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Being involved with a multitude of crypto currencies on Reddit. I know first hand just how welcoming and positive these communities can be.
I also know how easy it is to stumble across a community members post, claiming to have inside information, or regurgitating what they thought they heard their mate who has a mate who has inside information said.
Bottom line: Do your own research. Don't put too much weight, if any, on what you read in community groups. A lot of the time, a lot of what's being said is not true. People use recycled screenshots of wallets, claim to be holding a stupendous amount of coin, simply to inspire others to keep buying to increase the coins value. Some are strategically placed shills and influencers (there are way more than most would think) and some do it to simply feel like they're involved.
"The closest feeling you can get to being a real life millionaire, is to tell people on the internet that you're a millionaire in real life".
Often it's also just a way to farm reddit karma and get likes and comments.
Of course not everybody is telling fibs by doing this. But for the majority of people holding big amounts of crypto, flaunting it online is not what most smart and sensible minded people do.
All it takes is for a less than desirable personality to stumble upon such information. Do a little cross referencing and digging, using information as simple as a username, find out even a minimal amount of personal information. Local area, family members name, school, place of work etc. And they go in with the very bold and direct DOXX threat.
Loose example: "Send us this amount, we know what you did last summer"
(I will release an article in more detail about this scam. A close friend has been a victim of a similar attack)
Back on track: Coinmarketcap released the crypto price estimates for June (30th) today.
See the small print at the bottom of the image.
Now some may call me pedantic, some may think "well done, Captain obvious"
If so, great. You are aware.
Many are not.
Many may not consider the small print. Many may use this as information with more substance than that you would find in a crypto community group on social media.
It's not. It is simply a collective of estimations made by users of Coinmarketcap. These same users being members of these community groups. Simply being an indicator of which communities have the most numbers, of people willing to share their estimations, often based off emotionally influenced logic, opposed to erm.... Logical logic???
This list is based off the amount of estimations made, not on the credibility of quality of estimations. Simply the quantity of estimations.
Let us look at Shiba Inu as an example. Before I do, allow me to express that I am not a Shiba Inu hater, I hold some of the coin as I do believe there is more substance behind the teams plans than other smaller alt coins.
However, the Shiba Inu community are home to a lot of holders who invested after hitting it's all time high in May. The community grew immensely and gained a lot of holders post May's ATH.
Nothing with Shiba Inus market activity since this ATH suggests it is in any stronger position than the next coin. The majority of estimators most definitely wanting to claw back losses made since buying in late.
If this list was anything to go by, with the recent announcements and increase in popularity with Algorand. I absolutely believe this coin would have made the list.
Algorand have a relatively small community, being just over 30k members on Reddit in their official group, there's also another group with just over 20k. Opposed to Safemoons 250k and Shiba Inu's 167k plus 50k in a separate group. Being nothing close to Dogecoins 2million and Bitcoins 3million per community.
I forsee that taking into consideration the relatively small community, but huge and somewhat unrivalled by most elements to project. Such as being carbon negative (one up on carbon neutral), speeds of transaction, low fees, and from what I hear, plans of being a leader within the music industry. This coin has the most potential to grow over the next couple of months.
Similar to the recent increase in popularity that was seen with Cardano.
I realise that this has somewhat turned into a post promoting Algorand. That wasn't my intention, I want to show that these types of informational content are not suitable in any way to make financial decisions from. Unless you enjoy the gamble, that's a different story.
And even though they state that it is not financial advice and not to be considered as such. Graphics like these are released to spark conversations that lead to more money being added into the system. But are built off foundations more in line with group think. Many would have estimated increases to their coin, literally because they estimate it to fail, but don't want that to happen, so add their positive estimation in hopes it helps prop the coin they're making losses on, back into the green.
Do your own research. In a crypto scene that is unregulated, thinking for yourself if your strongest skillset. Thinking for yourself, and not allowing a graphic online to do that thinking for you, or the dude who has been a reddit member for 3 days posting his market analysis in your favourite alt coins Reddit group.
Thank you for reading, I hope you were able to take something positive from this article. If so, and you would be so kind as to donate. I will leave wallet addresses below.
Thank you in advance to anybody kind enough to donate ??
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Algorand wallet:
UBADVPQOOYTHWWF34SVHN3O33MIRXWAHQO5SIMQFEIWSSS37RFN4ZMMOHM
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Dogecoin
DLmZF3oueuzmRCYvC7ynEn7S9iop3p8hQ
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XRP Wallet:
rEb8TK3gBgk5auZkwc6sHnwrGVJH8DuaLh
XRP Tag:
101257963
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XLM Stellar Wallet:
GAHK7EEG2WWHVKDNT4CEQFZGKF2LGDSW2IVM4S5DP42RBW3K6BTODB4A
XLM Memo:
102348176
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Binance Pay I.D
176079355
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