Why ‘set and forget’ is quite bad advice

4 real world examples of why ‘set and forget’- something that has been echoed in this sub since the beginning is a bad way to go about it

1. You buy a bunch of GALA during the 2021 bullrun, thinking it could be the next big thing in crypto gaming. Who can blame you, as GALA promotes things in the works such as a Walking Dead crypto video game, the Sims, their own blockchain among partnering with various celebrities such as snoop dogg for music NFTS. However, GALA recently launched a V2 version of their coin. You must log into your wallet and register to receive this new airdrop by a certain date, or else you V1 coins are completely useless and worthless. Since you chose to set and forget, you have no idea any of this happened. this actually just happened to a poor guy yesterday

2. You buy a bunch of $ALBT during the 2021 bull run. You have been following $QNT for quite some time and think it has potential to follow in its footsteps. However, in February 2023, ALBT is hacked and 110 million coins are gone. The creators quickly create a new token and will be airdropping this to their original users. Again, you have no idea and miss it. You log into your wallet and find that you have $0. this happened to me

3. You buy a lot of Luna during its run. You have almost 200 and are poised to make a huge return. Even Do Kwon bets that the price will be the same or higher even in a bear market. Terra climbs into the top 10 and goes ballistic. Then it depegs. You just lost everything in a matter of 36 hours. If you would’ve known about this sooner, you could have logged in and sold what you had left, even whilst small is a lot better than nothing. You now have 200 worthless tokens in your wallet just gathering dust.

4. You just hit 300 DOT which you are staking at 12% via Voyager and their wallet. You are receiving 4 DOT a month and the hard work is over. You set and forget and plan to log in next bullrun to some huge gains. However, your not up to date with the news and have no idea that Voyager is insolvent. A week and a half goes by and Voyager (even though they tweeted “everything is fine”) stops allowing withdrawals and declares bankruptcy. You missed the window to log in and transfer all assets and now have to wait almost 2 years to get 30% of your hard earned money back.

Things like this happen all the time in crypto. It’s not best to set and forget. I understand that this may only apply to BTC and maybe ETH, but again anything can happen.

Stay up to date with things and even if something does go wrong hopefully you have a small window to set things right.