Please newbies, check the user history first
This post goes to all of you who’ve been around for about a month, weeks, days or even hours.
Ok, so after reading and hearing about this digital money thingy that magically grows on its own making everyone rich overnight called Bitcoin and confirming you don’t have to buy a full coin for like $16,000, you’ve decided you want in. You setup your Coinbase account, gave almost all your personal and banking info, plus a photo, your ID and your credit card to a complete stranger and bought a fraction of something you barely understand hoping it will somehow turn your hard earned money into a fortune someday. But it looks like you’re going nowhere, because as incredibly fast as BTC grows, right now it would need to go from around $16,000 to $32,000 just to turn your $300 investment into $600 and that’s far from the huge profits you thought you’d be making in a few months.
So... you read there’s this other thing called Alternative Crypto Coins or Altcoins for short, and people say many of them are incredibly undervalued, meaning that they haven’t been pumped in price yet so these Altcoins are the key to making it big for small investors like yourself. What happens when you decide you want to invest in Altcoins? Well, the main problem is that there’re more than 900 different projects out there and at least 100 of them can be considered somewhat “serious”. Then, how to decide which ones are worth your money?? Well, the main advice people gave newbies mere months ago was to read a lot, understand each project, visit forums, read whitepapers, check market caps, coins in circulation,join communities and decide for yourself.
And you may think: “I came here for the easy magic internet money and now I have to spend weeks reading things I don’t understand to decide if I should invest on a project that may or may not explode in price months or maybe even years from now?? No thanks. There has to be an easier way”.
And you decide it’s best to just check a few subreddits like this one and see what people are talking about. Ignoring all previous posts making exactly the same question you start a new thread asking everyone where you should put your money. And I don’t blame you. I’ve been there too. I know what it feels like to have your money ready to invest in anything and you just need someone to point you in the right direction, no matter which one, but fast because people are making money out of this and you don’t want to be left behind. So let me be the first one to say: OK. Go ahead and trust your money to a complete stranger on the Internet who’s telling you to buy as much as you can of this coin you’ve never heard of, but it’s going to the moon in a matter of days. It’s ok. You have to learn how this market works one way or another. Maybe after making your first few investments you can take it more slowly and start actually reading about this amazing new technological environment that’s the blockchain. Maybe after that you can make better personal decisions and even put your money behind a project you really find interesting and worth it.
I’m just going to give you one little piece of advice. When you’re reading posts and this guy comes and says “You should be all buying this coin because it’s got a great team behind, a serious project a real world application...” and all that, please, take your time to, at least, check that user’s history and profile. It will only take something from minutes to like an hour max and you’ll find out how long they’ve been redditors for, what other people think about them and their comments and posts, if they normally give good advice, if they’ve been right before about other coins, if they’re normally upvoted and therefore have a high karma... After all it’s your money and you shouldn’t just give it away without having at least a basic idea about where it’s going or if you’re just being used by some guy who just wants to dump his bags of shitcoins on gullible newbies.
Happy Hodling!!
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