Making Money From Bitcoin And Cryptocurrency-Part 7

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Author : Ben Krypto 9 Jan 2018

Cardano, for example, does not have a testnet (a beta test network for the cryptocurrency), mainnet (the live public network deployed for the cryptocurrency), or any working product yet. IOTA has nothing to show and won’t be usable for years. EOS has no mainnet. 99% of all the other altcoins have nothing to show. The list could go on. So if you ignore ICO’s that don’t have a working product, you are limiting your choices and throwing away some huge wins. Ensuring you only choose ICO’s with prototypes cuts down your risk, but may also limit your choice of ICOs…and you could miss some potential big wins. If the market is bearish, using the ‘have a prototype’ as a filter is more important to minimize your risk of going into an ICO that flops. In a bull market (such as now, Jan 2018), this factor is less important and, while useful, optional. If the ICO can’t show any working product or prototype, the next best thing is to look a the strength of the team behind the coin and evaluate if the team (the strength of their credentials and experience doing similar projects / other real world projects) can pull off what they promise. If the team strong, they likely can. In time. 9. READ THE DAMN WHITEPAPER. It’s important that you read the whitepaper. You know, that document thingy that describes just what the team behind the crypto will do and HOW they plan on accomplishing this. Surprisingly, most investors in cryptospace — especially Noob money — don’t even look at the whitepaper. Big mistake! Ideally, the whitepaper should be clear, explain everything in a thoughtful and precise way and it should give exact details on how the team plans to accomplish this.

The more detail, the better. Be VERY wary of whitepapers that gloss over the technical details and use ‘buzzwords’ like ‘blockchain’ and ‘decentralize’ to explain how they can solve the technical challenge of creating and implementing their proposed system. If the team is promising to create a complicated platform or protocol, you at least want to be assumed they know how to solve that problem themselves. Two examples of past ICO’s proposing to solve technical challenges but give absolutely no details on how they intend to accomplish this were Substratum and Mercury. Both delivered an absolute joke of a whitepaper. In Substratum’s case, the team lacks the ability to accomplish what they promise. BEST STRATEGIES TO BECOME A MILLIONAIRE AND RETIRE ON ICO’S. Now I’ve given you some basic tips on how to evaluate ICO’s and how to estimate the returns. Now, look at some general tips to follow when entering the ICO market. It’s not a comprehensive list by any means, but it’s a good rule of thumbs to follow and it’s a set of rules that I follow myself. Here are some strategies that have made me a millionaire many times over. I can’t promise they will make you a million, but they may just. GO LONG, NOT SHORT (I.E. HODL). If you’ve invested in a coin you believe in, one that has some solid fundamentals to it, you MUST HOLD to extract the real returns. You can make some money day trading or swing trading, but the biggest returns come from HOLDING. Crypto is an ultra-fast world. What happens in one week can be equivalent to years in the stock market.

The past 3 weeks, for example, I made more returns with ICX than I would have to put the same amount into the Google IPO. And instead of 10 years, the process took 3 months. This fast-paced world and quick riches that have people seemingly becoming millionaires in days have bred a distinct lack of impatience where people are unwilling to hold their coins for any length of time, opting to try and flip their coins into whatever coin is rising right now (and there are always a few). But to see the true value of your investment reveal itself, you have to hold it through thick and thin. Most of my investment mistakes have come down to one thing: selling too early! I’ve lost millions of dollars doing this since July. One of the coins I have 700,000 of in the ICO (and sold for about $1 average) is now worth $7. Another coin I held for 4 months that I paid .50c for and sold for .45c about 1 month ago, is now $4 dollars. Invest in an ICO and hold your coin for months (or even a year or more) and you can see 20x, 30x, 100x, 200x, or 1000x returns. Sell your coin as soon as it hits the market for 5x or dump your coin when it hits 20x, and you lose out the greater gains that happen when you wait for the coin to develop. Coin gain value as the development team achieved milestones and makes newsworthy partnerships. This takes time. I know everyone wants to get rich in just a couple days, but the reality is that the wealth in crypto often happens over months and years, not days and weeks. Time in the market is always better than timing the market, as the phrase goes.

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