A ranting cryptotired DrDMD tells his story about ending his 1 month cryptocurrency career

in #cryptocurrency7 years ago

Id like to know what you guys think after reading my thoughts. Please, im here for advice.

By the way, this is my first post on any social media ever. I like steemit soley because i hate the face of the inventor of facebook :D

So, i got into crypto back in 2011 and said, naaah, this is shit and forgot about it until 2013, wanted in but back then few bitcoins (BTC) outlets existed (read mtgox) and one of them outlets got hacked and so i backed off.

This summer of 2017 when BTC and ETH skyrocketed, greed got to me, I saw opportunity and dollars in my eyes and simply had to get in. It was relatively easy but expensive get into saving/investing/buying cryptos. I noticed that you had first to buy BTC or no deal. I used localbitcoin.com, bought my first BTC and noticed the extreme transaction costs and times. I got a couple of low fee transactions that placed some of my BTCs in limbo, with sweat running down my brows, and a couple of double spendings later, i managed to wrap things up swearing never again to pay low tx fees in BTC.

I got a user in etoro, bitfinex, bittrex, kraken and poloniex at the same time as i tried to find relevant info on what to invest in. There were and are so many out there that my head was about to explode. I asked myself where to start, bittrex was easy to undersatnd so daytraded some on bittrex etc. tried the following strats:

  1. Click on the % change column and focusing on the currencies with high enough daily volume(>100BTC) tanking in red, trying to buy the dips, but the dips kept getting lower
  2. Then tried the reverse to try to ride a upwave but the dips came as fast or the ride up was just a couple of percent and my procedings got eat up by the commissions.
  3. Then i tried to find a really small currencies/coins but they were just pumped and before i got in to sell, they were of course dumped
  4. Then i got tired of all the above and wanted my life back, i was sitting at the computer every minute i had free of the day only being able to barely break even.

Need not to mention, I got burned.

So after scouring the i-net for info i came to the following conclusion that people had come to before me. Ask yourself, what tokens/currencies will be here in 1-5 years? Are they really providing a service that the world need and are willing to pay for? Are they effectivising an existing service with potential to grow? Are the tokens only a storage of wealth/method of payment? is the market capitalization of cryptocurrrencies increasing? If yes, youre "making money" indirectly, if no, BTC only goes from one currency/token, to another.

The above questions and the wealth of info/opinions/scammers/tricksters that gets produced and are out there daily in the cryptoworld got too much for my little head.

While researching and wannabe-investing, I stumbled upon this little (literal) gem of an altcoin, dmd-coin. Small volume, small community of volontaires that i started to like, the currency has been around for 3 (!) years. Thats alot in the altcoin world.

So i changed my name, came to the conclusion that this is too complex and timeconsuming so ill just put my money into BTC, XMR, LTC, STEEM, ETH, SNT and of course, the little gem DMD, which i think will be around about this time when i log in next year.

Now, im going to wait for your comments, read them, see if anyone of you can make me stay, if not, ill thank the internet community everywhere for all the info ive got 'till now and about to logoff and come back to see where the ship has sailed next autumn.

Best regards, thanks for reading this rant and almost signing out
DrDMD

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