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Author Topic: Back then and Now, lesson learnt  (Read 698 times)
Greatchu
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July 07, 2020, 08:15:07 AM
 #1

I don't know if some newbies are still doing this today, if you are you'd better stop right now. Many new coins can be easily mined through a single CPU or GPU but 90% of them are trash coins, you need to understand how important use cases are.

In the old days, three to four years back I was so obsessed with new coins simply because they are easy to acquire, mining them is easy and difficulty are low, this got me blind so I started mining coins without getting into good research first, I ended up with coins like

1. MarketCash
2. NiobioCash
3. Worktips
4. Spotme
5. Gadcoin

And so on.....
These coins are all dead or useless right now, few are trading back then but I was too dump to sell and buy better coins.

Today I asked myself why did I do that back then, I guess it's because I never knew the difference of high quality projects and why some coins make it to top 100, If you are reading this make this your targets

The importance of real use case

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July 07, 2020, 09:43:21 AM
 #2

I guess you did that before is because that most of the projects that comes out are being bought by the investors. That what has happened before when a new project was being advertised and being market by many people, a lot of investors were thinking it could give them good returns.

Just learn from it and those moments are now your experience that you will never do again.

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July 07, 2020, 09:45:17 AM
 #3

For me personally, mining experience were favourable. I'm not a professional miner but just a guy with a computer. I've in past mined, Monero, Electroneum, BiblePay and a few other I forgot about and the three I mentioned brought me a favorable results. Mostly I mined with a single GPU and a CPU.
Even if you failed to get any cash from mining, it's still a good experience to have. Trying mining would make you know many things about the cryptocurrency and how it works.

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July 07, 2020, 10:32:35 AM
 #4

The importance of real use case

this has been the first question I ask myself when I see a new project or existing projects. I think I got hooked on that phrase: "does this project have real use?". But being honest with you there are few projects that, even with some real use, can be very successful, maybe it is the lack of dedication of the project team, and imagine projects that have no real use? there are times when I look at 20 projects and I don't find 1 useful at least Sad

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July 07, 2020, 10:39:47 AM
 #5

Hyped projects usually get that kind of attention. So i don't blame their investors too much... (i mean people who mine/invest in them) . It's difficult to determine what project deserves  people's investment. I am not sure if there is any known right and accepted standardard method of for determining this. The good projects may not be getting the attention they deserve while the substandard ones get the attention they don't deserve.
Would be better to invest in well decentralized, safe, useful, easy-to-use and efficient projects to help their developments. That's what you should probably be looking for and stick with them. Finding them can be quite challenging though.



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July 07, 2020, 10:51:02 AM
 #6

I don't know if some newbies are still doing this today, if you are you'd better stop right now. Many new coins can be easily mined through a single CPU or GPU but 90% of them are trash coins, you need to understand how important use cases are.

In the old days, three to four years back I was so obsessed with new coins simply because they are easy to acquire, mining them is easy and difficulty are low, this got me blind so I started mining coins without getting into good research first, I ended up with coins like

1. MarketCash
2. NiobioCash
3. Worktips
4. Spotme
5. Gadcoin

And so on.....
These coins are all dead or useless right now, few are trading back then but I was too dump to sell and buy better coins.

Today I asked myself why did I do that back then, I guess it's because I never knew the difference of high quality projects and why some coins make it to top 100, If you are reading this make this your targets

The importance of real use case

I remember some of these coins because they are all cryptonight Algorithm coins, that's the perfect Algorithm for my old mining setup, i got trapped too with many shitcoins that turned dead but I was lucky to mine Dero and electroneum, I made few good $$ from these two, some useless coins I mined then are Ferro, Kepl, Sadomi,BBScoin, they are all useless junkies now

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July 07, 2020, 11:29:38 AM
 #7

Back then, very few will focus their research on the use case of the coin. So I really don't blame the OP as we had that kind of thinking before. But then more and more coins were launched and turned out to be crap. And so most of us learned lessons from these crap projects.

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July 07, 2020, 11:45:20 AM
 #8

I don't know if some newbies are still doing this today, if you are you'd better stop right now. Many new coins can be easily mined through a single CPU or GPU but 90% of them are trash coins, you need to understand how important use cases are.

In the old days, three to four years back I was so obsessed with new coins simply because they are easy to acquire, mining them is easy and difficulty are low, this got me blind so I started mining coins without getting into good research first, I ended up with coins like

1. MarketCash
2. NiobioCash
3. Worktips
4. Spotme
5. Gadcoin

And so on.....
These coins are all dead or useless right now, few are trading back then but I was too dump to sell and buy better coins.

Today I asked myself why did I do that back then, I guess it's because I never knew the difference of high quality projects and why some coins make it to top 100, If you are reading this make this your targets

The importance of real use case

I remember how i used to tell friends about these new and useless coins back then and they were also excited to mine or invest in such coins but i always suggested them not to do so because these are just superficial kind of projects that will just take your money and nothing else they are also regretting now and the best thing, i agree is to stay in top coins atleat 90% of your holdings should be top coins and with 10% you can try new good looking projects.

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July 07, 2020, 11:55:22 AM
 #9

Investing a few years back is different, as soon as new coins arise it easily comes and goes to the market really quickly. Investors nowadays are different and wiser, most people are after use case, but of course, we cannot sum-out people who are investing in money. If you are new in crypto, sticking to the top market cap coins is the safest investment, compared to new coins.


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July 07, 2020, 12:02:51 PM
 #10

I didn't know about what they were thinking about to mine a new crap coin that didn't have a good fundamental to be considered as a project. So many miners I guess small miners have been getting trapped by the crap coins like these. They must have learned a lot of lessons from here.

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July 07, 2020, 12:13:09 PM
 #11

3 years ago, it's easy to acquire coins even we don't do throughly research as only few were scamming and more are really focus on building their name and product. Now, we really need to put effort in researching to avoid scam or better invest only in BTC or some of those old top coins that are consistently developing their product for better adoption. Im still thankful that I was able to earn in mining, airdrop and bounties before.


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Little Mouse
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July 07, 2020, 12:35:51 PM
 #12

Mining trash coin back in 2017 was sometimes profitable but these days almost more than 90% coins are shit and not profitable to mine even. You are right that use case is the key of all after all. Without any real use case, no project have any value at all.


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Fallenkeith75
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July 07, 2020, 12:42:17 PM
 #13

I don't know if some newbies are still doing this today, if you are you'd better stop right now. Many new coins can be easily mined through a single CPU or GPU but 90% of them are trash coins, you need to understand how important use cases are.

In the old days, three to four years back I was so obsessed with new coins simply because they are easy to acquire, mining them is easy and difficulty are low, this got me blind so I started mining coins without getting into good research first, I ended up with coins like

1. MarketCash
2. NiobioCash
3. Worktips
4. Spotme
5. Gadcoin

And so on.....
These coins are all dead or useless right now, few are trading back then but I was too dump to sell and buy better coins.

Today I asked myself why did I do that back then, I guess it's because I never knew the difference of high quality projects and why some coins make it to top 100, If you are reading this make this your targets

The importance of real use case


^ This. 2017 you could have held almost anything and made money though. Now....meh...

Tbh, the CMC landscape of the top 50 changes pretty much every year. I think when we see the next bullrun, crypto will probably look much different.

Make sure to always backup your crypto seeds and passphrases friends

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July 07, 2020, 12:52:08 PM
 #14

It's a great thing that you have managed to overcome your obsession with mining shitcoins that are not valued at anything. You could also say that you are wasting the energy being used for your CPU and GPU. I think with that in mind, you could focus on better things like what could be more profitable in the long run or taking risks with trading. It could help you explore more options concerning exposure with investments and other valuable opportunities.

P.S. It's the first time I read those names of a coin. Lol





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July 07, 2020, 12:52:35 PM
 #15

This is not the first time I read this kind of stuff. There are some people last year who post the same mistake as you did. you guys have some similar experience he also chooses to invest in random coins which leads him no luck after a few years holding it because he didn't do any research back then. To be clear to everyone reading this, new coins have only less than 5% that survived after a year and after that, some of them also became shitcoins like the others. Only the top 10 coins in the market are the safest to invest nowadays.

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July 07, 2020, 12:58:40 PM
 #16

Yes, at the height of 2017, many new projects appeared, which brought many gains to investors and miners, but at the present time most currencies have been subject to failure due to several factors.
But there are still many successful projects that can withstand future and fulfill the desires of investors, we must focus on the classified currencies and invest in them because they will make us feel some satisfaction.
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July 07, 2020, 12:58:49 PM
 #17


Today I asked myself why did I do that back then, I guess it's because I never knew the difference of high quality projects and why some coins make it to top 100, If you are reading this make this your targets

The importance of real use case

Because you are still learning and that it meant to commit mistakes a normal case which you are able to notice at once.

I was in that story back before (new to the market) also but things need to find the solution and finding where we got wrong will it helps you out from just being a loser for the whole life. Nobody would actually let our life in crypto turn back where we started and that is because we wanted a change and become profitable. Learning from those mistakes and blindness will help us to become proactive, and this not a way to quite and turned down but to have the courage to continue what we are doing.

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zasad@
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July 07, 2020, 01:20:16 PM
 #18

If you invest in famous cryptocurrencies, then do not earn a lot of money. Smiley Who wants to get rich, is looking for trash coins, in the hope that they will give a good profit. This is a risky tactic, but I know people who are lucky.





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LbtalkL
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July 07, 2020, 01:27:40 PM
 #19

That is a common newbie mistake, I think most of us did the same mistake trusting new coins before, especially on ICO days way back 2017 to 2018 in those years new coins are popping out everywhere. Jumping on it without knowing the real team or idea behind it. Experiences really helps us grow and to be better and not to do the same mistake again. Now, I improve on spotting which projects are better and have potential.
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July 07, 2020, 01:41:27 PM
 #20

I'd a friend who continuously doing mining, last year he mined coin with an unlimited supply. After he mined he directly sent to the exchange where the coin listed. But after a few months, it is delisted because it becomes shit and has a huge demand. If you mine those shit coin because it is easy to acquire and I think those stock on it, instead directly sell to exchange and that is probably the reason for the coin becomes to shit or dead.

Back then the year 2017 is the most profitable in crypto in all aspects I think not only in mining. But now, there's a lot of shitcoin that you made quickly rich when they are in the hype, but you will never know when it becomes to dead.





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