I engulfed myself in the magic world of cryptocurrencies a while ago. Even though I’m in no way an expert and I don’t pretend to be, I have learned pretty quickly that the best advice you can get trading wise, is the charts. Charts will lead you the way, despite what other people might tell you.
Now that’s something I’ve learned along the way. In the very beginning of my trading journey that wasn’t always the case and I’ve listened too many times to the advice of random people on the internet, who 99.9% of the time didn’t have my best interest at heart.
The problem is that cryptocurrencies are still in the very early stages, even though it has come a long way and solid advice isn’t always easy to come by. Therefore, a naïve person like me is a lot more susceptible to deception.
A prime example of this would be the ‘trollbox’ on Poloniex. Basically, the name already implies what it is and says you shouldn’t take any of it seriously. However, for people that aren’t really into cryptocurrencies yet or into trading, ‘trollbox’ might seem like valid information. Why would anyone want to deceive you and make you lose money, right? It seems like a terrible introduction to cryptocurrencies and surely it doesn’t help in spreading the subject to a bigger audience.
The reason I’m writing this article is because it seems to me we’re (or at least some people, bots etc.) standing in the way of something we’re trying to expand. The sheer amount of bots and trolls on Poloniex is staggering and they don’t seem to do anything about it. I’m not sure if they don’t know about it, which seems highly unlikely, or that they don’t care about it. We all know comments like: “#Insert coin# to the moon tonight!”. Usually when that comment is made, it means nothing at all is happening with the coin and you’re basically in for a bad trade.
I’ve gathered some of the best comments for a coin called VeriCoin (VRC), which are obviously made by bots and / or people trying to scam you. I’m not saying anything bad about the coin, but this coin just made me decide to write this article. Here goes:
Ket34: inflex56, Yes. You can see how VRC is proving it's Worth
Ket34: prabhu2311, Yeah.VRC volume is going crazy as VRC is doing some great moves
Ket34: wishi, Yeah man. VRC is proving it's worth today.
Ket34: duyruby, VRC cloud formation looks awesome. Uptrend follows with strong buy support
wishi: Ket34, Yeah, VRC is showing positive RSI divergence as per Coinigy
wishi: u.saur4bh, VRC has a strong development team and legit use case.
wishi: Ket34, u.saur4bh, VRC is showing positive RSI divergence as per Coinigy
duyruby: Yeah, VRC' is showing positive RSI divergence as per Coinigy
blazingdrag: inflex56, VRC good to buy now?
blazingdrag: excido, I've put most of my money in VRC
blazingdrag: alebocci111, I've just bought some VRC too
blazingdrag: alebocci111, I've just bought some VRC too (Yes, twice)
silambarasan.m89: VRC has a strong development team and legit use case. Long term hold will also yeild a great benefit. Catch soon before price shoots up after the announcement
As you can see, a lot of these comments are similar or obvious trolls. Mostly because of the fact that nothing was happening with VRC, volume was among the lowest of all coins and there certainly wasn’t any news regarding VRC.
This happens on a daily basis with several coins and I can only imagine how many people are losing a lot of money because of it. If we want the general public to get to know about cryptocurrencies, this isn’t a good way of doing it and it only devaluates the entire world of cryptocurrencies.
We should all take part in trying to stop these trolls, bots, whatever you want to call them. They are not helping the world of cryptocurrencies at all, they are harming it.