As the bull run looks sure to have started, memories of past experiences that taught me some valuable lessons keep coming into mind. When I first started to invest in crypto three years ago with small amounts, it was an exciting time. Within days, my modest investments had grown significantly thanks to market hype. In eagerness to share my excitement, I openly discussed my profits without realizing the risks of oversharing online. It was a lesson that ended up costing me dearly.
Modest Beginnings Lead to Quick Gains
As at early 2021, the hype about a bull run was already on its peak. A lot of people were talking about how they had thrown a few dollars at certain projects just for fun but seen impressive returns. Being a writer and a newbie to the crypto terrain, I decided to give it a try by investing $50 total split between a few different coins that seemed to be making waves based on what I read from others. Within just a few days, thanks to price increases and market hype, that initial $50 had grown to over $500. As a newbie, I was thrilled by how quickly and easily I had seen a return this size.
Sharing the Excitement Online
Eager to share in the excitement, I started telling friends and family about how I had turned $50 into over $500 in crypto. I posted on social media about my wins and which specific coins I had invested in. Feeling proud, I even wrote a couple blog posts going into more detail. In them, I listed out my starting balances for each coin as well as where they had increased to. I wanted to help spread tips that others could potentially benefit from too by detailing my strategy and purchases.
A Harsh Wake Up Call
At first, it was fun to share in the excitement and feel like I had discovered some secret to quick profits. However, it didn't take long before things started going wrong. I began noticing strange messages and emails from people I didn't know before with offers to join in what they said it's profitable crypto projects. At first I thought it might be good for me to try something new. But then one morning, to my horror, I logged in to find that my wallet that had the most of my funds had been completely emptied. Somewhere along the line, someone had hacked in and stolen every last dollar of the profits I had been showing around. It was a rude awakening to the reality that too much oversharing carried risks I didn't know before.
The Dangers of Oversharing
Looking back, it's clear that by publishing details of specific coins, balances and transaction amounts, I had essentially put a target on my back. Cybercriminals are always on the hunt for vulnerable accounts, and I had provided them a roadmap by detailing my holdings and strategy. They were able to use the information I freely shared to gain access and drain my accounts. It was an expensive lesson to learn, but one that really drove home the importance of privacy and security in the crypto world.
The Takeaways
Keep Conversations General
When discussing crypto with others whether online or in physical, do so at a high level without attaching your personal portfolio details. Don't share specific details like which coins you own, how much you've invested in each, or your current balances. Instead, talk about broader market trends, projects you're watching or strategies you find interesting without the personal references. Keeping things vague protects your privacy.
Limit What You Post Online
Be extremely careful about what crypto-related information you publish publicly, especially on social media. Avoid making detailed posts about your portfolio and how you are tracking it, or blogs that explain your personal gains and trades over time. Even if you chose to be a pseudonym, there is still a risk savvy scammers could potentially identify patterns to exploit.
Practice Good Security
While it's great to be excited about your investing wins, that excitement needs to be balanced with strong security practices. Use strong, unique passwords for all your exchange accounts and wallets. Enable two-factor authentication wherever possible to add an extra layer of protection. Be wary of any unsolicited messages, especially those requesting sensitive details. Your safety and security should always be the top priority, not social media likes or validation from others.
Conclusion
Getting into crypto can be really rewarding, but only if you make smart choices. I hope others can learn from my costly mistake to avoid similar risks down the line. Keep your guard up and your personal details private as you enjoy the ride. It's the best way to ensure the profits you work for actually make it into your pocket.