AskSteemit: If you could go back to the first day you invested in Crypto, what would you do differently?
This question is not about "if you could go back in time, you'd buy Bitcoin at 0.5 cents", but more about your own experience since you started researching and get more in touch with Bitcoin or Blockchain technology in general.
To me personally, something I've learned over the years is to stick to a few currencies, keep up to date with them and hodl them tight. If I had an eth for every trade I decided to do just to get a few more eth out of it, or dash, or other cryptos that if I had just held what I mined I would've made the most out of it - I'd have a whole lot of eth invested in random ERC-20 tokens right now. I thought I was clever, trading with having the edge in mind that everything will go up eventually but in the end I was not often prepared for the market swings, the bots, the FUD and general misinformation.
Something that I really appreciate with STEEM is the way it incenvitizes you to hold it by giving you influence over the reward pool and even liquid rewards such as SBD. If many other currencies had been the same I am sure I wouldn't have been tempted to trade with them as much just because my hashpower felt too low. The whole proof-of-brain concept when I first stumbled onto it felt so innovative and ever since the beginning I stuck with it through thick and thin.
I know trading STEEM now and then would have been worth it, it has after all some huge volatility since it still follows the trends of Bitcoin and others quite hard, but I don't regret it as much that I haven't traded with it as I do with other currencies. In the end I feel the trade off for having more influence over the platform daily and being able to do so much with that while remaining safe and holding for the long term is worth it a lot more than being able to gamble on it to earn more.
If I could go back to my first crypto days I would probably just stick to hodling a lot more than I did and I wouldn't have cared as much during the downtrends since my entry would have been so much lower in the same way that Steem is. A lot of people like to panic, take Steem for granted and sell it off. I truly hope some people will at least be holding some and not dump it to the current accumulators cause these markets can change in a couple days and regret is something I wouldn't wish on my worst enemy.
Steemians, if you could go back to the first day you invested in Crypto, what would you do differently?
I would not be lending ..
If I could go back to when I first invested in crypto, I would go back to the time when I stopped trading altogether, and not have stopped. I was quite successful back in 2013-2015 but quit when the price of bitcoin dropped down into the $200 level. I should have continued and kept building upon what I was doing.
Were I to have done that, I would likely have bought into being a very large holder here, and had some sway as to the direction things would have gone in during the earlier times.
Probably could have put more emphasis on quality content curation, certainly SteemSTEM would have had a much easier time growing out of its infancy.
In life, what if's only lead to regret. Whats done is done. All in all, my experiences in crypto have been a net positive on my life.
I've had that feeling many times. :/
There are likely many people who have been around crypto for a long time that have as well. I wonder where we might be now if people like me weren't idiots back in 2015... I can't be the only one who was.
Let's hope they've learned something to change that during this dip. ;)
That’s a difficult one. My first sentiment would be that I would have approached things from a less long-term angle and thus have looked at more and higher short term profit.
But end of the day, as a person, that goes against my nature and despite wild swings the long term approach still has proven itself to be a highly positive one.
The odd fork, complete with more often than not subsequent shorting of the forked token, usually has been a rather nice and typical bonus for this sector.
As they say: I regret nothing and while lessons learned are valuable... I would do it all over. Pretty much same way again.
If I could go back... I wouldn't have followed so many people. I didn't realize who or what I was following and my feed will never be the same. I don't know if I have the heart to clean house. Last Time I tried... I accidentally pissed off a couple of my biggest supporters. I feel like that has hindered my interaction a bit.
Starting here on Steemit was my first Crypto Experience and since then I have had to learn A WHOLE LOT! I love to learn so it's been quite the experience. When it comes to crypto... I have mostly Powered Up and I think I created a small Portfolio from some of my rewards. I just recently cashed that portfolio in when Steem was so low and Powered it all back up.
I think the biggest thing I have had to learn when dealing with Crypto would be to know the cost on a transaction before you convert. I got stuck with a bunch of shit coins in the beginning because I didn't have enough left to change it over to anything of value. I think the first move I made was Doge or Salt. hahahhaha still have .000000000000001 if anyone is interested?!
I would probably try to play it safer like I do right now, I mean thanks to the amazing bull run we had from November to January- early February, I didn't lose money but I could have earned way more if i had made more use of the tools I had at hand like, stop-loss, because I let some investments bleed out to death thanks to the mentality of "it's going back up anyways..." looking at you emc2 lol, thankfully I reacted quick enough and left before the big drop.
I follow the same mentally as you, hold coins and research. But what I've learnt is you can't really flip with low value currency so when I flip with a coin like Monero its a nice and quick trade that yields a great profit in a day.
As for what I would change, definitely not joining any Facebook trading groups because its full of shill and one sided arguments.
I would have not invested in Ripple, lol. I didn't actually invest any money into crytpo until several months ago, but when I did the first coin I put funds into was Ripple. I did this without fully researching the backing behind it. After looking into how it's really not that great of a coin and is basically a bankcoin, I just said fuck it and dumped what I had since I just didn't agree with the concept of it. Thankfully I only invested like $2-300 into it, although I took a loss on it thanks to the markets bleeding so much over the past 6 months. Not that big of a deal though. I think I bought them when they were around $0.79 and sold them when they were at $0.68 or something around that.
Otherwise, I don't think I would have done much differently with crypto besides
going back in time, selling all of my belongings and investing them into dogecoinmaybe going back and investing funds into Steem when I actually had some available at the time, instead of using them for frivolous things that I ended up having to sell later on anyways, haha. I've been lucky that I've mostly just stuck with pretty decent crypto's that aren't shit.I'd have held on to the 1,000,000 Dogecoin and the 17 Ether I had. Hell, I would have bought Ether when it first launched. I was there but let myself get intimidated by the complexity of it. I'd have bought more Steem when it was at 10 cents. I'd have bought more EOS when it was at .50 cents.
I would be less trusting. Truth is nobody really knows what they're talking about. Not technical analysts, not people on YouTube, not even our high esteemed posters on here. It's all guesswork.
I got involved with something that everyone else was getting involved with and I ended up losing quite a bit of money. I did learn some valuable lessons from my experience but one of those lessons was definitely just because everyone else is jumping into a certain coin with 100% trust that doesn't mean that it's necessarily the way to go. Keep your eyes open and only trust your own insight.
I would pay more attention to altcoins.
I have spent a great deal of my time in the cryptocurrency space as a Bitcoin maximalist. When I discovered Bitcoin, there were very few altcoins, at least, not many worth mentioning. We still hadn't figured out how we were going to tackle multisig, for Christ's sake. Gavin was still a "good guy" and was widely applauded for trying to push Luke Dashjr out of the project for being a hard-headed religious nutcase. Years later... who's still on the team? If you'd told me the answer then, I'd have shat myself. LOL.
I spent way too long in the circle-jerk... and in many ways, it wasn't one. In many ways, the majority of crypto projects out there are fucking shitcoins. I still believe that. And while I do still hold many pro-Bitcoin sentiments (sorry BCH people), I have come to the conclusion that Bitcoin maximalism was a mistake.
Sure, anyone can copy a codebase. Anyone can change some parameters and launch a blockchain. But I waited far too long to get excited about the real innovation in the blockchain world... and I have paid for it by getting left behind. Projects like Monero, BitShares, Steem... the list goes on and on, and while I try to build up my holdings where I can, I seem to have proven my superhuman ability to repeatedly miss the boat.