Post
Topic
Board Altcoin Discussion
Re: Time to be cautious: Everyone is not market expert
by
Kelward
on 26/08/2024, 08:31:03 UTC

Don't go with any such predictions and rather do your own research because I have seen people randomly investing into shitcoins just because it's mentioned over Twitter and the person who has tweeted has huge followers. There will be so much of deceiving as they will share some 10 coins and even if one of them prospers they will use it as upselling point.
I think that an important phrase for everybody in the crypto space to take very seriously is DYOR (do your own research). There are many scams and misinformation on social media, you shouldn't rush to believe everything that you see or hear, some will be from scammers and others from ignorant people who share as received. I've seen celebrities who don't have any experience in cryptocurrency launch their own tokens and many people will buy them with their hard earned money, in the end the projects will be dead. Influencers will tell you that this project is the next best thing after Bitcoin but newbies will not know that the dev. teams have the intention to scam investors.

The best approach is to first research any project that you hear of, get information from reputable crypto sites, from experienced people and an interactive forum like Bitcointalk. As far as cryptocurrency goes, Bitcoin remains the most trusted coin and newbies should start with it then gamble with the amount that they can afford to loose on altcoins.