How to keep your money playing with crypto

New_Cliche
New_Cliche

With all the shill threads it can be hard for the newcomer to discern from a quality coin from a shitcoin. The big thing is filtering out shitcoin discussions, when you see them don't participate. Then once you've found what to avoid it's a lot easier to pick out something good.
That's not to say you can't make money on shitcoins, of course people do, but it's like a game of musical chairs, don't be the last one standing. The benefits don't really outweigh the risks.
Avoid
YUGE
political and figurehead coins
'goofy' meme coins
coins based around a set event in the future
self explanatory, these aren't currencies it's just gambling facilitated by the block chain

caring too much about unique muh features
not really that important unless the hype backs it up too

These account for 50% of the biz crypto threads and most people end up burned playing with these coins which have a marked expiration.

Now just look for pretty much anything else.

Especially look for a bad news event which isn't actually related to the coin. eg. AWS issues cause coinbase and other sites to go down, hurts cryptos in short term (happened just prior to the ETH breakout, and bought many of us an extra day or two).

MPmaster
MPmaster

I've literally broke 3/4 of your rules and I made money. I've been in lepen, Milo, BITBEAN, Ethereum and POSW when they were shilled and I made tons. So...what's the point of this? Don't bag hold?

Spamalot
Spamalot

Pretty much this, made money off of all those coins that you mentioned.

viagrandad
viagrandad

Oh, well yeah good advice.

haveahappyday
haveahappyday

it depends on if you want a
- pump and dump
- something with the possibility of long term value

and if youre
- poor as fuck
- want to make decent money

p&ds for poor people are shitcoins like bitbean/milocoin/whatever trash is being pumped. no volume, only traded on D-level exchanges, and whatnot

anything long term you have to do your own diligence on, but as long as theres some actual useful reason for a coin to exist it has some possibility. if its just a rehash of another coin + a new name / branding / marketing / "niche" chances are it's just going to end up as a p&d.

the best entries are the long term value coins that are only trading in small illiquid quantities, because you'll be riding several pumps when they get added to larger exchanges, but obviously its the hardest to find out what these coins are.

if you just want to play it safe don't stray away from the top 20/30 30-day volume coins.

5mileys
5mileys

You only make money when you withdraw it. That makes it real.

Bidwell
Bidwell

top 20/30
tether
doge
Yeah even those are a crapshoot sometimes.

massdebater
massdebater

"tons"
you could have only made tons from ethereum and possibly posw if you had a very good early entry. everything else has no volume.

likme
likme

the idea is to not stray outside of that if you want to play it safe, and no one's putting money into tether to make money.

kizzmybutt
kizzmybutt

BITBEAN 2x
Lepen 3x
POSW 6x
Ethereum 5x
How is that not a lot of money?

Techpill
Techpill

Ok makes sense

DeathDog
DeathDog

I didn't say you couldn't make money, but by nature some people will get burned playing with these. As opposed to a coin growing naturally that isn't going to lose half it's value because someone decided to cash out a measly 10btc or similar. Like people who thought POT would pump on 4/20.

puts it well,
the best entries are the long term value coins that are only trading in small illiquid quantities, because you'll be riding several pumps when they get added to larger exchanges, but obviously its the hardest to find out what these coins are.
Plenty of coins have pump just as much or more as the shitcoins, way easier to make money when you don't have to worry about executing the sell at the exact right second.

Also ETH and POSW don't violate these rules, I hold both and wish I held more. My last rule is that the feature doesn't make or break it, I personally don't care about smart contracts, but since others do it's a buy. Namecoin on the other hand, I do care about decentralized domain name system, but since others don't I'm stuck bag holding.

Stark_Naked
Stark_Naked

I like the explanations. Really appreciate it. Also, POSW in a dip right now so perfect time to buy

Raving_Cute
Raving_Cute

To expand these are just my personal rules to make biz bearable. If you can do election P&Ds or whatever and make money then good for you, but it comes down to a lot of research and forum trawling and babysitting your money on the exchange.
Instead I see it being more beneficial to spend that time finding something that doesn't have a capped expiration or limit. You benefit this way as does everyone else.

Try it, apply these mental filters to biz, then buy whatever else there is left over, usually it's one or two new coins. It's worked out well so far. (Nothing has caught my eye atm today).

askme
askme

I like the explanations. Really appreciate it.
Glad you like it. I noticed I was unconsciously doing these things and figured I should try to articulate it.

Money isn't real ;-)

the idea is to not stray outside of that if you want to play it safe, and no one's putting money into tether to make money.
Risk is fine, you can do these things and still take a huge risk. You just have a much better chance of reward if your coin doesn't become pointless after the election.

WebTool
WebTool

I've literally broke 3/4 of your rules and I made money
In trading they call this dumb luck. Your process wasn't that great, but it doesn't matter because you made money and that's all that matters. If you were doing this longer term or needed the money to live, then it wouldn't be funny if you lost out.
The way I see it there's a good process of trading/investing but that doesn't matter if the market fucks you anyways. So, you gambled and won and are now justifying it because it didn't hurt, whether you or OP did due diligence or not means that you have the higher probability of losing money in the long term and gaining in the short term.

DeathDog
DeathDog

to live
I don't gamble any more than what I'm willing to lose. If I was an actual trader at a firm or something, I wouldn't use funds to invest in that. Of course not. However, I have a huge tolerance for risk so I'm willing to take chances on coins like lepen.

GoogleCat
GoogleCat

I invest only in meme coins, I started out with a few hundred dollars and have made 4k dollarydoos.

The key is to find memes before they become memes.

hairygrape
hairygrape

Why can't you just admit that memetical analysis work? Faith alone can beat the market. There is no luck.
You obviously have Kek's blessing. Shadilay.

RumChicken
RumChicken

no one's putting money into tether to make money.

If you mean USDT (tether tokens) then I hope you are aware that the de-facto peg is broken due to Tether (the company) not being able to wire USD abroad.

TechHater
TechHater

Fuck off chink.

1.) speed. Quick as a Mexican Jumping Bean.
2.) Developer (Shawn Kent) is working on Point of Sale Solutions.
3.) Beanstore.co coming soon
4.) Cartoon coming soon
5.) Lovable logo, extremely family friendly.
6.) Dedicated team of memers ready and willing to market this. At the end of the day, marketing is king.

sage and report

Boy_vs_Girl
Boy_vs_Girl

Test:
What do you think of the following projects/coins
EDG(edgeless casino)
RLC(iEx.ec decentralized blockchain computing)
Siacoin(blockchain storage)

MPmaster
MPmaster

? These all clearly pass the shit test and I wouldn't automatically ignore them.

iluvmen
iluvmen

reminder that this is the next pnd

CodeBuns
CodeBuns

When POSW hits $1, how will your face look like?

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