Hey everyone!
There are a lot of new people joining Steem lately and so many in here that have been around for a while, many also before Steem existed.
I personally did a lot of mistakes in the past when I stumbled upon cryptocurrencies. I used to mine a lot of GPU only coins in the beginning with a few GPU's, I knew that many of them would go up in value but compared to many of the GPU-farms it felt like I was getting too little daily returns. I wanted to increase it in any way I could, back then there were no proof-of-brain coins like Steem today, you either had to invest your fiat money or spend a lot of electricity and wear-and-tear on your GPU's to mine them.
There was of course also trading. Exchanges made it possible to trade your way up by costing very little to trade from coins to coins (in most cases 0.2% per trade). Boy was I not prepared at how stressful trading would be though. Over time I learned that the less often I traded the more I had the advantage to increase my value in crypto thinking that most of the currencies I was trading with were going to go up long term. That kind of removed a risk and gave you an advantage, but before that I used to trade coins daily. Small profit changes and you'd take the profit and put it onto another coin. The waiting was the worst part, many didn't move for weeks/months - you often felt the need to trade a coin at a loss cause you thought another one would go up short-term to make up for it.
It would have been nice if many of the coins were able to be mined in other ways such as by providing work or a service for them, but as someone that couldn't code it felt impossible. I really think that in this regard Steem often gets underappreciated, here you can earn by providing something of value to the community. It doesn't even always have to be contribution as long as you are good at creating content, drawing attention to yourself by other stakeholders and/or just being a good commenter - you had a chance to be rewarded for your time. That is what got me hooked on Steem ever since I joined and why I have high hopes for this currency in the future.
I figured out way too late that the best method of growing your investments was just to hold. Take profits when you receive a lot of them and other than that just hold it out. This was of course before Tether existed - so converting to fiat made it a lot more complicated if you wanted to just keep your profits for some time to buy back later. Things have changed a lot since then.
What is something you wish you had known about cryptocurrencies earlier?
I wish i knew that it is hard to earn... I quit my job and I can't sustain myself from cryptocurrency as well as I did with my fulltime job. ;_; ... But ah well, perhaps soon or later.
Hello. Sorry to hear about this. You shouldn't have rushed to quit your job. You should have combined the two to see how it works.
As for me, I hired a manager to oversee my business wile I concentrate on Steemit.
This is a new industry that's is yet to be completely accepted globally. So people should not be carried away in earnest. Don't give up your regular job because of cryptocurrency unless you have already made so much money that remain on your usual job is seen as uselessness.
Thanks
@eurogee of @euronation community
if you can, everything is a matter of perseverance and hard work
Quitting your job was a great idea but it was probably way too early, one step at a time! I work freelance and do less and less work but only after I’m able to make up for it.
I've came in contact with crypto currencies around mid 2014, a little late really and i started to follow them closely, technology wise, since i've always been interested in tech and i'm a programmer in training right now, but i didn't really have money to invest into cryptos back them sadly.
Then, thankfully in early 2017 when bitcoin was around 800$~ i managed to get 0.3 btc, which is actually a lot in my country and started trading and getting some profits, then the amazing bull run of late 2017 came and while searching for coins to get into i found steem and joined the platform :-D (a great decision so far if you ask me) and that leads us to today i guess... surviving the bear run with a smile!
I wish i had invested in Ripple when it was at 0.01c :-P even thought i don't really trust them because they are stinky banksters it would have been a nice profit!
I came in contact this year in Jan 😥
I really wish I had known before (at least about steem) . But hopefully I'll be able to look back and say I was around when steem was just 2$
We are still the early adopters! Not a lot of users will be able to say they where able to get some Steem @ 2$ lol especially with hiveminds and SMTs coming.
wish i had known about crypto when they were giving bitcoins with android apps for free, wish i had collected some... nowadays i must be a millionaire
@acidyo Similar Stuff with the trading. I would move in and out of altcoins too much in November to jan and fomo alot.
I later decided to pick a few coins and not touch them at all. Keeping them in cold storage on my nano ledger hardware wallet has worked at this and thinking long-term. I also started writing altcoin reviews on steemit to reinforce my own research and understanding of the projects that I invest in as well as my commitment to and excitement for them.
You can't get rich overnight in crypto, and my timeline during the mania was that I would. You need to HODL for at least 2-3 years + to start making substantial gains. At the end of the day there is a million times more opportunity to get rich in this market then in traditional financial markets though if you do some research and pick sound projects prepared to ride the lows and highs and wait it out.
This Bear Market has been a great period for all of us to sober a little and actually start doing the research and reading whitepapers. As the market becomes more competitive and saturated it is important to pick the best projects with the best teams, business plans, marketing strategy and working platforms/development. There is a lot of junk in the market today and the bear market has flushed out a lot of the shit projects as well as the weak hands.
Exactly! I lost over $5000 in FOREX after building it from $500 investment. I think FOREX is highly manipulated.
@eurogee
Owk I am quite excited about this right now coz you just made reference to something I had always wanted to ask but didn't find the right person or right time to ask until now.
I have seen in one of. @surfyogi's post where he made mention of using lots of electricity to mine bitcoin back then and infact, the untiliy providers had to question him because they felt he was using much more electricity than required for those living in that area. And I also saw in one of @taskmaster4450's post some time ago where he talked about the movement of a bitcoin mining plant to Malta or something like that because those in the town were complaining of the excessive use of electricity by the plant (don't know if I am using the right terms here coz I am quite confused about this).
Now my question is, when one talks about mining crypto or bitcoin using electricity, what does it actually mean? How is that possible? What are GPUs? I am new to crypto and infact steemit opened my eyes to the world of crypto so these things tend to get me confused when I hear about them on the blockchain...
Thanks for your anticipated valid response.
GPUs are graphic processing units,simply grabhic cards which are used for gaming and graphic designing work,cgi, animation etc and coin mining is still a mystery for me too.would love a reply. How electricity is related hmm i am not sure but i think because of the amount of electricity powerful gpus uses and the cooling system it requires, the pc needs to be a beast to handle coin mining,its not the job of a daily ordinary pcs.
What I truly wished I had known, after early attempts at mining, was that this would be a long-term ride and it would be a more stressful rollercoaster due to the constant fluctuations which often happened for no reason.
Also, I wished I had known earlier that this wouldn't be an opportunity to invest in and be tied down for a long time with investment. When joining the new money world, we decided to join with a classic fund setup of 8 years. I think the investment ride would have been much more fun if shorter sprints, something like 3 years. We would definitely have acted differently if. I understand our situation is slightly different because we initially approached tokens like traditional (startup) investing but we didn't really know better.
Some more years to go. It's all gonna be fine, keep calm and HODL, right?
My big lesson was that I'm poor, so I should not do the same things as people who have hundreds of thousands of dollars (or more).
All of the HODL talk is amazing, but for me, I honestly wish I had put more money back into USD when I had the chance. I ended up selling a lot of Steem Power at low prices to pay necessary bills. If I had sold some steem and just put money in my savings account back when prices were high, I could've avoided some financial stress now.
From now on I'm going to reduce to a stable 1,000 tokens of SP powered up and convert the rest to USD to pay debts. It's more reasonable for financial safety this way.
I think people should understand when they are in the bear market and when everything is about to explode.
If you are in the bear market - it's super profitable to trade. Because it's jumping up and down...
But If you see lot's of good incoming news - It's good to just let your crypto lay there and not touch it! Before it reaches new heights.
I've turtled some of mine too and not touching them at least for a year.
But I still trade time after time, just not forget how to do it :d
While I never actually got into the technical side like you did, I do wish I would've taken out a huge loan to buy as much bitcoin, ethereum, and litecoin as I could when I started back in 2015.
My wife often agrees with me about that :/
@shayne
That’s a really easy thing to say looking back but there is no way you could have known for sure that you would have made money. It would have been a pretty foolish move, I’d be thankful for the brains to have not done that, even if it would have paid off. Or if you disagree, do it right now because it’s essentially the same kind of risk.
I’m using that feeling to motivate myself to work a little harder so I can get some more crypto before the next explosion....without going into debt!
That's why they say hindsight is 20-20.
Of course it's not a risk I would take now, just as it wasn't one I would've taken at the time. In the context of looking back at past history, however, yes, I wish I would have taken out a massive loan to get my hands in as much crypto as possible and lived in a van on the streets until December of last year lol
I wish I had known how to hodl back in 2016 instead of just withdrawing as soon as it doubled my investment. :P
Their price tomorrow.
A daily subscription if I may, please.
Just follow @haejin, he gives it away for free!!!
/s
Until dec 2017 i knew nothing, literally nothing about crypto currency, the only thing i knew was bitcoin but it was advertised as a scam by many people and news channels so never kinda believed in it,until one day my sister told me about @steemit and how you can earn by just blogging, considering the fact that i am just a student and don’t even have a penny to invest, it was a dealbreaker but still i had my doubts if it will work or will i be able to withdraw my money, just to prove it my sister withdrew some money and made it sure.ever since then i have started to spend me time here and be productive.
Yes i wish i had be introduced to crypto currency earlier which would have been a gamechanger but as you said,you struggled alot at first with it but neither did i had a pc or the money to do anything, @steemit is under appreciated in alot of aspects but those who do are more or less fools. I also wanna grow here and to do that i have to be creative and one way which i found was gaming, i wanna start in that topic and see how it goes. Thanks for supporting alot of us minnos @acidyo i have been following you for a long time but due to the time difference i rarely get to comment on your post or watch the live but whenever i get the chance i make sure i do. Thanks for the post.
HODLING is the ultimate thing which we term as Patience sometimes or wait on another time. These terms are the part of coins investment. I was not aware of these traits that are core reason behind the HODLING any coin. I do agree that sometimes, a single coin give a huge dip and it takes much time to recover that loss. I wish i had developed these habits before joining the crypto world ;)
I would like to end with the quote of Charlie Munger,
Thanks ACID for the wonderful investment advises :)
You know, I wish I would have known how volatile crypto was before I got into it. I've gotten long used to it after a year and a half now. But, there were a lot of scares throughout that time involving late night texts/calls to the guy who got me into crypto to reassure me that the crypto world wasn't ending, haha.
All I know just 2 years earlier but mainly the early days and ways of mining BTC.
I wish I had of seen bitcoins true potential, instead of using it to buy weed and tasers and fake id's from silkroad....
Hoping the price of sbd will go at stable price of 7 dollars...yes correct..coins are all ruled by one coin.the bitcoin itself..if the.bitcoin well goes down..all coins will follow..lets hold sbd..hoping it will fly into the moon someday
I wish I did hold a lot of Eth when it was only $7
I wish @acidyo will announce decentmemes curators very soon and they will curate our post regularly
done.
upvoting i mean. lolz
I wish I had known that FOMO is the worst attribute when investing in Crypto. Lost a good amount in my early days, FOMOing from one Coin to another, but hey , atleast I am learning from my mistakes :)
I wish I had know steemit and steem earlier...Now I plan to hold it long. Thanks @acidyo for the insights.
Damn right!
I wish I knew the answer to question: What if Soros does a hard SHORT against BTC and drives the price to take a major crash down to $1K per BTC. Assume he has similar success attacking BTC, as he had when he went after the British pound.
So what happens when Soros attacks BTC with a major SHORT, drives price down to $1K, and the cost of mining for a new BTC is $4K?
How long will miners keep mining with a cost of $4K, when the price of a BTC is $1K?
a decentralized currency is not equal to decentralized power. The later is what we really want.
I'm not sure decentralized power is really what you want. Sounds like "mob rule" to me. You really believe that "mob rules" is going to turn out well in the end?
Constitutional democracy is likely the best system there is.
And the results you get from constitutional democracy will vary and depend on the institutions and rules and laws and norms your society imposes on the actual practice of Constitutional Democracy.
Switzerland is probably closest to practical perfection - on how to run a Constitutional Democracy.
The US is way way way down the ladder in terms of how efficiently and effectively the system works in practice.
That it was going to go up as much as it did. I would of poured my life savings into it and cashed out and retired :P
I wish i had known it a little time ago, it was all worth, it still is but we got to do more hardwork right now
Nice Post @acidyo I waiting for your next post
@AbuseReports
@Duplibot
@Spaminator
@SteemCleaners
@SteemFlagRewards
@Steemit-Abuse
Comment Spam
Really Really Very good post @acidyo
Great article @acidyo
@AbuseReports
@Duplibot
@Spaminator
@SteemCleaners
@SteemFlagRewards
@Steemit-Abuse
Comment Spam
Wow Great post @acidyo
@AbuseReports
@Duplibot
@Spaminator
@SteemCleaners
@SteemFlagRewards
@Steemit-Abuse
Comment Spam
Very nice post
@AbuseReports
@Duplibot
@Spaminator
@SteemCleaners
@SteemFlagRewards
@Steemit-Abuse
Comment Spam
Really Your All Post .very nice @acidyo
@AbuseReports
@Duplibot
@Spaminator
@SteemCleaners
@SteemFlagRewards
@Steemit-Abuse
Comment Spam
Thanks for the advice and information. I will try to get better.
@AbuseReports
@Duplibot
@Spaminator
@SteemCleaners
@SteemFlagRewards
@Steemit-Abuse
Comment Spam
extraordinary
@AbuseReports
@Duplibot
@Spaminator
@SteemCleaners
@SteemFlagRewards
@Steemit-Abuse
Comment Spam
Patience is the most important thing when you involved your self into trading.Most of the people who comes to trading they loss their investment just ecause of lack of patience.I also have got some investment into share market i also lost a lots of money because of patience.One more important thing is if you want to trade then you have to choose the right time to enter in the market.One thing i would have known ealier that bitcoin will go this far.Then surely i would have invested in bitcoin.@upvoted
Yeah patience is the biggest key to earning bigger in the cryptocurrency market. Just like you.. I too knew about mining but I feared joining the venture. There was a lot of theft through scums that I decided to keep away from anything relating to cryptocurrencies. I do regret this. I only had to do my own research instead of following other people that were discouraging us calling the whole market a scum. It would have been easy to choose where to best risk my money after doing my own research.
ohh i am also a new steemian
i need support please support me guys
i am also really interested in crypto currency my freind is a cryptotrader and he always suggest me for trading
but i don,t know if it works or not
is there anyone is a cryptotrader contact me please i need to know exactly what is crypto currency
Nice information
@AbuseReports
@Duplibot
@Spaminator
@SteemCleaners
@SteemFlagRewards
@Steemit-Abuse
Comment Spam
Yes @acidyo you are right the best way is to hold and i think crypto is only for hodler not for panic seller
I wish i Could have know about bitcoin a year ago so I could have invested on it and could have earned million which I regret a lot when I see people who got rich investing on bitcoin...But its never to late and I am learning more about it and others crypto currency through @steemit.com...@acidyo
Don't cry over spilled milk! Try to get into the next Bitcoin instead of crying that you didn't get into earlier! The crypto revolution is only beginning really, opportunities are a click away from you!
One thing I wish I knew was how to calculate coin price and how the inflation is.
It is impossible not to have any "if even" clauses, regrets or sorrows in a volatile market like cryptocurrencies... There is no way of learning most important points of coins without falling down and getting up...Losing money rapidly and earning money rapidly exist in the nature of coins...The best way to learn here is to be beaten and I am so proud of me that I could do it in that way.
I am in the coin business since 4 months and I wish I let myself beaten more earlier.
What is something I wish I knew earlier? I wish I knew that bitcoin will go up so high in value when it was worth cents. Ohhh I would've invested really hard! Sadly... I was not aware of this possibility, LOL.
Google's announcement that it would ban cryptocurrency advertising from its pages from June on the grounds that it considers it "deceptive content" was also a major blow to the sector.
Recent goings-on have demonstrated just how quickly things can change for investors.
It is worth $7,082 (£5,022) as of Monday morning, down considerably on the recent high of $11,640 (£8,414) it achieved in early March, according to the Coinbase exchange.
Its value has risen by 2 per cent since this time yesterday and is up by the same amount week-on-week. Since last month, however, bitcoin's value has fallen by 28 per cent. The latest price recovery over the weekend follows a week of steady losses for the world's most valuable cryptocurrency.
Bitcoin's rise last year meanwhile led to increasing amounts of interest in other digital currencies, such as ethereum, litecoin and ripple XRP - all of which have performed well recently - and more and more people are now looking to invest in digital currencies.
The key to making money in cryptocurrency is simple.
Buy. Hold.
i wish i had known that earlier
A lot of things can be learned from your experience.A lots of people when they start anything they make mistakes,but after spending some time they learn how to make profit.Keeping calm is the most vital thing.If you want to make big profit then you have to keep your self calm.Secondly if i would have known about crypto currency earlier then i would have made huge investment in crypto.Thanks for sharing your experience.
Really great article
We were making a lot of mistakes but when you started to follow up, you made mistakes much less
I wish you happiness my dear
There is no way you read that post in under a minute.
I read the article more than once to benefit from your experience, dear
you are absolutely right@acidyo
@acidyo yeah you're 100% right and i'm agree with you.
Please master, teach me your ways, how can you read so fast!
I just wish I had known about crypto currencies in itself a little earlier :P
I wished I had known that PayPal would be such a little twat about trying to use their service in conjunction with my crypto trades.
F PayPal!
Hello @acidyo . For me steemit is a very profitable way of working alternatively to trading. In these moments when the market has little movement and with such a drastic fall I think it is a good time to invest and work in the long term. Of course in all that time the most difficult thing is waiting, and try to fight with thoughts that tell you that you are wasting your time. I think that steem is a very powerful crypto and that it is not very valued. With time I know we will get a big surprise. regards
frankly, I had no information about the Cripto coins. But then I discovered steemiti. And thanks to people there, I learn excellent information. i liked your writing. Thank you