For those who never watched Star Trek, the Ferengi Rules of Acquisition are 285 sets of economic precepts that dictate the entire culture of Ferengi life. Many of them can be applied to cryptocurrency. Here are some examples:
Rule #2: The best deal is the one that brings the most profit
This seems pretty self-explanatory. Invest in the coins that will bring you the most return.
Rule #3: Never spend more for an acquisition than you have to
Different exchanges have different costs. Choose the one that offers the lowest fees.
Rule #10: Greed is eternal
Rule #43: Feed your greed, but not enough to choke it
Only invest what you can afford to lose.
Rule #16: A deal is a deal.....until a better one comes along
Don't get too attached to one particular project if a better opportunity comes along.
Rule #19: Satisfaction is not guaranteed
Rule #68: Risk doesn't always equal reward
Rule #236: You can't buy fate
Crypto is super volatile and ain't nothing guaranteed but the grave. Know the risks involved.
Rule #37: The early investor reaps the most interest
Rule #62: The riskier the road, the greater the profit
Being an early investor is the most risky, but usually offers the biggest reward.
Rule #59: Free advice is seldom cheap
Rule #218: Sometimes what you get free costs entirely too much
Be wary of other's advice on how to invest. Always do your own research.
Rule #8: Small print leads to large risk
Rule #74: Knowledge equals profit
Rule #217: Always know what you're buying
Rule #272: Always inspect the merchandise before making a deal
Study up on what you are buying and how it works, read the whitepaper, etc. Knowing the finer details of how a particular token functions is vital to managing your investment risks.
Rule #75: Home is where the heart is.....but the stars are made of latinum
There is usually very little profit to be made in one's own comfort zone. Don't be afraid to venture out in search of greater rewards.
Rule #89: Ask not what you profits can do for you, but what you can do for your profits
Don't just expect to throw money at something and get rich. You gotta study the market, read charts, do the work, etc.
Rule #92: There are many paths to profit
Just as there are many different coins to buy.
Rule #99: Trust is the biggest liability of all
Use reputable exchanges and other services. Beware of scammers. Don't fall for social engineering tricks.
Rule #101: Profit trumps emotion
Markets may be controlled by emotion, but you can't buy a cup of coffee with your feelings.
Rule #162: Even in the worst of times someone turns a profit
Bull market, bear market, doesn't matter. Money can always be made if you play your cards right.
Rule #190: Hear all, trust nothing
Rule #212: A good lie is easier to believe than the truth
Be open to every opinion, but also be skeptical.
Rule #200: A Ferengi chooses no side but his own
Don't get caught up in coin tribalism. Whether Bitcoin, Dogecoin, or even Safemoons, all that matters is whether or not it makes gains for you.
Rule #240: Time, like latinum, is a highly limited commodity
Time in the market > timing the market
Rule #248: The definition of insanity is trying the same failed scheme & expecting different results
Don't keep sinking money into something that never turns a profit.
Rule #263: Never allow doubt to tarnish your lust for latinum
AKA scared money don't make money.
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