“I’M IN IT FOR THE TECHNOLOGY”

Life is hard and full of surprises. Everything you see, you hear and touch has a meaning. Every lesson is a good lesson. Even a bad trade could have a positive impact on your life. Below, I’ve outlined some rules that we should live by in the world of Crypto to help keep us safe, not only from others, but from ourself as well.

“With the past, I have nothing to do; nor with the future. I live now.“ – Ralph Waldo Emerson

WHO CONTROLS THE INFORMATION CONTROLS THE MONEY

In crypto, you may have noticed that usually, big actions take place before big announcements. Buy the rumor, sell the news. A few days before Coinbase announced the news about adding Bitcoin Cash, the price of BCH spiked hitting new all-time highs. Later, it was announced that it was probably the insiders who had driven up the price of BCH.

In another example, articles about the upcoming Bitcoin ETFs were circulating around the web. The price instantly went up. A few days later new articles appeared covering the rejection from the SEC, so the price went down again. Those who were first to know and publish such news were making huge profits for sure. Technical analysis can not predict such things. We are being manipulated by media that makes us greedy and fearful.

LEARN EVERYDAY

Be the best version of yourself. Keep up with the times and make even only tiny progress each and every day. Use the tools that could help you be more productive. Focus on your progress, not the results. Think out of the box. It requires huge determination and will. There is no way around that. It is you who have to live your life, not someone else. Take the best out of it! Education will help you to cope with the challenges that you encounter in your day to day life.

DOYR

Always do your own research. Do not invest in what you don’t know. No matter what those “influencers” tell you, make sure to double check it yourself. Lots of those “experts” are getting paid for promoting “shitcoins” or ICOs that they do not really know nor care about. The same goes for everything in life. There will always be people who will do anything for money, even if they know that their advice is bad and could potentially harm others. Sometimes there are things that are hard to understand and investigate on your own (for instance, reading technical whitepapers). Use social media (Reddit, Facebook, Twitter, etc.) to get answers to your questions. Try to gather as much information as possible before making the final decision.

BE PREPARED FOR EVERYTHING

You never know what tomorrow will bring. Be vigilant. Have an action plan. Be prepared to act. Learn how to manage your finances. As we are in a bear market now, you should not worry too much about the short-term situation. Be open-minded and at the end of the day, you will profit in one way or another.

DO NOT INVEST MORE THAN YOU ARE WILLING TO LOSE

When the crypto hype started, lots of people started FOMOing out and putting all their money into “shitcoins” dreaming about buying the “lambo” soon. Some people were even taking out mortgages to buy Bitcoin. Those who bought in December 2017 probably don‘t feel so hot now. You need to educate yourself and weigh the risks (remember the financial crisis back in 2008). The same goes for everything in life. Make sure you have some reserves in case a bad day kicks in.

NEVER TRUST ANYONE

Some people are climbing up by pushing themselves up, some by pushing others down. There are people waiting for your mistakes to make their personal gains at your expense. Of course, there are also people like family and close friends that want the best for you and have your back, but even they sometimes make mistakes. Make final decisions on your own, so there will be no one to blame later. Afterall, there is nothing wrong with making bad decisions. We all make mistakes, and after doing so, we tend to come out the other side smarter and stronger.

DO NOT ADVISE OTHER PEOPLE WHAT TO BUY OR SELL

There are no experts who are able to make the right decisions all of the time. This is especially true in crypto. You cannot be 100% sure that your coin is the one that will moon for sure. Sometimes it is better to keep your opinions to yourself. People will forget you if you make them a millionaire and will hate if you make them lose their $100.

THERE IS NO EASY MONEY

As the old saying goes, the only free cheese is in the mousetrap. There are over 1000 tokens listed on CoinMarketCap. Many of them are SCAMS or destined for failure. Nowadays it is not a big deal to create a useless token and attract naive people by promising “free money” from various bounties and airdrops. If there is an easy way to become rich, the money will quickly lose its value.

BAD PEOPLE WILL TRY TO STEAL YOUR MONEY

Exchanges are being hacked often, wallets compromised, ICOs fail to deliver and run away (you’ve probably heard yourself about some popular exit scams). New malware and malicious cryptomining software are constantly appearing. Do not boast about your HODlings. Keep it safe and secret. Do not trust strangers, especially on the Internet. There are a lot of jealous people with bad intentions who will try to take what does not belong to them. They could attack you with fake websites, SPAM your email or even one day knock on your door.

KEY TAKEAWAY

No matter if you are a crypto trader, investor, HODLer, developer, etc. we hope that this article was useful and you learned today‘s lesson. Do not take every rule for granted, as everyone is different and you need to cultivate your own virtues according to what suits you the best. We wish you a successful journey in Crypto and may the force be with you!