Cryptocurrency: How to Not Lose Your Life Savings

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Comments (41)

Sep 24, 2017

Great stuff especially for a college student. Sb'ed

Apr 8, 2018

Withdrawal problem from this crypto exchanges have caused me a lot of lost, i lost 7 bitcoin first and lost cryptocurrency worth $68000 worth again with bittrex and bitconnect, i was thinking ill probably have to sell my two cars to cut the lose, but a friend who got into cryptocurrency earlier than I did referred me to riotchargeback,at,tuta.io. while I was sure bent that my money was lost, to my almost surprise and shock,I got my money back . He only charge 10% after recovery ,for me that's fair enough ,didn't have to sell my car. You can thank me later, ill appreciate anything when you do het your lost invested cryptocurrency back.

Sep 24, 2017

Honestly, people should just stick with ETH and BTC. With alt-coins people seriously don't know what they're doing. Some groups will make posts on Reddit and other forums about an alt-coin (intent of pumping) and before you know it the price is up and up. Lots of dumb "investors" need to read this post.

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Sep 25, 2017

I agree that most people are probably better off staying away from ICOS, but I would't say that's true with alt-coins in general. There are plenty of solid alt-coins with great technology, informative white paper, solid connections, great dev teams, etc. Just a couple examples include Litecoin and OmiseGO.

Apr 13, 2018
SmartThinker:

I agree that most people are probably better off staying away from ICOS, but I would't say that's true with alt-coins in general. There are plenty of solid alt-coins with great technology, informative white paper, solid connections, great dev teams, etc. Just a couple examples include Litecoin and OmiseGO.

Agreed. There are many people out there who just read about it on forums or reddit and started investing in all sorts of coins. So many of these altcoins promise totally unrealistic things and wont go anywhere. BUT there are some great ones out there. What I would say though: ONLY invest if you know what you are doing, how to do proper research and how much you can loose. And definitely don't start with altcoins.

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Sep 24, 2017

How not to lose your life savings - don't invest in 2017 pets.com.

Oct 1, 2017

You'd be surprised how many idiots there are who read reddit and buy some scam coin that's being pumped by internet bots.

Sep 24, 2017

Check out RADS and MCAP

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Sep 24, 2017

Agree. Bigger issue is that government can easily shut this shit down.

Sep 29, 2017
TNA:

Agree. Bigger issue is that government can easily shut this shit down.

No they can't - if they could, they would. China hasn't been successful and they have some of the most stringent internet protocols in the world.

Sep 27, 2017
TNA:

How not to lose your life savings - don't invest in 2017 pets.com.

Right, but there's a difference between don't invest in pets.com and don't invest in the internet. Sometimes it's hard to tell, and that's what makes new tech exciting!

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Sep 27, 2017
TNA:

How not to lose your life savings - don't invest in 2017 pets.com.

Sadly, I didn't get this memo in time.

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee

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Sep 25, 2017

I had a couple hundred invested, but really went in once the Chinese news went out. And I bought into the dip a little too soon, so I've been down like 15%. Waiting for that rally back up after the 30th.

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Best Response
Sep 25, 2017

How to not lose money in crypto - don't invest.

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Sep 29, 2017
Asatar:

How to not lose money in crypto - don't invest.

Should read: "how to not make money in crypto - don't invest"

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Sep 25, 2017

I've been investing in the crypto space for a while- but how were you able to intern for a company implementing the blockchain?

That's always been something I've wanted to do. Pretty amazing you got the opportunity.

Ps. Only revision I'd made to a pretty fantastic guide, is to ignore 99% of ICOs.

Sep 27, 2017

Quite a few firms are testing the water with cryptocurrencies lately. I'm interning at a Boutique now and I'm helping my group create a fund of cryptocurrencies. Ultimately the decision will be made if the MD deems it a viable investment to start or kill it.

Sep 25, 2017

Informative post. I've invested in a few alts post-ICO and you definitely have to be careful due to the extreme volatility. I recently invested in my first ICO's - KIN and Substratum - and though they have yet to hit exchanges I think getting in at the ICO stage might be the only way to go when it comes to altcoins.

Oct 1, 2017

I agree w you that shitty alts below the top 100 on coinmarketcap are really only worth buying during the ICO (betting on tiny chance it becomes the next ETH). There is too much volatility once these coins are listed & unless they have a well-known Dev team and a lot of publicity they are more likely than not going to zero.

With that being said, coins in the top 25 or so could be great long-term investments if you do your research on the adoption and technology. I have a decent-sized portfolio of "Blue-Chip Alts" that I believe could have great returns in the long-term (several years).

Sep 27, 2017

Thanks for sharing, but I wouldn't call cryptocurrencies as investment but straight up gambling.

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Sep 25, 2017

i love to hear college students determine what is and is not a suitable investment.

Sep 25, 2017

He's not totally wrong if you're only in it short term. Kinda penny stock territory at the moment, except it moves much faster so you can die quicker... or bank if you choose wisely. Here's a list of popular projects showing their ICO price compared to today's price: https://icostats.com/roi-since-ico

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Sep 27, 2017

Love it when people assume things, especially a M&A intern who thinks he knows the world. You've got a long ways to learn

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Oct 2, 2017

Cryptocurrency is a bit ahead of its time.

I don't see cryptocurrencies as a very practical way to do commerce(at least now). Like for exe I don't see people wanting to use it to buy Amazon packages. A lot of the e-currcenices are mainly used for nefarious reasons like purchasing drugs ect. Even state actors use cryptocurrencies for under the table deals.
Also, the people that I talk to who buy bitcoin r either a) buy it for illegal transactions or b) think the value is going to skyrocket to 100,000 per bitcoin.

I think the value of Bitcoin and Either I think just depends on gov regulation, the value of other currencies and the investment in the deep web/blackmarket. In some countries like Venezuela, this is already happening where their own currency is devaluing so people there have been buying bc eth as a hedge against their failing currency.

Sep 25, 2017

I would have to disagree with you. Most of the altcoins worth looking at that make up the other half of the market cap fuel projects that allow some type of decentralized network. Many of these projects focus on cutting out the middle-man to reduce cost and increase transaction time to compete with existing services, or were created to be a decentralized service that may face censorship in a specific region. The fact these "coins" can be bought, sold, and traded is just a part of it, but many are not meant to be a currency that you would spend to make retail purchases.

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Sep 27, 2017
VanillaGorilla:

The fact these "coins" can be bought, sold, and traded is just a part of it, but many are not meant to be a currency that you would spend to make retail purchases.

Shift Card just came out. You can make retail purchases with bitcoin through their Visa debit card.

https://www.shiftpayments.com/

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee

Sep 25, 2017

Your point? TenX and Monaco also do this, along with a few other potentials. I was referring to the many altcoins out there designed to facilitate other services. Their main use is not so you can swipe your card at a counter to spend them.

Oct 4, 2017

Great stuff! Thank you

Oct 6, 2017

Crypto is a gamble that college kids might as well take given that their parents will still pay their allowance every week if they lose money on a blind gamble. If you're talking actual Asset Management strategies on the other hand, cryptocurrencies aren't even on the fucking table because there is no way you can sit down and argue that such currencies are fundamentally undervalued. Managers in AM generally look down upon the "Johnny come lately" argument as a long thesis for allocating client assets.

Oct 6, 2017

Investing 100$ of a well sorted portfolio into BTC would have been a good idea at pretty much any point in time. Currently, BTC is riding at like 3x the record high in 2013. If you had invested 100$ in BTC in 2010 you would have bought 1,250 of them at the price of $.08. If you had left it there, your investment would now be worth over $5 million because each bitcoin is worth over $4,000. Just because Dimon says it's a fraud doesn't mean he's right lol. I worked for a startup in SF that funded their first iteration through money made from bitcoins.

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Oct 6, 2017

Nice bro were you talking that shit when I was banging out your mom after dt last night? While you were encrypting your internet browsing history I had one forearm deep in my Yeti cooler pulling out another cold one, with the other forearm inside your mothers cooter. I slayed your mother on the balcony while deep house blared below and she cried to me about how gay her son was because he wouldn't leave the basement and stop ordering ketamine off the deep web.

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Oct 6, 2017

Lolwtf go back to call of duty you 12 year old

Nov 22, 2017

Monkey see. Monkey Doo [Doo].

Nov 14, 2017

Do not invest money you cannot afford to lose. Also consider that it is likely a speculative bubble which will burst eventually.

The technology (i.e. blockchain) will remain no doubt due to its value, but the cryptos themselves might not, especially since central banks got there eyes on them

Nov 22, 2017

The world of Crypto Currency market is very volatile at times as we all know. And Everybody including me has this fear in the back of their mind, that what if the market crashes and I lose all my money.
So how to keep this fear at bay and continue to drive our profits higher?
1. Don't Panic :
2. Invest what you can risk to lose :
3. Set Your goals :
4. Do your Research :
5. Learn from your mistakes:

Nov 22, 2017

My broker Seth told me that he had an amazing ICO with huge upscale potential he is going to let me on tomorrow. He's a family man and a Vice President at JT Marlin.

What concert costs 45 cents? 50 Cent feat. Nickelback.

Mar 11, 2018

Brilliant summary OP! very curious to see where crypto is in a few months/years time.
On the do your own research line, #commonsense will prevail just as with everything else when it comes to your own money, this couldn't be stressed enough

Apr 5, 2018

OP, did you delete your post because you lost your life savings?

Apr 5, 2018
Apr 8, 2018
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