Defi is a pool of sharks, any ordinary person who wanted to join this space will need to learn how to swim with the sharks first. Good sharing, I learnt a lot from it.
It got me thinking, can a DeFi truly be decentralized? Can we really leave it up to the people to decide for themselves? Will there be more fraudulent activities if it's fully decentralized without any centralized exchange? What's your take on this?
To be honest, crypto adaptation is far away than we think. A bunch of people are joining at this crypto space everyday just because they've heard someone's success story! We just have to educate them properly.
Security is the main issue for now, then yeap, centralised exchanges can play a vital roles to protect their users because end of the day, they need users to grow & they have to fullfil the demand of users.
Corrupted contract address scams are another type of scam that exists. Scammers can tamper with a contract to add hidden minting functions, blacklists/whitelists, honeypots, or high sell taxes.
These scams often target newbies who do not know how to verify contracts. As a result, they may lose all of their funds.
I use several contract auditors to verify contracts and stay safe from these scams.
That refers to control the greed & emotions. Like, if you're making enough money but still staying at your spot/futures position, end of the day, you'll end up losing all of the gains !
Remember unreleased PnL isn't your money until you take profit.
It seems like a bit of a challenge, haha! Is there any guidance or resources available that can help with managing emotions for crypto traders, as you mentioned?
Nah, actually it's totally depends on you. Just set a goal/target , take profit there & leave it because end of the day profit is profit. There's another way to save the capital, try to take your initial out after hitting the target & then take 20-50% profit out of that respective market/pair & yup let the rest run!
Just like Bitboy tried to say here, necessity is first priority:
I usually do that when it comes to memecoins. I always take out my initial investment and keep the rest for potential big gains.
But sometimes, after selling for a decent 50% or even 100% profit, that coin goes on to multiply by 10 or even 50 times. Sigh
Well, I guess I have to accept that profit is profit. And you're right! one shouldn't get too greedy and end up losing their initial investment too.
Defi is a pool of sharks, any ordinary person who wanted to join this space will need to learn how to swim with the sharks first. Good sharing, I learnt a lot from it.
It got me thinking, can a DeFi truly be decentralized? Can we really leave it up to the people to decide for themselves? Will there be more fraudulent activities if it's fully decentralized without any centralized exchange? What's your take on this?
To be honest, crypto adaptation is far away than we think. A bunch of people are joining at this crypto space everyday just because they've heard someone's success story! We just have to educate them properly.
Security is the main issue for now, then yeap, centralised exchanges can play a vital roles to protect their users because end of the day, they need users to grow & they have to fullfil the demand of users.
Corrupted contract address scams are another type of scam that exists. Scammers can tamper with a contract to add hidden minting functions, blacklists/whitelists, honeypots, or high sell taxes.
These scams often target newbies who do not know how to verify contracts. As a result, they may lose all of their funds.
I use several contract auditors to verify contracts and stay safe from these scams.
So it's quite hard to be safe on Crypto space unless we're aware enough. It's also super important to utilise our portfolio as well!
I'm not entirely following. What do you mean by utilitizing portfolio?
That refers to control the greed & emotions. Like, if you're making enough money but still staying at your spot/futures position, end of the day, you'll end up losing all of the gains !
Remember unreleased PnL isn't your money until you take profit.
It seems like a bit of a challenge, haha! Is there any guidance or resources available that can help with managing emotions for crypto traders, as you mentioned?
Nah, actually it's totally depends on you. Just set a goal/target , take profit there & leave it because end of the day profit is profit. There's another way to save the capital, try to take your initial out after hitting the target & then take 20-50% profit out of that respective market/pair & yup let the rest run!
Just like Bitboy tried to say here, necessity is first priority:
https://youtube.com/shorts/ABLJZwAHQOM?feature=share
I usually do that when it comes to memecoins. I always take out my initial investment and keep the rest for potential big gains.
But sometimes, after selling for a decent 50% or even 100% profit, that coin goes on to multiply by 10 or even 50 times. Sigh
Well, I guess I have to accept that profit is profit. And you're right! one shouldn't get too greedy and end up losing their initial investment too.