TL;DR: You should think about crypto as a long-term investment. It means making sure you see the interesting team and project usefulness in 3-5 years' timeframe. It's your money you are betting on projects to survive and thrive. Whether you do it through coins, tokens, NFTs, derivatives or equity does not matter that much. It takes a lot of stars to align for a final positive result and there are no guarantees.
Everybody is getting rich
There's no "get rich scheme" working in crypto, even though it seems to be everywhere you look. Everybody talks about it. Social networks show you pictures of people getting rich from it. You want to get rich too. I don't blame you. Who doesn't! In the worst case scenario, your neighbor just bought a new Porsche or yacht from his Dodge coin investment. So you are thinking about making some money in crypto too...but eeee...stop right here!
Doesn't it all sound way too familiar? The language, the framing, this way of creating a feeling in you; if you don't invest now, your dream of being financially "FREE" will end. Yes, typical FOMO (fear of missing out). It makes you act weird and usually not smart.
Ways of creating FOMO and selling you something are here for ages. Just remember the last time you skipped that get rich scheme or multi-level pyramid: claims like buy this course and we'll teach you how to become rich; watch this video and you'll get transformed; listen to this music and your mind will blow up and of course a million dollars will flow your way next week...you've seen them and you didn't believe it, right?
You've seen them and you passed. You knew it was really not possible or everyone would be rich by now.
Now just replace any promise you saw with crypto slang and Dodge coin or Moon coin, or any other coin which you don't understand. I mean you don't understand its logic, use-case and reason to exist, total supply, who controls it and runs the show.
There are no overnight riches in crypto.
It took Bitcoin a decade and many of the initial holders sold along the way. It takes any meaningful project 3-5 years to get to the point of success or failure and many times it takes a decade to get to those 100x or sometimes even 1000x returns - but #1 only a few ever get there and #2 you have to hold and not sell. And all that glory for the few is coming with the material risk of losing all that you invested for the rest.
Look, I don't want to say you can't make huge profits in the crypto space. Sure you can and many people did and do every day. Same with the stock market or any other form of investment. But there's always a downside for each upside potential and you won't see that downside if you get too much FOMOed or too excited about the prospect of a new Porsche. So I'm only saying look for the downside before you spend any money.
Remember this simple universal investment rule: if you are not part of the project you are investing in, it's a gamble like in a lottery. You can lose your investment or you can multiply it. But you are betting on the team (if you even know who they are - because in crypto many times you don't), their idea, their ability to execute that idea, you are betting that market forces will be positive and no competition will crush your bet. It takes a lot of stars to align for a positive result.
Think about this every time before you part ways with your money.
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