I have noticed a lot of people jumping into Crypto currencies prematurely before understanding them and what currencies are out there, while yes, it is easy to give into to FOMO (Fear Of Missing Out) on wild gains that the crypto currency markets offer.
Some of the signs I have noticed are from people buying the first Crypto they come across or have been told about without doing their research since there are literally tens of thousands out there not all are listed on coinmarketcap.com or coingecko.com.
people not knowing what a private key is, since it begins with a crypto currency experience and ends with a crypto currency experience and a lot of them that end are in a bad way, when someone else looks after it for you and then disappears with your investment. There are some common sayings in crypto, driven internet spaces and they sound like this:
“Not your keys, not your crypto” (the most important saying in crypto, since most people leave their crypto on exchanges for long periods of time)
“Shill” (Blind marketing/advertising of a certain currency)
“Always buy the dip” (Crypto markets experience seasons winter and yes it is always coming but so is the summer… Eventually, and with these extreme volatile markets, people feel like jumping off buildings when they haven’t purchased after they drop significantly)
Now without decent knowledge on what currencies are out there, you see so many newbies, trying to hide their novice knowledge with arrogance and shilling their own positions without reasons why, this has also resulted in crypto market price charts that look like a child holding a red crayon being dragged across a page or internal wall back and forth that would make most manic or bipolar, with the quick investing it also results in meme coins and coins that offer nothing other than just being another currency, being pumped because their extreme marketing sucking more newbies in because that is all they have to go by, yet for now, it’s working due to novices thinking they know everything about crypto without asking others, sure you will get trolls but be persistent in listening you will notice an intelligent response, eventually.
These meme coins are prolific and are being created on another coin’s previous success, whether it be a funny picture of a dog, tugging on our emotional heart strings or simply a similar name of another successful crypto, and that they would have been open source, meaning anyone could potentially copy and paste the code that creates, literally the same crypto currency and markets the absolute profanities out of it, cause lets face it, it’s an old hat, where a terrible product can still succeed just due to the right marketing techniques, hopefully the market will identify this behavior over time and correct it self.
Coming back to shilling/advertising the main difference would be the thought involved, for example a bad one would be “Superfatdoggy coin … The third will go to the moon” or “meet you at the top with our lambos”
As you can see it’s mainly telling us what we can achieve or what we want without telling us what technology it possesses to “get to the moon in a lambo”
A more intelligent shill, which could also pass for actual advertising, could be like this: DeepOnion.org has a maximum supply of only 25 million ever, multiple levels of privacy orientated technology involving zero proof knowledge, coin mixing capabilities, it runs on TOR (The Onion Router) which bounces off other connections, it has POS and POW (Proof of Stake and Proof of Work) at 1% interest annually, real use case of verifying any file’s integrity over time and being able to recognize that it has been altered or not at Deepvaultonline.com or join https://discord.gg/348CkjU3v5 for free crypto giveaways just for being active and doing tasks.
As you can see above there is more substance in how you will “get to the moon” it discusses the technology used. Yes it’s still a shill but there is a chance that a new comer to crypto can compare it against something that is superficial and has nothing to offer.
Yes I know what you may be thinking if it goes up in price I'm winning, yeah you are, but you will be selling out back into a self annihilating fiat currency, yes you will have more but it will be like selling 1 burger king burger for 2 crappy McDonald's burgers that still taste bad, Cause at the end of the day the meme coins only attract people who want to make more fiat currencies, while non meme currencies that have different technologies that provide a unique landscape in the crypto space, attract those that want full scale adoption and wish to use it in their everyday lives as well as the people who want to make more fiat currency, even though the crypto market doesn’t reflect this fact right now, over time people will wise up to these meme coins when more people get burnt or they disappear onto the next copy of a copy currency.
and remember people, “Not your keys, not your crypto” since the whole idea behind crypto is for people to be in charge of their own funds and not banks which can take your deposits by law in the event they become insolvent.
Be smart, be patient.