I used to be part of some crypto airdrop groups on Telegram and WhatsApp... mostly on Telegram. There was this guy, an admin in one of the groups, who got me into it. I noticed he was always glued to his computer, checking signals, and I figured he knew what he was doing, so I trusted him.
He recommended I put my money into various shitcoins, claiming I should ignore the big players like BTC and ETH since they were only for the wealthy. So, I jumped in on some like Sol, Aabl, Ton, notcoin, etc. When they started dropping, he told me to hold on for the bull run, which I didn’t even fully understand back then just thought it meant prices would rise again.
Now, I've been waiting forever, and most of those coins just vanished without ever seeing a bull run. Some I got from airdrops barely had any rewards, and I ended up holding onto them and losing out. Out of everything I put money into, only Solana is still around, and even then, my initial investment was small; I had to pump more in later.
I've learned my lesson: shitcoins are like gambling, not something to hold long-term. It took a while for me to see that the guy I thought was a pro was just a regular dude, acting more like a gambler. Now I know to do my own research before putting money in. With these shitcoins and memecoins, the only time you can make some gains is when there's a lot of hype. After that buzz dies, they tend to crash.
This is where many people fall prey to. Seeing a random group on social media with well packaged presence and fake progress level to lure their victims. It is sad that we still have victims in this era. One thing newbies should note is packaging isn't expertise.
Even if someone should walk up to me today to re-introduce Bitcoin as a high portfolio investment asset I will still go back to my research. The world of digital assets and coin is too volatile to trust one random fellow whom I believe will not have the time to persuade anyone into joining a crypto project if truly they were pro.
A piece of advise concerning this: Bitcoin and Ethereum are both decentralized system, which is open for everyone irrespective of your class or status. Bitcoin as we have it is divided into smaller unit called Satoshis and then Ethereum is also divisible into smaller units...... This implies that even the middle, as well as even the lower class citizens can invest so as far as they have their descretionary income( no matter the size of it))
Honestly speaking shitcoins are even worse than gambling, this is coz it has no strong fundamentals it's pump very quickly as a result of hype, but when this hype dies down, it and dumps very very quickly, leaving late buyers in total loss this is not something that any beginner in this space should even consider investing into.
Did anyone tell you this? It is a lie.
Bitcoin is very decentralized. Satoshi Nakamoto not intervening in anything about bitcoin at all. He just left and remain anonymous. Unlike ethereum that what its developers said will happen is what that will happen. I know this fact more when they were transitioning from PoW to PoS which ethereum miners can not accept but ethereum developers left PoW.
Ethereum is not decentralized as many people thought it is. It is centralized.
Investing in shitcoins is like playing with fire where anyone involving in it should be ready to accept the responsibility and consequences of their actions and when it comes to a long term investment Bitcoin holds the potential and it's not just for the big boys any one that has a discretionary income can invest in Bitcoin with the DCA strategy while holding for the long term, I have friends who did got involved with shitcoins and it never did well, to me it is a lesson learnt from another without waiting to experience it, anyone getting involved with shitcoins should also be ready to bear the risk in it.
I have also tried investing in shitcoins and memecoins. Some were profitable, while others were really trash. Even in a very short time, you could lose your money. It's not impossible to make a profit from memecoins, but choosing the right ones is not easy.
However, what I believe is that holding memecoins for the long term is not suitable. They just come, grow quickly, and then disappear. If you are not someone who is always ready to trade, then shitcoins and memecoins will never be suitable for you.
Not only shitcoins but all cryptocurrency apart from Bitcoin are a gamble and they should be approached with carefulness because you don't know how long they'll be existing. There are many cryptocurrency that were existing that are.no more before the current popular ones that are now trending and nobody knows their fate in the future. The more we keep getting more people coming into the market, the more we'll be having new cryptocurrency being developed.
Shitcoin can't be trusted to be used as long term investment because we don't know if they'll be around for the long term that you're planning on holding. Take profits from shitcoin as quick as you can or avoid them completely before they make you broke.
Till most people get 🔥 burnt while risking their money in shit coin, they will never learn the soft way, they just prefer learning the hard way, and after such experience, they will now be spreading misinformation that crypto, including Bitcoin is a scam, that's why I will always advice those that are just coming into the space to seek knowledge first before anything, or ask questions before risking their hard earned money.
Without doing too much of a findings anyone that has been in the space for like a year should know that meme coin which we call shit coin lives on hype alone, and they are meant for gambling purpose, so if you are lucky enough to get in early when the hype is still there, you might be lucky and make something huge out of it , but anything that makes you enter or stays late in it when the hypes are gone, you will lose even more than you never imagined.
Some investments aren't for the long term. You can even invest in alternative currencies, but you need to be prepared to exit quickly. Look at BNB, for example; its appreciation has been great, and it appears to appreciate even further. I'm not saying BGB and XRP are good investments, but if I had invested in them for the long term, the profit would have been greater than the ones you mentioned. You have to be lucky when choosing currencies other than the largest and most "established" on the market.
The same as you, I've learned my lessons as well with all of these hyped memecoins. I've lost a couple of hundreds when I thought that I'd be jackpot into these altcoins that I've chosen to hold at that moment. Instead of profiting, I've lost so much money in it that I should have made more if they were never put into those and instead bought bitcoin. Well, even the experienced ones are learning and it's our emotional that we have to control on this. Not all the altcoins that people tell they've made money on it will also make money for us.
If it is not long-term, then it is not an investment but trading, so shitcoisn is only for trading, not for investment. Shitcoins can indeed provide very large profits, but there are also traders who incur losses because of it, so be careful as you might end up being one of those who lose.
Yeah people are still falling prey to such cause theyre looking for money and sometimes this desire blocks your full sense of reasoning thats why people get deceived by scammers. The desire to make it fast you know can put you in a terrible situation.
We just have to learn to make money the proper way, be patient and always cross check every information given or heard.
I think you haven't fully figured out the cryptocurrency market yet, because you call Solana shitcoin and put it on a par with Notcoin. But the only thing you really figured out, having lost part of your deposit, is that shitcoins are not intended for holding.
Depends on what you mean by shitcoin. Some people have a different definition of what a shitcoin is and not all people agree that altcoins are all shitcoins. General rule of thumb is to stay away from anything that is not Bitcoin. At least that is what I do most of the time but there is no general harm in playing around with ethereum, sol or any of the big coins which have proven to be more or less stable and not pump and dumps over all the years.
This is the reason why one shouldnt invest unless he knows his investment well. I believe all investments have risk, but if you end up investing in the wrong coins or assets, you arent just managing the risk blindly, but you are definitely increasing your risk from losing your funds and your investment.
Whether its shitcoins, meme coins or even those newly recognized altcoins, they dont deserve for long term investment plan, because their longer existence in the market arent even guaranteed, so why take the risk holding them? Stick to bitcoin instead, the price increase might be slow in action, but you know well that it will linger for longer years, as long as the huge demand for bitcoin remains.
Well, it is something to know that you don't just trust a person by what he did in front of you or what he suggested to do. It is our responsibility to dig deeper and understand what he is doing. In general, don't get too confident. In fact, many people had fallen for the trick of these telegram groups claiming that they are experts and know the market so well. They show you good things just to make you believe and gain trust. But behind those good deeds, it is a big lie that makes you regret.
Falling to those kind of advices especially if you're a newbie is pretty much common nowadays especially with lots of misinformation that's happening. Just like what many are saying, "Anybody right now is intelligent enough to share whatever information they know online." Well, that's kind of true, that's why always beware of the information or knowledge that you're getting.
Now with regards to shitcoins, the name itself is already a red flag. I mean why will you invest into some shitcoins when the name already implies that it's a "shit" type of coin. For me, investing into shitcoins = gambling or way worse than gambling because your chances of losing by investing into shitcoins is much higher than that of gambling. It's good that you've learned from your mistakes as what other newbies must do as well. Learn from your mistakes, and adjust from it. Make better decisions in the future, and don't stop learning.
Also, stay away from those shitcoins or maybe meme coins in general. Focus on the top coins if you want to have a lesser risk type of investment.
Most people tell you the kind of coins to invest your own money op? This is your money and you have crypto knowledge to know, there are better coins that are better than shitcoin, have you try bitcoin that is the king among other cryptocurrencies because when the price is increasing in the market investors and traders always have hope of earning income from bitcoin, shitcoin is not what you will allow people to deceive you in the telegram group to invest because they know is not reliable to earn income like bitcoin and etherium, holding shitcoin for long term is a sign that you don't have crypto knowledge, and it will make you regret when the shitcoin continue to decreasing.
Let me fix the title: Never invest in Shitcoins for long term
If you consider them shitcoins, there's no point in investing.
Altcoins are bad for the long term, and some may be better for trading than investing.
Shitcoin is literally created for people to speculate on hype. That's all about it.
Calling it an investment to a shitcoin is lying to yourself, you are speculating. That's why it always irks me when people telling themselves they are investing in a shitcoin or memecoin, nah dude you are not investing anything.
Not to mention that the odd is very low, the one who make the most profit is always the developer, you as someone who get in too late, most likely gonna lost your money. The odd is like very low for you to win in the first place.
It just ain't an investment at all from my point of view. Just reckless speculation. That's why I never trade one neither invest in one of them.