TELL ME ABOUT YOUR CRYPTO EXPERIENCE
I’ll talk about myself first, then you can relate yours.
Never really had a fun time with crypto though. When I first heard of crypto, back then everyone used to talk about bitcoin and there was no steemit and others. Maybe there where but I only really heard of Bitcoin. Here we are now you and I trying to make the whole steem thing work. It’s in progress though from what I can understand.
So it all began someday in 2016. I think I remember vividly it was November. A few friends talked about buying crypto and so on. I asked initially but then no one really put the right words in my ears. Sooner, my friend needed to sell his crypto because he was in urgent need of money and unknown to me what he was doing he brought the gist.
Hoarding
Now the gist was, buy this bitcoin and give it a while the value will appreciate then you’ll cash out with the difference in value from when you bought it. As he was my friend, I’ll expect no harm either way he’ll help me sell it back if I needed my money back or something.
Failed dreams
My friends made me go mad. I kept on buying from them when the needed to sell because I just got back and I had my pocket filled and I guess they knew. I you can only imagine what my thoughts where and how rich I thought I will become. I kept this a secret and prayed daily that I got richer as the days go bye. It got to a point I had so much and I lived everyday smiling for what joy the future held in my crypto world.
Irony
Suddenly, there was a jive and people started selling all they had and I wondered why fear of the little drop in value will scare them. Then I woke up and the dip was drastic.
What??? What will happen now?
I decided to be a bit more patient but nothing really made me happy anymore. My castle in the air’s broken and there’s no one to complain to.
Time is money
A year is gone now and I have nothing to show for the wait I said to myself. All the time gone and that’s money gone too. Sooner I began to hate anything crypto because I had little understanding and was misled. I would have bought shares I said to myself, or maybe invested in a business or maybe I shouldn’t complain at all. Because I did not loose my money but lost time I would have used to make more money.
What Now?
What now right?
I’m now on steemit and I guess there’s
-no hoarding of resource(talent)
-no waste of TIME
-no Failed Dreams
-no IRONY
JUST
getting paid for creating and writing invaluable content
That my experience tell me about yours.
I think there is some good future in Steemit man, you're ina good spot. I also think there is a lot of money to be made in other cryptocurrencies as well. I think going at it with the idea of striking it rich from cryptocurrency might be the wrong mindset. The average return of the S&P 500 is around 7% and look how much money is in the stock market. Gains will be there but, in the long run, very few will be the 1000% gain type coins. When the dust settles, I think many of the startups will fail and we'll be left with a few good platforms. I haven't made a whole lot of money crypto trading but, I think we're still in the very early stages of the tech and the reasonable gains will come. I tend to invest my time and money in projects that I believe have real world use case, not just "Decentralized money" type stuff, good developers, and a good community. And even then I keep conservative expectations. If I can beat 7% annual return, then I've invested better than I would with an S&P 500 index fund. (Not to say I'm putting all my investments in crypto).
Sorry, I don’t get something right here.
Please what is S&P 500 index fund I’m lost.
Take that again, make it really simple.
The S&P 500 is a collection of large cap stocks traded on the New York Stock Exchange and NASDAQ. The idea of the index is that they select large companies from across a broad range of markets and sectors to try to emulate the rise and fall of the market as a whole.
You can purchase funds from investment companies, i.e. Vanguard, that are made up of stocks in the S&P 500 index.
By doing this you more or less will see a return similar to what the market is doing a whole. And since generally markets rise over time (7% on average) you will see profit over a longer period of time.
Warren Buffet is a huge fan of these index funds. He recently did a $1 million challenge. He said he would pick the cheapest Vanguard index fund and put it up against one of the best hedge fund managers in the US. And funny enough how index fund out performed the hedge fund drastically. 85% return vs. 22%!
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