Most crypto users have no idea what they are doing
You’re a crypto user, a crypto trader. So most likely, like 90% of the users, you have no idea what you’re doing.
EDIT: I wrote “90%” as a figure of speech, I don’t have data to back this up
What I mean is that most people can’t answer simple questions:
- Are you trading on regulated exchanges?
- What are the fees on the exchanges you use?
- Which countries regulate exchanges?
- Which countries regulate ICOs?
- Which exchanges are regulated?
- What is MtGox?
- Is there anything that makes you think the MtGox story cannot happen again?
- What are the risk associated with trading on unregulated exchanges?
- Is there exchanges that have no fees?
- What is the size of the crypto market compared to the worldwide stock market (difference of 5x, 10x, 100x, 1000x, or more)?
- What does DLT mean?
- What does consensus mean?
- Is blockchain the only DLT? Elaborate please
- What is cold storage?
- What is paper storage?
- What are Ledger and Trezor?
- Is Bitcoin truly private? Why?
- What are the biggest issues with Bitcoin?
- What is Lightning Network?
- What are the biggest issues with Ethereum?
- What is Raiden Network?
- What are some of the differences between an IPO and an ICO?
- What is “The DAO”?
- And so on
These are some of the basic questions that 90% cannot answer to I believe.
Please send this around you.
If you cannot answer these questions, maybe ask yourself if you should carry on trading or if you should take some time to answer all these questions.