https://medium.com/p/e06a5330a5a8Greed and Crypto Currency -- by Soepkip
In the past two months I have become more and more involved with the crypto community as a whole. From a simple miner to an actual Community Manager for the hottest coin in town: BlackCoin. It’s been a ride, i can tell you. From death threats, random FUD attempts, huge pump and dumps and overall craziness to kindness, good plans and actual love for the product you and your community believes in.
The Wild West
I’ve often came to compare the crypto community to the old Wild West. I think the lawless, unregulated world from back in the 1800's is back in digital form on the Internet. It’s all about money, and that is all that counts it seems. The goal doesn’t seem to be creating a better world for all of those that believe in a Coin, unlike what a lot of people want you to believe.
People that trade just want one thing: Profit. And they don’t care how they will get it. Daytrading is all fine, I do that too, follow the trends and make a little extra (or loose a little extra) every now and then. But the Pump and Dump traders are a different ballgame.
I’ve seen groups that ask for an x BTC amount entry fee for ‘Pump and Dumps’ (the act of buying up the market so others will join in the panic buy and dumping all over them) just to get unloaded on by the owner of the Pump and Dump group as soon as they start buying. I’ve seen blatant scam attempts, and people standing by their scam as if it isn’t.
Hacks run rampant, like the (former?!) exchange CryptoRush. Simple business principles are out the window in Crypto Land, and blaming another, even issuing death threats to people seems to be somewhat normal. Some people seem to find any excuse they can just to exploit the system if they can. Being honest seems hard and unique in Crypto land.
#BeHonestInCrypto
And that is, I think, one of the biggest problems with massive adaptation of crypto. New people that join the crypto system get sucked out of every penny they have by some pump & dump scheme, and their own greed bites them in the ass. Being honest in these lands is hard, and staying true to your believes seems even harder at times.
I greatly believe in the #behonestincrypto term. If you are honest and are able to smell a scam from a distance you’ll do good. I have been entrusted with 10,000's of dollars in the past and I always been honest with these (for me) huge amounts of money. Being honest gave me trust, and trust is the most important thing in crypto.
I have never scammed anyone in the crypto community, and i’m glad I can say this, since many cannot. I’ve seen people proudly telling others that they somehow stole more coins than they actually own from exchanges, leaving countless other customers behind. I’ve seen stories of people overbuying to the tune of thousands of dollars and a few days later realising they can’t make rent the next month. All thanks to believing in some Twitter account.
Greed
Then there are those that loose money in crypto, just by joining in on some hype they saw somewhere on Twitter or a forum. They did not do their due diligence, they just see a chance at ‘becoming immensely rich’ and jump in without knowing what they are actually doing. And not just with their play money, no, let’s just throw my whole fortune in here.
Greed is the big issue. People that have had rough times and wanting a break making the wrong decisions. After that they’ll complain everywhere they can that something is a scam, just to prevent looking back at their own decision. No mate, you where the one that bought. You clicked that button, no one else did this for you.
Greed runs rampant in the Crypto community. Nearly everyone seems to be focused on the price. If there is a downtrend for two days the coin is ‘dead’, if it goes up to hard it’s wrong too. There is no way of doing it ‘right’. I believe everyone that actually buys into a coin, builds value for the coin can make huge profits. I’ve done so myself, and I know that anyone with just a little drive, can do this too.
Investing is not something you do on a limb or because someone just tells you to do. Invest (hey what a coincidence, right?) a little in the coin or project you want to support. What do you see? What stands out? What makes you believe your money is well spent?
Now what?
If you want a worthwhile investment in Crypto? First check the coin out, how is the community, how does the future look. Then invest in a coin (say BlackCoin), and then donate some of your holdings towards the actual development of the coin. I’ve seen huge success stories of people that have tried this. By simply spending ~10% of their holdings on an idea about BlackCoin realised made these grow their holdings over 400% in value. Small things can lead to great things, and this is true for investing too.
If you are just in crypto to pump and dump trade and do nothing to add value to the coins you trade then please stay away. Go and try your tricks on the actual stock market. Most of these people do not realise that 90% of their actions in crypto land are very illegal in the world of stock markets. Remember that movie, The Wolf Of WallStreet? Well, Jordan Belfort is alive in crypto world, and in many forms I might add.
Conclusion
However, are you here to build? Do you believe in crypto and it’s future? I welcome you to join the BlackCoin community. We have found many like you that actually want to see through with something. And we keep growing daily. Buy, Build, Support.
It is not hard at all, and you could make a choice that is the difference of a lifetime. I know I have.
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