If you have been reading articles in the IP Address Guide recently, you probably know that we have been writing lots of articles about different cryptocurrencies that promise to give you steady streams of passive income in the coming days, weeks, months, and years. But, we have also written quite a lot of articles discussing cryptocurrencies that promise you wealth, but they are much more likely to run away with your money than to actually give you wealth and money. But, what does this has to do with whether or not a bear market is approaching? Let me share some thoughts that I have had in the last couple of days!
I feel like I am living in a movie. I am one of many characters in the film, and most of the participants have one thing in common… one year ago they had a normal job and lived mostly normal lives. Since then, they have gained tremendous wealth through cryptocurrencies, and as a result, many of them have even left their jobs and they are now working 100% with harvesting crypto gains and looking into new projects that will grow their wealth even more. So far, this is actually very nice!
But, the same group of people is running around with $1000 bills making them look like Monopoly money. You might drive an extra kilometer to pay $0.1 per liter of gas for your gas, but in the next minute, you spend $2000 buying some pump (and dump) coin that you haven’t even had the time to research at all.
This is still quite okay, but this leads us to a challenge. These whales, many of them with crypto holdings worth more than $1,000,000, slowly start to sense that a bear market might destroy their fantastic gains. At the same time, they still invest in all sorts of projects coming with promises that shout PONZI more clearly than the strength of the neon lights at Times Square in New York. We are simply throwing away our money after every single project, even though it is clearly promising something that it cannot hold. We deserve a bear market! We don’t take care of our money anymore. We have become blind to the value of money. Somehow, riches have blinded our eyes!
Whales are selling to keep their profits… and they spend the profit on Ponzi/scam-coins!
Let me return to the upcoming bear market, that we would deserve, once again. We have seen most of those passive income projects drop quite hard in value during the last seven days. There are thousands of whales who have just held onto their tokens for a long time but seeing that their passive streams might decrease in value, they will for sure want to secure as much as possible. As a result, selling pressure is growing. Even though there are platforms such as HectorDAO that have great products coming up and a great team of developers clearly working hard to grow the platform, it doesn’t help… investors are starting to fear their money. And, instead of buying more tokens from projects that you trust, many people throw their money after scamcoins and Ponzi coins, just hoping that their passive income streams will keep on coming, even if the project is crap, or not even crap, just a scammy fork of something else.
What is the result? We deserve a bear market!
I urge you to take care of yourself and proceed with caution! If a bear market is coming, the worst place you can be is with scam coins.
- Take profit (and keep it in USD/EUR or some stable coin).
- Only invest in projects that you truly trust and believe in, projects that you know will be around, even if we would enter a bear market lasting for months and years.
- Don’t support scam projects. It might feel good at first, but in the end, you are shooting your own leg by doing so!
FOMO for a new generation of crypto millionaires!
A few years ago, FOMO (Fear of Missing Out) was about not buying Bitcoin or Ethereum in time before the price would increase and never come back to the current level. For our new generation of crypto millionaires, FOMO is not about missing out on Bitcoin or Ethereum, but about missing out on project nr. 15 promising you fantastic gains, even though are already taking part in 14 other similar projects.
I don’t know. It would be great to see a bull market for many more months and years. What do you think? I would love to hear your thoughts and comments on the current market, on DAOs, different crypto projects, and about the coming months and years!