DeFi
Dogecoin developer warns against crypto gambling
Mishaboar, a Dogecoin developer, has commented on the harsh truths about crypto investing. Taking advantage of X (formerly Twitter), the developer urged the meme-coin community to understand the risk involved.
“Crypto is extremely volatile and risky,” Mishaboar clearly stated, advising investors to never bet more than they can afford to lose. While giving sound advice, the developer lamented how often this basic principle is often ignored, especially by “newbies”, leaving traders “burned” when their bets fail.
Dear Dogecoin, and especially those of you new to crypto:
Crypto is extremely volatile and risky. Don’t play with more than you can afford to lose.
It is a simple message, often repeated and, like many simple messages, easily forgotten.
If the amount of crypto you are…
– Mishaboar (@mishaboar) June 16, 2024
Mishaboar stressed that no one should lose sleep over their crypto holdings, calling such scenarios clear signs of “overexposure.” Calling the space “educated play,” he pledged to start using his X platform to educate “newbies” to real risks and rewards.
The developer fears that too many new market entrants are being misled by “scammers, criminals and hucksters” who downplay or hide the dangers. Mishaboar’s response to this was for people to tell the truth about crypto investing in order to protect new investors from going bankrupt while researching meme coins and other get-rich-quick crypto schemes.
While acknowledging that it is okay to gamble, Mishaboar implored traders to be responsible. Funds intended for essentials like home and education should not be used to gamble on cryptocurrencies.
Read also: Malaysian authorities crack down on tax-dodging crypto traders