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The crypto market has never been stable, it goes up, it goes down but never stable and that's how it's meant to be because it is been decided by humans and as such behaviours etc will exist. However few weeks ago the market was in a very bad shape with people converting to fiat to meet up with needs which comes with the lockdown being imposed by countries. Then gradually the crypto market started recovering which shows people have come to know the crypto market is a strong one and today we have seen moves of growth in most coins. Although we might fall once in a while but yet we will surely rise again no matter the circumstances.
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This is a commendable effort thus thanks for this, and I wish many more people will come across it thus learning thereof. As for me, I have seen many scam giveaways and one of the prominent ways to point them out is that they first and foremost make the reward huge and attractive and then ask for payment to get the reward after all said and done. Some also ask for private keys or tell users to sign a message with their private keys, but a greater number asks for payment.
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I have an erc20 token (TRKC-Trakcoin) . . and want to reinvest in Bitcoin . . . do I have to sell the Trakcoin tokens first. What's the path . . Obvious novice here.
Since the project can't be found on coinmarketcap then it might be hard finding where it is listed, thus your best move is to check the Telegram group and ask questions about trading, if it's listed on any exchange you will be informed. Okay, let's assume it's listed on an exchange, then you will have to register with the exchange, get the token deposit address, deposit it, wait for confirmation and once it's confirmed, sell to the listed pair. Listed pair in this case, varies, in some exchanges it might be against USDT, ETH, BTC or all of the 3. Also, if it is on a pair other than BTC, you can first sell to the trading pair then buy BTC afterwards. |
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Hey
I have noticed a few projects that developed a deflation system for their coins/tokens called burning.
They burn their tokens on a special occasion or simply when someone pays their product with the native token. They burn few percent of the price.
What do you think about this? Imo, if people actually buy the produc then it can really reflect the price of a coin?
Let me know what you think.
The idea of burning is to reduce the supply of the token which will then result in a more valuable token, that is increase in price, but even with this, if the team aren't up and doing towards making the platform valuable, then burning will not have any positive effect on the price. That is to say, the most important thing is the team working on their platform irrespective of the whether burning is done occasionally or when goods and services are being purchased with the platform's token, so that the idea behind the token burn will be achieved. |
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It is not really easy to completely stop fraudulent projects because some might even succeed in listing before exiting scam or even listing and gradually withdrawing from the project, but to an extent we can help stop them by trying our best to make sure we check the team thoroughly at the same time checking their social media activities to know if they are still active as always or not. Also I think going for projects which already have an active product is a good idea, at least it shows the team are already working on something.
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There are certain salient facts or happenings one can see and start having the idea that it is scam or the project is not worthy as previously thought as. From the post I can point out few things; first the project lacked trading volume for days which is a huge red flag I must say. No trading volume simply means users or investors do not find the project attractive or good for holding. This is where another point comes to play, for investors and users to stop trading the coin means the team must have been found wanting, which is seen in the negligence in their development and telegram group. For a good number of people, this two points are enough to forget and move on from the project.
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No it won't. Although it is stable in price thus a good one during bear market but it can hardly be the future of cryptocurrency. Remember it's usefulness is reduced when there is a bull market, that is, during bull market everyone tends to be in their desired coins to be part of the growth and vice versa. In my own opinion, they are serving their purpose and same is other coins, in some platforms as well they use BTC, ETH, name them and it all depends on what the platform wants for their users.
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In this current time the best altcoins I think will grow faster is Ethereum and Binance coin because both are the best in their respective areas. Binance exchange is working always towards more development in the exchange sector which will of course cause a good growth in its coin. Ethereum is already on it path to improve its network which is also a good sign of a project having the neccessary features to grow faster.
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If you don't understand the effect of Corona on the global economy ! In the last 8 -12hrs , the US Crude oil is down by 31% , UK oil by 32%, BTC by 12% and more and other trading pair are falling deep. Crude oil seems dead now because they can't export it. Traders and investors needs to be careful now. This might be an unprecedented global recession. Now is not the time for long term Investment in real estate because when it goes bad, all those investment will be sold for pennies. So please hold your cash and follow the news.
Someone will ask that the funds that are leaving crude and stocks, where is it going ? It's simply being rolled into Fiat because everyone is careful of Investing at this time.
I agree with you, if only there are many platforms which accepts crypto then holding good ones won't be a problem, but there aren't which make people quick to sell to fiat, however at this moment in time holding coins like Bitcoin is a good idea. Nevertheless, currently there seems to a good and positive movement in the market which might show that people are taking a U-turn into investing in their desired cryptocurrencies. We sincerely hope this pandemic will be taken care of as fast as possible so that activities can return to the way it used to be. |
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After some surge in price value from the past few weeks the price is slowly increasing, Is that a sign of Bull??
BTC showed some positive signs followed by other altcoins, lookalike this is the best time for Investing before halving and we are almost nearing it. Guys if ETH goes above $150 I am sure it will bounce back harder...
Although it is good seeing the nature of the market changing for good despite the current state of the world but I think it is too soon to say the bulls are back, let's not raise our expectations too high. Also, predictions can hardly work amidst this pandemic, but I think the next few days will decide or give a hint of what to expect then we can be a bit sure but for now, let's enjoy the market with carefulness while holding on to our expectations of a bull run. |
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Coronavirus keeps getting outta hands in countries like Italy and France and others, things keep getting worse with the disease every day but I surprised me is the affectionate to crypto, it seems to stop affecting crypto already what do you think?
Before it affected crypto a lot because many were selling to fiat but nowadays it seems to be stabilizing and panic is reducing, could be that people have stop selling as they have come to see that crypto isn't going anywhere. People massively sold because there are not enough platforms accepting crypto as a means of payment that is to say, had it been there are enough platforms doing so, most won't sell since they can still buy goods and pay for services. All in all, this pandemic is still around therefore that uncertainty still exists in all markets. |
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Another time of hearing about the bad practices carried out by this exchange and it is not good in any way, why doing such to your users, it is inhumane. Also, many exchanges do carry out washing trading but it seems this exchange think it's good to over do it thus going the path of P2PB2B and it will make them unfit for anyone sooner than later. In addition, to an extent, don't trust some of the data reported by CMC as they are always questionable rather coingecko seems to be better in some aspects.
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Scamming runs in most people's blood which is why they feel no remorse doing it, even at this painful times there are people creating one Corona virus token, Corona virus tracker or the other, which explains their motives. Also, with the present lockdown in various countries comes with more hardship, businesses aren't moving and the price of things are gradually going up, thus we can only but wish things will take a positive turn sooner than later. Lastly, self isolation is the order of the day now as people are trying to be safe and for those infected we wish them quick recovery.
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In as much as I support the use of blockchain technology in the fight against this deadly virus but at the same time we ought to be careful. There are already many coins and projects in respect to this vrius going about of which they are scams; what am trying to point out is that, this current situation of the world is already giving fraudulent individuals ideas on how to steal. So before getting involved with this charity organization, let's endeavour to be sure they are true and genuine, as funds can easily be stolen.
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I have seen many exchanges have launched their own token like Binance with BNB, Idex with IDEX, Hotbit with HTB, Yobit with YO etc. where exchanges use their own tokens as another way to pay fees to support token. In addition to it, different strategies are used to create a hype like decrease in supply etc.
But if an exchange goes through a hard period of time and shuts downs then ultimately that token will come to its end because there is no community other than that exchange supporting the token simply because it has no usage outside the exchange.
According to me exchanges should promote the usage of their coins/tokens outside the exchange to build a community in support of it. If your community consists of huge individual entities who believe you then a great community can be formed. Otherwise lack of applications would lead these things to disaster.
You have stated out very good points but there are things to consider as well, exchanges are known for crypto trading and so forth, so having additional products and services different from what it is known for might disrupt the ideas of the platform which is why there are many projects today each going towards a specific direction, so the more they improve the more their token is worth it. In my own opinion, i believe the best way is, continual improvements which will ensure the exchange remains at its best. |
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As for me I would say good innovations drives value and bad innovation are a pain to the people thus going down the drain. Taking a look at most top exchanges and others, the difference is always clear, top exchanges innovates, bring in new ideas and most importantly expands to accommodate and reach many users and a very good example is Binance and Okex. So therefore, when a project or in this case an exchange is worth it, it will be seen in its token, this is why most exchanges tokens are valuable and some aren't.
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Scammers are always at alert and trying new things to defraud people. Also, that is true, most of these add-ons are not just safe and people should be careful on how they expose their private details. Also, I wonder why someone would use a wallet which isn't verified; if it is not a trusted wallet don't ever reveal your details no matter how attractive the wallet might look. A good number of online wallets, add-ons wallets and so on should be ignored at all times, always stick to the ones prominently used, better to be safe than sorry.
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I am going to air my opinion and that is, any project thinking of or already conducting IEO on some of these exchanges is questionable because I see nothing good about them that is worth the attention. Also, project teams should be careful of listing on those exchanges because they will only but succeed in killing the project the more. Someone might say top exchanges, yes they are good but starting from other small but good exchanges is a good way to start off while attracting more users and preparing for future exchanges.
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I bought more Litecoin at $61 a few weeks ago, then watched its price rise to the low 80s.
Then everyone started shitting themselves over this Corona Virus bullshit, so the price retreated to $60 again. If I'd been able to predict the future I'd have sold at $80 and bought back in at $60, but I didn't.
So I lost some profits. Farq.
You aren't the only one who have faced this or be in this type of situation, almost everyone has experienced it and so it is painful, but what can someone do rather than to move on and focus on other potential coins etc. Also, this virus is really affecting many things, creating fear which is reflected on the market hence uncertainty in the price of coins. I can tell you that, there are better days ahead so just be calm you will meet other opportunities sooner than later. |
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If you carefully select the airdrops you promote or participate with, you will come to understand you aren't wasting your time. Although 1 or 2 might disappoint but there will be some that would worth it. Also, do all you can to stay away from airdrops that asks for payment no matter how good or attractive it looks because it is clearly from scammers. A good project rewards users for helping to promote their platform and not ask them to pay in order to get to their rightful tokens.
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