Are you following very basic crypto rules?

[The Cryptovator]

The current hot topic is Luna. It's very sad that a lot of investors bagger due to Luna drama. The more sad thing is some people committed to suicide. Even in my country, it has happened. I will say think kind of situation occurs due to not following two very basic crypto rules. I know everyone knows these rules, but want to share again and remind you what would happen if you don't follow these rules.

1. Don't invest in crypto if you can't afford the loss.
2. Don't put your eggs in one basket.

It's pretty simple rules, I don't think here needs any detailed explanation at all. We should invest only what we can afford the loss. And shouldn't invest in one coin all of your savings. When you invest multiple coins that won't scam you at the same time. So follow the very basic crypto rules and don't commit suicide.

[BitcoinGirl.Club]

1. Don't invest in crypto if you can't afford the loss.
2. Don't put your eggs in one basket.

Do not invest in pump and dump shit coins

[Upgrade00]

1. Don't invest in crypto if you can't afford the loss.

This should be; don't invest in anything more than you can afford to lose. Investments bear a certain level of risk, with the possibility of losing your investment. Do not put in more than you can spare.

Also, do your damn research. Not every asset or currency should be bought; that's not diversification, it's simply creating more ways you can get burned out.

[Alisha-k]

Luna happen to be the most overhyped shitcoin in my area. It crash was like a shock to many investor in know and many didn't see the dip coming. This just one of the pump and dump coin with selfish interest from developers and influencers. Having diversified portfolio and minimizing risk would have reduced the panic but unfortunately it is already late

[Oshosondy]

It's pretty simple rules, I don't think here needs any detailed explanation at all. We should invest only what we can afford the loss.

I only apply this rule to trading, not investing. I have almost all my money in bitcoin and I convert some to stable coins sometimes and back to bitcoin. Is this risky? I think it is worth going for than holding fiat.

But the rules applies to altcoins because some altcoins are just shitcoins and a good one just like how Luna was before it become a shitcoin, we can say altcoins is like you are gambling so should treated that way. There is still nothing bad to invest 10% of my bitcoin on altcoins, out of 10% taken, some should be profitable, but this will be after a significant bear market which I am still expecting. After bull market, converting it from altcoin to bitcoin is not bad because altcoin falls significantly than bitcoin.

Do not invest in pump and dump shit coins

To be serious about this, nobody expected Luna to be a pump and dump coin. I hope people should be wiser by this time not to invest on altcoins unless they see it as gambling and be treated as gambling.

[BIT-BENDER]

I don’t think many have been following the rules because many of this newbies has been guilt of crimes like borrowing money to invest in Crypto-currency, virtually almost every newbie thinks crypto-currency is a get rich scheme that why they are Willi to even borrow to get into it, that’s where the dip comes in, with drops in coin like Luna this has had many questioning the truth in the fact that crypto-currency can make anyone rich, so it about that time every newbies follow the basic rules of not their experience here would have terrible consequences.

[BitcoinGirl.Club]

To be serious about this, nobody expected Luna to be a pump and dump coin. I hope people should be wiser by this time not to invest on altcoins unless they see it as gambling and be treated as gambling.

This should be a great example that no crypto except bitcoin is safe. If anyone really wants to be in crypto then be in bitcoin, as simple as it is. Just imagine this, if there were no bitcoin then would there be any crypto. No. So why play with fake digits when you have the real one for you. It's not that you have to have a whole bitcoin.

You want to buy $10 worth of crypto? Buy bitcoin.

[ultrloa]

The current hot topic is Luna. It's very sad that a lot of investors bagger due to Luna drama. The more sad thing is some people committed to suicide. Even in my country, it has happened. I will say think kind of situation occurs due to not following two very basic crypto rules. I know everyone knows these rules, but want to share again and remind you what would happen if you don't follow these rules.

1. Don't invest in crypto if you can't afford the loss.
2. Don't put your eggs in one basket.

It's pretty simple rules, I don't think here needs any detailed explanation at all. We should invest only what we can afford the loss. And shouldn't invest in one coin all of your savings. When you invest multiple coins that won't scam you at the same time. So follow the very basic crypto rules and don't commit suicide.

For us who experience losses from the past yes we can say that we already follow this rules because we already know the end point of taking so much risk for investing on single particular project.

But for newbie I believe not because most of them easily got hype or get FOMO for certain project especially when they see something huge money offer to them if they participate on what their friends or people told them.

[noorman0]

Another rule, don't invest when you only hear good stories from someone. A small example (the part I quoted).
Because after all one's greed can overpower their own reasonable judgment. Sometimes the price of crypto moves beyond expectations and some lucky people get in before it starts to create confidence and influence as if they were reassuring others that it will continue.

[Tellek Garing]

Holding you money in a decentralized coin like Bitcoin is the safe haven as far as cryptocurrency is concern, I hold 100% of my entire portfolio in Bitcoin and each time I get an altcoin in my portfolio I never feel comfortable until I get it converted to Bitcoin.

This give me peach of mind and safe my funds from the clutches of centralized actors who can twist the price of those altcoins even the stable coins just like what we witnessed with Luna which has become one of the biggest cryptocurrency crash for a long time in history.

[dothebeats]

1. Don't invest in crypto if you can't afford the loss.
2. Don't put your eggs in one basket.

Do not invest in pump and dump shit coins

And don't try to take part in 'recovery programs' for a dead shitcoin. This is also pump and dump with extra steps. A lot of shitcoins have been doing this thing for years now, and they mask this activity with 'market recovery' to do another round of pump and dump to unknowing people who are gullible enough to fall for the trap.

[kurniawan05]

The current hot topic is Luna. It's very sad that a lot of investors bagger due to Luna drama. The more sad thing is some people committed to suicide. Even in my country, it has happened. I will say think kind of situation occurs due to not following two very basic crypto rules. I know everyone knows these rules, but want to share again and remind you what would happen if you don't follow these rules.

1. Don't invest in crypto if you can't afford the loss.
2. Don't put your eggs in one basket.

It's pretty simple rules, I don't think here needs any detailed explanation at all. We should invest only what we can afford the loss. And shouldn't invest in one coin all of your savings. When you invest multiple coins that won't scam you at the same time. So follow the very basic crypto rules and don't commit suicide.

I almost never use money from real life, only money from bounties or trading, but losing large sums of money is painful. I still use the two rules, don't use money that you're not ready to lose and don't go all-in on one project.

[libert19]

1. Don't invest in crypto if you can't afford the loss.
2. Don't put your eggs in one basket.

Do not invest in pump and dump shit coins

How exactly? Ust was reason for luna's downfall. On its own Luna was/is thriving dapp platform.

[yazher]

These are golden rules in crypto and it's better to consider them before making any moves because these decisions can not be undone once you realized you choose the wrong coins to invest your money with. Therefore, it's important not to rush decisions especially when money involves. Today, the world is in crisis and it is better for us not to spoil our savings and choose the right way to invest them so that they will grow in the future. Nowadays, if we have a spare budget to invest in, it's better to put it in the top 10 coins in the market if we want to increase our chances to earn and saving our money from scammers.

[TravelMug]

I agree, this might sound like basic rules, but still very much effective and everyone can learn from it.

And now that we have the Terra debacle, we need to remind again about the dangers of not diversifying your portfolio here. Just imagine putting everything in Terra because so 'believe' in this project and suddenly it almost went to 0 and trading has been halted to previous further damages to investors/traders.

[mindrust]

1. Don't invest in crypto if you can't afford the loss.
2. Don't put your eggs in one basket.

Do not invest in pump and dump shit coins

How exactly? Ust was reason for luna's downfall. On its own Luna was/is thriving dapp platform.

Tbh luna was just another pump and dump shitcoin. What unique feature luna had over eth for example? I can't think of any. Then why did it exist in the first place? There are thousands of alts around and only a few of them are unique and decentralized. Monero for example is still the best anonymous coin and every other competitor is just a failure.

[Jawhead999]

Even they didn't follow those basic rules you mentioned above, committing suicide is the most worst action that everyone must avoid it. Life is full of trial and error, if you never wanted an error in your entire life, there's no one never doing anything wrong and they're learn from that to become better. Though they invest all of their money in LUNA, at least they can still survive even they need become a beggar. It was a tough lesson and you will become stronger after making tough decision.

[Gayong88]

It's pretty clear that our crypto assets will be safe if we follow these basic rules, but In theory this seems like an easy way to make money from cryptocurrencies but application-wise there are some potential pitfalls to keep in mind before jumping from exchange to exchange and their consequences. Simply Luna becomes a very important lesson to remember for everyone because we are all in crypto because we want to make a net profit on investing

[Kemarit]

1. Don't invest in crypto if you can't afford the loss.
2. Don't put your eggs in one basket.

Do not invest in pump and dump shit coins

How exactly? Ust was reason for luna's downfall. On its own Luna was/is thriving dapp platform.

Tbh luna was just another pump and dump shitcoin. What unique feature luna had over eth for example? I can't think of any. Then why did it exist in the first place? There are thousands of alts around and only a few of them are unique and decentralized. Monero for example is still the best anonymous coin and every other competitor is just a failure.

I guess no one saw it coming, specially from Luna CEO and founder. But as it fall from grace, now we understand that it is shitcoins anyway and maybe the intention from the very beginning is for pure pump and dump. So no, they can't be compare to ETH and all any other competition right now is just a copy cat version. So we should really be putting money that we can afford to lose as the risk is high for this kind of projects.

[libert19]

1. Don't invest in crypto if you can't afford the loss.
2. Don't put your eggs in one basket.

Do not invest in pump and dump shit coins

How exactly? Ust was reason for luna's downfall. On its own Luna was/is thriving dapp platform.

Tbh luna was just another pump and dump shitcoin. What unique feature luna had over eth for example? I can't think of any. Then why did it exist in the first place? There are thousands of alts around and only a few of them are unique and decentralized. Monero for example is still the best anonymous coin and every other competitor is just a failure.

Explain how was it p&d shitcoin? Don't count current dump which is solely due to to ust.