Social Media influencers are responsible for many pump & dumps in the cryptosphere due to the content they publish on coins with a low trading volume. McAfee is just one example in that aspect but there are many many more out there, especially on YouTtbe & Twitter.
I guess many of you might have heard of ALTCoin Buzz, Crypto Nick, David Gokhshtein, Tone Vays, Whalepanda and most probably a lot more I haven´t mentioned or recognized out there so far. But in the end it doesn´t matter who it is, people with a huge following on social media who post about cryptos are definitely able to move the prices in either direction.
Especially McAffee might have driven many Alts into the sky during the last days while calling them out on Twitter to be a solid investment (I posted about this yesterday in case you like to check it out 😉). Of course that´s as well working into the opposite direction by spreading some FUD about a coin like it´s happening just now on Verge (XVG), which is down more than 30% over the last 24 hours.
What Do I Want To Tell You Now?
Well that´s quite simple, Do Your Own Research!. Please never invest or fomo into any coin out there that you don´t know anything about as you most probably wouldn´t do this on the stock market or any other market either. Celebrities on Social Media are NO Investment Gurus!
That being said, NO, Cryptos Aren´t Different In That Aspect. Every investment should be made wisely, especially whenever it´s done within the Cryptosphere. There are many useless projects out there, a lot of FUD & FOMO that may lead to a total loss on your money eventually. Therefore please be rational, read the whitepapers, dive into the coins community and get yourself properly informed before investing into anything. Otherwise you´re basically just playing Roulette in a big Casino...
A Worldwide Crypto Community! | Awesome Steem Witnesses! |
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Yep these guys you mention are quite annoying. I suppose in any case we're all gotta have some sort of moral compass and a clear conscience.
Well I'm no social media influencer but keep an eye out on ICX. Jumped from 1000 to 20-40 in the crypto world the last 7 days.
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Can I take that as financial advise and blame you in case my investment doesn´t see any profit in the end :P
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I swear. Please don't blindly invest people.
What people like John say need not be true always.
Some of the rises you see are only for the short term.
So be really careful guys!
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lol, that picture is awesome :D
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Thank you;)
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The crypto market is unfortunately bound to be under the influence of a few and of whales, partly because there is so little 'genuine' information available. When all you have to go by is the opinion of a few ' trustable' sources, they will have massive influence on prices.
To the point of the article, most of the time they'll do so to bump up price, sell off and move on. if you invest in crypto, do some research, go for the companies or people you believe in and hodl.
And remember that it is VERY risky, so don't go and borrow money for it!!!!
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Wait, don´t borrow money to invest in crypto? What about a mortgage on my house that I use to invest in Bitcoin at all time highs, would that be okay? :D
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Cryptos have opened the door to many new investors who know nothing about markets, technical analysis, and even the blockchain technology behind this assets.
I understand it is hard to stay away from all the buzz but my advice to anyone not knowing nor understanding the technology behind all these rojects, the risks and especially all the buzz game around it is to just buy some of the top five except bitcoin forks (that is BCH, BCG) and forget about the money they have invested.
It you know nothing and just pay atention to all the media, you will eather become crazy, lose your money of both.
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All those newbies bring in dumb money to pump any small coin that gets promoted somewhere without even knowing what it´s all about. The high return possibilities get people to make irrational decisions that eventually will lead to a complete loss of their investment...
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SO easy to forget and forgetting can get your burned. Thanks for sharing this. Crypto has the tendency to throw off your judgement because you can make crazy returns fast. Awesome post!
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Crypto can get you crazy returns but as well crazy losses, never forget that ;)
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I really have no idea what to invest in besides Steem, but that is probably ok, maybe hanging around another 5 months will give me the seasoning I need.
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Well Steem is definitely a very good option to invest in at any time ;)
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I agree with you, You gotta do your own research before investing! Don't listen to MCaffe for example. He's allegedly buying a lot of coins before shouting it out and then selling it when the price is rising thanks to his recommendation. ofc, we don't know if it's true. but too much people talk about it so I prefer not to follow him.
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Following his advise anyways means to buy on the peak as the bots are always faster. You would have to be lightning fast to profit from those massive short term pumps.
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nice
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nice comment :P
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information is very useful friends, so we more carefully in investing our coin. greetings success and thanks for your ...😎😎😎
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It´s always recommendable to only invest responsibly.
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Before investing any penny, do you investigation, please.
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Everyone want's to make it big at the short space of time. They either win big & lost big. Or they should take the effort to build & develop their knowledge. If money is their soul purpose to gain, that might lead them to downfall unless they understand "money" is one of the "main" medium that should be used wisely. Thanks for the tips @Steembusiness. We definitely will take this one with us ;)
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And lately, I've seen many influencers like Tai Lopez are talking more about cryptos...
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It´ll just get more and more over time...
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Thank you for this piece of advice. Don't just invest, know what you're investing in.
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exactly, blind investments will ruin you eventually!
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