Everybody wants fast money for sure. Who doesn’t want to Lambo in the short run right?
Regardless whether we Lambo or not, at the end of the day as long as we’re not the last victim of the bag holder then it’s a win I believe.
So how can one find an ALT coin properly without getting rekt?
Here are a few points to consider to ensure that the Alt Coins you find will Moon once you go to sleep.
1. What, Who?
It’s important for you to browse through their website, articles and be able to understand in layman of what their projects is trying to accomplish. At the end of the day even if we do not fully understand their project after countless Youtube tutorials, Reddit readings, and Community support, perhaps something is not right to begin with then.
It is also important to note that sometimes knowing that there is a face behind a project is important as it puts accountability onto the project. There are mixed responses on this as certain would argue that the Decentralize nature is supposed to ensure that not one person or a group of people are supported to have authority over the decentralized nature of certain projects.
2. Community (Telegram, Reddit, Twitter)
The only other place that I have seen a more crazy and closely bonded community is Kpop. The second is the Crypto community. You can tell that there’s something wrong when the Mods that handles certain coins are either trying to hide something or evade whenever someone is trying to learn more about a relatively new project. And people TALK and post is everywhere unfortunately. There is no hiding from the internet.
These are just a few things that I have gathered over some of the Reddit and Telegram groups. Things like this and Rug Pull is something that you need to watch out and keep an eye of because the second you gut feels something sketchy is happening, MOVE ALONG.
3. Youtube Vids (Not all, but Beware)
We all know and consume YouTube content whenever we want to learn something. I’m not saying that everyone does this but there are a bunch of Youtubers out there, that particularly be promoting on certain projects in particular. But whenever, you go back and look at that certain project before you purchase it, something somehow doesn’t add up. Be very vary on people promoting certain Altcoins as in our current age and time, nobody likes to do their own research and trust Youtubers, Influencers and Celebrities more than the Media now.
4.Competitors
Who doesn’t love competition right? It is competition that makes us innovate and change the way we do things. If everything were monopolized, there would be no innovation at all and probably our smartphone will not be what it is today. Always be looking at a certain project’s competitors or alternatives and assess whether is there others in the market. For example, how many decentralized exchanges that can compete with Uniswap? Lending platforms to compete with AAVE, COMP? It is innovation that actually drives the changes into the products we use everyday. Imagine if nobody innovated and created Ethereum to promote faster transactions and scalability for projects. I believe the Defi space wouldn’t be where it is today.
5. Price Chart
“Past performance does not indicate future results”
We all know that however, something in our minds still refer back to the history price chart of a certain company, product, service at the end of the day. We would certainly want to know of any red flags that has happened in the past to ensure that that same issues does not arise again.
Looking at the price chart action, there are plenty of Altcoins which have far better price action compared to this particular coin as an example. We should be always looking for a chart which is as close to 45 degrees as possible with several corrections and pullbacks of course.
Summary
Hopefully after the few points above, you can further review certain altcoins much quicker . Or if you’re lazy, always be looking for coins that people promote and do the research accordingly depending on what people say.
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Kimican90
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Disclaimer: This is not financial advice. Please do your own research. As Crypto is a highly risky and volatile instrument of investment the risk and reward is different for everyone. Invest at your own risk and only what you CAN AFFORD to lose.
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