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Author Topic: Learn from a brother's mistake  (Read 470 times)
Outhue (OP)
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February 09, 2023, 05:21:07 PM
 #1

A minute of silence for all Alliance Block investors...i have a brother who invested in this altcoin, hoping to hold till the next bull market, unfortunately the unexpected happened, now all the money is gone before he realized what's going on.

What lesson could be learned from this?

If you are a altcoin investor, do not keep all your eggs in one basket, if you believe in an altcoin, make sure it's not the only one, in fact, the more coins you have in your portfolio the lesser the risk, because not all the coins will go bad or get hacked, if one out of 5 or 10 become successful, 6x to , 10x or more, you've made back your ROI and still have some gains.

Also, I prefer projects from the Binance launch pad because binance don't just list any projects, 85% of all projects that used Binance launchpads are successful.

Alliance Block market cap is very low, projects with very low market cap are called degen by many and they are very risky, remember Gala games? It was hacked and all tokens were reimbursed, if Gala was a very small project I don't think they will do the reimbursement.


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cryptomaniac_xxx
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February 09, 2023, 07:09:06 PM
 #2

I'm not familiar with Alliance block or something, but me? I have learn from my mistakes way back 2018, wherein I have a supposedly good projects and a holder of it and thinking that I can make a lot of money from it in the next bull run. However, just like in this case, it went dead in the bull run and nothing, not even a cent that I earn from this project (I totally forget the name of it), way before I found this community.

Anyways, that is the risk is very high for altcoins, even if it is launch by Binance launchpad, and I will say that there should be some element of luck on it before it become big and successful.
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February 09, 2023, 07:47:24 PM
 #3


As long as it's a new altcoin, there is always a possibility that it will be a scam even if it's launched in binance launchpad.  You are investing so at least get the top projects. 5/10 is already a bad ratio. This is not the time to buy risky tokens, no more buying of unknown projects.

I look it up on CMC, they added a warning on the ALBT page that says.

Quote
Following the incident on Bonq involving ALBT in their troves, the AllianceBlock team has released a statement and an update regarding the snapshot and token distribution. The legacy ALBT token has no utility anymore in the AllianceBlock ecosystem. Updates only on official channels on Twitter and Telegram.


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February 09, 2023, 07:51:55 PM
 #4

Since I am not an initial investor, this is the first I've heard of Alliance Block. But I've already learned from my previous mistakes with related to altcoin. My biggest mistake in life was picking a shitcoin, which cost me a lot of money. Then I stop investing in shitcoin. Actually, I don't need 10X. Enough if I can turn a tiny profit. Therefore, only select popular coins at the moment that follow the trends.

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February 09, 2023, 07:53:14 PM
 #5

This is common, and whenever you go for investment into new altcoins it is good to make a thorough study. If you weren't able to do it, don't take the risk. Better go with some reputed altcoins that are launched few years back and are at good position on the coinmarketcap. To invest into a particular new altcoin and to succeed needs luck and very few had succeeded.

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February 09, 2023, 08:39:49 PM
 #6

Diversify your crypto holdings to avoid placing all of your eggs in one basket. Don't forget to DYOR in each investment you make as you diversify your altcoin holdings. Due to how volatile the crypto market prices might be, altcoins are not worth investing in.

Top altcoins in my opinion, are coins with most likely to give 6x–10x profit potential. It is difficult to ascertain any altcoin that may provide such gains because of how unpredictable the market is.

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February 09, 2023, 08:43:45 PM
 #7

There's only one thing that's good about investing in one egg and that's being a bitcoin maxi, no debate that it's proven and tested.

Using Binance's launchpad as a reference for your investment is like 50/50. Yeah, there's the stats on how many projects where successful from there but doesn't mean that everyone has to invest with those.

DYOR is again, the tip that we always say.

Whether it is in Binance launchpad or not, we're all responsible where we are investing our money.

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February 09, 2023, 09:06:15 PM
 #8

A minute of silence for all Alliance Block investors...i have a brother who invested in this altcoin, hoping to hold till the next bull market, unfortunately the unexpected happened, now all the money is gone before he realized what's going on.

...
Alliance Block market cap is very low, projects with very low market cap are called degen by many and they are very risky, remember Gala games? It was hacked and all tokens were reimbursed, if Gala was a very small project I don't think they will do the reimbursement.

Actually, I don't easily believe someone from the team to announce that they've been hacked because that is something fishy and could be a lie just to succeed in their scam plan. Most of the time happening for new projects, they use the word "hack" to be their exit plan so nobody could think that they are scammers but they are. Maybe I was wrong in my assumption but new projects can't be trusted and are too risky to invest in.

If we want to invest make sure that we are also investing the right coins and stop thinking about the x100, x1000, and more as this will end up investing hyped coins.

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February 09, 2023, 09:45:01 PM
 #9

If you are an Altcoin investor and you believe the hack is invest in more Altcoin that would probably mean losing your funds in multiple Altcoin, that mistake has actually been what gives inexperienced Crypto-currency users the confidence to do so.

The Altcoin market is tough and making the right decision on which Altcoin is increasingly getting frustrating. I would be plane and recommend any one into Altcoin go for market history and reviews, that’s go for more successful Altcoin.
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February 09, 2023, 10:59:44 PM
 #10

A minute of silence for all Alliance Block investors...i have a brother who invested in this altcoin, hoping to hold till the next bull market, unfortunately the unexpected happened, now all the money is gone before he realized what's going on.

What lesson could be learned from this?

If you are a altcoin investor, do not keep all your eggs in one basket, if you believe in an altcoin, make sure it's not the only one, in fact, the more coins you have in your portfolio the lesser the risk, because not all the coins will go bad or get hacked, if one out of 5 or 10 become successful, 6x to , 10x or more, you've made back your ROI and still have some gains.

Also, I prefer projects from the Binance launch pad because binance don't just list any projects, 85% of all projects that used Binance launchpads are successful.

Alliance Block market cap is very low, projects with very low market cap are called degen by many and they are very risky, remember Gala games? It was hacked and all tokens were reimbursed, if Gala was a very small project I don't think they will do the reimbursement.


This is a very big lesson that will not be forgotten even to the next generation. I always advise people to try as much to make concrete research before thinking of investing in any altcoin. Bitcoin is the only cryptocurrency I can be rest assured that we will not experience anything like rug pull or crashing.
Making altcoin projects in the market are for personal gain. If you are the CEO of the project, are you not going to try as much to make more Money even though you don't have the intension of running away with people funds. Some people are just extra ordinary wicked to create a coin and at the end run away with people's funds.

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February 09, 2023, 11:29:36 PM
 #11

Basically, when investing for the long term in altcoins, it's already a mistake and it should be clear to know without the need to think about block alliances or whatever. It's already a mistake. If you invest in alltcoins for the long term, you must be prepared to accept consequences like this.
Moreover, if indeed the investment is about coins which are only pump and dump coins or meme coins that really hope for more X, that's just nonsense because in the end, in that case, you only have losses and losses.

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February 09, 2023, 11:30:33 PM
 #12

just to add more, if you investing in altcoins in general you should just hold it until it rise certain percents and then just move to another altcoins because that way you have better chance of getting ROI.
if you're holding for too long you'd just losing your floating profits usually since altcoins increase in price are usually short lasting.
if it's new altcoins that you trying to get invested in, just distribute certain allocation across many altcoins it just guarantees the return and a lot safer since with altcoins generally you'd get massive returns but most of them are just gonna vanish into thin air. therefore even if you're distributing your investments and majority of them are failing, as long as you have one coin that increase massively you'd still more likely getting good profits and didn't lose anything.

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February 09, 2023, 11:54:50 PM
 #13

It's my first time hearing this project and after a short browsing on their website, I saw that they have big partnership. I don't know if it's true since I didn't do any research about it but yeah if it's true, Maybe partnerships doesn't make you a good project anymore regarding on how big your partners are. I also saw that it's an AI related project which is on the current trend right now, This is where the risk at. I hate putting money on projects who is new and has the current trend concept because I believe that there is so much risk in it knowing that there could be a chance that they just made the project just to ride the hype. Investing is risky and you should understand it before you put money on it.

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February 10, 2023, 01:19:41 AM
 #14

Make sure to do sufficient research before deciding to invest in a crypto project. Read white papers, review the development team, and look for reviews from trusted sources.

Find out if there is a demand for the technology offered by the project and if it has the potential to be a useful solution to the problem at hand.

You can help ensure that your investments in crypto projects have the potential to grow and generate good returns.

Binance has a good reputation in the cryptocurrency industry and is often used as a launch pad by new projects. However, there is no guarantee that every project using the Binance launch will be successful.
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February 10, 2023, 01:38:10 AM
 #15

Many mistakes often taught me of hard lessons, just like this scenario which leading all eggs in one basket. That's the common phrases that comes from everybody's mouth, but unfortunately you weren't able to catch it up a lesson. Because everytime hype comes, same mistake will pull you over and commit the same error just like the old days. Personally I was that kind of dumb as person who suffers on that state of being scammed.

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February 10, 2023, 01:39:46 AM
 #16

A minute of silence for all Alliance Block investors...i have a brother who invested in this altcoin, hoping to hold till the next bull market, unfortunately the unexpected happened, now all the money is gone before he realized what's going on.
I'm not familiar with this project until I read your thread. Did a quick research on what happened, and maybe you are telling about this incident.
https://medium.com/allianceblock/allianceblock-issues-statement-in-response-to-bonqdao-hack-6510a61fcf5c

If you are a altcoin investor, do not keep all your eggs in one basket, if you believe in an altcoin, make sure it's not the only one, in fact, the more coins you have in your portfolio the lesser the risk, because not all the coins will go bad or get hacked, if one out of 5 or 10 become successful, 6x to , 10x or more, you've made back your ROI and still have some gains.
Diversification towards different projects (if you are focusing on crypto) is a good approach especially when you are just new to investing in crypto.

Being an altcoin investor is more risky compare to just invest purely into Bitcoin. It has a higher risk, but has a higher reward. As for me, whenever I'm investing into altcoins, I'd rather invest into the top altcoins in terms of market cap, but even that, I'm still doing research because we've seen top altcoins went bankrupt or a fraud project or a scam project. Diversifying towards different crypto coins is better, but diversifying towards different assets is for me the best approach.

Also, I prefer projects from the Binance launch pad because binance don't just list any projects, 85% of all projects that used Binance launchpads are successful.
I personally am not a fan of new projects though I know that there are some projects that are becoming successful. I'd rather take the safer approach which is to just invest into altcoins that has been there for a long time.

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February 10, 2023, 10:46:37 AM
 #17

Also, I prefer projects from the Binance launch pad because binance don't just list any projects, 85% of all projects that used Binance launchpads are successful.
If top altcoins like Terra and FTT can collapse to the hell within a few days, does it make sense that 85% of all projects with Binance Launchpad are successful?

They are still risky and you must count another risk that success you mentioned is pump and dump game. There are losers who join in pump times at peaks and stuck in dump times. Not everyone engages in those altcoins are successful investors.

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Alliance Block market cap is very low, projects with very low market cap are called degen by many and they are very risky, remember Gala games? It was hacked and all tokens were reimbursed, if Gala was a very small project I don't think they will do the reimbursement.
Hacks and tokens get compromised are one of risks but another risk with small cap altcoins is their team can rug pull liquidity on DEX. Then if their tokens are not listed on any centralized exchange, investors will be rekted and lose money.
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February 10, 2023, 11:22:33 AM
 #18

A minute of silence for all Alliance Block investors...i have a brother who invested in this altcoin, hoping to hold till the next bull market, unfortunately the unexpected happened, now all the money is gone before he realized what's going on.

What lesson could be learned from this?

If you are a altcoin investor, do not keep all your eggs in one basket, if you believe in an altcoin, make sure it's not the only one, in fact, the more coins you have in your portfolio the lesser the risk, because not all the coins will go bad or get hacked, if one out of 5 or 10 become successful, 6x to , 10x or more, you've made back your ROI and still have some gains.

Also, I prefer projects from the Binance launch pad because binance don't just list any projects, 85% of all projects that used Binance launchpads are successful.

Alliance Block market cap is very low, projects with very low market cap are called degen by many and they are very risky, remember Gala games? It was hacked and all tokens were reimbursed, if Gala was a very small project I don't think they will do the reimbursement.


I did not understand what happened and at what price he bought tokens

Community Update — Snapshot Information and Token Distribution
https://medium.com/allianceblock/allianceblock-releases-community-update-on-snapshot-and-token-distribution-c6de92a4d372

Investments in such projects are very risky, but there are different strategies. If you invest $100 in 100 such projects, then some even earn money on it, but it is very difficult to keep track of all projects.
If you invest in 1 such project, then it is unreasonable.

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February 10, 2023, 11:40:11 AM
 #19

Make sure your sibling understands the basic knowledge about the characteristics of altcoins with high volatility. Altcoins are even more risky compared to Bitcoin. We can see wilder price changes from altcoins because its movements are mostly speculative.

Don't involve emotions and greed when deciding to invest in cryptocurrency. Although you have many types of altcoins, you should also understand the terms BTC Dominance and Alt Season. Although you have many altcoins in your bag, dominance still favors BTC, resulting in the destruction of the prices of all altcoin assets.

If I were your sibling, I would divide my investment percentage into some top coins, including BTC, and a small percentage for investing in low volume trading altcoins.
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February 10, 2023, 11:45:58 AM
 #20

It was a painful experience for your brother, I think that he had this experience early, and I think he will not repeat this mistake, which will be positive in the future. In a way, it might even be better to learn whether to trust altcoins that much or not to invest in this way, it is necessary to look at the full side.
 
Even Binance launcpad projects or projects with binance labs investment can be delisted after binance. The projects are not successful just because they came out of there, but as you said, the percentage of this is high.

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