@MightyTalon
more from that month
I'm teaching a good friend of mine about crypto and how to get started... He's starting from the very beginning. I'm including info about exchanges, risks, potential rewards, terminology/slang, how to choose coins to invest in... Do you guys have some tips from your own experience that I can share with him? #Crypto
4 comments
Don't get greedy! Being greedy will cause you to do stupid things, like "invest" in those stupid HYIPs that are nothing but pyramids run by criminals. If something looks too good to be true, it is! You are NOT going to get guaranteed 30% monthly returns, month after month. Only an idiot would "invest" in something like that. I know, because I am an idiot! Your money will be gone forever once you send it. I have gotten some phenomenal returns, (Doge acquired at 0.3¢ sold for about 60¢, but that was a one time, lucky event that took several years to play out), but on the whole if you are doing better than an average of 10% / year, you're doing alright. As you acquire more knowledge you can bump that interest rate up higher, but DON'T GET GREEDY! You can start out purchasing and storing your coins on a site like Coinbase, which is very easy to use and very secure. Just bear in mind that centralized exchanges like Coinbase will demand a bunch of KYC, (Know Your Customer), data from you, which they will happily share with government assholes like the IRS. Once you have some comfort with Coinbase, you should get your own free software wallet, to learn how to manage crypto on your own, without having to trust a third party. ("Not your keys; not your crypto.") As your crypto fortune grows, you really should get your own hardware wallet(s). (I don't have enough crypto to worry about that, yet.) If, like me, you have lots of time on your hands, (I am retired), you could putter around with faucets. Even though faucets don't pay out much, I like them because the crypto we get from them has not gone through a KYC requirement. You could also purchase crypto from a DEX, (something I have not done yet), thereby bypassing stupid KYC. Taxes and other stupid government regulations? I don't know, because I don't have enough crypto to worry about that. As my crypto fortune grows, I will probably be more and more concerned about privacy, to keep unwanted eyes out of my life! Finally, if anyone asks you how much money you make on crypto per year, you should respond as a friend of mine did when folks would ask him how much money he earned per year as an independent contractor: 2 cents!
Hahaha these are very good points, OldBastard! (I had to laugh while reading this because I worded my advice to him in a similar way) :) I'll quote you directly wrt the greed thing!
Loads of research, don’t settle one a single option/coin/token. Read as many white papers as possible, check out the actual project and its infrastructures. Unless you are trading don’t pay much notice to the markets in short term bursts, set a once a week/month check in on markets (trading obviously requires far more frequent checks)
This is very helpful advice - thanks RedRo!