The Bear Market Has Just Begun!
Stories of the boom and bust of 2017/2018 will be told for years to come amongst cryptocurrency enthusiasts. The markets can make us rich, but can also rinse us dry in the blink of an eye.
Many self-proclaimed experts and gurus called Bitcoin’s bottom at $10,000, $8,000, and $6,000. As always, the markets presented a different outcome, showing us the floor was still further below our feet!
Speculating and debating the trends of any asset are things everyone does. There is no harm in having an honest opinion, as we are ALL entitled to that.
The danger lies where people blindly believe experts (or even mainstream media) without doing any critical research and go “ALL-IN” on an investment without reading between the lines. This is one of the reasons why ICOs became such a priority for regulatory action by the SEC and Bitconnect was able to exit with so much of investors’ funds.
Back in August 2018, we discussed the possibility of a deeper correction in the cryptocurrency sector based on historical data and financial institutions quietly moving into the blockchain and crypto industry.
Making Investments Based on Riddles?
Another popular trend on social media is giving potential investors riddles and clues to the asset they have invested in. This is especially popular amongst many (not all) of the XRP community, where anonymous, self-proclaimed insiders will leave a trail of breadcrumbs regarding potential events and bull runs surrounding Ripple and the XRP token…
Multiple “Riddler” accounts come and go on Twitter with cryptic predictions and information. So far, only one has been more or less accurate with information surrounding Ripple and partnerships, with the countless others merely leaching off the potential social media attention.
Numerous accounts now attempt to provide fake insights and information to unaware investors and crypto enthusiasts.
As fun as it may be to theorize on life-changing profits, bad predictions and fake accounts could do damage to the reputation of cryptocurrencies and the users. A quick search for the Ripple Riddler shows there are now several accounts, so which is the real Riddler?
The purpose of this article is to highlight why it is important to do your own research. People have already made investments based on these cryptic riddles without doing any research. Verify what you see or read and only invest what you are willing to lose.