I don't invest in Cryptocurrency (and you shouldn't either)

in #cryptocurrency7 years ago (edited)

I don't invest in Cryptocurrency -

cryptocurrency.jpg

I've got your attention with that headline didn't I?

But that headline is truth in a way, I don't invest in Cryptocurrency I invest in projects ... Everyday I see people on the Internet asking the same question "What's the next coin to rise?

From my very personal pont of view I think this is not the right aproach to invest, maybe If you are looking for a short term profit that's good but I see the Blockchain as a long term bussines, a new carrer and a lifestyle, maybe because I'm a gamer, maybe because I'm a nerd, maybe because I'm a Linux Profesional but in fact I see this new technology as something I have been waiting for my whole life "Decentralization"

I have seen many "Token Hunters" checking tokenmarket.net every five minutes to catch the next upcoming token crowdsales without even knowing what lays behind the project.

What do I ask myself when investing on a blockchain base project? First of all I investigate about the project, do I like the idea? do I think this project is going to solve a need in the near future? do I think this project would have acceptance amog diferent cultures? and the most important question: who carry out the project?

I have said before I'm a Linux professional I know how to code I could run a new coin in a couple of days but do I have the qualification to manage the economic variables of a blockchain project? The answer is no, If I decided to do something like that I would have some economist on my team.

Why do I say this? Because I have seen a bunch of projects that seems at leats suspicious because there is no long term project behind the new cryptocurrency, it's just some programmers coding to make a new coin an profit from initial coins sells.

What's on the news? The bad news and it would always be like that, people talks more about those coins who has fail or happend to be a scam rather than those wich succeeded and that's not good for long term implementation because non tech people need to be 100% sure of a technology to adopt it.

What's the ultmiate porpouse of blockchain technology as I see it? A decentralized and more fair world, the distribution of money it going to be more fair and that is already happening.

So if you are planing to invest in a new cryptocurrency try to find a project you like something you see could have potential in the future don't look for a short term profit no one becomes rich from night to day look for something that you are pasionated about so you can have fun and profit from it.

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You deserved a upvote. Everyone has to realize the coin is dead as soon as the development halts.

So does your comment :)

lol best comeback haha

Good post:-)

Thanks you :)

Well, I understand were u are coming from. I have a similar attitude. If I invest into the long term I also invest into the company. Because I believe that the idea that is behind the coin/company can actually make serious money in the long term. And only if the the project is able to make money and attract investors even after the ICO we will see a stable profit. But the sad story is that the serious money is in speculating in each and every coin that is rising or about to rise. I'm very new to all the crypto business. But in 3 Days I was able to increase my investment by round about 7%. And I only started by follwoing a few good traders and invest in the same coins. It is the altcoins that make u money. Even the trash ones. Sad but true.

We have to learn how to manage the risk I'll make another post about that ...

Well... I am not looking to invest and make a fortune overnight... I want a secure way of using cripto money that will have a stable value... constant in time... A crypto currency that will not have value over fiat money... I want to get out of fiat money... If we must absolutely back crypto with another value it should be silver or gold or both... We should be able to find a way to turn our backs to all fiat monkey money... actually get rid of all central banks.

What about if that back up value is trust? :)

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