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Ever since the Cambridge Analytica massacre opened our eyes to the perils of <keyword id="6354632" type="UNKNOWN" weightage="20" keywordseo="social-media">social media</keyword>, many have yearned to quit these platforms. We all have at least one friend that told us to #DeleteFacebook or delete <keyword id="6354616" type="UNKNOWN" weightage="20" keywordseo="Twitter">Twitter</keyword>, Instagram and so on. But what if you were actually paid to be active on social media? No, this is not a story on influencer marketing. Rather, it's a story about a comparatively lesser-known platform, called <keyword id="3000705" type="PERSON" weightage="20" keywordseo="VoxWeb">VoxWeb</keyword>. The Singapore-based company had earlier <a href="https://www.businessinsider.in/this-social-network-wants-to-pay-you-for-sharing-your-data/articleshow/63762333.cms" data-type="tilCustomLink">announced</a> a plan to pay its users for using their personal data. VoxWeb also promises its users never to serve targeted advertising. Now, the platform is shedding a little more light on how it plans to do so. The answer is in something that's as much of a buzzword today as social media itself - <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword>. The platform, which is two million users strong at the moment, is going to announce its own cryptocurrency, called <keyword id="6580017" type="UNKNOWN" weightage="20" keywordseo="vollar">Vollar</keyword>. While Vollar is similar to any cryptocurrency out there, it differs in two important aspects. For one, the first 50 million adopters of Vollar can earn the currency simply by being active on VoxWeb, though there will be an upper limit. That essentially means your social behaviour acts as a miner for earning the currency. VoxWeb's Founder and CEO, Yash Mishra, says they might even consider increasing the number to 100 million users later. Second, Mishra says Vollar is different in how its currency/monetary policy has been formulated. The currency policy is how a crypto provider manages the volatility of his/her currency. Mishra says VoxWeb's policies can ensure that Vollar doesn't fluctuate as much as <keyword id="6354947" type="UNKNOWN" weightage="20" keywordseo="bitcoin">Bitcoin</keyword>, Ethereum, Ripple and other currencies do. Vollar will initially be part of the VoxWeb platform, where it will be used to "build e-commerce and fintech based revenue streams". However, it will eventually be sold on coin exchanges etc. So, users will one day be able to buy Vollar for cash or perhaps exchange other cryptocurrencies for Vollar. While Mishra doesn't explicitly say so, the move is obviously an effort at providing a hook. VoxWeb plans to disseminate the currency to 50 million early adopters. With two million users on the platform, that theoretically means all of VoxWeb's current users will have the chance to make some crypto cash. And more users might come onboard because they are essentially being paid for it. As a platform, VoxWeb is similar to Instagram. But instead of photos only, it lets you add a voice clip to the pictures. Being the creator of the currency, VoxWeb will create the <keyword id="6355684" type="PERSON" weightage="20" keywordseo="Blockchain">blockchain</keyword> it needs. And as crypto works, it will earn Vollar itself when transactions are done by users. If the coin's price appreciates in future, VoxWeb could be sitting on a goldmine of a revenue stream.

EXCLUSIVE: What if being active on social media could earn you cryptocurrency?

<ul class="summary-list"><li>Alabama Representative <keyword id="11591625" type="UNKNOWN" weightage="60" keywordseo="barry-moore">Barry Moore</keyword> recently scooped up <keyword id="1985091" type="PERSON" weightage="60" keywordseo="dogecoin">dogecoin</keyword>, <keyword id="6709758" type="UNKNOWN" weightage="60" keywordseo="Ether">ether</keyword>, and <keyword id="5294933" type="PERSON" weightage="60" keywordseo="cardano">cardano</keyword>, filings show.</li><li>Prices of the three cryptos are trading lower than when Moore bought them.</li><li>Moore bought between $1,000 and $15,000 of dogecoin on June 13, when the meme token was 58% off it's all-time-high.<a href="https://www.businessinsider.com/?hprecirc-bullet"></a></li></ul>Alabama Representative Barry Moore recently scooped up dogecoin, ether, and cardano amid a dip in some of the cryptocurrencies' prices, <a href="https://disclosures-clerk.house.gov/public_disc/ptr-pdfs/2021/20018999.pdf">trading disclosure filings</a> show. According to disclosures filed with the clerk of the House of Representatives on July, Moore scooped up between $1,000 and $15,000 of <keyword id="1990795" type="PERSON" weightage="60" keywordseo="doge">doge</keyword> on June 13. Dogecoin traded between $0.3079 and $0.33 June 13, about 58% lower than its all-time-high in May. The meme token is hovering around $0.23, meaning Moore hasn't reaped any gains yet. The Republican congressman also bought between $1,000-$15,000 of Ether (misspelled as Etherium in the filings) on May 5. The token traded around $3,200 that day, significantly higher than current prices but still about $1,000 lower than the coin's all-time high. Moore also made three purchases of cardano on May 10, 11, and 13, each with a range of $1,000 to $15,000 per buy. Cardano is currently down 27% from the highest point on May 13.In total, the Congressman bought between $5,000 and $75,000 of cryptocurrency from these filings. The congressman is required to disclosure these trades under the "Stop Trading On Congressional Knowledge Act."

An Alabama Congressman bought the dip in dogecoin and piled into ether and cardano amid crypto market volatility

<ul class="summary-list"><li>There are many new terms and acronyms that have developed around <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> and <keyword id="11901075" type="UNKNOWN" weightage="60" keywordseo="nfts" source="Orion">NFTs</keyword>. </li><li>For example, a PFP project is a profile picture project like Bored Ape Yacht Club. HODL means not selling.</li></ul>If you're inexperienced with NFTS, some terms may be confusing.I'm a full-time YouTuber focused on demystifying all things Web3, but when I was first learning about the Web3 space, it seemed like people were speaking a different language.Sharding? Rugpull? WAGMI? The jargon was a lot to absorb.So after scouring the internet for hours looking for answers, I pulled together a list of Web3 definitions so that even the most tech-averse folks can understand.<h2>Here are 50 terms you should know </h2><ol><li>Airdrop: To send someone free crypto things such as NFTs or tokens. This has nothing to do with Apple's airdrop feature. Sometimes airdropping gives NFT holders something special. But usually airdropping is for giveaways or a sketchy marketing tactic. </li><li>Alpha: This is another term for "insider information." If someone has "alpha," they have information the rest of the market hasn't found out about yet. </li><li>Ape in: To invest a lot of money into a new cryptocurrency or NFT project without doing the proper research first. It comes from the "apes together strong" meme. </li><li>Bearish: The belief that a project is going to lose value over time. </li><li>Blockchain: A type of database. Information is stored in groups (blocks) that can't be changed after they're created. The entire group of groups (chain of blocks = blockchain) is copied across many different computers so the data is public and safe.</li><li>Blue chip: As close to a "reliable" investment as you can get in the NFT space. These NFT projects are well-known and generally perceived as having a high value. Bored Ape Yacht Club, CryptoPunks, World of Women are considered bluechips. </li><li>Bullish: The belief that a project is going to gain value over time. </li><li>Coinbase: A popular platform to buy and sell crypto. </li><li>Crypto wallet: A place (app or physical item) where you can keep your crypto holdings (NFTs, Ethereum, etc.) A wallet is necessary to buy things (NFTs) with crypto. Some popular wallets are Coinbase Wallet and MetaMask.</li><li>Crypto wallet address: A public address you can give people so they can send crypto/NFTs to you. Usually it's a long alphanumeric string, but you can also purchase a shorter domain name if you want. For example, mine is aprilynne.eth. </li><li>Decentralized: Power is spread across many people instead of a through a single person. </li><li><keyword id="12561214" type="UNKNOWN" weightage="60" keywordseo="dao" source="Orion">DAO</keyword>: Short for "decentralized autonomous organization." This group's members votes are automatically tallied and used to decide on things. Sometimes actions are automatically taken. The code for all automatic actions are publicly available so everyone can make sure things are run correctly. </li><li>DAPP: Short for "decentralized application," it's an app built on the blockchain. Instead of data being collected/manipulated/sold by Big Brother (*cough, cough, Meta*), all data is stored publicly on the blockchain. </li><li>DEFI: Short for "decentralized finance." It basically means banking but without the fees/approvals for transactions and loans. You can lend, trade, and borrow crypto through public code that automatically stores/verifies transactions. </li><li>Diamond hands: Holding onto a high-risk NFT despite the pressure to sell. Sometimes people use this as justification when an NFT of theirs starts dropping in value. It originates from "diamonds are created under pressure."</li><li>Doxxed: When the true identities of a team behind an NFT project are revealed. Usually used to build credibility in a project.</li><li>Drop: The initial launch of a new collection or project.</li><li>DYOR: Short for "do your own research." This is a disclaimer, and honestly pretty good advice,often added to the end of an opinion on an NFT project. Its pronounced like Dior the brand. </li><li>DOT ETH (.eth): A personal crypto wallet address someone can purchase. For example, my Ethereum wallet address is aprilynne.eth. </li><li>Ethereum: A popular blockchain used for NFTs often criticized for its slow, expensive transactions. Also home of Ether (ETH), the second most popular cryptocurrency. </li><li>Flip: Buying an NFT and selling it quickly rather than holding it with the intent to try to make immediate profits. It's a pretty common yet risky strategy. </li><li>Floor: The NFTs at the floor price of a collection. </li><li>Floor price: The lowest market price for NFTs within a collection. Often used as a rule-of-thumb measure of the value of an NFT project. </li><li>Floor sweep: When someone buys all of the NFTs of a collection at the floor price. Buyers can do this because they believe in the project. Sellers can do this to artificially inflate the floor price of the NFT collection. </li><li>FOMO: Short for "fear of missing out." It's an emotional factor that drives someone to irrationally buy into a project. </li><li>FUD: Short for "fear, uncertainty, doubt" and is used to express concerns about the legitimacy/value of an NFT project. For example, someone can come into an NFT Discord server and spread FUD.</li><li>Gas fee: Basically a transaction fee for crypto (Ethereum) transactions. The busier the Ethereum network, the more expensive the gas fee. This is one of the most complained-about feature of the Ethereum network. </li><li>GM: Short for "good morning," it's a popular greeting on NFT Twitter. It signals that someone is online. </li><li>HODL: A misspelling of "hold" that caught on and earned the acronym "hold on (for) dear life." The term signals that someone is not selling, despite potential volatility and uncertainty. </li><li>LFG: Short for "let's fucking go." Usually used to hype up an NFT project. </li><li>Marketplace: A platform for buying and selling NFTs. Popular NFT marketplaces include OpenSea, Rarible, and Magic Eden. </li><li>MetaMask: A popular crypto wallet. MetaMask has a logo that looks like a fox. </li><li>Metaverse: A virtual world where you have an avatar and you can buy things, play games, and even build businesses. Many different companies (*cough, cough, Meta*) are trying to make a metaverse that "wins" and will become mainstream. </li><li>Minting: Taking a digital asset and putting it onto the blockchain to create an NFT. </li><li>Mooning: Describes the trend when numbers go up. It means growing in price very quickly. </li><li>NGMI: Short for "not gonna make it." It's used to roast people and projects that won't last long in the NFT space. </li><li>OpenSea: A popular NFT marketplace. Currently only supporting NFTs on the Etherium and Polygon blockchains.</li><li>Paper hands: Selling NFTs under pressure. Usually used by "diamond hands" as a roast against people who actually sell. </li><li>PFP project: Short for "profile picture project." These are collections launched with the intent of being avatars that people can use as their Twitter profile picture to flex ownership. </li><li>Polygon: A blockchain used for NFTs that's popular for its lack of gas fees. Technically built on top of Ethereum. </li><li>Pump and dump: A nefarious scheme to artificially "pump" (drive up) the price of an NFT project before selling everything at once, effectively "dumping" the price while making a profit. </li><li>P2E: Short for "pay to earn." You get paid in crypto/NFTs for playing certain kinds of games.</li><li>Road map: A public general plan for an NFT project. Usually gives insight into the timeline and the <keyword id="12326608" type="UNKNOWN" weightage="60" keywordseo="utility" source="Orion">utility</keyword> of the project. </li><li>Rugpull: An NFT project gone wrong. People lie about an NFT project in order to lure others into buying in. Once they've collected the money, they abandon the project, leave with the cash, and everyone is left sad and broke. </li><li>Sharding: Breaking down a single NFT into smaller pieces, or shards so a group of people can buy and own an NFT that is otherwise too expensive to be bought in its entirety. </li><li>Solana: A popular blockchain for NFTs known for its cheap, fast transactions. </li><li>Smart contract: Public code attached to an NFT that runs by itself. Usually how the utility of an NFT is enforced. Useful because you don't have to trust the individual behind a project — you just need to trust the code that you can see and verify yourself.</li><li>Staking: A way to earn passive income by locking up your NFTs on the blockchain for a period of time. You can earn rewards for this in the form of crypto. </li><li>To the moon: A celebratory term used when prices of an NFT project are going up and up. </li><li>Utility: Underlying value of an NFT. Utility is the perks, products, services, benefits, or rights associated with owning an NFT. For example, some NFTS come with 30% off of future products, membership to a private fund, access to an online course, access to private events, or copyright rights to a brand.</li></ol>Aprilynne Alter is an NFT YouTuber and startup founder.

50 cryptocurrency and NFT terms you need to know

<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div><ul><li>Twitter will now automatically lock any non-verified account which changes its display name to Elon Musk.</li><li>This is an effort to combat a recent proliferation of cryptocurrency scam-bots, which target the replies under Musk's tweets.</li><li>Any user who can authenticate their account will be allowed to retain the name Elon Musk.</li></ul> Twitter has started locking any unverified accounts that change their name to Elon Musk in an effort to combat a rash of cryptocurrency scammers.<a href="https://www.theverge.com/2018/7/24/17610348/twitter-elon-musk-display-name-change-lock-account-crypto-scams">According to the Verge</a>, any unverified account without an associated phone number will be immediately locked out if it changes its display name to Elon Musk. To regain access, the user will have to do a CAPTCHA (typing) test and provide a phone number.This new measure is to combat a rash of spambots, which have been hijacking replies to Elon Musk's tweets. The bots bear Elon Musk's display name and profile picture, but their handles are different. One such example is the Elom Tusk account, <a href="https://metro.co.uk/2018/07/18/fake-elon-using-musks-pedo-apology-steal-victims-cash-7729015/">which purported to be giving away free cryptocurrency</a>.Musk himself was aware of the bots abounding in his replies.As bots are the primary focus of the crackdown, anyone who can prove the authenticity of their account is allowed to keep the name Elon Musk.A Twitter spokesman told Business Insider: "As part of our continuing efforts to combat spam and malicious activity on our service, we're testing new measures to challenge accounts that use terms commonly associated with spam campaigns. We are continually refining these detections based on changes in spammy activity."Business Insider has contacted Tesla for comment.<div></div><div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/pepper-humanoid-robot-interview-softbank-robotics-2018-7">We interviewed Pepper - the humanoid robot</a></h3> <div> </div> </div></hr>

Twitter is locking accounts posing as Elon Musk in an effort to fight cryptocurrency scams

<ul class="summary-list"><li>Influencers are tying themselves to cryptocurrencies and their exchanges amid a crypto boom.</li><li><keyword id="9054776" type="UNKNOWN" weightage="60" keywordseo="charli-damelio">Charli D'Amelio</keyword>, Jake Paul, and <keyword id="9097926" type="UNKNOWN" weightage="60" keywordseo="mrbeast">MrBeast</keyword> have endorsed crypto exchanges or currencies.</li><li>Cryptocurrency investment can be risky, potentially causing investors to lose what they put in. </li></ul>On Wednesday, the D'Amelio family posted a picture on their <a href="https://www.instagram.com/p/COgLlQFBQsx/">Instagram</a> thanking cryptocurrency app Gemini for "Charli's birthday gift."As part of a partnership deal, the company gave the parents of Charli D'Amelio, who has over 114 million followers on TikTok, an undisclosed amount of Bitcoin, according to a Gemini spokesperson. The app regularly works with the "influencer community," the Gemini spokesperson said, "to help educate their followers about cryptocurrency and promote the Gemini brand."The sponsored gift for the TikTok star's 17th birthday didn't appear to come as a surprise. On April 30, Marc, the patriarch of the <a href="https://twitter.com/marcdamelio/status/1388013269722419203">D'Amelio clan, tweeted,</a> "Charli wants a Bitcoin for her birthday," despite Charli not being old enough to trade on the Gemini app, according to its terms of service. When a Twitter user questioned if the teen actually wanted crypto as a birthday present, <a href="https://twitter.com/marcdamelio/status/1388014283800276994">Marc responded</a> that she's "been asking for a Bitcoin all day."Cryptocurrencies, or virtual tokens that can be mined by computers completing complex algorithms, have a total market capitalization of <a href="https://coinmarketcap.com/">$2.4 trillion</a>. Their values and name recognition are largely growing, in part, thanks to online promotions. The price of these coins can fluctuate wildly, sometimes for no discernable reason, making huge losses possible. Influencers from all corners of social media have capitalized on the growing industry around cryptocurrency, despite its volatility.<h2>Creators are pushing what some label 'scam coins' </h2>Influencers have leveraged their relationships with viewers to promote cryptocurrencies, and it's usually not entirely clear what financial incentives are at play in these promotions. According to <a href="https://www.businessinsider.com/generation-z-banking-fintech-payments-social-media-growth-customers-2021-2">Insider Intelligence</a>, Gen Z (people born between 1998 and 2016) will be the largest US consumer market by 2026, with 82 million people. Appealing to that demographic with influencers and the parasocial relationship that they build can allow crypto ventures to expand their reach. 22-year-old social media star Tana Mongeau recently posted a sponsored Instagram post promoting the "Tits Coin" ($TITS), a decentralized finance token that started in 2014 that gives 5% of its liquidity pool (a collection of coins stored to facilitate decentralized trading) to breast cancer research.On March 31, Daniel Keem, host of YouTube's DramaAlert channel with 5.8 million subscribers, tweeted a brief promotion of SafeMoon, a new online currency that <a href="https://www.thesun.co.uk/money/14692373/what-is-safemoon/">launched earlier that month.</a> Throughout April, Keem tweeted about the coin nearly two dozen times, showing off its rise in price and helping the decentralized finance token to trend on social media. It rose from one ten-millionth of a cent to one ten-thousandth of a cent mid-month.Others also started to support the coin on social media, including rapper Lil Yatchy and Backstreet Boys member Nick Carter.Other influencers like Jake Paul, the controversial YouTuber and boxer who has 20 million subscribers, <a href="https://twitter.com/jakepaul/status/1375868696980123649?lang=en">have backed Safemoon on Twitter.</a> Paul has been a staunch supporter of cryptos like Dogecoin and Bitcoin, and <a href="https://www.forbes.com/sites/billybambrough/2021/02/17/exclusive-youtube-star-jake-paul-discussed-creating-own-cryptocurrency-as-bitcoin-and-dogecoin-mania-spreads/?sh=7cc26ed71b21">told Forbes in February</a> that crypto is "the future...I'm speaking with my friends constantly about it. We're just scratching the surface.""These tokens have zero purpose, aside from making early speculators and themselves rich, as the token itself won't be used for anything," <a href="https://www.vice.com/en/article/4avd8p/safemoon-cryptocurrency-made-people-millions">trader Michaël van de Poppe told Vice in May about Safemoon.</a>"It's the flip-side of everything that the cryptocurrency ecosystem tries to achieve."Keem has also pushed other volatile cryptocurrencies like XRP and Bonfire. He tweeted that he is "not a financial advisor" and that you should "not take any financial advice" from him. Jimmy Donaldson, known as the philanthropic YouTuber MrBeast who has over 60 million subscribers, is an investor in "Refinable," a non-fungible token (NFT) company that sells tokens to fund transactions and is even featured on the <a href="https://refinable.com/">site's home page</a>.Other YouTubers started to endorse the coin, with the 116,000-subscriber channel My Financial Friend posting a video titled, "The Next 100x Altcoin?! Why I'm Buying The Refinable FINE Token Tomorrow!"The launch of Refinable did not go as expected. The coin was supposed to launch at $.033 but the price skyrocketed almost immediately to $8 due to "severe congestion" on Binance's trading platform, BSC. Over the next few hours, the price dropped drastically, hitting a low of $1.82. Those that invested immediately responded to Chan, frustrated with losing money. "People lost a lot of money and that's something that happens," My Financial Friend said in a follow-up video. "Everyone on YouTube and the media can say it will be great… but there is a high level of risk with these things." <h2>Cryptocurrency prices have recently surged alongside social media promotions</h2>Traditional celebrities and popular online figures played a significant role in getting the crypto hysteria rolling, using their audience in a similar vein as influencers do.When Tesla CEO Elon Musk changed his Twitter bio to "#bitcoin" in January, the coin's price jumped <a href="https://www.forbes.com/sites/ronshevlin/2021/02/21/how-elon-musk-moves-the-price-of-bitcoin-with-his-twitter-activity/?sh=3e88490e5d27">$6,000 in one hour.</a> In February, Tesla started accepting <a href="https://www.cnbc.com/2021/02/08/tesla-buys-1point5-billion-in-bitcoin.html">Bitcoin as payment for their cars</a> while investing $1.5 billion into the coin. Musk had a similar effect on <a href="https://markets.businessinsider.com/currencies/news/elon-musk-dogecoin-community-appointed-ceo-novogratz-galaxy-digital-2019-2021-5-1030389572">Dogecoin</a>, the cryptocurrency based on the meme of a Shiba Inu popular nearly a decade ago. Musk's first reference to <a href="https://twitter.com/elonmusk/status/1340590280848908288">doge came in December 2020</a> and since then he's mentioned it over a dozen times, calling it the <a href="https://twitter.com/elonmusk/status/1357241340313141249">"people's crypto."</a> Soon, other content creators started to push Doge, like Mia Khalifa who shared she was buying Dogecoin in January. Since then, the value of a single Dogecoin has risen over 1,000% and created a string of copycat cryptos to capitalize on the trend. Bitcoin, and other cryptos like Etherium, have a limited amount of pieces that can be created before the supply is gone. Alt options like Dogecoin can be mined forever without running out, making its value appealing to those willing to invest in an idea or meme that doesn't have as much intrinsic value.This follows the wave of hysteria around the rise in the price of <a href="https://markets.businessinsider.com/news/stocks/dogecoin-price-rally-like-gamestop-social-media-cryptocurrencies-celebrity-2021-5-1030395377">Gamestop stock</a> earlier this year, which was caused by Reddit users. <h2>Cryptocurrency investments are 'ultra-volatile'</h2>Investing in cryptocurrency is a risk with potentially high rewards. Unlike gold, which has real-world value, crypto is only valuable to those that see interest in the technology or the potential adaption could bring."Gold is, no pun intended, the standard if you want to measure purchasing power over millennia," JP Thierot, CEO of Uphold, a digital money platform, previously told <a href="https://markets.businessinsider.com/currencies/news/bitcoin-vs-gold-experts-cryptocurrency-precious-metals-analysis-2021-2-1030103905">Insider.</a> "What bitcoin would seem to possess is the potential to go up to multiples of a moonshot." A report in March from <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-volatility-forecast-limited-tradability-analysis-deutsche-bank-2021-3-1030229906">Deutsche Bank</a> labeled Bitcoin as "ultra-volatile," and that "in 2020, 28 million bitcoins changed hands (150% of total bitcoins in circulation), compared to 40 shares of Apple (270% of its total shares in circulation)." <a href="https://markets.businessinsider.com/currencies/news/bitcoin-volatile-dollar-cryptocurrencies-digital-currency-federal-reserve-jerome-powell-2021-3-1030233742">That same month</a>, Federal Reserve Chair Jerome Powell said that crypto assets are "not backed by anything. They're more of an asset for speculation."

Influencers like 17-year-old Charlie D'Amelio are endorsing risky cryptocurrency trading to their followers

Brian Ach/GettyThere's no reason to risk it all. Chamath Palihapitiya is pictured.To the uninitiated, investing can seem like gambling. <a href="http://www.businessinsider.com/when-investing-in-stocks-becomes-legalized-gambling-2012-4">And in some cases, it is</a>.But when big-name investors <a href="http://www.businessinsider.com/bitcoin-price-bill-miller-making-killing-after-putting-1-of-net-worth-in-bitcoin-2017-7">make big returns look easy</a>, it's tempting to roll the dice yourself.The latest craze to catch the attention of the mainstream investing community revolves around <a href="http://www.businessinsider.com/bitcoin-price-is-making-a-big-comeback-2017-5">cryptocurrencies, such as Bitcoin and Ethereum</a>. Jason Calacanis, an early investor in startups including Robinhood and Uber, recently tweeted a question about the appropriate percentage to invest in the volatile cryptocurrency Ethereum, as <a href="http://www.businessinsider.com/ethers-value-volatility-investors-staying-put-2017-7">Business Insider's Becky Peterson reported</a>.Chamath Palihapitiya, an early Facebook employee and <a href="https://twitter.com/chamath/status/883790139490578432">Silicon Valley investor, responded simply</a>: "1%."When it comes to these types of investments, 1% seems to be a common theme among successful investors.Bill Miller, a portfolio manager and investor who famously beat the market for 15 consecutive years while at investment management firm Legg Mason, recently <a href="https://www.forbes.com/sites/antoinegara/2017/07/18/the-unreformed-stock-picker-without-a-boss-bill-miller-is-betting-on-amazon-bitcoin-and-bob-dylan/#60e6494e49f8" target="_blank" rel="noopener noreferrer">spoke to Forbes' Antoine Gara</a> about his decision to invest in Bitcoin:"In 2014, he put 1% of his net worth into Bitcoin, judging that the digital currency's potential for large-scale economic disruption outweighed the risk of a total loss. He's up nearly tenfold, and Bitcoin is now a top holding of his hedge fund," <a href="https://www.forbes.com/sites/antoinegara/2017/07/18/the-unreformed-stock-picker-without-a-boss-bill-miller-is-betting-on-amazon-bitcoin-and-bob-dylan/#60e6494e49f8">Gara reported</a>.Miller, as Gara reported, weighed the upside of Bitcoin against "the risk of a total loss" - a statement that surely wasn't hyperbole. Despite coming to the conclusion that the potential reward of investing in Bitcoin was worth the risk, Miller still capped his investment at 1% of his net worth.There may be something to that advice.Limiting the percentage of your net worth tied up in a risky investment such as Bitcoin or Ethereum can protect against devastating losses, while allowing for big returns if you get it right, as Miller did. All investments stand the risk of going to zero - some more than others - so it's wise to invest no more than you can afford to lose. Especially since investors miss the mark more often than not.Among financial professionals, a staggering 92.2% of large-cap mutual fund managers failed to beat the S&amp;P 500, their respective index, during the 15-year period ending in 2016, <a href="https://us.spindices.com/documents/spiva/spiva-us-year-end-2016.pdf" target="_blank" rel="noopener noreferrer">according to the SPIVA scorecard recently released by financial research firm Standard and Poor's</a>.Individual investors don't fare much better. As of July 20, the average investor is up 8.7% in 2017, a full three percentage points lower than the 11.83% return from the S&amp;P 500 during the same time frame, <a href="https://openfolio.com/data/" target="_blank" rel="noopener noreferrer">according to Openfolio data</a>.In other words, your chances of making a killing like Miller did with Bitcoin aren't very high. Limiting your exposure to a relatively small percentage of your portfolio - by following the '1% rule' - may be a smart way to try your luck without the risk of losing it all.Just remember - if you're buying, someone else is selling. And that person on the other side of the trade may know something you don't.When in doubt, there's always <a href="http://www.businessinsider.com/warren-buffett-best-investment-advice-on-low-cost-fund-2017-5">Warren Buffett's advice to stick with a simple S&amp;P 500 index fund</a>. You won't beat the market that way, but then again most of the investing pros don't, either.Get the latest Bitcoin price<a href="http://markets.businessinsider.com/currencies/BTC-USD"> here.</a> <h3>NOW WATCH: <a href="http://www.businessinsider.com/bridgewater-ceo-ray-dalio-learning-from-mistakes-pain-reflection-progress-2017-5">Investing legend Ray Dalio shares the simple formula at the heart of his success</a></h3> Please enable Javascript to watch this video

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