Reality Check! what I learned about the cryptospace

in #cryptocurrency9 years ago (edited)

Weak Week

Hi guys. As you guys know, HODL, that is my forte. It isn't easy when I see Chaincoin taking massive hits from dumpers. I am an active trader, but I do not have much resources. Every cent and crypto trade is as important as the next.

I've learned about patience, greed, and fear. With Chaincoin, I learned the brutal truth of the market. People are in this space to make profits for themselves. Likewise with me, I want to help Max's movement but I only had one masternode. Yesterday was full of FUD, and I expected the market to dip. I cancelled my CHC masternode, and sold my chaincoin. I have to apologize for not following through on my commitment. I put my full trust in Max, and he was attacked by many community members of our space. I still trust his work and his ethics. He has a very positive movement and vibe compared to many other traders. There is no doubt there is a lot of hate in this space. Some of us don't want to see others succeed. In this case, the support of Max and Chaincoin had been met with an equally hateful and jealous community.

Like the stock market, traders took advantage of his hard work. I am deeply sad to see the community of crypto turn their back on an ethical trader. I believe all of us must be informed of the psychology of the market. While I was hoping for CHC to moon past $7, I was being optimistic and greedy. The fact of the matter is trading is survival for me and some other individuals. Trading is a game to gain the most value by making the profits.

This weekend, I made profits by selling my 1 chaincoin masternode. I did not profit as much as I would liked, but it has taught me about patience and setting up a game-plan. I am planning to get into CHC at a lower price, but I had to sell in order to ensure I will continue my trades in the long run. I plan to HODL, I am hodling steem and my SIB masternode along with some other coins.

FUD, trolls, and bad vibes

This space is filled with those who are jealous, greedy, and hateful. This week, Max's Slack got hacked, and the Chaincoin website got hacked. The fear hit my heart when I saw people lose faith in him. It hurt me to see one of my favorite Youtubers @zedomax feel terrible. I felt the pressure he was under to make the crypto space happy. He helped so many people, and the trolls took advantage of the noobs and dumped on the price.

Plan

Although a newcomer (4 months ago), I would not consider myself a noob. I have studied accounting for the past four years and I have taken significantly larger gains than losses. I am slowly building up my investments and constantly doing research while I study for the CPA exams. Make a gameplan that involves exiting the market at specific price points. Plan to stay in the market for a specific period of time. Research! Research! Research ! and plan! Cryptocurrency is still in its infancy and has time to blossom. The market remains volatile.

My Message to Minnows and Dolphins

Whales have great influence over the crypto-space. Analyze the effect they may have on the community and strategize ahead of everybody else. Follow the hype when the train takes off, but do not chase the high rising prices, be patient. The market is not designed to be cruel; it is designed for profits. Do not hate anybody whether they are minnows, dolphins or whales. Do not hate the player, hate the game (if you must). If you have lost money trading, learn from those mistakes. Do not trade with emotion, just be better than the market and continue spreading positive vibes. A good understanding of psychology, economics, and technology are beneficial in this space.

To the whales

Thank you for your investments in this community. Steem whales are helpful, but may not be as interactive with the community as minnows or dolphins. Money changes people. I see this everywhere I go and I understand this aspect of it. With more money comes a change in responsibilities. It is disappointing to see whales support themselves and not give back to the community . Continue to pump and dump at your own discretion, but do not create panic and fear in the market unnecessarily (hacking, spamming, fake news) for your own gain; this would push potential investors from entering the market and boosting prices. Teach minnows and dolphins the way of the game. This can only help the market in the long run and weed out the weaklings.

Conclusion

The concept of good and evil spans many subjects, one of them being crypto. We must promote positivity in this environment and be aware of the negative consequences. The market is tough, but rewarding. I am here to stay in this market for the technological and economic advancements. I hope you joined to stay as well.

*Random video----talking about massage parlors-------

Follow me @kevbot for my life journey, but this channel is meant to be my journal/diary :)

screen-shot-2017-06-29-at-4-32.jpg

Sort:  

Do not hate anybody whether they are minnows, dolphins or whales. Do not hate the player, hate the game (if you must).

Wow well said @kevbot, this is the best you've ever posted. Maybe you should teach me more about crypto trade, I'm a minnow lol.

Thanks for sharing your knowledge!

sweet man! thank you and, awesome! I'll make random vlogs, and I'll also try to be more informative on my next crypto posts! Still new at this.

Hey, I'm sorry to hear about the turbulence and skullduggery with Chaincoin. I know next to nothing about it, but sorry to hear Max was hacked. I haven't listened to all your videos yet - would you tell me why you decided to focus on Chaincoin? I am just barely learning about various different cryptocurrencies, trying to read a bit about each one in the top 100 (and a few more that get talked about a lot that are outside the top 100.) It's going to take a long time to educate myself. I would love to learn from proponents of each issue what are the particular qualities that attracted you to that token?

hi @clemdane

Thank you for asking! I joined the chaincoin community for Max @zedomax for the message he was promoting. Ofc in trading, emotions should not be involved but I did let judgement deter me. There has been mention that the coin is underdeveloped and it does not provide a good reasoning to rival other coins like Dash.

A large community of followers saw the opportunity to jump on the bandwagon as the price was hitting peak pricing. Max has taught about HODL, but many whales took quick profits off of Max's strategy. Trust was established through the community with Max. It was dismantled by the whales in the crypto community looking for quick profits. A lot of hate was sent to our group.

A few factors I look at are

  1. community psychology (where the hate, jealousy, trust, hodl aspects come from). For everybody, this is different depending on your position (purchase price) in the currency . I bought low at .00003 btc, so it was easy for me to HODL. Someone buying at $.002 btc may have lost the momentum to HODL.
  2. Utility of the coin : is it easy to make exchanges in markets? DO your friends, local businesses, online community take the currency? Currently Potcoin has decent staking options but has no real use case in weed shops I go to. Potcoin is an investment that has no current utility.
  3. Marketing: Dash has great marketing with Amanda B. Johnson. Potcoin has great marketing with Dennis Rodman!
  4. Liquidity: Coins like bitcoin, ethereum, litecoin, and dash can easily be traded back into cash. These are safe options to trade with! You will always get your money!! Coins like Chaincoin have to go through an unpopular exchange, Cryptopia, it's liquidity is low.
  5. FEES!!: Bitcoin has high fees! The technology is a bit old compared to what's prime. IOTA is a new cryptocurrency with 0, nada, ZERO FEES. Good Long term bet for any company taking advantage of crypto technology.
  6. TEAMS: Make sure the team developing or revolving the coin have a future sight in their vision of crypto growth. We can see this in each of the big 4, DASH, ETH, BTC, and LTC. So much development, safe future!
  7. Timing: Some coins are meant to be traded and long term, alt-coins should be traded with caution and potentially traded in the short term until long term vision can be seen.
  8. Market Cap: higher market cap indicates large investments and stability. It has a lower chance to get pumped and dumped. These currencies are usually updated in the news.

Thank you for that thorough and detailed writeup. I will keep these things in mind as I look at cryptocurrencies. I guess you have learned something about what the big traders will do under certain circumstances. Will Chaincoin be able to move onto the bigger exchanges and become more liquid? Can Iota be easily exchanged for cash? Will it become part of the big five? I will look more into Chaincoin so that I understand it better.

Coin Marketplace

STEEM 0.04
TRX 0.33
JST 0.095
BTC 62095.48
ETH 1737.24
USDT 1.00
SBD 0.39