I AM NOT A FINANCIAL EXPERT. Please do not take this article as such. This article is written with the honest question of why there is so much conflicting and truly useless advice about cryptocurrencies and their markets.
How many of you are also wondering just how there can be so many “experts” about the crypto market and how they think their predictions are accurate? Plain and simple, the market is volatile with random events, trade bots, fears, and “expertise.” There’s also new coins being made constantly, which is mind boggling to me. It seems to me that these new coins are made because the creators want to get rich, because their coin is usually:
• Already done by another coin in terms of purpose/utility
• Has no real application
• Is not used as hoped
• Is not backed by a real asset
So how is it that there are so many articles claiming to know what to do when it comes to investing and expected growth/decline? You may have read about the “weird” activity in the market, which is a prime example that it is not understood.
The stock market is at least based on a combination of a company’s performance and investors and even that hasn’t been “figured out” and honestly won’t be. People have tried to come up with reliable and predictable formulas in the hopes that they’ll know exactly how to make money. I firmly believe that there are so many variables that it is not reasonably possible to account for all of them, nor do I believe that it would be a good thing. If everyone had a formula to follow, it would impact the market significantly to the point of potential failure. Of course I’m not stating this as an irrefutable fact, but it’s certainly something to think about and consider.
In my personal experience, it seems that crypto is best suited as a long game rather than a short, although you can certainly make profit playing the short game. It’s well known and documented that the cryptocurrency market is risky and volatile. My advice would be to focus on the proven chains and the coins that have real applications in things such as real estate, gaming, or some other purpose that won’t be going away. Don’t listen to the fear mongering, the ultra hopeful, the quick reads with the aim of a quick buck or popularity, or the flat-out delusional. Do your own homework, have patience, be careful, and don’t get discouraged.
Again, I AM NOT AN EXPERT. I do wish you all luck and hope we can all grow and learn from the crazy roller coaster that is the crypto market.
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