One of the fascinating things about cryptocurrency is how it brings together different people from different backgrounds and histories. There are lots of amazing people in the crypto community, and we appreciate them, but this article is not about them. This article is about the people you need to avoid because they're either red flags, troublemakers, or just "bad vibes".
Here's a list of the 5 types of people to avoid within the crypto community:
The Price Extremists
It's normal to speculate or discuss BTC, ETH and other coin prices as a trader or investor or just an observer. However, a price extremist focuses all their attention and effort on discussing cryptocurrency prices. They typically disregard all other parts of the crypto-blockchain tech ecosystem to focus on what the price is doing or not doing. It would be best if you avoided these people in the community because their views are often blinded by their hyper fixation on pricing. You're not likely to gain anything from engaging with such people unless you're also a price extremist.
Coin maximalists believe in the supremacy of only one coin above others. The most popularly known are the Bitcoin Maximalists. To them, Bitcoin is the answer to everything, and other coins are unnecessary. While everyone is entitled to their opinions, the problem with coin maximalists is that they perpetuate the same gatekeeping thinking that crypto is trying to dismantle. Conversations with maximalists are typically myopic and might leave you with a headache afterwards.
The haters have one main job in the community, and that is to highlight all the lows and negatives that occur in the cryptocurrency space. You never hear from them when the market is doing well, or innovative moves are being made in the crypto ecosystem. They're like those relatives that only remember you exist when there's trouble in your house.
If the persistence of crypto scammers was converted to electricity, it could easily power a small city. Scammers in the crypto community always try to rip people off by either hacking into wallets or pushing pump-and-dump schemes. Knowing how to avoid these people is essential because crypto transactions are irreversible. Once you make a payment, it cannot be stopped or reversed. Read more about crypto scams here.
The Ponzi Pushers
A fundamental piece of advice in trading or investing is to DYOR - Do Your Own Research. This advice must be taken seriously because there are countless Ponzi schemes within the crypto community. Many unscrupulous persons are pushing out crypto, blockchain or defi projects to get rich quick from other people's investments.
There are two kinds of crypto Ponzi pushers - the ones who develop the Ponzi schemes and the traders who invest in every single coin or token without doing research and try to get other traders to invest as well. Avoid both groups if you value your coins and peace of mind. You should also keep this checklist in mind before investing in any coin or token advertised in the community.
The crypto ecosystem would be full of love, light, and genuine intentions in a perfect world. However, the reality is that many people make navigating the community quite exhausting when you interact with them. They can also cause you to lose money or miss out on opportunities.
As a Beninese proverb says - "You must attend to your business with the vendor in the market, and not to the noise of the market."
Disclaimer: This article was written by the writer to provide guidance and understanding of cryptocurrency trading. It is not an exhaustive article and should not be taken as financial advice. Obiex will not be held liable for your investment decisions.