I have been in the crypto space since 2014. I have seen a lot of people who made it big but I haveseen more who did not made it. Where they started is where they are still right now.
Let me share some observations. Here are seven habits of those who will more likely NGMI in the crypto space:
1. Treat crypto as get-rich-quick scheme. This is a flawed belief. Contrary to that, crypto requires stronger trading skills than what the stock market requires. In addition, its requires thorough research, tempering of emotions, minimizing greed extending your patience and managing stresses. If a project promises that by simply buying and holding their coin or token, one could easily amass wealth, it is more likely a scam. That's not how crypto works. A lot of millionaires and even billionaires in the crypto space bought more than five years ago and continues to hodly what they have bought. It is not just simply buying and hodling, it's buying and hodling blue-chip cryptos.
2. Buy and hodl memecoins or shitcoins. Not all coins are created equally. Some are here temporarily, while some are here for a lifetime or more. While there are stories of some who got rich because of memecoins, there are more stories of those who got rekt. Most of those who get rich out of memecoins are whales who bought at the very start of the project, leaving those who buy after them hoping that there will be new buyers to come in and fill their bags. While newcomers fill their bags, whales are starting to let go of their holdings and enjoying massive profits.
3. Treat crypto as a milking cow. This usually happens in social media projects and to some extent, games. What they have not realized is that they have been using Facebook, Tik Tok, Instagram and Twitter and complying with the respective community standards for years without getting something in return. Yet when it comes to platforms where something is being given to them, they will do everything to get as much as possible even to the point of spamming and breaking other rules.
4. Buy a coin or token because an influencer mentioned it. Influencers mention particular projects on their videos simply because they have strong affinity and vested interests with those, either it is paid or they hold the coins or tokens. It is not also right to buy and hodl coins or tokens with the expectations that someday an influencer or a billionaire may mention or tweet about it. Furthermore, it is improper to completely rely on the opinion of others, even your closest friends. It is fine to ask for some advice but always apply some salt to those advice.
5. Greed, envy and crab mentality. It is totally fine to be greedy but always temper it otherwise it will destroy you. Greed should not breed envy to the success of others or to find ways to pull them down so that they cannot get ahead of you. Instead, you can learn from their best practices, see if those practices fit you and apply to yourself.
6. Whitepaper is not the sole basis of investing in a particular coin or token. New users are often advised to read the whitepapers of projects where they are looking to invest. However, whitepapers are more of a start of a long process of research, not the totality of it. Aside from whitepapers, there are other factors that we should look at such as the website, the profile of each project member and their accomplishment, previous projects that they have built or developed, their social media accounts, the particular niche which is the focus of the project, among others.
7. Send invitation or referral links of any project that you can see without verifying the authenticity. I have seen a lot of users sharing airdrop links with the requirement of connecting their wallet. Once you connect your wallet and perform a transaction to claim the airdrop, there might be additional permissions that you are giving which may put your assets at risks. Furthermore, there are airdrop forms which collect wallet addresses. Some of those are only for the purpose of sending shitcoins and NFTs and once you sell or get rid of those by making a transaction, you are also putting your assets at risks. Criminals in the crypto space are more brilliant than you think. No one should underestimate them.
If you have one of these habits, then it is more likely that you will NGMI. Think of the crypto space as a long-term opportunity that will make your life better if you use it well. Look at it with a long-term perspective instead of giving focus on short-term gains. If you want to make your life better with crypto and not just make it through the day, then you need to change some of your habits.