An anonymous Reddit user explained how he lost his fortune three times after investing in altcoin projects based on rumors. Sharing his story online, the trader shares the lessons he learned from believing the misleading advertisements around cryptocurrencies. Details cryptocoin.com‘in.
ADA buys SHIB and MATIC at peak prices
According to investor Reddit posts, he says that when there is a “big announcement” surrounding an altcoin, “in 99 percent of cases” the announcement lowers the price of the coin. The anonymous investor shares the lessons he learned from his losses:
The first loss was the most painful. Some of the losers said that the most painful were Cardano smart contracts. Everything about the announcement looked legit: It’s not a scam, smart contracts are valuable, and there was a lot of hype.
Moved from bottom prices to others with altcoin investments
Cardano was launched in 2017 by Charles Hoskinson, co-founder of Bitcoin rival Ethereum. However, as soon as Cardano entered the market, its price dropped, leaving traders facing a huge loss. But after the avid investor heard rumors that Tesla was in the source code and could potentially be used as a payment option for the company, Cardano abandoned his investment to SHIB. However, the rumors about SHIB turned out to be untrue and the trader once again left it in the red. The third and final time was before the new coin Matic was announced, and the trader bought MATIC very close to the announcement date. Then the trader, who said that the price crashed, recommends believing the “hype”:
“Obviously, it’s going to explode,” they wrote. Anyway, don’t believe the rumors and hype, stick to your usual crypto plan.
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