This article is directed at the ChainCoin HODLing community but it works across the board anytime you are staking your own money into a venture. For those that do not know what the ChainCoin community is, well it is a movement started by Max Lee (YouTube: HighOnCoins) were rather than many investors losing their shirts to the pump and dump teams, we the HODL'ers will be buying ChainCoin and holding on to it for dear life.
The idea behind this is to starve the market of the supply of ChainCoins which will steadily drive the prices up. This is a social experiment more than anything else, the people have been giving the opportunity to play the waiting game and in time make a residual income for themselves. The hard part is holding on to your Coins while the price increases. A couple of big selloffs from a few individuals could see the coin in a panic selloff and the price will crash back down.
This particular coin was chosen due to its MasterNode facility which in short means; for every 1000 ChainCoins you hold you can set up your own MasterNode which can generate you 2 ChainCoins per day. Thus given an extra incentive to hold on to your ChainCoins rather than sell them.
So what are the rules?...
I know what you are thinking; to hold, right? Well actually that is the Third rule. The first rule is the same across all investing - DO NOT SPEND WHAT YOU CANNOT AFFORD TO LOSE!! It is as simple as that. Over the course of this ChainCoin experiment there has been many comments in the Social sphere of people selling all they had to plough in to this. This situation brings your emotion level to dangerously high levels where you will start making rash decisions with your heart rather than your head. So be warned!!
The second rule is; believe in what you are investing in. If you decide to plough all your money into an investment because 'the man on the internet told me too' then I'm afraid to say you will more than likely come to an unhappy ending. I am sure FOMO (Fear Of Missing Out) plays a big part of these decisions. So an add-on to this rule would be; leave your emotions out of this.
So take the time to research what you are putting your money in to and act with your head before you pull the trigger.
Why did I invested in ChainCoin?
I decided to put my money into ChainCoin because firstly I liked the coin, it is very stable and has the facility to send anonymously through its dark send feature. (No I am not a drug lord or a criminal hiding in the shadows) I just believe that every person has a right to privacy. The other feature I liked was the MasterNode facility, to be able to generate wealth on a daily basis without having to do anything apart from setting it up. A no brainer!
I like the community around the ChainCoin, it seems to be a likeminded group that has had enough of the financial chains our central banks have placed around our necks with the debt based system we all live in.
Finally the Third rule, which I think is the hardest; DON'T SELL!! I am sure during this experiment people have seen their accounts with more money than ever before. The temptation to selloff and take a large chunk of money is tempting for all. I guess this is the where the 'social' part of the experiment comes in, sell and a couple of people get a lot of money. Hold and the entire community get rich.
Anyway I hope this article has helped you in someway, if so please share this article around..
After really checking out chc i am amazed from potential of the coin and of course the great community and bought in to hodl for life this great masternode coin, wont say no to a monthly passive extra cash ;-) thanks for sharing! Hodl
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I agree, I think once more people enter the cryptocurrency world, this is a coin that will draw a lot of attention. There will always be buyers and sellers of this coin but the true HODL'ers will continue to buy and hold only making us stronger :)
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I think holding is definitely the way to go, and I've built a lot of mental discipline over the last few weeks with the recent crypto bear market (until they started going up again a few days ago). Even thought I intellectually "know" they should go back up, it's still gut wrenching to watch the $ value drop like a rock. Proud of myself for sticking it out though (gives self pat on back) ;) and sounds like you should be too! High fives and fist pounds.
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I find making a purchase in a coin you see potential in and ignoring the charts is the best way to be. There is defiantly an ugly culture in this game of get rich quick and screw the rest. Buy, hold and get on with your life is the most healthy way to approach this game.
I'm sure in the future we will be happy people and glad of our choices made in the present. :)
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It seems too simple to be true ;)
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unfortunately, it was!
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I agree Chain has excellent long term potential but as with any new crypto, I'm a bit hesitant to get in at the ICO or even within the first month or longer. I bought in on one ICO (ppt), and a couple brand new coins fresh off their ICO as well. Though I think they all have long term potential, the risk for losing big $ to short term pump and dumpers is too great IHMO.
I watched a video by @jerrybanfield (one of the many awesome ones he puts out on a ridiculously regular basis) where he recommends waiting months or basically a long time to get a feel for the coins "true" value, especially after it has transitioned out of the initial pump and dump phase.
While I agree it's good to wait, I'd add my own opinion to that and suggest waiting months might not be necessary, but AT LEAST waiting until the coin gets dumped the first time and goes down a bit off the initial hype is a smart play.
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Chain is not a new crypto, it has been dormant for some time. This whole movement was the brainchild of Max and his team. Find a stable coin with good features and Chain happened to be their pick.
I agree with buying into ICO's in this environment to many people want a quick profit payout. On the other hand when they get dumped it's a good opportunity for us to pick them up cheaper providing the tech behind them is good ;)
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just saw your comment now -oops! Sorry for the slow response... totally sounds like we're on the same page with waiting til a coin was been out a bit.
Yep now re CHC @kingofallcrypto I think we can now all agree this was a classic pump and dump. Glad I stayed clear of that one... the wait and see strategy to ICOs worked out for me here.
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CHC isn't new. It was effectively dead before Max started the Pump and HODL movement. They even burned two million coins earlier this year! I lot of people would have liked to have kept those to sell when it was $6!
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Hi, this is a greate article for those who want to know what's so important about the community. I am part of it and very excited about the future for chaincoin and not alone chaincoin but also the community itself. I am also very glad and happy to be part of it, it's really awesome, learning new people and other developers across the world within this community is also a big plus in my opinion. Thanks to all of those who are part of the community and especially to Max because he did and still does a lot of work for the community, and he brought us all together after-all :)
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Thank you :) It is a great community to be part of. I think Max has shown true courage to come forward every day even when things seem like they are taking a turn.
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If pump and dump teams are a "movement" then yes, HighOnCoins appears to have started this movement, or at least the movement of CHC higher starting on July 5. Prior to CHC the team was moving from one coin to another , suggesting to it's lead, HighOnCoins, during live YouTubes what the next coin to pump might be. The lead, HighOnCoins would then look at an Android device to see if the coin fit within the current, but drifting criteria. In keeping with this movement, the team has moved on to Linda coin in this same manner, leaving holders behind to watch the price of CHC dip while Linda get's 200% from the latest move. Time will tell whether CHC will benefit from the momentary attention it received...whether it will survive and thrive naturally, or die harmed by the synthetic pump. Was there a CHC holders community prior to the CHC pump? If there was, it appears the team has cloaked itself in/as that community to accomplish the pump. If there wasn't, then the community consists of people who thought there was a community, and don't know or care that the team has now moved on to Linda, the next "girl" so-to-speak, quoting HighOnCoins latest drive-by video (made while moving down the road in a car wearing sunglasses)...leaving behind a community of orphaned little HODL'ers to hold on while his move to Linda is predicted to "scare" some more whales into dumping so HighOnCoin's team can presumably come back and buy up even more of the supply. Oh, but you were warned, "don't put in what you can't afford to lose", so don't be concerned with these movements.
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I personally feel that with or without Max spearheading this campaign, the movement is here and alive. I know of a lot of investors in ChainCoin that are in it for the long haul. I feel Max is a man of integrity and cannot see how losing his online reputation would be worth dumping on this community. My Gauge on CHC is looking at the MasterNode set ups day by day as a good indicator of where we are.
As for the move to Linda coin I don't see this as an issue, I bought in at 2 sats and am in profit. It is not like he can go live everyday and push ChainCoin. Time will tell what will happen with all these cryptos, but me personally I have put in the money that I am happy to lose if it all goes downhill.
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ha! Im HODLing!! the pull backs are pruely a test of how my mind can deal with short term fluctuations in my reality!
It would be great to see you at our steemit meet up on 16th September in Birmingham!
If you can make it, there will be a free steemit t-shirt for you, live music from @branhmusic and 150 pounds behind the bar,
Please see link for more details! https://steemit.com/meet-up/@starkerz/promo-uk-steemit-meet-up-everyone-welcome-from-far-and-wide-come-see-the-steemit-laser
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