With the current bullrun in place, it seems everyone is more than eager to share all of their succes stories about trading and their investment advices, that we almost tend to forget that no one has started in crypto without making some epic failures.
All around me I hear people talking about crypto, even the ones who are hardly capable of managing a weekly allowance for themselves, which seems a bit scary to hear what people are throwing themsleves in.
So maybe it isn't a bad idea to share some of the failrures we have made over the years, so other people maybe can learn something out of this and prevent the same types of things from happening (although these are the ones buying our dumped tokens ofcourse ;))) )
Naturally I will kick off this fine topic of failure
Ahhhhhh, the most classic one. Bitconnect was a staking program in 2017 which had a fantastic PR machine promoting their staking program. Honestly, the returns were great, and you know what they say right..If it sounds too good to be true, it probably is.
So most likely you know the gif below of something like it from the Bitconnect convention with Carlos Matos with his lambos on stage. I knew afterwards for sure
This was one of my first crypto experiences. I bought some bitconnect to see how these kinds of things would work, but already a couple of weeks after the ponzi kicked in of not enough new users anymore to pay the older ones their returns. The token went near to zero.
Even though I had only put in a small amount these were the first signals of how dangerous the crypto space was, and that I had to dig a bit deeper before making any trades or investments again.
In 2017 I also learned about EOS through the HIVE and bitshares community. It sounded decent even though I only understood like 0.5% of what was going on in there.
EOS was one the rise entering to top 5 in the Coinmarketcap and I was buying small amounts from the price range from $3.50 to $9 I guess. When the bulls ran and EOS took a leap to about $22 I thought I had a gold fountain and was extatic. Little did I know that when the markets come crashing down that alts are the first ones to go exponentially down.
I still had faith and by that time I also needed to get rid of my old car. This was on an island and made bank transactions very difficult and actually transactions in crypto way easier compared to banking. I bought my EOS for my car at the nice price of $17 per piece.
After Dan Larimer had left EOS and Voice was not really a success the signs went down fast if you ask me. Obviously with the price hoovering around $3-$5 for months no already I was not too happy with this and deceided I would atleast unstake my EOS to make it easier for movement. I honestly do not know why I had staked this in the first place already, because I don't see anything back from it.
Staking is done separately in CPU and RAM and also needs to be unstaked separately. For funds transmissions you still need to have funds to get the transaction through. Are you feeling how annoying this is?
Honestly I am even thinking on dumping these tokens and getting something back for them for some actual returns. In hindsight when they were around $20 buck I should have ran with them and sold them for BTC. But hey...that is all retrospect and easy looking back.
I think we are actually able to make a whole series out of this, because most likely everyone has a whole history of this standing behind their names. Don't be a stranger and share these types of things, because others can learn a lot from it.
More to follow!