People are throwing their money into random cryptocurrencies
I saw articles from a few friends and a few strangers where they are all saying that they are throwing their money into random cryptocurrencies. When we are talking about choosing the right blockchain and understanding it before investing the money. There are a few blind traders in the market. Some tokens when they get an exchange listing, their price would pump drastically. With the help of the pump, they would be able to get their investment back instantly. Anything extra in those funds can used for re-investing and finding additional profits. This way we have nothing to lose and keep going with this strategy.
People have been picking some newly listed coins on exchanges and sometimes they do simple research before investing and sometimes they don't care about what the coin is all about and blindly invest. Both of them have given good fortune to a few people. I guess it is also their time that has worked out very well. I recently met someone in the real world and to my surprise, he mentioned that he was doing regular trading on Binance. I thought he was highly knowledgeable on cryptocurrencies and blockchain technology but later after having conversation, I found out that he was doing some blind investments.
There are a few communities and discord groups out there with members who do this regularly. I have also personally received some invitations in DM from strangers to join such discord servers. I ignored them and didn't even try it once. I thought these groups are straight away an easy method to lose money but it was surprising to hear from the person that he was able to see some good fortune through such groups. Looks like he part of a few groups and there will be calls provided on those groups and they go and blindly invest their money in such coins. Looks like this is a huge community with many followers.
They say when it is a good time to pump the price of the coin book profits and exit. It was scary when I heard that but looks like this has been a practice for him otherwise he has no idea bout cryptocurrencies or none of the projects he is currently investing in. He is just blindly investing in a few projects and booking his profits. This is purely a blind investment and when the price pumps the profit is booked. I'm able to see many people making their money 10X or 100X with this strategy. What else would I say than calling them lucky?
Even if this strategy is giving good returns or profit, I don't think I would be happy to do something like this. I have to understand at least a little bit about cryptocurrency before investing my money. That is one of the primary reasons why I have not diversified my portfolio too much. Most of my investments are inside Hive and that's because I know Hive very well. I have my other investments outside only on a very few cryptocurrencies. I'm thinking of going outside Hive in 2024 and checking a few more projects where I can learn and invest. Depending completely on Hive and Hive-related projects is also a great risk in my opinion. But at the same time, I wouldn't be willing to throw my money on random cryptocurrencies and expect it to make me rich.
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