Hey there..! looking up a crypto project?

in #steemleo5 years ago

Yesterday I received a distress call from one of my friends who was a noob to the whole blockchain ecosystem, quite a curious leaner wants to explore all part of the blockchain at once without steps and so sad for him, he got scammed yesterday on Twitter by a peer to peer merchandise promising to double his money.
Away from that in this post, I'll list the three basic steps anyone should take/follow before investing a dime in any crypto project (not just limited to crypto)




source



For quite some time now before I jump into any crypto project, I have been observing 3 protocols which I learned about a year ago from some crypto traders, these protocols are;

  • DYOR
  • FOMO
  • FUD


DYOR

Do Your Own Research


source

No one advertises their flaws, no CEO will walk up to anyone and starts mentioning the disadvantages of his company and the risk involved when you partner.
Despite how enticing a business/project has been preached to you even by your most trusted pal, the first thing you should look up and it's about doing your own personal research and analysis on the project, it's pros and cons and more especially tackle its cons deeply, check on reviews by other users already on the platform, get to know how the platform works currently from a trusted source.
Most of all, do no invest until you are fully certified on your own before investing a dime while asking questions about the project, don't get carried away by testimonials.



FOMO

Fear Of Missing Out


source

Yea, we've all been there, let's say you were busying doing your own research on a particular project and the next day prices are already increasing, demand now bigger than supply..!! (oh crap)
Every sane human will eventually drop their whole research and quickly jump into the project without proper research, which most times ends up as an act of FOMO.
Based on my previous experiences for the past two years, before humping into that speeding train, a stop-loss limit is being set, even when bought at the top there should also be a limit to the upcoming loss.
Normally, the laws of gravity come in place here (nothing goes up forever still) take your time and finalize your researches.
And as a tip always have this in mind

patience is the greatest virtue



FUD

Fear of Uncertain Doubt


source

Leo just invested $1000 in a crypto project and he can't help but always pull up his phone from his pocket checking for updates, one news relating to the project he invested in pops up, damn..! Leo pants
Stops and tries to read about it forgetting he was actually waiting for a bus, now the bus passes through and Leo is still tensed up reading the update done by a cheap blogger looking for traffic.
phew..! Leo now relieved, back to his senses and have to walk his way home cause that was the last bus.

I have been Leo for some couple of times, although I haven't had that much bad luck.
The media house might be the place for the best/authentic pieces of information but also a manipulated outlet, neither am I justifying the peer to peer pieces of information we get from friends, make sure information coming from both side are balanced and from trusted sources, and in addition seek for more information from fellow investors before the panic begins.



Conclusion

Reading through from the aforementioned basic guidelines, the first remedy to all solution is to keep calm before executing any move and most of all believing in one's self before investing.


Sort:  

True every project on paper looks good without flaws but when market forces and government regulations kicks in its only then we know the vibrant products. I guess am going to enjoy reading post on Leo finally found my niche

Hi, @camzy!

You just got a 1.28% upvote from SteemPlus!
To get higher upvotes, earn more SteemPlus Points (SPP). On your Steemit wallet, check your SPP balance and click on "How to earn SPP?" to find out all the ways to earn.
If you're not using SteemPlus yet, please check our last posts in here to see the many ways in which SteemPlus can improve your Steem experience on Steemit and Busy.

Coin Marketplace

STEEM 0.37
TRX 0.12
JST 0.040
BTC 70162.45
ETH 3540.43
USDT 1.00
SBD 4.79