A Rubric for Effective Crypto Groups
In cryptocurrency, we can often lose track of all the coins and tokens hatching every month, year after year, along with all the exchanges, paradigms of learning, up and down movements, and our personal daily lives. That being said, it’s commonplace to search out groups to help us be better traders, whether that’s educational tools or to help us find good entries and exits for a trade, and now even the emerging of trading or signal bots.
This article will emphasize one aspect of those groups, which are paid groups. Free groups can certainly be bundled in this, but since your not generally placing money on free groups, you don’t generally have strict guidelines for them since you can just leave the group or mute them. I also want to make a special note that I’m not talking about groups that pump and dumb since those are illegal. I’m simply talking about paid cryptocurrency groups that help you be a better trader.
Order of Importance
Preliminary thoughts about a paid group can be categorized within the following in order of importance:
- Truthful and Verifiable
- Output and Overall Results
- Group Devotion
- Knowledge Base
- Premium Content and Uniqueness
- Grammatical Use
Honestly & Verification
The most important aspect of a paid group without a doubt is honesty and verifiability. If you cannot trust the information you’re receiving, then you have no inherit basis for anything. How do you know your being educated properly in any crypto related content? How do we know we’re not being fed any bias or misdirection? That’s where verification can play in. If, let’s say, we are given a chart with bullish expectations of a coin, we should be able to verify this using tools and resources of our own. Having honestly and verification is a foundation for which all of the other aspects of a paid group rely upon.
Also, groups that are not honest could be prone to shilling coins that they have already accumulated, similar to pump and dumps, but more on the lines of marketing their personal investment. This is one reason why stock traders announce their positions in articles.
In my opinion, a member should never assume trust and always verify week after week about a groups’ integrity. And if you are a group leader you should go out of your way to validate everything you say as long as the data is not sensitive to your business.
This is the usually the front running thought about what a group should be. There are expectations to match that a group should strongly help aid in education or profits for example. This isn’t necessarily to say that you will receive the proper experience you expect, but in order to sign up for group, you must assess your calculated return of exchange for your bill. After all, if I’m paying $100/mo for example but the profits are only 2% per week, that’s a good sign that the results are not worth staying. Furthermore, education is worth paying for its content but if your a good researcher there are massive amounts of reading education for free. I think paying for education is okay as long as it creates an expedited process to obtain that.
This has some small amount of subjectivity, but if your in a paid group, devotion is paramount. If your admins are not available as they should be (and it’s not laid out that they have time off, etc) then the time given is not equal to the expectation. Most groups will have at least two admins and be available most of the time, and if they aren’t they should give times when they are not.
Exclusively and Uniqueness
What does this paid group offer that some don’t? Do they offer charts? Personal consultations? Risk management training? Trading bots? Do they have a financial and crypto background? Do they offer anything that a free group already offers? A good gem in a paid group is offering something unique that other groups don’t. This gives an edge and something to look for.
This is what most people see up front — the price tag. This is very important but I’ve played it lower on the list because this can be too subjective for it’s importance. For example, you may find groups that charge $500, but if they are providing 10x profits every month, then the profits outweigh the costs. Furthermore, if someone is working with a portfolio of $200k, they can afford a higher cost than someone with $200 only. To me, pricing is subjective based off other aspects like honestly, expectations, devotion, and uniqueness. What are they doing to make it worth it?
Another thing to consider is what does the group know about crypto? This could seem like an obvious thing to consider but it’s worth noting that cryptocurrency is a relatively new paradigm. Also worth noting that you need to find a group of knowledgeable people. It is commonplace to see people from previous years simply have a group because they marketed well or just caught the right time of the market — not because of their knowledge.
General Structure (Charts, Chatrooms, etc)
Is the group just one big glob of discussion or is it structured in a way to categorize what you can learn? It’s one thing to provide content but another thing altogether if that content can be contextualized by subject matter. Are their separate conversations for Bitcoin, altcoins, risk management, and so on? A good group will allocate chatrooms to a certain extent (albeit a subjective matter) to help provide better community.
Language barriers are real and thus communication can be difficult, especially since cryptocurrency is a global paradigm and many members, including group leaders, may only speak on language. This is a very overlooked part of groups but it’s worth emphasizing to be on the same page with language. Also to note that the more semantical errors, the harder it is to communicate as you really can’t understand the context or meaning.
And lastly, not to be cheesy, but the quality that you bring to the table also matters. You may be a simple member of the group just learning from scratch or a group leader with three years of experience. The point here is that a group is made up of a community of people and that group as a whole can be better as each individual learns and listens.
About Crypto Otsukimi
Crypto Otsukimi is a Writer and Analyst that is passionate about all things crypto and tech. His formal research experience made it possible to be a self-taught cryptocurrency trader.
Otsukimi focuses a lot on technical and fundamental analysis, with a practical emphasis on how crypto is an ethical step forward in finance and technology.
Some of his background includes professional photography, mobile development and trading bots, and planning humanitarian projects in Southeast Asia.
The Daily Chain – Inform. Educate. Succeed.