I don’t know whether crypto is a scam or not but maybe there’s something we can say about the traders who are getting into it.
There are some serious exceptions, but it seems very few crypto traders have been successful forex private retail traders. It seems that most of the private retail crypto traders are the same sort of people who fail at forex and either blow up a string of $500 dollar accounts and then disappear shouting about scams and stop-hunting, or the get-rich quick group who actively seek out what look like scams, Ponzi schemes, over-priced training courses, ultra-high-leverage brokers and tiny new start-up companies pretending to be forex brokers on a hot sandy island somewhere.
Of course, its possible this is a financially discerning group of wily speculators and smooth operators. But I won’t be joining them.
If you like, its like choosing a car. Sure, the Subaru Impreza might be an excellent piece of engineering: I know nothing about engineering. But I recognise a chav when I see him and nobody else buys these.
If you’re going to pick one pick BTC purely because of all of them it behaves the most like traditional forex (but not the same) and so you have a better foundation to learn from.
My advice is to be patient until the crypto winter gets over. Bitcoin and Ethereum are still safe bets. Every financial market is going through the same crisis at this point. Traders can always find opportunities for profits if they look closely.
To all the traders who have entered the crypto market in this period of crash, I’d say don’t lose your confidence. It is common for the crypto market to go through such crashes and then soon come back to a bullish run. Take advantage of the market and trade off the high volatility. Or, you can use the low prices to buy cryptos. You should remember that as traders, you have to learn how to bend your strategies and take advantage of the market movements, no matter in which direction it flows.