The last months in the crypto-verse have been really crazy! New airdrops and companies growing like mushrooms do it after rain. People are saying that it’s 2017th all over again. For me, it all started with the Uniswap craze when I started researching what De Fi is really about.
Decentralized Finance is the full term and it’s easy to understand it. It seems like it was the next step for cryptocurrencies to remove the middleman from the equation. And Uniswap just broke another record by having over $2 billion locked in liquidity.
What should I do in this craze?
First of all, there are couple of rules.
#1 – DYOR (do your own research)
When there is money – there are scammers. When there is lots of money, scammers get twice or triple as active. It’s always important to research things for your own, especially if you’re considering investing your time and money in it. Although I knew it, I did a really stupid thing yesterday and got scammed. I bought a fake coin on Uniswap and it served me as a great lesson, read more about it here – I Just Got Scammed. In short, scammers are creating tokens for promising upcoming projects to scam unaware people of their money. I fell for it and it was stupid (hoping to never repeat the same mistake).
#2 – Invest Only What You Can Afford To Lose
It has always been the golden rule of having a stable financial situation. You must never invest your life savings in one project hoping for an outcome where you’re rich as Bill Gates or any other business savage. After you’ve done your research, plan your finances in a way that you don’t have to borrow money afterward.
#3 – Stop Checking The Market All The Time
It’s a habit many can’t get rid of. Checking market every few minutes hoping it will make you rich isn’t healthy. It’s also unproductive and can ruin your whole day. If investing in something, it’s better to do it for the long term and HODL. When you have that mindset, you won’t have to worry about the market all the time. There will always be bull and bear runs and it shouldn’t worry you if you’re passionate about the thing you invested in.
#5 – Stay Vigilant
Just as I was writing this post, I had this new coin opened in DexTools app called don’t buy wolf. Even though they said it in the name of the coin, people still fell for it. Then happened ”the rugpull” or in other words, developers fucked everyone and sold all their tokens when the price went up.
#4 – Follow BOI
This is just a self-ad that you can skip. I’m letting you know that both, bagofincome.com and my HIVE and LEO blog is ad-free. I hate ads and I’m using brave browser to skip them entirely so why would I put them on my site? That’s right, I don’t
I’m also doing my best to guide people in the crypto-verse as much as I can. I’m on my journey to earn money online and it’s an experience I wouldn’t trade for anything. Okay, I’m lying, I would trade this blog creating experience for 10 BTC but as I know it’s unlikely to happen, I’m grateful that I’ve gotten this far.
#5 – Don’t Buy Rope
I mean, who is as crazy as all those fucks buying rope.lol? All I can say to them is – don’t you buy rope. First of all, it’s too expensive and you could feed your family for a month with that money. Second of all, here’s a meme they created to spread the word.
Thank you for reading! Until the next time when we’re both rich.
ps. I’m not a financial advisor and you shouldn’t take these tips so seriously. My financial situation isn’t a perfect example of how one should live. All it could be is an example of a financial disaster or should I say mismanagement to sound smarter. Anyway, BOI is off now. Have a great day!