Why listening to Crypto and NFT"influencers" wont make you rich!

in DTube8 months ago

We have all seen the stories in headline news of newbies and inexperienced crypto investors making life changing money by apeing into a meme coin or saying that they listened to a viral tiktok video and made a fortune. Sorry to burst your bubble but this is far from the norm and
happens far less often then the media depicts. Everyone is chasing their lottery ticket in the crypto world and "shillers" have mastered their tactics to keep you pumping their paid promotion bags so by the time you try to take profit the majority of your money has been lost due to them dumping their bags.

Quality projects in the crypto and NFT space will last, the ultimate test of time in the cryptosphere is, utility and utility only. Doge lasted as long as it did by the narrative of it to never be taken seriously and to be used as a joke, now that the plebs are taking it seriously it has a real chance at failing. Bitcoin has withstood the test of time by being exactly what the white paper outlines it to be, digital peer to peer cash, a decentralized version of money with guaranteed purchase power increase over time. Bitcoin is not a get rich quick scheme it is a check mate to the financial system that has proven to work against those it is marketed to. Banks are frauds and commit crimes they are never convicted of, they can crash and collapse and entire economy and drag it to its knees, only to be met with bail outs from the people they just screwed. Ethereum is the base layer to the new age of internet and blockchain technology and the web 3 will start the phase of accountability because banks will no longer have the suffocating leverage. This is what influencers aren't talking about. To make money understanding the problems are key because investing in the solution is a sure bet.

However, influencers wont address the real issues that plague most people because their job is to sell you things, primarily a dream. If you hit a meme coin or one of NFT for a couple hundred grand, it keeps most people away from educating themselves on the real solutions. Brand deals keep them paid while you ultimately get rekt. NFT's are a buzz word right now however 98% of them will fail and ultimately be worthless. The same goes for 95% of cryptos will die in bear markets it happens time after time. The question is how do you make money and where do you find valuable information.

Youtube University is where a lot of people gravitate towards, but I recommend people do things the old fashioned way. READ BOOKS and TAKE NOTES and above all stop taking blind advice from influencers! The best resources are written in books, a 7 minute video on blockchain is easy to watch and likely digest but the likelihood you will retain even a mere 20% of what you watched is low. I suggest taking it slow and reading up on cryptocurrency. Understanding the fundamental basis of blockchain and foundation for Web 3 will help you understand what problems the industry and ecosystem faces and what projects that have the potential to facilitate the adoption of the technology so that is as simple as email is to all of us now.

Content creation is entertainment, I am in no way implying that education can not be entertaining but most people need to beware. Alot of misinformation is given in content on youtube, tiktok or even twitter. Most creator are only appealing to the algorithm not the quality of the content. I find that lesser well known creators and channels provide some of the best content. I am a huge advocate for education, the reason I like books is because they are not battling an attention algorithm. You may make money from a coin or NFT that an influencer recommend, but 9 time out of 10 you will likely not take profit and end up with a small gain opposed the 10-20x you will hear the influencer boasting about. This happens because of education. Investing into crypto isn't just pick a coin any coin cross your finger and hope. If you want to be successful you have to sacrifice some time and do you OWN research.

Betting on influencers to make you a millionaire is a bet I wouldn't want to take. Bet on yourself and your knowledge you will be surprised how much further it will take you.

Books for beginners-
The Bitcoin Standard by Saifedean Ammous
Blockchain by Neil Hoffman
Blockchain Revolution by Don & Alex Tapscott
CypherPunks: Freedom and Future of the Internet by Julian Assange