Mistake #2: Tribal pondering and emotional trading
After TheDAO Incident, Ethereum Traditional used to be born. Being an even Ethereum fanboy, I used to be grossly offended by its mere existence, and as a subject of loyalty, pride, and sure, ethical imperative, it used to be my duty to dump all my ETC as swiftly as that that that it is possible you’ll also deem of for more ETH.
So I did. And three days later the associated payment of ETC quintupled from an organized “advertising and marketing” campaign by its chief proponents. Bloody Hell. My blind devotion to a mission that owes me nothing price me dearly.
Later that summer, Monero gained some notoriety by being an acceptable forex for a neatly-liked darknet market space (you already know, where you select inappropriate items by strategy of Tor sites within the title of ‘freedom’). Privateness money grew to turn out to be the total rage, and Monero and Scuttle started seeing day to day features within the neighborhood of 30% to 70%.
Absolutely this used to be a mistake, as these were shitcoins when put next to BTC and ETH, appropriate? Correct?!? Effectively, what goes up must come down, I notion. So I dusted off my Poloniex legend, click the Margin Alternate tab, and went to town promoting Monero and Scuttle.
Whoops again. $10k later I used to be licking my wounds and questioning what used to be rotten with the world. Turns out nothing. Markets be markets, and merchants be trading. Every other time, my tribalist mindset of BTC and ETH maximalism thrust me into some truly shitty trades.
Upright of the myth: Don’t be a tribalist butthole. The market doesn’t care about your favourite crew.
Mistake #3: Purchasing the hype
Any prudent investor will repeat you that diversification it’s a appropriate advice. If truth be told, I hear whilst you are trying and select just a few shares with the scheme of beating the market, Warren Buffett himself will come to your region and slap you within the face for no longer procuring for index funds.
But alas, there are no longer any index funds in crypto. So in slack 2016, I figured it could maybe be a appropriate advice to grab moderately of Ether and Bitcoin and spread it spherical to assorted crypto initiatives.
But what to decide on? Effectively, this one time, Vitalik Buterin himself mentioned he loved the work being carried out by the Synereo crew. So I sold some Synereo AMP. It’s take care of Facebook for blockchain or something. And… AND… they correct came about to be having (one other) crowd sale. Fortunate me! There used to be additionally a fine bonus for contributing 10 BTC or more. Yep, this used to be a definite winner, so why no longer?
Then a bunch of internal drama came about with the Synereo crew, and the lead developer left to jog begin a new blockchain mission. AMP bottomed out while all the pieces else started to glean better in early 2017. I supplied all I had for a measly 3 BTC.
Upright of the myth: Don’t select something because assorted other folks impart it’s chilly. Finally study the on-line space first.