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A solution for the main reason why people lose money in dealing with crypto

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Doesn't Matter Never Mind

Doesn't Matter Never Mind Sep 19, 2021

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The number one reason retail investors lose money with crypto is overtrading. One solution is throwing everything off your smartphone. But another tool could be a voluntary Lock-mode feature inside your crypto wallet. I've proposed the idea to a team that developing a wallet as we speak. The reaction from the community was overwhelmingly positive. Almost everybody on the channel said it would have saved them money at one point or another. It's so basic, I find it hard to believe that no one has come up with it, but I haven't found anything like it as of yet. The team said they'd consider it but that it would involve writing smart contracts etc. And since they're working on the first private custodial crypto Wallet their focus is elsewhere at the moment. 

The Lock Mode would have three features. The basic setting would be that you're able to override it with your seed phrase. I don't know yet whether an option where you cant override your decision would be desirable. 

Time Lock: Your chosen coins/token get locked up til the date (hour) you've selected. 

Price Lock: Your chosen coins/token get locked up til a pre-selected price is reached.

Cool off Lock: If you want to access your chosen coins/token you'll have to wait for a pre-selected cool off period (m. h. d.) to access them.

cryptocurrency trading

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Earning options and Stakings

jnikola

jnikola Sep 19, 2021

Hi! I really like crypto sessions and I like your idea.

It would be nice to have the kind of a "lock" you proposed. I think especially the Price Lock option seems really cool and could help people from overtrading.
At the moment, when I want to stop myself from reacting to minor changes in price, I put my crypto in one of the many earning pools or stakings available. That way, (especially in Locked staking) I lock the desired amount for a certain period (3 months) and just forget about it. That way, my amount is far from my fast-reacting hand, plus I earn some money. Maybe that can help.

On the other hand, your idea should be smartly developed because what if you lock your crypto in Price lock, and the crypto never reaches the desired price? Also, what would be the advantage of your idea compared to the stakings and earning options?

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