11-25-2021, 12:46 AM
Unwritten Rules of Crypto
<!-- SC_OFF --><div class="md"><p>1: Never marry your bags</p> <p>No matter how good your coin/token your holding is, it will eventually fall. Instead of being attached to one crypto, take your profit and rotate to the next one. There is always more opportunities out there</p> <p>2: If your portfolio is over 4 figures, it's best to get a hardware wallet.</p> <p>Anything works, Ledge, Trezor, just make sure to buy straight from the official sources and don't buy off third party services like Amazon</p> <p>3: Never keep more than 20% of your funds on CEX</p> <p>Understandable if it's a ERC20 token, but you should always try to avoid holding most of your coins on a CEX. Even KuCoin, was hacked last year.</p> <p>4: Don't be afraid to rotate your assets</p> <p>If your coin isn't doing much, it might be better to just sell that crypto (leave a small moonbag) and rotate to something that is doing better</p> <p>5: Confirmation bias will get you rekt</p> <p>Stop listening to the good sides of a crypto, and start learning about the downsides of it. For example when you tell a newbie about Ethereum, usually you would talk about all the dApps, ecosystem, etc. Always mention the downside of it for example gas fees</p> <p>6: Start learning more about DeFi, yield farming, lending borrowing on AAVE, how to swap on Uniswap.</p> <p>This is great to introduce you to DeFi where you can earn up to 20% a year on stable coins. Yield farming is a great way of making money passively</p> <p>7: Never reply to DM's </p> <p>Reddit, Telegram, Discord, I guarantee you 99% of them are all scams wanting to take your money. Don't fall for it</p> <p>8: Don't click random links</p> <p>Should be pretty obvious. One wrong mistake and your wallet is gone</p> <p>9: Always have a exit strategy</p> <p>Yes we love all our crypto pumping, but have a exit strategy. No one ended up broke taking profits</p> <p>10: Avoid holding USDT</p> <p>USDT has been really sketchy lately, hold something decentralized preferably UST or DAI</p> <p>​</p> <p>There is a lot more to cover, but these are 10 basic rules that is great to start following.</p> <p>​</p> <p>Part 2 coming</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Impossible-Ad7389"> /u/Impossible-Ad7389 </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/r0zmay/unwritten_rules_of_crypto/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/r0zmay/unwritten_rules_of_crypto/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>1: Never marry your bags</p> <p>No matter how good your coin/token your holding is, it will eventually fall. Instead of being attached to one crypto, take your profit and rotate to the next one. There is always more opportunities out there</p> <p>2: If your portfolio is over 4 figures, it's best to get a hardware wallet.</p> <p>Anything works, Ledge, Trezor, just make sure to buy straight from the official sources and don't buy off third party services like Amazon</p> <p>3: Never keep more than 20% of your funds on CEX</p> <p>Understandable if it's a ERC20 token, but you should always try to avoid holding most of your coins on a CEX. Even KuCoin, was hacked last year.</p> <p>4: Don't be afraid to rotate your assets</p> <p>If your coin isn't doing much, it might be better to just sell that crypto (leave a small moonbag) and rotate to something that is doing better</p> <p>5: Confirmation bias will get you rekt</p> <p>Stop listening to the good sides of a crypto, and start learning about the downsides of it. For example when you tell a newbie about Ethereum, usually you would talk about all the dApps, ecosystem, etc. Always mention the downside of it for example gas fees</p> <p>6: Start learning more about DeFi, yield farming, lending borrowing on AAVE, how to swap on Uniswap.</p> <p>This is great to introduce you to DeFi where you can earn up to 20% a year on stable coins. Yield farming is a great way of making money passively</p> <p>7: Never reply to DM's </p> <p>Reddit, Telegram, Discord, I guarantee you 99% of them are all scams wanting to take your money. Don't fall for it</p> <p>8: Don't click random links</p> <p>Should be pretty obvious. One wrong mistake and your wallet is gone</p> <p>9: Always have a exit strategy</p> <p>Yes we love all our crypto pumping, but have a exit strategy. No one ended up broke taking profits</p> <p>10: Avoid holding USDT</p> <p>USDT has been really sketchy lately, hold something decentralized preferably UST or DAI</p> <p>​</p> <p>There is a lot more to cover, but these are 10 basic rules that is great to start following.</p> <p>​</p> <p>Part 2 coming</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Impossible-Ad7389"> /u/Impossible-Ad7389 </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/r0zmay/unwritten_rules_of_crypto/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/r0zmay/unwritten_rules_of_crypto/">[comments]</a></span>Kind Regards R