MultiversX Tracker is Live!

Everyone is right in a bull market. Influencers are not your ally. Spend your attention wisely!

All Cryptocurrencies

by COINS NEWS 210 Views

This post might be a little too soon, or at least a little too raw, given the bloodbath we're seeing today. But I think it's important to remind folks of the lessons learned along the way here, one of which being -- managing our attention given to influencers.

I've been in crypto since 2017 and have definitely shaved years off my life watching my portfolio rise and fall. But one thing that has steadily risen over the past 5 years, has been the increase of influencers on twitter, youtube, and other social media platforms. Insert picture of influencer with their mouth wide open; arrows and charts falling down; and a clickbait title of "Bitcoin to $0?!" The fact that you know exactly what im talking about is cause for concern.

At the end of the day, these 'influencers' are simply seizing an opportunity to make money. A large interest in crypto is growing, and so, there's an opportunity to amass advertising revenue for these talking heads. For the vast majority of these channels, these influencers have 0 knowledge of what they are doing. They've simply googled "Technical analysis", watched other influencers, and then spit out their own content.

The beauty of a bull market is that everything just goes up. It's hard to be wrong. To that end, these influencers have slowly gained your trust even though most are new to crypto themselves! But when things get tough -- your guess is as good as theirs. The difference is -- they're still making money off of your viewcount.

There are a select few who exercise caution in price forecasting, but no one really knows. But these people *dont care* if you succeed or fail. And it's important to remember that; especially now. EVERY influencer loves this price drop because... where is everyone flocking to for help? To their channels. More volume, more revenue, more followers.

These days, I spend most of my attention watching and reading about projects and their backgrounds as opposed to price forecasts (i.e., Crypto Bureau, etc). I also try to lean on 5 years of price action experience help determine when to buy and sell. This has worked far more advantageous than listening to influencers.

To end, I'm hoping that at least 1 of you will take a step back and think about what caused you to hodl after seeing massive gains in 2021. Eventually, this drop and/or bear market WILL end, and we'll be back into up-only territory. Who will you be listening to when that time comes?

submitted by /u/myhaxdontwork
[link] [comments]
Get BONUS $200 for FREE!

You can get bonuses upto $100 FREE BONUS when you:
πŸ’° Install these recommended apps:
πŸ’² SocialGood - 100% Crypto Back on Everyday Shopping
πŸ’² xPortal - The DeFi For The Next Billion
πŸ’² CryptoTab Browser - Lightweight, fast, and ready to mine!
πŸ’° Register on these recommended exchanges:
🟑 Binance🟑 Bitfinex🟑 Bitmart🟑 Bittrex🟑 Bitget
🟑 CoinEx🟑 Crypto.com🟑 Gate.io🟑 Huobi🟑 Kucoin.



Comments