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RE: Why I am quitting Crypto Currency
Hmm. You really have to be lucky and have a good head on your shoulders to be good at this game. After loosing $10,000 since monday night I know when I am beat. Sadly my gambling addiction issues were reignited by this. I kept investing back into eos and it just kept falling. Today I saw a post where someone pumped and dumped $6,000,000 in eos. So the rich get richer and eos continues to fall. Thanks @dan for not limiting the amount of your token one person could buy. Ill remember this lesson for a lifetime
Crytocurrencies should be treated as asymmetric bets. The upside can be huge, so you don't need to make big bets. Also, don't put too much into any one. Spread it over 10 or 20. And... don't randomly pick them. Pick the ones that have platforms. I have a total of $10k invested long term in 10 cryptos. I filled the buckets in March and I'm not going to monitor them more than once a week. I also have another 16 that are trades that may end up in my long term investment catagory. I get my information on what to buy because I spend money to buy the best education I can. I hate to be ignorant. I subscribe to The Palm Beach Confidential newsletter. I suggest you also subscribe and get some guidance so you aren't randomly buying and gambling.
Finally, when you buy them, do not look at them often. They are volatile. In one year the total market cap of cryptos will go from $80B to over $300B. Buy them and forget them and do not trade in and out of them because you won't win that game. If you have a gambling issue, only allow yourself to follow these rules:
-Set a maximum you will use for investment in cryptos
-Only buy the platform cryptos
-Only put a maximum of 10% of the total amount you allowed for this category of investments into any single crypto.
-Wait to buy any of them until Bitcoin takes a big down day. This will happen between July 21st and August 1st. This is when BTC will be testing out a doubling of the size of each block.
-Fill each of your 10 buckets and forget about them. Look at them in one year and you will no longer be so angry. In fact, you should be delighted.
-Subscribe to Palm Beach Confidential. They have one crypto that was as high as 6600%.
P.S.: My long term investments of $10K turned into about $75K last month (I built the positions in March and April). The are down about 1/2. I couldn't care less. In one year my portfolio will be 4x what it is today. Trust me on this one.