Why we should be careful of who we listen to when taking financial advice

Proof of Weak Hands FUD

So I’ve been riding the proof of weak hands saga over the last few days, and there’s one thing that has stood out for me, or has become blatantly apparent, and that’s there are people who seek to destroy the project because they will financially profit from the overflow of leavers.

I’ve been in crypto now for enough years to understand that this is a thing. Now as much as I’d love to write about why this is generally harmful to the entire concept of decentralisation and why the entire ideology of blockchain economics was founded on transparency and anonymity; this is not what I’m here to talk about.

Be your own judge

Today I want to speak on your ability to decide for yourself what constitutes as a viable project and what does not. There has been a stand out for me over the last few weeks and that is the amount of people blindly following the advice of popular influencers that haven’t done any proper research. These guys use their opinion weighted with prejudice to cast judgements over projects they have no idea about. Take Crypto Jedi and his first slam dunk of prejudice with his first video about Proof of weak hands and how it was so obviously a scam. It only took about 4 minutes of watching this guy to understand that he had done zero research on anything to do with the project or what it stood for. As usual, another reactive YouTuber addicted to the easy views that a quick to the go-nuclear-button can gain him.

Now I’m not blaming him per se; from what I’ve seen of his work most of his views come from negative reactions to popular projects such as Bitconnect and Davorcoin and that sort of Ponzi-crap we all like to talk shit about but get in early with. This is how he gets his views; and to him, views equals money and more influence. I really can’t fault him for that. He was essentially the first influencer with a bit of oomph to talk about the project. It was a negative account, but it still brought much awareness and was the start in a two-week long trend of massive growth, other popular YouTubers taking sides, and a whole lot of Fomo (and fud).

This is where you come in here, and as much as I would love to keep sociology and psychology to my other website I think this plays a major part in how we understand the way the cryptocurrency world works, and the community around us.

Time to understand the system we’re in, friend

When you blindly follow someone’s advice without doing any research of your own then you’re going to end up hurting yourself, especially if it’s financial advice. I followed Trevon James and Craig Grant to the bitter end with the Bitconnect saga but I knew they weren’t a source of financial advice for me. If I wanted to get a detailed analysis on some solid advice about where to put my cryptocurrency the last person I’d be looking at would be someone like Cryptonick – a 17 year old YouTuber. Truth is a hard pill to swallow but can you imagine how that would hold up in a professional traders meeting?

“Hey man, how did you start trading?”

“I get all my advice from a 17 year old on YouTube”

Do you think these guys would take you seriously? Or do you think you would be laughed out of the room?

And not that I blame those that trusted the advice of this 17 year old, because he did show good returns, he was making good money, and if you went in with him for a while you would be too, but this is what’s currently wrong with this world in it’s entirety.

Most people don’t trust their own opinion.

Influencers lead, fans follow

Popular influencers are called influencers because they are able to shape the way other people think. Followers are called just that because they blindly follow popular people into the fiery inferno without even a second thought as to what they are doing is stupid, or dangerous, or even just idiotic.

Most of what you see in the popular region of YouTube is opinion. Most of what you read in newspapers, on Facebook, see on TV, here in this blog, on other websites is just that.

Opinion.

If it were facts then news wouldn’t sell because they wouldn’t be able to attach emotion and feeling to whatever it is that they are trying to paint a picture of. Donald Trump shouts fake news from the rooftops about any opinion that doesn’t present him in a positive light. The entire narrative of the leftist media is to shut down any opinion that doesn’t coincide with it’s own agenda.

It’s all just opinion. All of it.

So when we turn to the cryptomarket to make an adequate judgement on where the next turn in bitcoin will be, or what will be the next pump-coin then why not go and do a bit of your own research? You know, when I first began in Bitcoin, way back in 2013, the first thing I did was I grabbed my computer and researched the entire background and ideology behind decentralisation and what it could be for the future and only then was I convinced to get into it.

Everything is Opinion, EVERYTHING.

I didn’t listen to someone on the TV talk about it and then get angry when I made my first loss — because there’s been a few, let me tell you that! I like Cryptocurrency because it gives power back to the people. It’s decentralised, it gives you power over your own finances and it’s harder — much harder for governments to freeze, hold or drain your accounts. Only you have that power, or other people you give your security to.

When I first went into Proof of Weak Hands I absolutely knew it wasn’t going to be the sort of cryptocurrency that only receives good praise. The entire concept of P3D requires a bit of in depth research to give you confidence in what you’re about to do. Before P3D I had zero confidence in the ethereum blockchain, but now, I have lots. This is why doing my own research builds upon my knowledge and helps me progress in the world that I’m trying to tap into.

This is why when a fully proper, and popular decentralised project hits the market then it tests the wealth of knowledge between the influencers that talk about this stuff all the time. It separates those that are in cryptocurrency for the original ideology; that test the systems, try it out for themselves and give unbiased reviews — and those that are in it for a bit of reactionism. A few easy clicks for shitting on a project that not many understand before it’s explained to them. Don’t get me wrong; I’m not saying either is bad or good, an influencer needs to pay the rent! I’m just saying that YOU need to understand the difference if you’re ever going to make gains.

It’s all opinion out there my friend.

Choose your own opinion for a change. And if you fuck up (because we all do) then you only need blame yourself. Build on it and learn from it.

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