Number 4: Top Mistakes Crypto Newbies Make

Buying Cheap Tokens

This continues my series aimed to help crypto newbies avoid costly mistakes. Know some people new to crypto? This should be helpful.

Let's call it the penny stock syndrome. With all due respect to micro cap stocks, which can actually be very good investments, there is a certain desire some people have to buy large quantities of something at a very small price. After all, wouldn't it be fun to own 10,000 bitcoins? If you got in early enough, that may have cost you $20.

On the surface, it follows that other HUGE opportunities may be out there. Maybe it's the gambler in some of us, maybe it's greed, maybe it's just plain bad judgment, but we're unlikely to A. spot such an investment in the future and B. hold long enough to become a millionaire if such an opportunity arises.

So when people new to the space suggest buying a token because they think it has this sort of upside, without looking into developers, community, or any other real reason the token has a chance at going to the moon, I get a little frustrated. I don't want to see good money thrown into dead or dying alt coins. Yeah, you might get lucky and some whales on Polo might pump it.

So what? Buy a lottery ticket. There are so many good opportunities in this space to make money. Why waste it on junk?

*Ok, for the really desperate, I'm going to briefly mention some coins under 10 cents worth considering. I say this as a stop gap for terrible behavior, not as investment advice or recommendations:

FUN. 2.6 cents per token currently. CEO of this company was the creator of famous Super NES game Starfox. FUN is used for a cool gambling app

SNT. 2.7 cents per token at time of writing. Status is a social network decentralized app.

XLM. 1.4 cents. Stellar Lumen...um...I don't really know what they do.

Disclaimer: I own some FUN, but no SNT. I got some XLM from an airdrop (for free basically).

**No, I'm not going to list the tokens I think are garbage. Do your own work there....if the token has been around 2-4 years or more, and has no online presence or community behind it, it's dead. Move on.