AskSteem: What's your worst crypto investment & what did you learn from it?
Now before everyone goes all "duh, Steem!" I don't particularly mean coins that have just performed badly, more like those that turned out to completely die and get delisted, etc.
One that comes to mind for me was Jewels, it was quite promising but according to what I read the devs decided to just abandon it, take the BTC that was raised in the ICO and run. I wrote a post about it a long time ago on an alt account that I was going to be active on but luckily it dind't get much traction and I doubt anyone took my advice.
There'll always be unforeseen circumstances going on in crypto, in a few years from now I'm sure the coinmarketcap.com list will look quite different. It's not always easy to tell what will be around for longer and what won't, especially not on new coins but that's also why the reward can be so big when the risk is big and often times getting lucky on a few of these will be more than enough.
AskSteem: What's your mistakes of trusting certain cryptocurrencies with your investment?
I have never invested in any of the coins, but from my short stay on the platform. I can say the people who invested in the 'future' token with the drugwars and even the game itself. Are seeing all this as a scheme to use the steem blockchain to build something to get traction and then leaving the platform with there profits and gains without any cares what so ever. That should be an eye-opener that is still people using the steem platform these days without true intent of helping it grow.
Actually, sad to say [...because the founder is active here on Steemit and seems like a nice guy, and is a Graphine project], but MUSE. I went in hard on MUSE when I could have picked up a lot of other coins with promise. I also made a big investment in Authorship this fizzled.
ATS was one of the coins I invested in on cryptopia :( should've not left them there.
Oh, no! Did you lose it all in the hack? The ATS project had promise and their team really stuck to the roadmap, which was encouraging. I loved the idea of a decentralized blockchain based Amazon competitor for books. Not sure what part of the formula they were missing. I eventually sold all my holdings and rolled back over in to STEEM.
Yeah they're stuck there + a lot of other tokens that were up quite a bit but I figured I'd keep them for the long haul. But it wasn't big enough amounts for me to bother generating wallets for them, my own fault I guess.
I was going to come here and post inb4 bitttttcoooooonnnnneeeeeeeeeeeeeeeccccccccccccc....
But, in the days when BTC was about $350 USD, I had 10-12 BTC into program where they traded "arbitrage" between exchanges. Needless to say, they exit scammed and I lost it all. :D I can't remember the name of the site anymore, and I've flushed those memories from my mind.
So... not BTC, but a BTC HYIP (High Yield Investment Plan)
The only coin I ever truly regret buying was Vice. I refunded before the launch of their token, though, when I got banned from their telegram for questioning why their "github source code" was just a HTML wordpress template... and had no actual block chain code.
Arise Bank was another bad one for me, thanks SEC.
I bought ZCash at the price of 30BTC. Lost 15k€. Learned not to invest huge sums into ICOs. (Granted, it wasn't an ICO but...)
Someone sweettalked me into buying a few units of XRR token. AFter months of buying and holding, the token isn't listed beyond a single exchange and the price tanked almost 500%. It was a small investment but I learnt a simple lesson - Never invest into a project you do not know its ins and outs. Everyone can call steem a bad investment but if I have some fiats to invest today, I will still chose steem because I know the ins and outs.
Buying NANO on Bitgrail! Be careful with those small exchanges!
Oh damn, bitgrail :( sorry that happened.
Thanks, it wasn't more than I could afford to lose but still sucked. Had a tiny bag on cryptopia too, we'll see how that plays out.
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Yeah that one's not looking good either, fucking exchanges, man...
Keep Steem forever, that’s the solution. ;-)
It's the cost of doing business in this space (at least for now) if you are looking at highly speculative projects. Anything I'm afraid of losing, I hold the keys for, which at this point is the majority.
I am very interested what will happen with Cryptopia. Sorry for your loss two times.
Sold 10,000 from a little known exchange called kucoin at 60 cent in December 2017 because I heard COSS was the better exchange. I made a slight profit . Kucoin then surged to 14€ per coin. The crash happened and COSS went from 2 quid to 4 cent. You win some you lose some! That's crypto! Can't help being somewhat salty about what could have been though! 😔😔
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Invested huge in Bitcoin cash when it was over 4000$ and kept it holding. Last year hardfork happened and it's value is like nothing for me and I almost lost whatever Invested in this. I didn't do my own study and bought as per the advice from one of the cryptocurrency expert's advice and now I feel that it was my worst decision ever.
I learnt from this and never ever going to follow anyone's advice unless I do my own study and research. Bad experience gives us learning and this is is what I learnt from this bad experience.
Don't forget crypto currencies were not designed to be an investment to make huge profits people have just taken advantage of an opportunity to make money.
I feel the purpose is more to allow people to use currency without control from central governments and banks.
@acidyo, My worse coin I bought was bitcoin last year and when I later traded on it I really went into loss.... So sad, i later got over it but it shocked me and weighed me down for months, my businesses went down for couple of months
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