The most important factor in crypto trading, that nobody speaks about...
Recently I had some very important lessons to learn in crypto space.
Even though I know to do TA, my main factor in decision making is my own research on coins and projects. I don´t rely on research from other sources and most importantly, I don´t buy into hype.
I´m simply not a hype guy - never was.
A solid foundation is built on trust and if you lose trust in a project or coin, it´s best to sell it.
The Trust Factor
Trust is something that is difficult to get and easily lost - it´s fragile - at least in my world.
Doing my research is the basis of the trust building process. I know, that most people are not able to do research based on facts, are not interested, easily influenceable and flying around like a leaf in the (crypto) storm.
Well, if this works out for you, then congratulations - maybe you are one of these people who are born with an extra portion luck. Maybe you are also just stupid. I guess not, since then you wouldn´t read this blog. ;)
So over the past weeks, I was doing intense research on a coin/project, that really built a lot of trust inside me.
I really believed in their product and outstanding vision, that is beyond anything I have seen in the crypto world. I also wrote some articles about them. All very positive and excited. With trust come emotions of loyalty and strength.
Until this happened some days ago.
Tldr: The CEO of this company was doing an Q&A. At least it looked like it. In fact, it was only a Q without any A. I watched, how he played with thousands of people and hyping them to the moon.
Any questions about their product release were simply ignored and people who dared to ask a second time, where kicked out and banned.
I was shocked about this business conduct. Also I felt like being the only intelligent person (besides 2-3 people who also were kicked) that didn´t buy into the bullshit hype talk.
This was the moment, I lost my trust into the company.
If the CEO is doing business this way, the whole company behind can´t be better.
In this technology driven space, you need to have a road map and stick to it. Period.
It doesn´t matter if you plan a product release 6 months from now and tell people exactly that.
It also doesn´t matter, if you miss the goal by some days, when you communicate it clearly. It happens.
What does not work out though is, to tell people, that there will be a "beta version" soon and giving them the impression, that it´s already rolling out, when in reality, there are only a handful people worldwide testing it. You can´t call this a "beta" or "private beta" - just call it what it is!
It´s a private test that is wayyyyyyy before any working product release. Months - maybe even a year.
Have the balls to define "soon"! Let´s get real...
I knew before, that this CEO was an arrogant a***** without any style or business conduct, but after my research, I thought, that if they let deeds follow, everything works out for me. It´s just that there are no deeds.
So I have my huge bag of SUB now on Binance (ups I accidentally told you the name of the company) waiting for a good moment to sell.
Unfortunately the coin is dumping af, but I have time, since I already bought in early and will leave the Titanic with a good profit anyways....
What if they get their shit together and the coin will moon? Will I regret my decision?
Definitely not, because I will have moved on to coins like EOS and STEEM, that will also make me a huge profit, but all the time I can sleep well and have trust into a legit road map and professional business conduct
Hi there!
As i always say DYOR people. The the company and the people supporting a coin are a major indicator of that coin's future.
We tend to overlook those factors a lot.
Very well said mate.
Cheers!
Thanks, man! Very appreciated!
Trust is a key factor. The decentralisation and control factors are two great advantages that should make people easily trust the blockchain technology.
Bitcoin is dying and its dragging the entire market down with it. The markets are literally joined at the hip with BTC, and when BTC falls because people have realized how slow and unreliable it is, the larger market ( the new money, people who have been in the game for less than 5 months) panics as they believe that bitcoin IS the market, and if bitcoin fails, then everything else does. This is part of the issue when people like Warren Buffett go on record saying that "Bitcoin is a bubble and will burst" That part is true, for the most part, not many people are willing to pay $36 for a transaction, especially one that takes an hour or more to confirm, and even more so when the developers make little attempt to fix the BTC network -
But when everyday people hear things like this is causes a massive amount of irrational fear...coupled with news from South Korea which was false, as well as news from traditional outlets that claim the market and Bitcoin are constantly dying. We risk going into a free fall in prices within the next few weeks if people don't stop spreading false information. The market dropped by 30% just on false news and an assumption that Korea MIGHT POSSIBLY COULD BE MAYBE be banned from the markets. What would happen if over a 3 day period Fox News and CNN falsely reported that "Bitcoin" was going to be banned in the US, without any proper sources to back it up? The market would implode all based on a rumour. This is why its VERY important to not follow false channels, or people looking to hype coins, its causing the market to expand in a direction that it shouldnt be going, which is the hype, pump, dump and the market is burning scenarios. This has a lasting effect on the human mind, and we'll pay for it eventually.
True, but it´s the people believing in the FUD that make the markets drop. So yes, DYOR is the key, but only if you are smart enough to interpret the results correctly.
Yes, always invest what you are willing to lose. And to partner with that is how much you trust on what coin you are investing to. And in order to build that trust, DYOR is the key.
informative bro..
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