Got lost in the abundance of information about Bitcoin, digital currency, blockchain technology!? IneChain rating will help you to easily identify different news from different media sources, - so you can get the full picture and choose the right way to making money! Still not a millionaire?;)
Fast and Trusted reading best crypto news online at inEchain feed!
Cardano Craziness Proves We Need to Kill Some Sacred Cows
Because we’re talking about cryptocurrencies generally and Cardano (CCC:ADA-USD) specifically, by the time you read this, the paradigm could have changed dramatically. Contrary to some misunderstandings about how the internet publishing industry works, I as an independent freelance contributor do not dictate the publishing schedule of InvestorPlace.
Also as an independent voice, nobody dictates to me what I should or should not write. Again, contrary to misunderstandings, I am not beholden to a hedge fund or to any other influencing agent other than my own genuine opinions. I’m grateful for this leeway because it allows me to present my own thoughts, even if they go against the opinions of others.
What I’m about to say next is controversial but it has to be said if you have any hope at all of growing as an investor and most importantly, as a person: the Cardano craze has proven to us that we must be willing to kill sacred cows.
This is particularly important in the investing realm of the blockchain. Whether we’re talking about Cardano or any other cryptocurrency, we must separate the technology from the speculation. Otherwise, you’re going to end up becoming an unwitting victim of a scatological experiment.
Because I’ll tell you something – excrement has the same putrid odor, whether it’s decentralized or not.
As you might guess, I’m upset but you’re also right to wonder why. On Sept. 8, in my weekly crypto gallery update, I stated the following: “For anyone remotely interested in cryptos, Cardano’s current circumstance is a massive gut check. And for full disclosure, I recently sold a significant amount of ADA-USD as I fear prices may be headed lower.”
7 Growth Stocks to Buy Now for Their Millionaire-Maker Potential
I got out, yes, but so many HODL’d (held on for dear life) for no good reason. And that reason is giving us all a bad name.
Cardano Like Any Crypto Is Speculation
I’m an idiot.
Yes, I embrace that identity because in all bluntness, the one thing that is true in this life is the more you think you know, the less you actually do. That’s why if you get anything out of this article, forget anything I said about Cardano and HODL this truth: beware the expert.
This sounds contradictory because I’ve appeared on international cable news programs as a guest expert. Listen, this is all just part of the marketing game that every business in the world plays. It’s like commercials in football games. It stinks but without those commercials, you’d have to buy $800 tickets to watch the matchups.
But the difference between me and the self-appointed crypto gurus that litter YouTube and other social media platforms is that I don’t believe in my own nonsense. I’m a student of the markets and I’ll be a student forever because no one – and I mean absolutely no one except the Lord himself – is the sole authority of human emotions and speculation.
Back when I was working at Sony (NYSE:SONY), a colleague of mine remarked that with the 4GB flash memory card, someone can store a lifetime of photos. He was correct but only in a defined paradigm where technology never pushes us past 720P resolution.
We’re way beyond that which brings me back to my earlier point: an expert, especially a crypto expert, is like someone trying to sell you a 4GB flash memory card today for a low, low price of only five monthly installments of $99.99.
In other words, experts are only that because they’ve boxed in their paradigm. In the case of Cardano, a paradigm where ADA-USD trades for $10 a pop or whatever is the fancy upside target.
It could happen but here’s the thing: where were the experts warning about the big crash before Sept. 20?
A Sector Gone Mad
So, here’s why I’m upset. As of this writing, I have a clear opportunity to buy Cardano at a 15% discount from the time that I sold a chunk of my position. It’s not jealousy of missing out that drives my anger but rather that the masses give too much credence to woefully unqualified “experts.”
Then again, I guess it is jealousy!
Prior to the recent crash, there weren’t too many people advocating what I was talking about – selling Cardano before its technical posture got too ugly. Instead, the experts were aimlessly reciting the mantras in their isolated silos where cryptos should only be HODL’d, never sold to advantage overbought conditions.
Like I said, I don’t have all the answers. Frankly, I’m in the same boat you are, navigating the madness of the markets. Love me or hate me, I’ll tell you one thing. If I don’t feel comfortable about something, I’m going to let you know.
That way, you too can have your 15% discount and perhaps a shade more respect for those who are genuinely trying to do a good job for our audience.
On the date of publication, Josh Enomoto held a LONG position in ADA and SONY. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. Over the past several years, he has delivered unique, critical insights for the investment markets, as well as various other industries including legal, construction management, and healthcare.
Article printed from InvestorPlace Media, acred-cows/.
©2021 InvestorPlace Media, LLC