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Cryptocurrencies Are Sirens Luring You to a Journey of No Return

Why do you buy cryptocurrencies? For investment or for speculation? If you dream of getting rich overnight and buy any coins when the price is rising, then you are so doomed.

Cryptocurrencies are like sirens who lure you to invest with their enchanting music and voices. You get blinded by their beauty and fail to realize you are embarking on a journey of no return. Try as you may, you just can’t figure out what’s going on with the market. It is so complicated and so bizarre. You never imagined it could be so hard. It’s even harder than breaking up with someone. Frankly, if I could go back and do it again, well I would not.

In the world of cryptocurrency, if you failed, does that say you didn’t hold coins long enough? 

On May 22, 2014, Ripple Labs co-founder Jed McCaleb announced on the XRP community forum that he was planning on dumping his entire holdings of roughly 9 billion XRP that represented around 9% of the total XRP in existence.

“I have given away and donated some of my 9 billion XRP to charities such as MIRI, Literacy Bridge, Give Directly, Mission Bit and others. I plan to start selling all of my remaining XRP beginning in two weeks. Because I have immense respect for the community members and want to be transparent, I’m publicly announcing this before I start. So just fyi…. xrp sales incoming.”

It was not clear why McCaleb chose to dump, but not surprisingly, XRP prices immediately dropped 40 percent to just 0.01 yuan in just a few hours.

On the very same day, I wrote an article encouraging people to hold their XRPs, but most people already lost their confidence and sold their XRPs once and for all. Today, the price of XRP is 1.2 yuan, so if you didn’t sell your coins at that time, you would have earned a lot now.

The price I need to pay as an investor

When I went through bear markets in 2014 and 2015, I realized that I can only invest in coins like bitcoin that have its own community. I spend great time and energy studying bitcoin. I made mistakes and learned my lessons. I gradually become introverted, spending less with my family and friends. I cut myself from the rest of the world. Sometimes I get so lonely and talk to myself. It sounds miserable, like being in a labyrinth, and I am desperate to find a way out.

But I know all these are what I must pay.

Have faith in bitcoin

The inception of Bitcoin helped open a door onto a whole new world for us. It shows that people are actually placing trust in technology. I know that the PBOC is not supportive of bitcoin and the idea of decentralization, but this is just another challenge bitcoin is facing. If bitcoin failed to survive all the tough regulations, you cannot blame the PBOC but bitcoin itself.

COMMENTS(29)

  • nickjohnson
    5 months ago nickjohnson

    I’m removing this as it’s purely trading related, and not even about Ethereum.

    u/8btccom, please refrain from posting articles here that are not Ethereum related, or are purely about trading.

  • digidollar
    5 months ago digidollar

    wow that was the worst thing i have ever read….

  • NigInaFig
    5 months ago NigInaFig

    No return? I get plenty of returns £££

  • Russell-Ziskey
    5 months ago Russell-Ziskey

    I’ve made more trading and investing in cryptos than I’ve ever made trading stocks, options, or futures.

  • aaron0791
    5 months ago aaron0791

    True story man lol

  • mccormack555
    5 months ago mccormack555

    Sorry I don’t agreed. Maybe if you are an amateur quick buck investor.

  • Doofus
    5 months ago Doofus

    A chinese btc holder Da Tou ( if translated literally, menaing” big head) shared his story, saying once you jumped in the world of cryptocurrency, there is no returning back. u spend time and energy, but still can’t figure out what’s going on with the market. It is so complicated and so bizarre. He locked himself at home studying bitcoin all day. http://news.8btc.com/cryptocurrencies-are-sirens-luring-you-to-a-journey-of-no-returnhe said the point of btc is that it helped open a door onto a whole new world for us.

  • Victorycoin
    5 months ago Victorycoin

    Da Tou is certainly not alone, the cryptocurrency world is so complicated one cannot beat their chest and say this is where they are and that is where they going. I think it has to do with the fact the technology is quite diversed and still evolving with many laying claims to it only from their point of interest . 

  • BitcoinHodler
    5 months ago BitcoinHodler

    Quote from: Doofus on Today at 10:51:18 AM
    A chinese btc holder Da Tou ( if translated literally, menaing” big head) shared his story, saying once you jumped in the world of cryptocurrency, there is no returning back. u spend time and energy, but still can’t figure out what’s going on with the market. It is so complicated and so bizarre. He locked himself at home studying bitcoin all day. http://news.8btc.com/cryptocurrencies-are-sirens-luring-you-to-a-journey-of-no-returnhe said the point of btc is that it helped open a door onto a whole new world for us.

    lol, why!it is not really that complicated. i am not saying things are easy to predict or anything but it certainly is not as horrifying as this person is picturing it to be.in fact things can be very easy for different people. for example if you are only a bitcoin user who is using bitcoin for payment then you really don’t care about any of these stuff and you will never find things complicated.or if you are a bitcoinHodler like me, you just buy and hold and stay happy all the time.

  • youdamushi
    5 months ago youdamushi

    Quote from: BitcoinHodler on Today at 12:07:55 PM

    Quote from: Doofus on Today at 10:51:18 AM
    A chinese btc holder Da Tou ( if translated literally, menaing” big head) shared his story, saying once you jumped in the world of cryptocurrency, there is no returning back. u spend time and energy, but still can’t figure out what’s going on with the market. It is so complicated and so bizarre. He locked himself at home studying bitcoin all day. http://news.8btc.com/cryptocurrencies-are-sirens-luring-you-to-a-journey-of-no-returnhe said the point of btc is that it helped open a door onto a whole new world for us.

    lol, why!it is not really that complicated. i am not saying things are easy to predict or anything but it certainly is not as horrifying as this person is picturing it to be.in fact things can be very easy for different people. for example if you are only a bitcoin user who is using bitcoin for payment then you really don’t care about any of these stuff and you will never find things complicated.or if you are a bitcoinHodler like me, you just buy and hold and stay happy all the time.

    Let’s say that it’s not more complicated than the usual forex exchange.But it doesn’t mean it’s not hell on earth for anyone rational because trading is just educated guessing. You got to learn a lot and in the end it doesn’t even matter as one’s would say ^^

  • Slark
    5 months ago Slark

    As I thought it is another brilliant article about sense of cryptocurrecies from http://news.8btc.com/That Chinese news site had history of posting borderline idiotic articles and stories about BTC from semi-legit experts.I remember their trading guide and confessions of a miner or something like that… it was horrible. Treat their news and articles with a grain of salt, always.

  • bitbunnny
    5 months ago bitbunnny

    I could agree, at least with part of it. Once you enter the cryptocurrencies world s whole new horizont opens to you and its hard to get out. Actualy you don’t want to get out because you are discovering new things and advantages all the time and I should say that you become a kind addictive to cryptocurrencies.

  • Kemarit
    5 months ago Kemarit

    Quote from: Doofus on Today at 10:51:18 AM
    A chinese btc holder Da Tou ( if translated literally, menaing” big head) shared his story, saying once you jumped in the world of cryptocurrency, there is no returning back. u spend time and energy, but still can’t figure out what’s going on with the market. It is so complicated and so bizarre. He locked himself at home studying bitcoin all day. http://news.8btc.com/cryptocurrencies-are-sirens-luring-you-to-a-journey-of-no-returnhe said the point of btc is that it helped open a door onto a whole new world for us.

    Yeah, once you are into crypto currency specially bitcoin, you just fell in love with it that you want to read every information about it that you want to be an expert about every subject matter pertaining to bitcoin technology and blockchain. And its like a never ending cycle and its like everyday you learn something new about bitcoin. And I agree that it open a lot of doors and opportunity to the general public regardless you are a student or a professional trader or even big investor or whales. Some even made bitcoin as a income to support their family and to pay bills every month.

  • OliynyK
    5 months ago OliynyK

    Bitcoin gave the opportunity for every to make money if you are a tech savvy and if you are keen on learning new things and i am sure the crypto world has made some millionaires over the years and it might be a journey of no return who are really hooked into your screens as the window of opportunity is immense.

  • mobnepal
    5 months ago mobnepal

    Trading crypto is quite hard job as even a small piece of news/fud/hype can trigger massive market move which can’t be predicted earlier to make safe exit. For example, bitcoin price pumped over 10% overnight today while all alts are red without any news/update. 

  • avikz
    5 months ago avikz

    Quote from: Doofus on Today at 10:51:18 AM
    A chinese btc holder Da Tou ( if translated literally, menaing” big head) shared his story, saying once you jumped in the world of cryptocurrency, there is no returning back. u spend time and energy, but still can’t figure out what’s going on with the market. It is so complicated and so bizarre. He locked himself at home studying bitcoin all day. http://news.8btc.com/cryptocurrencies-are-sirens-luring-you-to-a-journey-of-no-returnhe said the point of btc is that it helped open a door onto a whole new world for us.

    I mean, I can’t find anything bad in it. We all work for money so that we can survive and sustain our life. So if bitcoin is showing us a way to earn money and become financially independent, then I feel being addicted with crypto currency world is far better than drugs. Now if you want to step up the career steps, you need to be smart working guy and you will have to devote the majority of your time to your workplace. Same goes with bitcoin. If you want success, you need to spend time with it. And if you see that there is a lot of potential to become huge, why would anyone return back?

  • coinbrainery
    5 months ago coinbrainery

    Quote from: Doofus on Today at 10:51:18 AM
    A chinese btc holder Da Tou ( if translated literally, menaing” big head) shared his story, saying once you jumped in the world of cryptocurrency, there is no returning back. u spend time and energy, but still can’t figure out what’s going on with the market. It is so complicated and so bizarre. He locked himself at home studying bitcoin all day. http://news.8btc.com/cryptocurrencies-are-sirens-luring-you-to-a-journey-of-no-returnhe said the point of btc is that it helped open a door onto a whole new world for us.

    Its an “okay” article.  Not really of the substance I was hoping for but I do agree with the title of the article itself…. Since I fell down the cryptocurrency rabbit hole, I’ve been chasing after something, I don’t know what, maybe the idea of finding “the one”, but I’m still chasing it.  LOL 

  • zigoter
    5 months ago zigoter

    The uniqueness of Bitcoin Cryptocurrencies Although only digital currency, but can be a means of payment in the real world. Bitcoin is able to penetrate the boundaries of the state. Many people like Bitcoin for being able to pay without credit cards, administration fees and of course without having to comply with regulations in every country – at least to this day.

  • squatz1
    5 months ago squatz1

    I’m going to have to disagree with you so much, even once you’re shown the world of alts you don’t go ahead and convert to them based on the simple narrative of it not being worth it in the least to switch because of the lack of adoption by people and businesses in regard to alts as a whole. So even if you love the tech behind most alts, it’s not going to get you anywhere when you attempt to use that coin as it’s going to be accepted less than Bitcoin which isn’t even accepted much in real life / in person (not on interwebs)Quote from: bitbunnny on May 09, 2017, 11:31:58 AM
    I could agree, at least with part of it. Once you enter the cryptocurrencies world s whole new horizont opens to you and its hard to get out. Actualy you don’t want to get out because you are discovering new things and advantages all the time and I should say that you become a kind addictive to cryptocurrencies.

    False, these new things are wonderful but can’t be used at all like stated above. Though if you’re a trader, you could be using that as a talking point in order to hype the coins up to make some money out of it, it’s a pretty smart thing to do if ya ask me.I’d avoid alt trading though if some readers are wanting to do that, seems like something that is going to pop at some close point due to a number of large investments in cryptos.

  • MingLee
    5 months ago MingLee

    Quote from: Doofus on May 09, 2017, 10:51:18 AM
    A chinese btc holder Da Tou ( if translated literally, menaing” big head) shared his story, saying once you jumped in the world of cryptocurrency, there is no returning back. u spend time and energy, but still can’t figure out what’s going on with the market. It is so complicated and so bizarre. He locked himself at home studying bitcoin all day. http://news.8btc.com/cryptocurrencies-are-sirens-luring-you-to-a-journey-of-no-returnhe said the point of btc is that it helped open a door onto a whole new world for us.
    Cryptos are the ultimate completely (or mostly) unregulated and open market that exists in the world right now, and there is no way anyone can really make sense of them because there are so many things going on that it simply results in no patterns, at least none that are discernible before they happen.Cryptocurrencies are the new gold rush right now, and it’s a great thing in my opinion. I hope it continues to move in the way it has and it would be more interesting to see these trends continue than for anything to change.

  • xuan87
    5 months ago xuan87

    Crypto currency is a new world, there is so many thing still hasn’t been explored and expanded, and it really difficult to try to figure it out because it is very complicated and I never thought bitcoin can growth this big and it really introduce me to a new and better world and I got headache when I try to understand bitcoin deeper

  • Doofus
    5 months ago Doofus

    Quote from: mobnepal on May 09, 2017, 12:45:50 PM
    Trading crypto is quite hard job as even a small piece of news/fud/hype can trigger massive market move which can’t be predicted earlier to make safe exit. For example, bitcoin price pumped over 10% overnight today while all alts are red without any news/update. 
    but it is predicted that segwit will finally be activated in litecoin this Tuesday, so the price is supposed to go up.

  • danherbias07
    5 months ago danherbias07

    Wow that is all true.I dont know why other people are trying to foce it that they know about the market of bitcoin. Just like what he said no one can.It is too complicated and it only depends on the people. How would you know if someone is selling or someone is buying. Maybe only a mind reader can do it.  I dont know the number of hours I have spent in crypto but I know it is long. It is really a one way. No return. 

  • RoommateAgreement
    5 months ago RoommateAgreement

    i don’t know where 8btc finds these people these days, i don’t know if it is a case of lost in translation kind of deal or is it the fact that they are Chinese and only gamble invest in everything instead of making some speculation and analysis.with that said i also disagree about a lot of stuff it said. mostly that this is trading the article talks about and for that you don’t really “get lured in” if you are experienced enough.

  • Sadlife
    5 months ago Sadlife

    Why is it always chinese? Where does 8btc find this people? I agree with the part that you can’t get out in the world of crypto currencyit’s like a whole new world to be discovered and earn this digital currency in many ways Before you know it you’re addicted to it.

  • AGD
    5 months ago AGD

    Quote from: Doofus on May 09, 2017, 10:51:18 AM
    A chinese btc holder Da Tou ( if translated literally, menaing” big head) shared his story, saying once you jumped in the world of cryptocurrency, there is no returning back. u spend time and energy, but still can’t figure out what’s going on with the market. It is so complicated and so bizarre. He locked himself at home studying bitcoin all day. http://news.8btc.com/cryptocurrencies-are-sirens-luring-you-to-a-journey-of-no-returnhe said the point of btc is that it helped open a door onto a whole new world for us.

    Crypto markets are the same as every market: If you want to make money you have to buy low and sell high. Simple as that.

  • Amph
    5 months ago Amph

    Quote from: AGD on Today at 05:26:57 AM

    Quote from: Doofus on May 09, 2017, 10:51:18 AM
    A chinese btc holder Da Tou ( if translated literally, menaing” big head) shared his story, saying once you jumped in the world of cryptocurrency, there is no returning back. u spend time and energy, but still can’t figure out what’s going on with the market. It is so complicated and so bizarre. He locked himself at home studying bitcoin all day. http://news.8btc.com/cryptocurrencies-are-sirens-luring-you-to-a-journey-of-no-returnhe said the point of btc is that it helped open a door onto a whole new world for us.

    Crypto markets are the same as every market: If you want to make money you have to buy low and sell high. Simple as that.

    not really the same as other market, for example you can’t buy cheap stocks like you can with altcoin, and do 100x without any risk basicallyone good example was XCn that was priced at 10 satoshi now 150, with 0.01 which is only $15 or so, i would have made 15x easily, these coins are always bound to increase they are a target from many investorswith stocks and forex you only play on the spread, which is boring

  • Doofus
    5 months ago Doofus

    Quote from: Sadlife on Today at 03:00:57 AM
    Why is it always chinese? Where does 8btc find this people? I agree with the part that you can’t get out in the world of crypto currencyit’s like a whole new world to be discovered and earn this digital currency in many ways Before you know it you’re addicted to it.
    Well I suppose that’s what 8btc do… they report what is going on in the Chinese community. Plus, chinese people are known for their investment appetite, it’s not so difficult to find people sharing their stories. i think it’s nice to get to know other people.

  • iAMdyon
    5 months ago iAMdyon

    Bunch of BS

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