Mishaboar, a popular personality in the Dogecoin shroud, has recently warned newcomers to the crypto sphere about ‘earn’ schemes and keeping crypto funds on such platforms. The Dogecoin community head warns about expensive mistakes to avoid.
His caution comes coupled with analysis of previous bull markets, especially in inducing caution while charting financial operations.
The contributor continued, ‘During the bull run in the previous cycle, people were told not to hold funds on unstable platforms, and they lost a lot!’ FTX, with all its popularity, also failed, meaning large amounts of DOGE and others should not be held on exchanges.
Protecting your Dogecoin: Key Tips on wallet security and investment caution
To Dogecoin holders and traders, Mishaboar advised against keeping big amounts of Dogecoins in hot wallets such as smartphone applications and Telegram bots.
He emphasized that these should not be used for daily trading but for long-term storage, presenting Trezor’s Safe 3 model as reliable and relatively affordable. Mishaboar also had concerns over Ledger’s transition to centralized services, calling for users to exercise prudence.
Mishaboar underscores the importance of self-custody, even discussing such practices as a seed phrase stored offline. While a bit less practical, self-custody is a solid shield against the potential loss of assets or access issues, proving itself as an essential component of protecting the decentralized economy.
The Dogecoin community was warned against engaging in yield exchange schemes because of the dangers and the confusion they bring. As enticing as such scenarios might sound, these and other related programs may contain conditions that may be hard to decipher, making them quite risky.
