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Every bull market has its sad stories. In 2017, it was the millions of dollars of loses sustained do to the ICO's craze and other rug pull scams. This markets kryptonite came in a form I would have never expected. The rise of the shitcoin. This time is different... so let me start at began- with the DOGE
Let me clarify, I think that what Dogecoin has done great things for the space. Dogecoin brought a lot of new people into the market and this brought with it great benefit to the market as a whole. Then, as per usual, like the greedy, borderline criminals they are, developers began to take Dogecoin, replicated over and over until now-we have officially reached a new low as a community. For those who don't know me, I run a YouTube channel (Mr. Nice Guy Crypto) and I was pitched a very interesting project yesterday I would like to share with you all! Would you like to see it?
Yes, that is correct. We have reached a new all time now and officially have a REAL shitcoin on the market. Wow. The sad thing is, we have nobody to blame for this other than our own community. Throwing money into a coin and hopping it will pump due to a funny name is a very poor investment strategy, to say the least. Not only does this concern me due to the people new to the space attempting to time when these coins pump, and inevitability lose their money, but I am also concerned about what this will force regulators to do to the space. Cryptocurrency will be and needs to be regulated, whether we like it or not, and projects like this but the entire industry under a microscope. I'm sure a lot of you have tried to do the same thing and tried to catch a pump. I certainly have, but POOCOIN is a new low.
Investors need to come the realization that these projects were not made for the purpose of making their customers rich, but to enrich the owners. Sit back and think about it for a second. Does it really make sense to swap BNB or ETH, in order to acquire a token which has quite literally branded itself a shit coin? The answer to that question should be obvious. The markets are at a pivotal point right now, and its time the sentiment changes from "what coin is this influencer pump today?", and bring to focus back on projects with real use cases. If this this wild speculation that has made its all the way down to legitimizing a project named after what we in the community has deemed the term for a "poor investments", to word it kindly, it may put the an end to an already shortened altseason. If this sentiment doesn't change soon, I believe it will do major harm to the altcoin space in specific.
Why only altcoins? Well, I will be blunt with you. Nobody with a sizable amount of money would buy one of these tokens with good intentions. With these small cap meme coins, all it takes is 1 whale to sell his or her position, and the token is worthless. This is a strategy has even proven to be effective in driving down the price of Bitcoins, so take a moment to realize how much capital it takes to substantially move the price of a low-cap altcoin? Not much. If one investor with bad intentions buys into these projects, unless you somehow time the market perfectly, you will lose money. Period.
I cant tell you how to invest, but I can warn about the dangers surrounding these projects. They are designed to enrich a few while stealing money from the investors. Instead, my suggestion is to take a long term approach and think like a whale. You don't have to be a whale, just think "if I were a greedy whale, how could I take advantage of this?" Then, don't invest in that specific project, sit back, and see if your thesis pans out. If it does, you will know exactly what I am trying to warn you all about.
Instead, take a look at what the whales are accumulating, do you due diligence on the project, and invest if you find it to be a useful project. When investors such as Kevin O'Leary begin to pour money into DeFi, it is probably a good sign to emulate Mr. Wonderful who is currently starting his own DeFi company. This meme coin craze took the spotlight away from DeFi, which is arguably the most useful of all dApps on any blockchain. It is time to, as a community, put the shitcoin craze behind us, and deploy our capital to projects with real potential. Personally, I think DeFi will be that space.
P.S.
I wasn't talking to you Doge, this wasn't your fault!
Ryan
Also, check out my website https://www.mrniceguycrypto.com/home for more content, as well as deals from companies such as as ByBIt, Token Metrics, Changelly, Binance, and Crypto.Com
Its up to us as a community to turn this around.
