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RE: Learning to learn cyrpto currency, and also, like, seriously, should I shave my armpits?

in #learningcrypto7 years ago (edited)

Hello and welcome to Steemit! Be careful with crypto. It is gambling just like most other investments. Think of it as a poker table, and you're playing cards. The more people that sit at the table and the more money they put into the hand, the more the hand (crypto coin) is worth.

It is something like 1600 people own 90% of the BTC. That's a pretty serious pyramid scheme if you ask me. If those people walked away from the poker table, the value of your BTC would drop. Worse, banks are the real government. They control the fiat to crypto and back transactions. At any time they can turn that off. What would the value of crypto be then if people could no longer convert back and forth to their bank accounts? I strongly suggest it would be a lot less.

I'm not saying to avoid it either. Invest. Speculate. Just don't make it more than 5-10% of your total wealth. Diversify your wealth/savings as much as possible to protect them. You never want too much in one basket.

"No fees. No Inflation." Is not true either sadly. There are huge fees when using exchanges. Inflation is complicated. No, no more BTC can be made, but an infinite amount of other coins can be. BTC can hard fork again too. Crypto is the opposite of Gresham's Law. Good coins replace bad coins, and better coins can be made at any moment. Don't depend on one coin to be king forever in other words, limited supply or not.

There are a ton of other webpages to help you with Steemit. Here are some of the best for beginners:

https://steemd.com/ (This site is used to keep track of your voting power and other stats. You do not want to run out of voting power, and you only get so much per day. I keep my voting power around 80% for example.)

https://steem.makerwannabe.com/ (This site will tell you who follows you, who unfollows you, and who mutes you. It is great for meeting new people too. I regularly check it to see who has followed me to see if I should follow them back.)

https://steemit.chat/ (This site is the official chat webpage for Steemit. There are Discord channels too, but I usually stick to the official site. Come in to network and meet new friends. You can directly message people there too, so it makes it easier to communicate with your closest friends.)

Oh yeah, there are a lot of bots on here. If you see a cookie cutter reply, especially to your intro post, it is almost certainly a bot. Check the account's reputation. If it is low, I would recommend just ignoring them. Everything is public on Steemit, so you can go look at an account's comments and replies. Are they all the same? It's a bot.

Adding photos to your account as a new Steemian may be confusing at first too. The easiest way it to click to "Submit a Story." Once in there, use the built in Steemit tool to upload an image from your computer. Below the posting window, you will see "Insert images by dragging & dropping, pasting from the clipboard, or by selecting them." Click on the blue text. Once the image is uploaded, you can copy and paste the link into your account settings.

Verifying your identity is very important because it will get you more support and people will trust you more. The best way to verify is to link back to your Steemit account by using another public social media account. For example, I posted my Steemit articles from here through my Twitter account. Another person posted their Steemit information on their Facebook account. Some people will even post a video of themselves writing out their account information since that cannot be Photoshopped. The more famous a person is or the more valuable their content is, the more important it is that they verify. If a new account falls within those two categories and fails to verify, it may get blacklisted.

Again, welcome, and I've followed you! If you have any questions about getting started, look me up on the chat site.

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Hi Finnian!
Thank you so much for this reply, it's exactly what I've been waiting for. It was suggested to me yesterday that bitcoin was a bit like a pyramid scheme. I hadn't really thought about it that way up until that point.
I managed to post a couple of photos in this post... but admittedly did find that confusing at first.

Negative comments about crypto basically get ignored on here, but please definitely keep a clear mind about it. A lot of people are losing their minds and doing very unreasonable things (putting all their wealth into one basket).

Great advice; thank-you for being so straight up!