A new week, new musings. You might wonder if I have already returned to my normal daily routine—the normal daily life. And the answer to that is: Yes and No. I don't seem to have found my way to daily crypto worries. It probably has a lot to do with the lagging crypto market. There is no excitement to be seen. Of course, I do read the messages about the experts predicting that coin A and token B will perform incredibly well this week. And of course, I see hopeful messages that THE BIG BULLRUN will start this week, but despite all attempts to create hype I still see a stagnant crypto market that still seems to be in a waiting phase. And the first real serious move has yet to come. Despite all the influencers.
Influencers Are Mostly Not There For You
Now that might not be so strange. And of course, I understand the influencers too. In the end, they are also there for themselves for the most part. Influencers are not so much promoting the 'promising' crypto projects so that YOU can earn a lot of money. They do it like everyone else for the most part so that THEY can continue to pay for the big cars and vacations. It is their job, and they are simply paid for it. It is increasingly apparent that few crypto influencers are concerned with their followers. They are much more concerned with the sums of money they receive for promoting project A and the presale of project B.
Pump & Dump
What is worse for the loyal followers of many influencers is that the influencers not only receive a bag of money from the projects they promote but that they also often make money from the loss of the loyal followers. People who follow 'their influencer' in good faith. Invest money in the project. The influencer then waits until the crypto in question has shot up considerably, then sells his bag without saying so. The price then goes down and the unsuspecting loyal follower is left with a bag of crypto that is no longer worth anything. A classic pump & dump! It is increasingly apparent that many influencers are involved in this.
Tropical Beaches And Big Cars
Especially people who are just getting into crypto or want to get into it. People who don't have much to spend and are looking for ways to make money are susceptible to influencers. They are often easily influenced and are seduced by the strategically made advertisements of crypto influencers. The videos seem to be made from tropical beaches. They drive around in expensive cars and always seem to be on holiday. Of course, only made possible by their small investment in the crypto they promote. This is of course "Mind-Fuck". Green-screen technology and AI-made videos. But no matter what, people new to crypto are being seduced every single day and lose their hard-earned money. They don't know what to look for themselves and have no idea how to investigate the reliability of a project. And that is a big problem. The influencer has received his bag of money from the project, so he does not have to worry. But whether the investor will ever see anything back, is not so certain. Many of the projects are not that reliable at all many are just scams without any technical knowledge, and also without a plan to set up something serious. In short, many of the projects promoted by influencers are just a dirty quick money grab.
DYOR
It seems more important than ever to know what to look for BEFORE you invest money in crypto. DYOR. And unfortunately, these days you will not only have to research the project, but if you are inclined to follow influencers, it is not a bad idea to also do some research into the reliability of "your influencer". Who is your influencer, and what is his track record? What is the status of the projects that have been promoted by this influencer in the past, and how much profit has he/she given his followers? Does the influencer also teach you what to look for? Or is everything always roses and moonshine with this influencer? Is crypto according to this influencer THE way to get rich quickly or does he also warn you of the many dangers that you can encounter?
Use Your Common Sense
Don't be blindly seduced, no matter who says so. YOU are the one responsible for filling your own pockets with money. We can even start to wonder to what extent all the influencers are really helpful to the crypto market as a whole, or whether they are even partly responsible for the negative connotation that many people still have when they hear the word crypto.