40 Tried And True Methods To Become “BAGHOLDER” In 2020

BAGS token
Jul 17, 2019 · 12 min read

NEWBIE
“BUY NOW, REGRET LATER”


1. Buy and HOLD just ONE coin you think is SPECIAL

… but this one is SPECIAL. A phrase which we often hear in contexts of human relationship and in cryptocurrency. You might notice your feelings about that ONE unique token are exciting, wild, and contradictory. No token is special enough to be 100% or 80% of your portfolio. Not even Bitcoin.

2. Buy a promise of tokens, that are not even on blockchain

Fiat is a promise, and at least it’s printed on nice paper with a nice head of person usually. Promises from ICO is worse than used toilet paper. As Confucius says: a man who trusts ICO, wakes up with pockets and bags full of vaporware shitcoin.

3.1 Mine coins that are going nowhere and hold them.

3.2 Hold tokens with no long term future

Why are you wasting time on projects you don’t yourself believe? Your time is a deflationary token, don’t spend it on things that are stupid, useless, or both. Pick three projects, join their respective communities, and make your mark on the world.

4. Keep all/big part your coins on one exchange

MtGox lost 80% of coins, Cryptsy took down altcoiners dreams during the NOSQL hype peak, Quadrigga was a scam all along, Cryptopia looks like have been losing tokens for a long time and was covering it up.

Fake Volume is the name of the game in the exchange industry, and beware newbie: exchanges have no scruples — they will list scams and shitcoins without any regrets, as long as the project generates hype some scum somewhere will list it and sell it.

Never keep coins on exchanges for a longer period than necessary and never use exchanges as wallets, that’s just asking to be robbed.

5. Keep all/big part of your coins in one hot wallet

Know the difference between hot and cold wallets and use a simple but predictable number of steps that you carefully tested before you try sending large sums of cryptocurrency.

6. Buy/Sell tokens when too drunk or too high

Self-explanatory really.

7. Spend days filling out forms and retweeting only to receive shitcoin which goes nowhere

Well, you can’t win a lottery if you don’t buy any tickets, so at least you are diversified in shitcoin you have. As always, best to focus on three strong projects and help them grow than to spend a lifetime hopping from one airdrop to another.

TOKEN`NOOOOOO`MICS


8. Tokenomics: high supply, no vesting limit, high team, and adviser bonus

The holy trinity of shitcoin tokenomics in action. It’s no surprise that with every price increase, the team of such a project tries to secretly and slowly dump tokens on the market suppressing the price in the short term and the long term.

9. It’s a utility/payment token…

… in a platform which has no users, very narrow and limited but overhyped to levels which put FYRE festival to shame — utility. No real market product fit, and noone is using except for project creators themselves.

SECURITY: “PRESS F TO WIN”


10.1 Open a BAD link, lose all your coins
10.2 Install random shady: wallet executables, android apps, and chrome extensions

10.3 Plug in unknown USB sticks to your laptop, charge your phone with unknown chargers

Security is hard, blockchain security is like real life “Dark Souls” — a game famous for being unforgiving its players — make one mistake, and all your coin is gone forever. Distribute your coins to 5 wallets, 4 cold(80%) 1 hot(20%), get a cheap second laptop, (or second android phone), put Linux on it and use only for crypto, NEVER operating with more than 20% of your funds at one time.

11.1. Don’t write down 12 words seed key

11.2. Incorrectly write down the 12 words

11.3. Forget password to your encrypted 12 down words

In pretty much all cryptocurrency wallets allow you save your private key by writing it down somewhere on paper or in encrypted archive on a USB disk in multiple locations. If you do this step correctly you can safely sleep at night knowing that at least when your house burns down or gets robbed or raided your private keys are safe.

12. brag to everyone you know and to strangers how much cryptocurrency you hold

“5$ wrench attack” can create a serious amount of bagholders with broken bones.

TRADE — “WILD BOYS”


13. Buy High, Sell LOW

Man is a social creature, and so it’s a natural instinct for man to follow the herd, and the herd usually follows the price. To stay in front of the trend, with the early adopters, you can try keeping a diary which tracks your own expectations and public hype: both with timestamps preferably in separate columns.

14. Hold during the highest of highs

It’s easy to spot the highest of highs when you are looking at the past, try spotting them in future — spoiler alert — it’s quite of ways harder and more like gambling. Fortunately for you, it’s a skill you can practice daily and get better at it. Learning the patterns of human and market behavior is required, and you must test your knowledge empirically. Try not to do it with real money first.

15. Buy ATH

Depending on the maturity of the market, young markets can hit ATH streaks — big buy signal if caught early enough. Mature markets hitting ATH is usually a hard sell.

16. Sell ATL

If you are selling an asset in red, at least like a good fisherman does wait for a good opportunity, little bit of hype and FOMO, are surely a good SELL signal if you are looking to sell an asset with no future. That way after the exit you will at least have some money for your next mistake (statistics is cruel to all equally).

17. Sell BTC/ETH for altcoin/token, without a clear plan of exit back to BTC/ETH

Bitcoin is like an ancient tree upon all of the cryptocurrency ecosystems depends.

There is also some Ethereum bushes growing out in the shadow of this huge tree, but at night hungry ICO/IEO/STO bears roam the bushes and suck all life from those not wise enough to climb the father tree during times of darkness.

18. Never sell parts of token stack to take profits on pumps

Your SELL order should be placed in multiple orders before the pump even begins. Also, a successful cryptocurrency trader will place his BUY’s well before the PUMP starts

19. Never Dollar Cost Averaging when buying

Seriously, if you are still not using it and don’t know what it is, then you deserve to be a bagholder.

20. Buying a big order instantly and moving a price up in low volume markets

Buying NOW from the sell-side instead of placing several orders over a period of time is really just wasting your money away. Be patient and place multiple buy orders, just below the market price, to fill your bags with cheaper tokens.

21. I FOMO’ed….

A good way to know if you can resist FOMO is knowing and having experienced the words behind the acronym. If you still need to google it, it means you will fall for it easily.

To measure the degree of FOMO in your life: if you are making a laundry list of things you will do with your new-found crypto wealth, you have FOMO. Know your distance with respect to the herd and get your head out of FOMO clouds and sell your positions just when the FOMO is most intense. That way you can take profits and even buyback for a lower price and get a bigger share of tokens or after eventual correction comes in.

22. Buy tokens during ICO/IEO/STO craze

We have all been there thinking: wow this token is disrupting a billion-dollar industry, I must get on board… Expect to get REKT by default and if you still want to proceed, try not to spend more than 5% of your risk portfolio on any particular ICO, IEO, STO, even if it’s the industry you are an expert in, and DYOR every possible lead you can on the project 10 times and wait 10 days before you BUY.

23. Diversify your portfolio during ICO, IEO, STO peak

Holding only one coin will lead you to ruin. Holding too many different coins will lead you to ruin. Holding diversified shitcoin, bought at the worst time near ATH, will surely lead to ruin much faster.

24. Buy on celebrity endorsement

If you are 90% sure that the endorsement is still coming at a future date and that this information is limited enough than you can BUY, with a clear plan of exit just after the endorsement. News cycle is in hours and days and weeks, not in months, years. SELL QUICKLY then the time has come and don’t look back with what-ifs.

25. Put your Trust in Technical Analysis

Quite a future predicting machine you have built there using only lines and fantasy. If you found a good opportunity but no TA experts to back up your findings: be sure to check out your local fortune teller, or if those are not available try reading the astrology section of your local newspaper.

26. Use leverage and margin trading, convince your friends and wife to try it too

Gunpoint at the foot, “are you sure you want to continue?” warning comes up, press the trigger, repeat multiple times every time with more leverage aka bigger bullets. Get featured t.me/rektplebs, brag about to your friends.

THE “C” TEAM BUIDLS
PROJECT “SCAPEGOAT”


27.1 Project is promising heaven on/and earth

27.2 Religion/Utopia/Drug/Dentistry infused token turned out to be farts in the bag

Technology can solve some of our structural social problems, but not in the timelines promised by overpromisers ICO, IEO, STO roadmap makers.

The Money Changers in the bible were thrown out of the church by Jesus, so follow his footsteps and throw these ideas of buying such coins out of your mind.

28.1 Project lost its forward momentum

28.2 Team silently fades into the night

Drama attracts people, silently fading into the night is the opposite of drama. How can you pick out projects which will burn brightly, but not crazy brightly, during the darkest of times instead of just fading away like tears in the rain? Usually, the project name is uninventive and annoying enough to give that out, but stay vigilant, “Faders” are experts at camouflage and tricks to fake their activity: fake users, fake Github commits, fake Volume, fake capital raises.

Everything you read in the cryptocurrency industry should be judged as fake by default.

29. Project is solving a problem that doesn’t exist

Are you an industry expert in the industry this token claims to operate? If not, then your best guess is about the current value is mostly random to uninformed. Know your limits and be humble enough to recognize where you are out of your depth.

30. Team exit scams

One telltale signs usually are: exit scammers really love putting up a fake team on the website and focus on exchanges and price too much and not enough on real users and product development. Sometimes it’s better to trust an anonymous team, than a team who gives out a fake vibe. If you get even the smallest suspicion while checking out teams LinkedIn that these people are fake, get out, and never look back.

LIES AND MISCOMMUNICATION WITH A DASH OF EXAGGERATION


31. Buy into in the professionally crafted slow-burning hype

This one is hard to avoid. If someone spent all his life mastering skills to bamboozle people by saying all the right things in all the right ways, pushing all your emotional buttons. If you are not trained in the arts of marketing and persuasion, it might be impossible to resist such manipulations. Try to learn as much marketing as you can to counter the influence and make decisions by writing them down and taking time to discuss it with credible experts, research it on the internet and think about them in terms of second, third-order effects and considering longer periods of time.

32. Buy the token, because you like the name

There are people in the world whose only job is to name things. Such experts at naming things can name a thing so expertly that just hearing a name invokes you emptying all your savings in an instant. Know that such dark wizards exist in the world, and if you are caught in their spiderweb, ask yourself, is this name sounds like the most perfect name for this thing? If the answer is yes, beware, your mind has been captured by the naming wizard. For a quick cure: take a couple of days off cryptocurrency, to cool off, before making a decision.

33. “Cryptocurrency Startup X” Announces Partnership with “Big Corporation Y”

Partnerships? Let’s buy a hosting package and call it a partnership, BING. Probably the most overused way to swindle people during 2017 ICO mania. A TRUE PRO holder learning of such news would rush to drop his bags of “Cryptocurrency Startup X” tokens, without thinking twice: if you have to announce partnerships and can’t come up with better ways to market your product, than you project is dead in the water and sharks are at the end of their pre-dinner circling tradition.

34. Got paid for work in Token which went nowhere

You did your best and still became a bagholder, that’s just life throwing lessons your way, says the man behind the screen slowly typing his life away.

Only 1 in 10 ventures survive and prosper so that it might take a while. If you divide your attention and productive time to three best projects you have chosen before carefully at least triple your chances of hitting a win. Convincing the project to pay part of your salary with your favorite stablecoins, should be possible too.

35. BITCONNEEEEEEEECT

Is it too good to be true? If you answer Yes than usually is some variation of Ponzi. Some tokens don’t even try to hide it.

36. Buy into some of those staking coins. You know … for staking and stuff

The staking or POS (Proof of Stake) is supposed to be a more abstract and better and more portable solution to POW (Proof of Work). It’s a different type of approach to consensus problem, but 90.9% of staking coins are straight-up Ponzi schemes, be EXTRA careful. An empirical experience by the proud holder of the infamous first POS PeerCoin, which due to the moon any day now, for seven years and counting, suggests that there actually be “Nothing at stake”.

37. Buy into a clone of a successful project, just with better tech

Which promises to fix, in their misguided opinion, one critical flaw of a popular cryptocurrency is it Bitcoin or Ethereum. Of course, in reality, such a flaw is not important enough to cause people to switch from the most popular coins, Pretty easy to avoid.

38. Participate in shady Pump and Dumps, without knowing what you are doing

If you are in the telegram group and you are not sure who is getting robbed by this Pump and Dump Group, you can be sure that in 99% of cases the person getting robbed is you.

39. Trust your friend’s advice without DYOR

Your friends can be your worst enemies as the old adage goes. Do you trust your friend enough to be an expert in the industry and in investment advice? I suspect not, so always take time for the advice to “wear off” and then Do Your Own RESEARCH.

40. Never have fun while Trading and Investing

This will surely keep you unhappy and with big emotional unfulfillment bags hanging on you like a cheap suit.

This list is brought to you by the collective knowledge of BAGS token community

Join BAGS Community! and don’t miss all the fun and excitement of the opportunity to upcycle your shitcoin bags into brand new deflationary BAGS token.

BAGS token

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Upcycling Bad Tokens Into Good Tokens

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