FutureMinds 3- insights from over a decade in the cryptocurrency

General
1

Calling all Futurethinkers and seasoned members! Let’s create a valuable resource for new crypto users by sharing our insights from over a decade in the cryptocurrency space. This thread is designed to provide guidance and highlight essential dos and don’ts for anyone navigating crypto, especially within the Peercoin community.

Whether you’re a newcomer or an experienced investor, we want to hear from you! :chart_with_upwards_trend::bulb: Share your own tips, lessons learned, and any advice you’d give to someone just starting out. Let’s make this a go-to thread for future Peercoin enthusiasts.

4 Likes
2

I will Start with Don’t

  1. Don’t Put your eggs in One basket.
    Diversify your holdings to minimize risk. Remember BTC-e? It was a popular exchange until it shut down unexpectedly, leaving many users unable to access their funds. Learn from the past keeping all your assets in one place can be risky. :shield: Let’s stay secure and strategic with our investments!
  2. Don’t let your funds sit idle!
    Since Peercoin is an inflationary asset, keeping it unused means you could be missing out. Instead, consider securing the network by running a full node and earn 3-5% annually on your holdings.
  3. Don’t hoard Peercoin!
    For any currency to survive and thrive, liquidity and accessibility are key. Keeping Peercoin active in the market helps maintain its value, makes it easier for others to trade, and strengthens the network . Keep some of your Peercoin on exchanges or platforms where you can easily trade it for other currencies, goods, or services.
6 Likes
3

Here’s my shot at this:

  1. Do your research, new fad coins can pump soon after launch, but have long tails. Know what you are getting into. There is often a disconnect between the fundamentals of a technology and its marketcap.
  2. People are both long term and short term resources, and it is very difficult to tell who is which. Try to be inclusive but dont bend over backwards for scammers.
  3. Don’t invest in something you don’t understand just because you don’t understand it. Engage with people and don’t feel embarassed admitting you don’t understand.
  4. Open up the source files on github sometime, even if you can’t read C++. Try searching for different terms and seeing what the context is and look for comments in the code. You’d be surprised what you can parse.
  5. Realize that the blockchain consensus process and the devs are not the same thing in a decentralized project. If they are indistinguishable, that is a big red flag.
  6. Don’t panic. If you are feeling fear or euphoria, take a deep breath. That said, there is no real need to haggle over fractions of a cent.
  7. Make sure you mint regularly and participate in the decentralized systems you believe in.
  8. Don’t compare yourself to others, everyone is on their own journey. Do learn from others in the community and make sure to talk about more than just trading and price.
4 Likes
4

From a conversation with peerchemist:

“Long term, the lesson is to not use services from walled gardens…”

To summarize, users that choose to use services from closed source software providers have to go to those providers for recourse if something doesnt work. Developers in the community can try to create outside tools to help, with varying results, and we can maybe try to help you use those tools, but really the best advice is to just not get into this situation in the first place by avoiding services from walled gardens.

3 Likes