Ok fellas, with the bull market coming up in the next couple weeks or months I want to give some advice. Like the title reads these are some hard truths, so I expect to be downvoted because I will be shitting on peoples favorite coins. When I first started crypto in December I wish someone sat me down and told me these things. I was on reddit the first time I bought into crypto but it wasn’t much help because people were shilling coins already at the top. Unfortunately reddit is an echo chamber and people choose to listen to stuff that gives them validation. Also, there are people who are either ignorant or disingenuous about advice they’re giving.
Ripple will never reach $100 and that is 100%. It will need a market cap alone of over $1 trillion, and that is more then double the entire crypto market cap. Looking at the ripple subreddit saddens me, because the mental olympics these guys go through to justify it hitting $100 is absurd. I wish it can hit $100 that would be awesome for ripple holders, but it’s just not feasible. Will ripple rise? Of course it will. It was the first coin I bought and many others first coin as well.
Again, back to market cap. Look at market cap not dollar price when looking for investments. Stellar for example is 30 cents but is the 8th most expensive coin. For it to double it will need another $6.5b. I like stellar and what they’re doing not saying its a bad coin, but look at it like this. It was 1 cent in July, 2017. It peaked around 80 cents in January. That is a 80x for people who bought in July. Currently, stellar sits at 30 cents. If you buy in now, if it goes to 60 cents you get a 2x well the people who got in july get a 30x. STOP buying peoples tops, let the new noobs that come into crypto buy YOUR tops. You have to understand a lot of these guys that shill these high marketcap coins either got in really early, or are the suckers who bought the tops without realizing it.
Crypto is a zero sum game. People have to be selling lows and buying highs to make others money. Everyone made money in 2017, because the marketcap of entire crypto did a 42x. It went from 20b-850b. You must understand that this was the most insane bull run in history. Most bubbles do a 5x in 5 years and people call it a crazy bull run. My point with all this is this run made a lot of people think they are geniuses. Don’t take peoples advice just based on the fact they made good money and were in crypto for a year. A dead squirrel could’ve turned $1k into $100k+ last year.
Don’t follow the hive mentality of HODL. Yes, you can’t predict the exact tops or the exact bottoms. Which is why you must take profit gradually. Set targets and when you reach that target pull some money. I’m not saying cash out to fiat, but atleast move that profit into a coin you been wanting to buy that may not have pumped yet. Keep in mind the market always going in cycles and corrects. If you HODL for a year, yes you will make money but it will be significantly less then if you just take profit gradually and use that money to buy the dips. You can’t predict if it will dip tomorrow, next week, or next month, but rest assured it WILL dip.
Make accounts on multiple exchanges. Kucoin, cryptopia, idex, ect. A lot of people just sit on a binance account. If you want good entry points binance already pumps coins to 2-5x their value the second they’re listed. Idex is one of the best opportunities to get good entry points. Coins will be listed here immediately after most ICO’s operating on the ethereum platform.
My biggest learning resource for investments has been following crypto twitter accounts. Guys who have been in this space for years. Anyone can talk and seem knowledgeable, but who actually has the stats to back them up? I went through hundreds of twitter profiles and looked at peoples coin calls from months back. I looked at their success rates and put value on their calls based on that. (For example, one guy called WTC at 35 cents, XRB at 10 cents, and many other winners, I value his opinion the most.) I began noticing patterns in the way these guys call coins. The most successful guys with highest success rates usually call the same coin. I began picking up on their habits and the resources they use, and soon I was buying coins before they even mention them. Also, you want the best entry points crypto moves fast. Reddit I’ve noticed is weeks behind on calls from twitter.
You have to also look at satoshis when your checking if you made money investing into other coins, rather than just holding bitcoin. Your dollar value will increase if bitcoin rises, but if its going down in bitcoin value you were better off just holding bitcoin.
Research, research and research. Seriously, put the time in. Learn what it is your buying. Crypto is not just vaporware their is underlying value in these projects. Read the whitepapers, look at the teams, and become immersed in the community.
This advice isn’t for the person who just wants to put money into a coin and come back next year with 3-10x their money. You can buy nano, neo, ect and I’m sure you’ll be satisfied if that’s what your aiming for. This advice is for guys like me who want to make life changing returns and are willing to put the time in.
One thing I can always tell you is always be curious. Don’t think you know it all. I been in crypto for 45 days and have been reading and reading almost 5+ hours a day, and I’m still learning. Don’t be the sucker buying peoples tops making them rich, in hopes of possibly doubling in a month. This market is too rewarding and this opportunity may never come again. Take advantage of it. I am not writing this for karma or whatever. I genuinely wish everyone can reach their goals and fulfill their dreams. It really hurts me when I see the mass of bad information going around and people being mislead.
I have been commenting on reddit a lot and people keep private messaging me what to buy, and I’m sure it will happen again after this post. So, here is my portfolio in no specific order for those curious. But please do your own research.
- Sharder (SS)
- Origin Trail (Trac)
- Sophiatx (Sphtx)
- Bottos (BTO)
- Data (DTA)
- CargoX (CXO)
- carvertical (CV)
- Restart Energy MWAT (MWAT)
- Tomocoin (TOMO)
- Elastos (ELA)
- Wepower (WPR)
- Matrix AI network (MAN)
I fully expect to be downvoted these aren’t popular opinions but as long as I help out one person it was worth it. Good luck guys, hope you have a life changing year!
Edit: Yes my portfolio is “special”. It is really aggressive, which is why I say “do your own research”.
Another Edit: For people asking about twitter handles I don’t think I’m allowed to post them. Just PM me ill tell you the person i mentioned in my post
Final Edit: I am getting bombarded with PM’s. Im trying my best to reply if I miss your message just pm me again after 24 hours, and repeat every 24 hours until I reply.
submitted by /u/Crerilian
Written by /u/Crerilian @ https://www.reddit.com/r/CryptoCurrency/comments/81w14g/hard_truths_i_wish_people_told_me_when_i_started/ March 4, 2018 /u/Crerilian