In this era of podcasts, blogs, videos and such just about anyone can become an influencer if they hit something at the right time and have a little luck.
This isn’t to say that cream doesn’t rise to the top, but there are plenty of people with just an opinion throwing it out as advice and have gained a cult following to give it credibility.
Who are you taking advice from – should you be?
With so many crypto personalities and influencers out there it is tough to weed through all the crap. However there are some thing we can do to see if someone is worth listening to or just pushing their opinions of an agenda.
Experience (qualifications)
There is something to be said for experience, especially because I truly believe in the statement
- Experience is the best teacher
With that said, has someone who is giving advice on the price action of cryptocurrencies shown a track record of success? How long have they been actively investing in crypto? Is the information they are providing useful to you in a way that it adds value to your decision making or knowledge base?
Actions Speak Louder Than Words
An influencer that is spouting out a particular piece of advice, or even a specific call, are they acting on it as well or actually doing something different? It happens more often than you think.
Simple But Worth Pointing Out
These things seem obvious but we are emotional creatures and get caught up in hype and propaganda and the reality is it works. I know that if I was more outlandish and over the top I would get more eyeballs on my stuff.
But, after looking back on things like Bitconnect and obvious sh*t coins that were nothing but an ICO pump and dump it is good to remind people to pay attention to who and what they are listening too.
THERE IS ALWAYS UPSIDE AND DOWNSIDE RISK TO ANYTHING YOU INVEST IN.
