Quote from: molecularman on Today at 08:29:19 PM

Quote from: el kaka22 on Today at 05:21:20 PM

Finally said it! I can't believe that just because there was a lot of money involved people still think that they should get into defi projects. Just because there was ton of money doesn't mean that it is a good one.

I remember ICO period like yesterday, during the peak of 2017 December when bitcoin was $20k, everyone made so much money that they were looking for the "next big thing" because they wanted to make more money, and people who missed out on the 20k profit period wanted to make some and they were also getting into the new stuff so they could make money, I remember IOTA being the "next bitcoin" and so forth. Do not fall for these same things with defi, you are not going to get rich quickly, just invest wisely and you will make a bit profit after profit with small gains that add up to something nice.

Really, I appreciate reading this. If you spend enough time on twitter, you see all of these "traders" talking about yield farming and using collateral to borrow another coin to farm a different coin and make so much money.

I both don't understand it, and am super suspicious. I have to constantly remind myself that some people will take all the money they have and gamble on projects. And yeah, they might come away with a lot of money, but others lose it all. I've always approached it with the old motto of "only invest what you can afford to lose". Doing that, I've made decent profits, but certainly not enough to buy a house, or even a nice car. It just gets hard sometimes, seeing people make life changing money, and being so close to it - but not making that for yourself.

It is an endless loop to be in the high yield crypto trading, their motto is to show their power with feeding ego. Generally, Twitter and other popular crypto-related social media do not consist of smart and skillful traders, the majority have the ego problem. Making money and using it wisely is art but not all traders born with this simple ability.