Mishaboar, a renowned Dogecoin (DOGE) developer recently took to X to advise crypto enthusiasts on their investment choices.
Dogecoin Dev on Risk Assessment for Investment
According to Mishaboar, crypto is highly volatile and risky. Hence, he advised his followers and the Dogecoin community members to only take on as much risk as they could handle, especially in terms of loss.
While this simple message has constantly been reiterated by different players in the digital asset industry, the DOGE developer noted that it is often forgotten. Based on this, investors get “burnt” by their investments at the end of the day.
Mishaboar does not think anyone should lose sleep over the amount of crypto that they have invested. In his opinion, any individual who is in such a situation could be overexposed. Furthermore, he described crypto investment as “educated gambling,” citing this as a reason why he hardly brings the topic of crypto investment or price to his X account.
Dear Dogecoin, and especially those of you new to crypto:
Crypto is extremely volatile and risky. Do not gamble with more than you can afford to lose.
This 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
However, things are going to change in the coming weeks, per Mishaboar’s post. He promised his followers that he would update them on his observations as time progressed.
He is making this move to sensitize “newbies” who are considering plunging their funds into digital assets. In most cases, these novices would buy and trade coins and tokens without fully understanding the risk/reward ratio.
Oftentimes, the problem comes from the owners of the crypto projects who refuse to disclose the level of risks involved. The Dogecoin developer is attempting to change this narrative as he fears that the newbies might fall prey to the “grifters, criminals, and peddlers’ that make up a significant percentage of the growing industry.
Is Crypto Trading Gambling?
In a follow-up post, he reassured his followers that it was okay to gamble. His only position is for traders to do it responsibly after understanding the risk or reward ratio. Mishaboar also discouraged investing in crypto with the funds set aside for other projects like buying a house and getting an education amongst others.
His X post comes around the time when analyst and Cyber Capital founder Justin Bons tagged Bitcoin (BTC) and memecoin investments as gambling. As a result of his perception and conviction, Bons does not think people who trade memecoins should be referred to as investors.
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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
