and Bitcointalk. And yes, I started following many “crypto experts” on Youtube.

Now that I can look back in time, I can tell you that there is some good content out there and A LOT of bullshit too. Somehow, although I knew it was bullshit, I consumed so much of it. Why? I guess I felt I arrived late to the party. I felt for FOMO.

Man I was obsessed with cryptocurrencies! I just couldn’t stop consuming every little piece of information I could find.

To make things worse the market was soaring and I was making great money. So the incentive to keep on doing it was very strong. I felt I was in a roller coaster.

The authorities in South Korea just banned an exchange, China banned ICOs, Goldman Sachs thinks Bitcoin is a bubble, the SEC says this, the European Central Bank said that, bla, bla, bla.

Stop! Just stop listening to every single piece you hear about cryptocurrencies. It’s toxic. I can tell you that my brain got totally fried from an overdose of information. So don’t do that to yourself.

I want to share this experience with you so YOU don't fall into the same trap.

Just let it go and do this instead:

• Pick 4-5 cryptocurrencies you believe in.

• Read their whitepapers

• Don’t follow stupid conversations on Telegram groups. Don’t pay attention to what all those crypto Youtubers talk about. It’s a waste of your time.

• Watch a couple of interviews with their team members in Youtube. So you can see if what they say makes sense or not.

• Make an assessment of the project you want to invest in.

Are you reluctant to invest in a particular project? Then don’t put your money in it.

If it turns out to be a bad project and you lose a lot of money you’ll regret not having followed what your own research and your gut was telling you. If it goes up massively, well you just missed one and it’s really annoying (been there , done that) but you didn’t lose any money at least (Warren Buffets N1 rule is Never Lose Money).

Instead of being angry at yourself because of having missed an opportunity to make a lot of money in a short period of time, use this experience to try to understand why your research showed you shouldn’t invest in that particular project. Use it as an opportunity to learn from your mistakes. So next time an opportunity like that comes you’ll be less likely to miss it.

If you can remember only one thing out of this post is this:

Don’t waste your time in reading/watching what all those crypto experts say. Instead, do your own research and believe in yourself.

Did you ever have a crypto overdose? Tell me about it in the comments section. I'd love to hear about it. Thanks!

Twitter: https://twitter.com/Rymorrison
My Blog about Cryptocurrency Research: https://www.blockchainmarqets.com/