An Honest Talk About Crypto (and other digital assets)steemCreated with Sketch.

in crypto •  8 months ago 

Before I get into this article, I want to start off by saying that the following is just my personal opinions and should not be taken as financial advice. As always, when it comes to financial decisions, do what you feel is best for you.

A little bit about myself... I used to be quite involved in the crypto world. While I never invested a ton of money, I did do a lot of research, looked at countless charts, read numerous crypto articles, and spoke to many others in the various crypto communities. Sometimes I made money and sometimes I lost money. Anyone who's been in crypto for long enough has lost at least some money. Some people have been very lucky and made out well and some have lost their asses in it. When it comes to any kind of investment, there's always some risk there. There's no guarantees in investing, especially when it comes to crypto.

One thing that I've never liked in the crypto (or blockchain) world is the "hodl" mentality. I've always honestly found it to be a bit toxic. For those unaware, hodl (or hold) is a term used in crypto for those who think that by holding onto their crypto (or other various digital assets) that they will keep going up in price, even if the person could sell right now and make a profit. I can understand optimism when it comes to investing. Everyone hopes that they make money. The problem however can lie in the fact that I've seen many people be at a point to where they could sell their digital assets (cryptos or otherwise) and double or triple their initial investment, but they chose to hold onto it because they thought that it would keep going up in price. This seemed to be especially true for smaller, lesser known, altcoins. This is where people have gotten into trouble though because some kept holding onto it, even as prices fell, in the hopes that it would go back up. In many cases, they never did.

My advise for anyone looking to make money from any digital assets or crypto is this...

If you make money, you win. Simple as that.

I think optimism is good, but sometimes peoples' optimism gets in the way of their common sense. If you buy anything as an investment, you're doing so in the hopes of making money. Sometimes greed can be good from a financial standpoint, but many times... especially in crypto, it's not.

I'm going to show you an example of something that actually happened to me a couple years ago. Two or three years ago I was given a sum of a (fairly) new crypto called Bulwark. It was founded by some of my crypto friends that I'd met in the past through another crypto called Signatum. While I made money on Signatum, it ultimately crashed as many altcoins do. Part of this is the reason that they decided to found Bulwark in the first place. Bulwark was nothing really special in and of itself. It was just another altcoin. The same day that I was given the Bulwark, I sold all of it for $9 each. I made roughly $2,700. I could have held it, but I knew that I shouldn't be greedy. I sold right before it's peak.

Capture.PNG (1).png
I sold right when that arrow is pointing to.

The funny thing is that a week later it doubled. Everyone was telling me that I should have held like they told me to, but I was hard-headed and thought "This is more money than I've ever seen before in my life, why risk it?" Turns out, I made an incredible decision! As you can see from the chart, just a couple weeks later it started to go down... and down... and down. It never recovered. Today it's worth less than two cents each. This isn't the case for all cryptos, but many many altcoins suffer this same fate. There's fomo (fear of missing out) in the beginning. Then people start to shill (hype) it. Then after the fomo passes, it drops and drops and drops.

This was originally going to be an article about Gods Unchained since Genesis cards are a form of digital asset. The same advise here can be applied to selling Genesis cards as well though. Use common sense and don't get too greedy if you're purely an investor. If you play the game a lot then those cards have real value to you because you can actually use them in game so it may be worth more to you to hold them so you can have a big collection of cards to play with.

This was something I've had on my mind all morning, so I felt like I should write about it.

As always, thanks for reading and I hope you have an incredible day! :)

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