Market Crash: 90% Make These Mistakes
This can be small like paying too much in gas fees or as large as losing your entire account. But the good news is: these are totally avoidable to help heres my friend dan. What am i supposed to say and im here to help im gon na quiz him on every crypto trap for every question? He gets right. The more money im gon na donate – if he gets everything right, were gon na donate one thousand dollars to warm up for five dollars. Who is the founder of ethereum vitalik, buterin thats, correct, better, not get harder. The crypto space is full of hackers, and not all of them are going to have good intentions like that one guy who stole 600 million dollars and then gave it all back. I mean theres, nothing more appealing to a hacker than stealing money. That cant be tracked. One of the most simple, yet effective measures to take in preventing your account from getting hacked is called 2fa. Every exchange has it and youre at risk, if youre not using it. If you dont know what 2fa is its a type of security, that requires two forms of identifying yourself before giving you access to your account. This is most commonly built as a text message code, but even that isnt perfect. So i would highly recommend getting set up with an authenticator app like google authenticator. These apps produce a new code every few seconds that you then enter into the site that youre logging into.
If you have this set up, the only way someone can get into your account is if they have both your password and physically. Have your phone and lets be honest. If someone has both of those things, you have bigger fish to fry for 10. What does 2fa stand for two factor? Authentication? Well, take it 2fa, second fat. Second fab, now youre safely logged into your account, but youre, still not totally safe from yourself thats, because you dont have a goal or a plan. A goal is the reason why youre investing in crypto is your goal to invest in promising projects to hopefully gain a good return on your money, the long term or maybe your goal is to yolo 5k into meme coins, just because a tick tock told you to Whatever your goal is, you should establish that in advance, because this helps you make a logical investing plan. Lets say: your goal is to build that portfolio long term. One way to meet that goal would be to buy 100 bucks in ethereum and bitcoin every week, and on top of this, your plan could say if crypto drops 30 in a single day, you wont sell and instead youll triple your buy that week to 300 heres. The thing to remember no plan is the perfect plan, because we dont know what the future will hold. Whats important is to set yourself guidelines. Humans me included im bad about this. If theres gray area, we will make the emotional choice when the time comes.
If your plan is to maybe possibly buy 100 a week, youre not going to buy 100 a week, lets be honest, set yourself a plan and stick to it until you decide to change your plan later and then stick to that new plan heres the problem people Buy crypto without a plan just hoping for infinite returns, then they see their portfolio down 15 percent one morning. These people are much more likely to panic and sell right at the worst time right here so set a goal in a plan, actually write it down, and you will be a better investor instantly for 25 whats. It called when you spread your crypto buys over regular intervals. Ah, dollar cost averaging ding ding 25 bonus question: where can you find additional content, buy alerts and free coaching every day on the patreon? We have a plan set up, thank god. But now what do you? Trade youre browsing around you see dogecoins only at 13 cents, but chain link is at 14, so doge is way cheaper right. This is a common mistake, price doesnt matter, market cap matters, even though doges price per coin is far lower. We can see the entire market cap is actually three times larger than chain links. New projects, especially meme coins, will often have billions or trillions of tokens in their supply in order to make people feel like theyre. Getting in on the ground floor when theyre actually not lets see, if dan knows the difference for fifty dollars, whats the difference between price and market cap price is the current price of whatever asset were talking about.
Market cap is the pool of all the money combined thats, pretty you know what i mean. Do you want to expand on that? Not really because you already were about to say thats, pretty good thats, pretty good youre sitting there scrolling down to the tenth page of coin market cap and you find a crypto with a five hundred thousand dollar market cap. And you look over at bitcoin. And you see seven eight hundred billion dollars. So could you 1.6 million times your money in theory? Yes, but no! Almost every single coin past the top 100 or so will come and go at some point, but you might be thinking. Sheba blew up. Dogecoin blew up what, if i choose the next one, that does the same and you could, but this is very unlikely. We need to be realistic. We need to consider whats called the survivorship bias. Basically, we hear about projects that blow up because they blow up, so it seems like theres, constantly projects blowing up. However, in reality we just dont hear about the 10 000 projects that didnt go to the moon. Sure there is a place in a portfolio for moonshot bets, but that should be a very, very small percentage for 75 to charity. How much money was lost in crypto, scam, rug polls. Last year, a b c or d, a 2.8 billion b, 505 billion c 200 million d, seven dollars uh. I have no idea so im gon na guess and say: b, thats wrong.
It was a sorry charity and you dont have to just worry about scammers. Taking your money, because you can completely mess things up for yourself: crypto transactions are designed to be permanent and irreversible. This is so that no one has control over an entire network. If someone had the ability to reverse transactions, this would defeat the whole purpose of decentralization, but this has an unfortunate consequence. If you send crypto to the wrong address, it may be gone forever if youre sending a large amount, its always best to do a test. Transaction. First or you can avoid mistakes by only scanning qr codes, when copying and pasting wallet addresses or even worse, writing them down manually mistakes happen, always double and triple check. Your wallet addresses 125 dollars a charity. If you get this right but theres a twist, if you get this wrong for the rest of the questions, you have to stand in a squat on this chair ill, get it right. How many digits are in an ethereum address? A24. B36. C42. D7. Uh. 36. Squat. You dont squat, with repeat this close together, its called a squat. All right can we get going lets get going. Unfortunately, incorrect wallet addresses arent. The only way you can become your own worst enemy in crypto when it comes to the stock market. Buying and selling is a bad idea because it quickly accumulates your tax obligations, which can really eat into your profits with crypto its an even worse idea.
Not only will you have that hefty tax bill, but youll also pay a ton in fees which can make a huge difference, lets say, invested 100 and it jumped up 30 to 130, where you sold uncle sam, gives you the thumbs up, but that quickly turns into A pay up because you have to pay short term capital gains tax on that 30 in profit you made, which would likely be around 20 plus a couple dollars in transaction fees. So your 30 just turned into 22 and thats, just one trade for 150 to charity. Where can you go to save up to 85 on transaction fees for cryptos and nfts and get free crypto back on every trade over ten dollars, its uh ftx? That is right. Thanks to my sponsor ftx link down in the description, can you do your ads lets say you made a few good trades and youre feeling good about your skills. You decide to try out leverage now. Leverage is neither good nor bad, its just a powerful tool. A very powerful tool in investing this is where you borrow money to increase. The exposure of an investment and tons of investors have fallen into this trap before understanding the true consequences of leverage for 175 dollars. You buy 100 in bitcoin at 2x. Leverage, the price of bitcoin goes down 10. How much money did you lose? I dont know i cant focus uh 1300, probably no. Now this might seem common sense to some, but you wouldnt believe how often people get scammed by it.
Fake crypto account scammers youve, probably seen comments like this or like this replying to those will usually lead you down some kind of rabbit hole, whatsapp, scam, dont, do it. They even do this on instagram check this out. Only the top account is me. The rest are all scammers and if you want, you can go, follow me there, since instagram doesnt feel like verifying me. You wouldnt believe how successful these scammers are for 190 to charity and a brand new ledger nano for you. The question is when i track down a crypto scammer posing as me, how much money did i find in their wallet a 200 000 b, two million c one million d, seven dollars, probably seven dollars, thats wrong, two million heres your consolation prize was i right. No youre stuck what, if i told you even fake scam accounts arent the only issue real influencer accounts can lose you a whole lot of money, cryptos getting more and more popular, but still largely unregulated, for example, with stocks, its very illegal to promote them without a Massive disclosure with crypto theres, a bit of a gray area – i mean not too long ago, kim kardashian, who has a quarter billion followers promoted ethereum max on her story, no relation which hasnt exactly performed so well over the last couple months. This isnt necessarily a scam coin, but you get the picture. Everyone from gamers to streamers, to adult stars have dabbled in questionable financial advice, draining the pockets of their audience.
The more of the story is no matter who tells you what always do your own research plus doing your own research gives you the confidence in your investments, because you know why youre buying, not just because someone told you to just ask the question youre doing great. For 200, what is the term for the recovery or backup phrase of a crypto wallet seed phrase: ding ding ding? How do you feel? Can i stand? Yes, i feel good. I dont feel that good thanks to dan, we racked up 465 donations to the organization for autism research but 465 seems like a random number, so lets just go ahead and round that up to 500.