Crypto is real, scams abound - how in the world to KNOW what to invest in safely?
and invest ONLY what we can afford to lose.
This is not financial advice -just a post reflecting on my own personal experience. Take what you like, leave the rest.
I remember being in a Telegram chat, concerning a particular token. There were rumors that the founder was abusing the token and basically running off with our investments. One of the men complaining in the chat was raging that the founder had "made him lose all his money", and that we should all feel sorry for him because that was his rent money.
I did feel sorry for him. He did a FOOLISH thing - but I absolutely felt sorry for him. It's heartbreaking to lose money and it's worse when you desperately need those funds.
BUT REST ASSURED:
- THAT WAS HIS OWN MISTAKE.
- No one MADE HIM lose money.
- He invested MUCH MORE than he could afford to lose.
How can I help you to have some peace in your crypto journey?
I'll tell you first through...
Most of you know I got hacked. I got hacked a painful, heartbreaking amount. But - this isn't about that. This is about something cool that happened RIGHT BEFORE that hack.
Exactly fifteen days before the hack (I know because I've recently been in customer support DM with the SAME incredible guy that helped me when I BOUGHT the tokens lol), I purchased 1000 tokens of a new project.
I bought these tokens after I attended an AMA
After listening to the project - I saw something valuable and impressive there. They had longevity, they had stability, they had waited 3 years without hype to build, and now very cool things were happening.
When I purchased,
- I was purchasing with plans to HODL long term.
- I was ONLY investing what I could afford to lose.
- I purchased probably MORE to support their project than to earn, myself. (I don't always do this - but I did here)
This token recently 10x. I took out profits - and that is what I am using to partially fund the DreemPort trip coming up. It worked out AMAZING for me. I'm so thrilled.
Let's continue to...
I blog on multiple platforms, because I believe in sharing my content with as broad of an audience as I can. Most bloggers NEED to have multiple streams of income. For me, I NEED to have multiple streams of connection LOL (and the extra tokens help to diversify for more stability too!)
I had taken a break from Hive for a bit but when asked where bloggers should go, I pointed them here. Again, Hive had longevity, stability, and though there was still animosity that I had to warn about - it was by far the best option for bloggers in my opinion.
In order to support the trustworthy bloggers that I was sending here - I purchased a chunk of HIVE (STILL only what I could afford to lose!), powered it up and faithfully voted those bloggers and more.
I purchased this MORE as an investment in others, than in myself. (I don't always do this - but in this second case, I did again.)
Not only this, my husband and son decided to invest also. They purchased a chunk (ONLY what they could afford to lose!), powered it up, and followed my vote to support those bloggers and more.
This purchase has ended up 20-30x for us? What a huge, unexpected blessing! Our intent was to help others, support, and invest in something that we thought had a long future. It has not disappointed us yet.
Finally...
Recently, some friends had mentioned a cool new project coming up. The first one to mention it in passing was @enginewitty. Next, I saw @snook's baby boy hehehe (not such a baby) @ecoinstant was involved. I've met all three of these people in person, and love them dearly. Something that had their attention - now had my attention. BUT THAT WAS NOT ENOUGH FOR ME. (and should NEVER be enough for you!)
It was time to do my research.
I joined the discord, and noticed the founder was easily accessible, and though he was clearly busy - he had the time to interact with members.
I watched their preview video of their @psyberx project. It was exciting- very exciting. Then I saw how generous they were with helping others. THAT is important to me. Then I saw their steady updates, their announcements and progress, and I have to say, I'm excited that I bought when I did.
I invested in THIS token both for myself AND to support their project at the time of my purchase.
SINCE the purchase, I've only seen potentially cooler aspects of the project as a whole. (I say potentially because how can we KNOW? We can't. We do our research and we know in the end. lol However, from the actions that I've seen them take, I'm feeling comfortable with my assessment)
The only downside that I can see about this project (so far lol) is that if it's as good of a game as it appears, I'm dangerously close to becoming addicted to it. hahahahaha
Something profound I heard...
It has stuck with me for YEARS. An investor in stocks was asked how he chose what stocks he purchased. He said something like, "I like to drink Coke, so I buy stock in Coke."
hahaha - a bit simplistic but rather brilliant.
If you love something, support it.
If you want it to thrive, invest in it.
If the investment doesn't pay off, you've still enjoyed the product.
There is always risk involved.
People can SEEM incredibly genuine and you can still get fooled. This has happened to me as I'm sure its happened to you. You MUST PROTECT yourself.
I'm not advising you to buy into any of these tokens I've mentioned. I don't even "sell" our OWN token.
DO NOT take the "Do Your Own Research" mantra lightly.
It's said often, but let it have a FRESH impact. ** Do the research** - because you will only have YOURSELF to blame for investing poorly. Don't point that finger anywhere else but yourself if you've jumped when you should have stood. No one can MAKE you do anything. Be wise, be a responsible adult, and be diligent.
Having said that, I hope I have been all of those and I'm excited to see what my continued investment in all three of these projects (AND MORE!) do. Time will tell if it will be another blessing that blesses many!
Image source
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PsyberX images and logo from posts and used with permission from @Pysberx.
I've been in their discord and the owners are very active and generous people. I also like battle royale games, so I'm very excited for their launch.
hehehe i'm so excited for their game to launch too! I'm kinda like - is this seriously gonna be massive boost for hive???? cuz it sure looks like they're trying to be! hahahahaha
Yeah. I feel if their game is good enough it would bring a lot of people to hive. Just look at the popularity of some games (not play to earn) like COD or PUBG. If the game can be even close to this levels it'll be a huge success and In turn boost hive
!PIZZA .
You shared a lot of important points here. People always hear "do your own research" almost to a fault. They hear it, brush it off, and proceed to throw money away. People making these mistakes can only learn by doing unfortunately. That's the beautiful gift and curse of life though. Live and learn.
live and learn - even through the pain!!!
cuz so many people think "it won't happen to me" lol RIGHT BEFORE it happens to them.
but at some point, we do learn, and we do share, and hopefully we make that connection with one person to say HEY. HEAR ME! hahahahahahahaha
i have a comment that has been open for your post for 24 hours now - cuz i lost power 6 times in the last day. hahahaha
so - its a comment from yesterday - but its coming in the next hour LOL
Great post!! Crypto certainly is a minefield out there. Especially in the play2earn and NFT gaming sections. So many projects out there sell their NFT years before the game is even out. And people ape into these projects all their hard earned money. With no promise if these developers are going to deliver on their promise of this amazing ground breaking game. Or will it just be a copy and paste clone of the horrible blockchain games we are used to seeing.
yes... its why we really can't cave to FOMO (and so many of us do hahaha) but really really have to take the TIME to see if something is worth our investment.
and then - make the investment REASONABLE hahaha. has to be reasonable, or else what are we doing???
When people are dumping their savings into something (knowing that it would be DEVASTATING if they lost it) that's got to be the first warning bell.
do not do this, people!
pause, breathe, and use good common sense. if it sounds too good to be true - it most likely is! lol
too many people getting hurt by scams. i try my best to avoid them - but honestly? sometimes we just get slammed by them.
we can only live, learn, and help others!
Best advice ever!!!
so many people think others can make them do something.
no one can EVER make us do ANYTHING.
they can make it HARD for us to choose something. they can use force to compel us. they can blackmail, and cajole, and twist, and everything in their power.
WE STILL HAVE THE POWER TO CHOOSE WHATEVER WE WANT. as long as we are willing to take that stand for what we want to do. lol
I really don't like it when people say "they made me" jahahahaha (well i say it when @BLUEFINSTUDIOS MAKES ME DO STUFF) cuz whenever I gain weight - it is somehow his fault for making me eat lots of food. even if he hasn't talked to me in 5 days. its STILL his fault and he made me.
that is the only exception.
oh - sometimes snook can make me do it too HAHAHAHAHAHAHAHAHAH
BUT THAT'S ALL DAMNIT.
#snookmademedoit
HAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
That is a special case for special people :D
LOLOLOLOL extra-special!
@snook ALWAYS made me do it
do your own research and don't invest what you can't afford to lose is SO important.
I've used crypto I've earned to invest in other crypto. That makes sure that I don't dip into my limited regular funds and lose then when I shouldn't. Doing so has allowed me to grow enough equity that crypto funds unexpected and important expenses that would be out of reach for me.
On that other platform we don't mention, I didn't lose as much as I could have because I had drawn funds out just before the fatal announcement to pay for something of value to me. I lost but could have been a lot more.
So, build carefully on funds you can afford to lose. It pays off.
I'm so glad you got out of there in time! I wish I had too 😞
but live and learn!
if I'd not decided I wanted to go after getting the iPad and pencil I may not have managed that. And the real upside is that both those items have added so much value to my work.
those gifts make it all worthwhile!!! because you are not just hodl-ing indefinitely and waiting for something to moon... but taking those profits and investing them into YOU!
LOVE THAT!!!
I lost my fair share to scams and rug pulls in the past but it was what I was able to afford to lose. Lesson learned so no big deal, next project.
There's always an element of risk.
Thank for sharing your insight @dreemsteem
Posted Using LeoFinance Beta
yes - for me - on some of those - it wasn't anything that I had invested but earned. so technically - I could afford to lose them but damn they were painful! LOL
Hi Kerris!!! :)
Same, other than electricity and time I've never put anything out of my purse during my Crypto journey and keeping it separate from my precious metals savings.
Yes, it does sting, may those scurvy dogs get hung by their petard ☠️
What an enlightening post.
Love it
glad you appreciate it! tried to give details, balanced, personal - and give them enough to look into it themselves. that's what we all want right? well-researched crypto peeps! hahaha
thanks for the visit :)
Such a great post! I almost can't hear/read the 'DYOR' anymore, but it is so very true and it has to be said over and over again.
I bought some PsyberX after I stooped around in their Discord a little, unfortunately I didn't make the 200K for their drops, but due to other investments I don't have enough Hive - right now, hopefully soon I will 😁.
This:
I totally dig this one! 😍
yeah! it's a good perspective right??? so many people are looking for good investments that they don't even enjoy.
they're just looking for money. but if you're actually USING something - support it. It's so obvious - but so many people have that go right over their head ! hahaha
and the opposite is true! Doesn't matter how much money something is making - if you can't stand the service, or the product or whatever.... DON'T support it hahahahaa
(why I don't trade anything on a certain blockchain with RIDICULOUS gas fees anymore hahahahaha)
glad you got something from the post! :)
It sure is. And I would be lying if I said that I wouldn't love to find a good investment but ultimately I'm here because I want to connect with peeps and talk about things that interest me - too bad I am not a writer - LOL - yet I do what I can with my mostly visual content.
I love playing SL and in the beginning, never understood those in the guild that was there to 'just flip cards' or stuff like that but - it's legit, I guess it's what people do. And it is all good. It is just not for me.
The (un)fortunate thing with that certain blockchain is that all the nice NFTs are on it i.e. to make money despite the ridiculous gas fees. But - I hear you,
I am slowly getting rid of my ETH, actually, I have mostly gotten rid of it by buying a beautiful NFT. Now I wonder if I should hodl or flip - LOL - never easy, right?Oh i totally agree - i think there is nothing wrong with looking for amazing investments!!!
But I never CHASE them. hehehe my motivation is always the love and fun and genuine connection and I hope that the investment comes THROUGH that :)
and seriously???
you don't think you're a writer?
If this comment is any indication of how you would write a post, you are most certainly enjoyable to read! hehehehe
one more thing.. hehehe i've been hearing that ETH is hoping to clear up that gas problem in the future. Who knows, but if that happens> ETH will really be a powerhouse again.
So - I might keep some in my pocket hahaha
so far I've really been right about it - I remember when it was $600 and my husband said it was expensive. I told him - I foresee it going to $5k by the end of this year.
He said really???
and sure enough - it nearly hit that! hehehe
I'm not very good at predicting things but I was right about that! (but for now - the fees really are coloring my judgement about it hahahaha)
sorry for the late reply - I have about 50 more comments open and I'm trying to get to them all over the last week. My life went a little haywire hehehe
Sounds like you are really good at predicting! And, yeah, I also read about ETH2 with no gas fees. We'll see if or rather when that'll happen.
Haywire life = normal life! LOL
Hope you had a wonderful (white) Christmas!!
hahahahahaha they're saying they will fix it...
but i agree with you "let's see what happens" hahahahahaha
I'm all over LVL, happy to see other people hoping for the best too!
I really am hoping for the best!!! no one knows anything... hahhaah but we hope! :)
I don't have a lot of crypto, but like others have said, that is good advice. I invested in a company I believe in years ago. We wanted to invest, but did so.with the thought that we would be comfortable in losing what we put in. When I do.that, I don't have to stress about it. I can't believe people who invest rent money or other money that has already been earmarked for life's necessities. The stress that would out on me would be debilitating. It is a 50/50 shot. What is the backup plan?!?
I would rather play it safe, but I have a lot of people depending on me. Thanks again for the post.
that's really the best thing - hahhaa to have a lot of people depending on you! Because ths keeps you accountable right? :) and thinking wisely.
and its best to have these thoughts in mind right now, even before you have a lot of crypto, because then you will have that really good foundation and not stray from it! so you're ahead of the game! heehehe
thanks for your visit!!
this is a "not an investment advice" (but almost hehe) for not only newbies but for everyone
NO.
hahahahaha
not almost.
it is a nudge for YOU to make your own investment strategy by using your noodle
hahahahahahahahahaha
love you! :)
Thanks for dropping this, I am presently making reached on a networking platform I was invited into, till now, it still looks real and like something to focus on. The good thing is that registration is free for now till about 5 days from now when it drops an airdrop.
So I think for now I have nothing to loose as I have registered without paying a penny
Free registration for a platform? yes - that's good, but be sure there are no other hidden fees or anything that you didn't know about! :)
This is really interesting... thanks for sharing,
Guess I'll need to do some research... 😁, and see foe myself.
anyway, the sketch is on the way found almost everything I need to make it, all I need now is time 😁
ohhhhhhhhhhh i can't waitttttt!!!!! hehehehehe
but i'll be patient ! LOL
Dont go full psyberx XD
hahahahahaha - i cannot!! LOL i must reel it in! LOL
xD that thing will end up being a scam, mark my words XD. Either a scam or a really bad game XD
hahaha why do you say that????
Because the head programer have no clue of making games, the head developer is a newgrat, almost all the "oficial team" is crappy at best, in fact i take it as a full fledge scam the firts time i noticed the game was being developed with free visual packs maded by someone else, and they have the guts to say it was made by them, etc.
Basically if they really manage to make the game, it would be a hard surprise to me
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thank you so much - i appreciate it hehehe
sorry for the late response :)
Congratulations on your success recently in investing ❤️ May it continue for a long time 🙌
its all the Lord! I tell you - He has blessed me so much to return all that was stolen and then more!
I can't wait for this next year because you know me... I'll be looking for ways to let that overflow onto everyone around me - and then around them!
hehehhe
thinking of you today :)
"If you love something, support it.
If you want it to thrive, invest in it.
If the investment doesn't pay off, you've still enjoyed the product"
Such a powerful summary, this is vital and more clearer to understand and most valuable for making an investment. I will sure keep this in mind and it will in a long way reduce the emotional imbalance people fee when their investment didn't follow the right train.
That's right! Emotions can be so detrimental. The clearer we can view something analytically - the better!
But when we focus on supporting something to help it thrive (more than making money) it's more of a win/win/win/win in my opinion hehehehe
Thank you for the visit!! :)
Hello @dreemsteem. I didn't know you had been hacked. Most would be so distraught that they wouldn't want to trust again. But you bounced back. Your warnings not to invest more than you can afford to lose and do your research sadly fall on deaf ears. Many don't believe scams or hacking will happen to them...until it happens.
Thanks for sharing.
hi there... yes - hacked horribly. But it was a necessary lesson to not become complacent!
Because after 5 years, I had truly become complacent!
And I so wish that I could open those ears so they hear! It breaks my heart to hear one person after another who falls to scams... but guess what? I did too! and I had been warned.
The only thing we can keep doing is sharing and hoping it reaches people!
Tahnks for your visit my friend!! i've been a little out of sorts lately hahahha but kinda trying to bounce back
I think that won't happen until after Christmas though LOL
Yes, the new year brings new opportunities to be busy :)