Dogecoin developer, Mishaboar has issued a cautionary message to new investors entering into the crypto space. He highlighted the numerous easily forgotten risks in this market, urging crypto enthusiasts to stay educated on investment risks and emphasizing the importance of protecting oneself against avoidable losses. 

Dogecoin Developer Cautions New Investors On Crypto Risks

In an X (formerly Twitter) post on June 16, Mishaboar disclosed the risks associated with cryptocurrency investments, noting that these risks were often underestimated or easily forgotten by novices in the crypto industry. The Dogecoin developer warned that cryptocurrencies were extremely volatile and incredibly risky, advising investors not to “gamble” more funds than they can afford to lose.  “This is a simple message, often repeated, and like many simple messages, easily forgotten,” Mishaboar stated. 

The Dogecoin developer highlighted the psychological impacts of being overly exposed to cryptocurrencies, cautioning that if investors find themselves losing sleep over their crypto investments, it could signify an excessive exposure to these digital assets and the risks they entail. 

He also highlighted a post released by a crypto community member which emphasized the rising influence of grifters, criminals and peddlers in the crypto space. This suggests that the market is not only plagued by volatility and investment risks but also scam attacks that could harm investors and potentially lead to financial losses. 

Mishaboar revealed that he rarely mentions cryptocurrency prices or utilizes digital assets for speculation on his official X account. However, he reiterated his intentions to offer insights into the crypto market in the coming weeks, focusing on the biggest risks encountered by newbie investors, the dangers linked to leveraged and normal crypto trading and the importance of understanding the market’s risk/reward ratio. 

The Dogecoin developer also issued a stark warning of the prevalence of fraud and deception in the crypto space. Given Dogecoin’s significantly large community of users and investors, members of its community are often targeted by malicious crypto scammers who try to trick investors into disclosing personal information that could lead to financial losses. 

Mishaboar’s cautionary message comes at a time when the idea of quick profits continues to attract new investors into the crypto space. He has stressed the significance of understanding the inherent risks and consequences of delving into crypto investments and trades, spreading awareness of these dilemmas to protect investors from potential losses. 

Mishaboar Claims Crypto Investments Are A Form Of Gambling

In his post, Mishaboar likened cryptocurrency trading and investments to a slightly more educated form of gambling. He acknowledged that while crypto enthusiasts can gamble, they should do so responsibly with a clear understanding of the risks and potential consequences for both the investor and their family. 

The Dogecoin developer also emphasized the importance of prioritizing financial needs over speculative investments. He warned against utilizing funds needed for vital expenses, such as education and housing, to invest in cryptocurrencies. 

Featured image created with Dall.E, chart from Tradingview.com