What is your biggest cryptocurrency mistake?

in #mistake5 years ago

View this answer on Musing.io

My biggest crypto mistake was to participate at the hard fork of NXT and its airdrop of the new forked coin last year at the end of December and hold the coins until the beginning of January 2018. 

NXT has announced for a while at that time that was going to have a hard fork and that on December 28 a snapshot will take place and the holders of NXT on some exchanges and wallets that supported the hard fork would get 0.5 IGNIS, the new forked coin, for 1 NXT coin held at the moment of the snapshot.

The announcement came like charm in the middle of a strong bull run and at the beginning of my experience with cryptocurrencies so I burned myself really hard with it. Newbie mistake...

I bought NXT at about $2 which mas almost the maximum price that it got in December last and probably till the end of its blockchains life as I don't see it surviving to many years in the crypto world. 



Not only that I bought it at a very high price but I also had to held it until December 28 to participate in the snapshot while the price was falling down every day. I did that though because IGNIS, the "baby" of NXT was on pre-sales at $2 so somehow it was worth it. Moreover the new coin was already trading on some exchanges at even $20 at some point in time and it was tempting the thought of how much my coins could be worth once I get them.

After the snapshot I ended selling my NXT coins for 60 cents a piece and got my IGNIS months after it was promised when it was valued at about 20 cents... so I got screwed really hard.

Making this mistake of buying NXT that high and holding it too long plus receiving the new coins depreciated after a few months I have lost a lot of money and this is definitely my biggest mistake in crypto.

I learned from it a lot though and the most important thing is that I learned to not buy cryptos when they're hyped ever again. Since that moment I am continually learning about cryptos and studying how markets behave to make the most out of my investment in the next bull run and to not repeat that mistake again and lose money.

In my opinion what Jelurida, the mother company of NXT, did with its hardfork and the delaying of the delivery of new coins to the holders until the price was down a lot was a scam in my opinion.

They actually played with our money and made money for themselves while we were waiting to get the new coins selling the NXT at cheap prices. They sold us their coins at hyped prices, made us hold the coins while the prices were going down just to get the new coins and gave us the new coins long after it was supposed when the price had fallen a lot from what it was on pre-sales. Not fair in my opinion.

This is my biggest mistake by far in the crypto world but the one from which I learned a lot. My advice to anybody is to invest in the big crypto companies/blockchians or companies that have a working product and a use case and avoid such cheap and scammy ones like Jelurida with their NXT and forked IGNIS. 

Hope you will find useful my story with my biggest mistake in crypto and wish you a great day. 

Source of image: https://pixabay.com/en/slip-up-danger-careless-slippery-709045/


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Bought some bitcoin back in 2015 where it was under 1k and used it to buy something online.
If only I knew heye

Posted using Partiko Android

Sorry to hear that. Hope you learned your lesson.

I learned something I guess. Have invest 80 euros into steem while it have been low :D

Posted using Partiko Android

I bought in in January, very near the top, and from this vantage point, with 90% loss, one could argue buying crypto in the first place was my biggest mistake.

I don't regret investing more after. I regret buying that hype, waiting for the hard fork of a shit coin and then selling way lower while waiting for another shitcoin to be airdroped too much delayed. That suck a lot. I hate Jelurida, NXT, IGNIS, their piece of shit blockchain and myself from that time :)

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