Bitcoin Forum

Many came into crypto space to earn money but some are too deep into making it big with crypto investment so they always feel like not getting enough when the coin they invested money in pumps high, they want to earn millions from a single project, I've seen few people ending up with nothing going down this part

The fact is you don't have to make thousands of dollars from a single project, they can always come from different projects, also it's wrong to depend on a single project

I don't think many people have a real hope of earning millions from a single project. We (I and all my friends who are deep in crypto) are buying token and/or investing in multiple projects knowing that some will fail, but others will earn us enough to cover that.

Not just many come to earn money, but most of them thinks it's a get rich quick scheme, which is not. We hear this kind of mind set specially in the bull run. Even others quit their job because they think that can make easy money here.

Of course, you can earn from a lot of projects you invested, from top 10 altcoins to shitcoins (assuming you know when to enter and to exit). Rinse and repeat.

Million dollars? Nah, but probably for those bounty hunters in 2017, many of them became instant millionaires in their local fiat, so that alone was an accomplishment already, because of the boom of the ICO projects back then. But since we enter 2018, the market suddenly turns into a bearish one.

But look no further, after a long wait, people are making money again thru this Defi, and Uniswap, so it's seems the cycle has repeated again. But I do hope that they learn their lessons from the 2017 and be careful and save money for the incoming bearish trend, just saying.

I think it's not just about Investing and making money.
For me cryptocurrency is about preserving people's privacy and reduce the government's power over individual.

Cryptocurrency is an opportunity for our society and investing in cryptocurrency by means of exchanges that require identification, I think ruins this opportunity.

Well, this is the exact reason why a lot of people(including me) are advocating for bitcoin only(and probably just a very small minority to gamble with alts), because in the long term, most alts, especially the smaller caps, ended up imploding or the hype simply dies down sometime along the way; whereas bitcoin is still the almost surefire going-to-rise-in-price-in-the-long-term pick.

I've made a lot of shitty mid-long term altcoin investments in the past too, whereas I could have a significantly bigger BTC stack right now if I simply just held.

The word many is wrong, instead everyone is here in the crypto currency space to earn money; nobody is here for jokes or childsplay; be it bounty hunting, trading, investment, or even just getting acquanted with bitcoin. You have to set your sights to being in profits and not get involved in pump and dump tokens.

People heard stories about how people made millions back in the 2017 and so they are waiting for a repeat right now. The way how some people turned like $10K into a million is due to buying alts or buy trading Bitcoin at high leverage.

However what most people don’t realize is that most that made a million quickly gave it back when the markets turned in 2018.

Sure there are some smart people who overcame greed and took profits however most gave it back to the market. This time it will be no different.

You are correct brother and it looks you are experienced and have encountered such disadvantage of having a coin and believing that just one coin with few units can make you rich over the night. I have been with such experience in the past and have decided to sell at a major pump on a coin that I hodl. If you ha be a coin and keep hodling for long, it can drop at any time which you may regret, don't regret but sell if you have some profit so that you can buy into more profit.

It actually depends...
I am here for long enough to see that a huge number of altcoin projects, although promising at start, now are dead, or dying, or at least far less profitable than Bitcoin.
...And I am not talking about scams.

So putting all the eggs into Bitcoin basket is for now a better choice than trying to earn a little from more different projects.
Of course, that is possible too as long as you are careful and leave those projects before they start going downside.

All in all, while what you are saying is correct on paper, altcoin scene has shown that the reality is different.
So diversifying has to be done with extreme caution. And in doubt, stay on the main project: Bitcoin.

This is the effect of greediness. Been there and thought that I'll earn more than what the market is showing and that made me done wrong decisions. As much as you get profit, don't ask for more but if you do, then do it with the process that's safer than you could. Instant and quick profits would lead you to another wrong decisions which most of the newbies do it wrongly.

Right on. If you're into projects like Defis or IEOs or still with ICOs, you have to move on from project to project if you're that type of person. The market for these projects are dynamic, they're changing overtime and that can affect your investing decisions whether to keep holding them or not. But with the situation you see today, do you think it's worth a shot to follow each and variety of them?

 

Exactly. This is why Bitcoin stands alone apart from other "projects" like dollars, ethereum, euros, ripple, defi, etc.

People who buy Bitcoin to sell it for a fiat profit aren't investing in Bitcoin they're just gambling. They aren't investing their wealth in support of game-changing new technology. They're just trying to make a buck.

It seems that those who mined or bought Bitcoin because they believed in what it stood for are more likely to have made millions than those merely trying to get rich.

This is a very open topic, particularly we are all looking for money, because it is a lie to say that money is not sought by working, it is normal, the crypto space has many advantages in this regard, since there are projects that are now emerging, especially in the DeFi ecosystem, but everything is a risk, the safest way is to do jobs and pay with Bitcoin, this the only way to get rich is by investing in Bitcoin and making Hodl.

I am against this philosophy. Do the rich collect their money by dispersing and putting a lot of eggs in the baskets? It is the policy of the poor, but it is more correct to focus on choosing the right currency and selling it when it begins to separate.
Not all projects are successful. So why risk dragging so many currencies that their storage is only profitable?

Invest in one currency and make your gain or loss foolish, but do not covet or invest stupidly.

You can make millions with Bitcoin itself but it depends on the capital you have to invest not on the number of projects you can invest. Right now Bitcoin is at its peak so if someone bought Bitcoin when it was at 5000 or below when covid hit us then they made nearly 550% growth in less than a year. Investors are here for Money making but not everyone who invested in cryptocurrency may not be in profits due to lot of factors

Many came because they simply did not want to be LEFT BEHIND!

What people do not realize is the amount of money rich people made per year and how they got rich. Nobody made more than 100% profit a year, thats unrealistic and that usually never happens, wanna know how Warren Buffet was one of the richest people alive for years? He made 20% a year profit for 50 years, that's how. Obviously there are people like Mark Zuckerberg or Jeff Bezos who invented a company and got super rich, but even they didn't become that rich overnight, they worked on their business for years not making any money, Jeff Bezos actually lost a ton of money for a very long time before starting to worth something.

So long story short people in crypto want to make a ton of profit right away and get rich very quickly but they do not realize that you need to spend about 10-50 years to become that rich on steady decent returns, instead of overnight success stories.

Its really true it is so tough to get to be rich within a few times and a single project .If the project goes down you will get nothing you will lose your everything .I think we need to invest on different project as you said it will give us a good return on a ratio .So don't put your all money on a single project .

The truth is I was once like this, buying a token and hoping it will grow bigger in few years but it got to a certain point I started seeing things more clearly, I later knew that I need more than just a single project to get to my aims, projects failed, got abandoned or turn scam too many time, you don't want to spend your time depending on a single project, believe me it's wrong way

And he didn't do it just by buying and selling shares.

He did it by buying controlling interest in companies, restructuring them, and making them profitable.

It's all about making profit, we don't put effort in buying or researching each coin if we're not into having profit, we should take advantage of these chances that we know how to trade or how crypto works so we can use it as our advantage being a early investor like what happens to those who buy bitcoin earlier and been able to prosper the gains of its price now.

Only when you know what to do is when you diversify, meanwhile only a few actually understand that the crypto space offers more than just waiting for a buy and sell order.

There are individuals who do not have large crypto investments but generate daily sustenance as a result of managing their small investments, even startups.

come on!! that a crypto asset is not still so different than any investment in Fiat, the big difference is the way you get easy involved with a crypto asset and from how it would be done in an investment in Fiat.

And there is the great change of mentality that must exist in some people who get involved with the crypto world since it offers a world of investment opportunities that in the Fiat world was only available to a few.

If you know which project to invest, you should be able to get thousands when bullrun comes. i just need time though. Like they say in stock market, its always going to need patience and you will be battling with time. I have my experience of making good amount of money by waiting long enough.

But if you want the easiest where you can gain easy at short period of time, then just invest on BTC, you won't be scammed as well.

The biggest mistake you can make is thinking that being an "early investor" in some shitcoin is equivalent to being an early adopter of Bitcoin.

Your chances of large gains are still better with Bitcoin than with any altcoin even if you get in at the ground floor of that altcoin, unless you're one of the original scammers pre-mining it.

Sure, the days of 100k-fold profits (like buying for $0.25 and holding until it reached $25k) in Bitcoin are long gone but there's still lots of room for the price of Bitcoin to increase 20-fold.
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There is only one Bitcoin. Everything else is a scam.

When Vitalik Buterin first spoke in January 2014 (at Decentral in Toronto) of his plan for smart-contract-based Ethereum, my alarm bells started ringing when he talked of pre-mining. I could have gotten in at the start but he wanted real Bitcoin, not dollars, and the whole affair seemed so sleazy. I'm glad I kept my Bitcoin. Bitcoin was based on decentralized peer-to-peer networking and limited supply. It was never conceived as a get-rich-quick scam. It was the child of honest cypher-punks.

Yes some people got quite rich from Ethereum. Anthony Di Iorio, who hosted that talk, reportedly became a billionaire at one point from being the principal backer of Ethereum, but how much real Bitcoin did he have to spend to do it?

Of course Vitalik made a ton of money but he was the principal scammer.
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The main reason any shitcoin increases in value is because its price is valuated in Bitcoin. Eventually Bitcoin leaves everything else behind.

If you are investing or a bounty hunter you are going to lose a lot if you are not diversifying, diversifying is the name of the game in the Cryptocurrency market, picking the right coin and deciding the right time to sell it and buying new coins with potential or old coins with good potential for pump.

Who got scammed?

There was a time when I was a hard line altcoin hater, especially when it came to Ethereum. Over time it dawned on me: what does it matter if Ethereum isn't decentralized, or if it was pre-mined? The market clearly doesn't care, so why should I? Ethereum fills a market niche that Bitcoin will not and cannot fill.

At the end of the day I am trying to accumulate BTC. Altcoins are a good way to do that. The key is to avoid holding them most of the time (:P), and to pile in only during ALT/BTC bull markets.

Just watch what happens when ETH/BTC finally breaks above multi-year resistance ~0.04, after 2+ years of accumulation. It's going to be epic.

https://i.imgur.com/R2JCNUy.png

The only problem here is the unregulated market and hence you can see a huge number of scams taking place as well and anyone entering the market should understand the difference between token projects, established coins and now the DeFi craze and then there are fork coins that confuses the new investors and some are promoting them as the real bitcoin. So it is not an easy route to understand for any new comer and the risks are much higher than the stock market.

Majority of those people who did just recently jumped in into this market for that sole reason are to those people who had been hooked up to join this place due for they have
seen those big profits that they had looked in social medias or youtube or messaging platforms about investment with big returns.
Having this kind of aim or goal in mind is just typical for most people on this market which is common and its hard to resist not for you to look for it.
We can possibly make tons of profits on here if we do things right but of course it would really be needing some sort of luck
because not all will really be successful.

Some people, perhaps beginners always assume that investing in crypto is the path to rich. And this assumption is  common if  crypto is
bullrun like what happens to bitcoin behavior today. I’m sure a lot of beginners go into the crypto market when bitcoin is at the pump as
it is now. And they’re hoping to double their money. Even not only beginners who are always greedy, but we will  also be made greedy if
bitcoin continues to rise like this. We can’t know for sure when bitcoin will go  down.  So  many still hold  bitcoin and  benefit a lot if until
now we still hold it

I am not keen on the token market as well as the DeFi scene and i hated them and hardly invested anything in those markets for a long time and when i invested it burned my hands but i never hated the alt coin market altogether and everyone was exciting when Litecoin came into existence and it was a fun alternative and the rest of the other coins that came into existence were fun and not taken seriously and the introduction of ETH was really hyped and being a long time BTCitcoin user i registered again in the forum because i invested heavily during the initial ETH ICO.

The market clearly does not care whether the coin is decentralized or pre mined and so was the reason XRP was able to generate investors and now the authorities started chasing them and you should expect the same with other centralized coins and pre mined coins as well as privacy coins as the authorities will force the exchanges to delist those as well.