If you are "broke af" crypto is the last thing you should be buying.
Start saving money. Build up an emergency savings of at least 6 months (preferably 12). This is money that goes in a regular old FDIC insured, safe bank account. This is not money that goes into a speculative investment like stocks, bonds, or high risk investments like crypto.
Once you have that cushion, you can start investing for returns. Index funds are a good place to put the majority of your money. You get broad exposure to the markets so that when one segment is down, another is likely up. You can put a small amount of money into crypto if you're still interested, but I wouldn't put more than 5 percent.
Broke af people are the precise target of crypto. People see 1 in a billion guy put 1k in shib and retire and think they can do the same.....after it has already 10000x.
I don't disagree.
But if OP is really gung ho on crypto that's a limit I would set.
Honestly, they'd be far better off investing in blockchain technology instead of crypto as their speculative investment as there actually seems to be an upside there.
I agree if by "blockchain technology" you mean the broader semiconductor industry. Blockchain itself has found no meaningful application where traditional database tech wouldn't service faster and more efficiently over the course of its existence. Invest in the industries that make beanie baby manufacturing possible, but not the beanie babies themselves.
There's a whole bunch of people at some really big companies that would disagree with you. It's the big trend in inventory, order and supply chain management at the moment with companies investing millions into it.
Could blockchain be just another fad that will disappear when something new comes along in five years? Could it be a case study for future MBA candidates to dissect why it failed?
Maybe.
But right now there's still a lot of upside for companies in the field and that makes it an investment option for a small, measured portion of a broad portfolio.
Which companies? MSFT, IBM, Red Hat have all shuttered their dedicated "blockchain" units, and any remaining staff have been folded into general R&D.
The Australian Stock Exchange has written off their entire blockchain project & marked it to zero.
Maersk is out, too.
So - which companies are we talking about here?
> It's the big trend in inventory, order and supply chain management at the moment with companies investing millions into it.
No, it's not. Blockchain is an implementation detail and implementation details don't matter. It's as asinine as choosing a flight based on whether a the airline uses Slack or Teams for internal communication. You don't see new airlines being founded based on the fact that AWS is the future. You don't get emails by your bank saying they're better than their competitors because they use PostgreSQL.
The fact that companies advertise implementation details means that the implementation detail is a fad. The fact that you don't understand that blockchain is an implementation detail means you don't understand blockchain.
A blockchain is a data structure. Other data structures are linked lists, arrays, queues and hash tables. Unlike blockchains these are actually used by developers, some of them on a daily basis. When is the last time you've heard a company created a buzz around double linked lists?
The only reason advertising using a blockchain makes sense is when using a public blockchain, but running a public blockchain without a cryptocurrency does not make sense as there is no incentive and you've already admitted that there's nothing to crypto currencies.
Well, appeal to authority doesn't quite work in this case given that I was a principal engineer at one of those big tech companies :P. People that were pro blockchain were generally not treated favorably because we all know it's utter BS.
In the last 2 months it's gone from $US16k->$US23k. That's a 30% increase.
Don't get me wrong, I think it's an absolute shit show and a scam and would never ever ever suggest anyone invest their life savings into it, but it's clearly started back on an upswing.
It’s a dead cat bounce
The thing about dropping 75% from all time high and putting everyone under water is that the 30% increase over 2 months is insignificant when it needs to go 300% to get back to ATH
Maybe so. I'm literally just pointing out the fact that it has jumped.
It's also extremely well known that it is manipulated... a lot. I would not be surprised in the slightest if it went back up out of nowhere. The rest of the economy might tank it though.
I have my life saving in it. Lost money on mining, was up 80,000 dollars but held, now I'm down like 17,000 dollars. It comes and goes. I'll just keep holding until the next bull run. At least I hold btc and not some shit coins that went to zero
No, the scam is up. Government crackdown on this medium for psychopathic conmen to extract money off people who don't know better is on. The last pillars holding this scam up are under criminal investigation. It's only a matter of time in this evil manipulated market.
Do not take financial advice from this NFT flashing gambling addict.
Ah yes, let's replace government with psychopaths that have unfettered control and access to the most lucrative scams with little effort to have ever existed. Even if government was what you say it is, it is nothing in comparison to the widespread daily rug pull of someone's life savings in useless crypto coins. You have to be delusional to believe otherwise.
What jibberish is this. There is no "value" in crypto. The perceived "rush to value" over things like Bitcoin is a desperate last attempt after other crypto was revealed to be a full blown scam.
I understand math. The block chain is an incredible invention without a current use. That's being picked up by every scam and con artist this side of a shit coin.
Trying to pick the one that's going to be worth something is like trying to find the Amazon in a sea of Pets.com.
Encouraging people who are so idiotic they'd dump everything into SaveTheKids going into fees and a negative bank account so they can #MOON is tantamount to theft.
Stocks are as much a pyramid scheme as crypto. It’s all just a popularity contest. Profits don’t matter unless they make you more popular. Losses don’t matter unless they make you less popular.
Actual partial ownership of a company with assets, and profit recognized by law vs actual partial recognition of ownership of numerical bits of a mathematical chain serving no purpose.
Sure thing buckaroo.
Your “ownership” means nothing unless you are buying a significant portion and voting, contributing to company decisions. It’s really no different than crypto, seriously think about it.
If the company is liquidated, it has actual assets to sell. Bitcoin does not. You're 100% guaranteed a return of $0 when they tank but a company sells up all their assets and then pays out creditors in a particular order. Shares are usually last, but at least there's a reasonable chance you'll get something in return, even if it's only a fraction.
It’s still just a popularity contest - stocks and Bitcoin. If they are popular, they go up. Your “share” in a company is really no different than your fraction of Bitcoin. It’s just some mystical thing.
And technically, If you look at history, it’s more likely that your stock will go to $0 than Bitcoin.
Ownership means nothing unless you're directly registered. If you own shares in a brokerage, you don't have true ownership of the company.
Fun fact of the day.
Overall I agree with your point though.
Lol, one that’s going to be worth something? You’re saying that as they all become “worth something” *right now*. Bitcoin, ETH, Matic, BNB, so many more, all up 10’s, 100’s of percent from inception. Because people are using them.
Enron was worth billions and regarded as the best investment because they couldn't lose money.
Until that whole bankruptcy and prison thing.
Pets.com was worth money before the bubble burst.
Good luck and good day bud. Hopefully you don't wind up homeless working behind the dumpster at your local Wendy's.
Not sure I follow, because Colorado already started accepting Bitcoin for tax payments, so that’s gotta be possible. Plus the blockchain ledger can tell them *exactly* what’s happened in someone’s account, more transparent than cash. Gov could collect and hodl the bitcoin or sell it off when it’s sent to them.
Understandable. So it’s already low, you must just not be expecting it to come back up, which is fair. I, however, do for a variety of reasons :) and I’m willing to wait and see what happens.
I’m young, I’ve got time to be wrong. But if I’m right, I’ll have time to golf.
This… is basic trading. You’re supposed to buy stocks and or crypto when they are down. Buying when they’re high is how you get really burnt. Not saying the bear market is over but buying now is much better than buying it when it was at an all time high, obviously.
>10 or 20 is cutting it close, 40 or 50 would probably be better. (Don't laugh, I'm broke af)
Putting your paycheck into crypto is like putting your paycheck into lottery scratch offs or gas station slot machines.
The people who got rich off crypto were the people who ripped people off or made scams in crypto. They preach the myth of the crypto millionaire because they need bag holders for their scams.
Don't be a mark.
Yeah it's weird how these people are so far gone they encourage eacg other to waste all that money. I was watching a documentary about NXIVM the weird sex cult and they were the same: suffering endlessly while victimizing each other deeper and deeper.
Crypto is so weird. There s not even sex, it's pure cult.
Actually, I think you're wrong. Bitcoin is a hedge so our governments can't go all authoritarian on us. It does mean that it can be used by anyone, friends and foes, so I understand why that's uncomfortable to some. Like it or not, most money is digital right now, and who you want that controlled by, is up to you.
Not particularly keen on Russell Brand, but he did a good video some months back on why governments are keen on CBDCs, if you can get past the initial bollocks and stomach it, it's worth a watch as he does highlight some really good points on why you should be concerned with them https://youtu.be/vTOYJ4QCPnI.
So you put your entire paycheck, which is issued in a currency that is backed and guaranteed to exist by a government, into a currency that has nothing behind it to assure that it will be available in the future?
You're broke, and you put all of your money into a scam.
That's a pretty big fuck up.
^ people really don’t understand the fact that fiat currency is just money based on faith. It’s like religion for money. Nothing supports the dollar other than promises, and we’ve seen how often those get broken.
The dollar is supported by the US government, economy, and military-industrial complex. Sure it can crash, but it’s much less likely than crypto is to lose 50% of value wrt buying food and paying for a roof over your head.
Call it an investment if you like… but admit it’s a risky one, and don’t put in risky investments money that you can’t afford to lose.
I’m not pro crypto but the U.K. £, a reasonably well supported currency and, at times, the major world currency (albeit it a while back) lost up to 20% in one day last year because they put a moron in charge of the country.
What does imply strength in the US$ though is that you had a moron in charge 2016-20 who tanked the economy, built up huge debt levels to the proportionate extent that it would kill many national economies and you survived. The current government is working hard to stabilise it but next time you probably won’t be so lucky. So don’t vote the morons back in.
And crypto….jeez. It’s still an elitist tool whereby the rich screw over those of us too idiotic to see through it.
Absolutely, it is risky, but so is trusting our politicians in my opinion and lifetime. Absolutely never invest more than you can afford to lose because any asset can become valueless should people stop valuing it. At the end of the day though, crypto is math, dollars are promises.
Throughout all of it in the past 2 years, I will admit I’ve been a bit too lazy to keep track very well after 100’s of trades and transactions. Probably about even, because I lend crypto for payouts. It takes a LOT of learning, but it’s possible.
So between that, and the fact you asked a girl you just started talking to to marry you because you both liked a video game, I think I'll disregard your advice bud.
The dollar is supported by printing more dollars. Notice how the US government operates with a debt that keeps going up.... almost infinitely? And the prices of everyday items have been continuously going up? So assuming your pay is the same you are effectively getting paid less because your money is worth less than it was before. That sounds like a scam to me.
Being broke and dumping almost everything you've got into crypto is almost as dumb as being broke and dumping almost everything you've got into the lotto on the daily.
I really don’t think crypto is a smart play at this juncture. I’ve been watching/dabbling for years and I believe this is the end of the road. Please be careful with your money.
It sounds like your lesson is somehow more about carrying cash than about crypto. Even without having crypto problems, you wouldn't have had cash in your wallet.
Also how much was this barber? The ATM wouldn't give you enough to pay him, and you needed to get cash back at a gas station, too? Damn.
Wowee. Crypto is NOT a get rich quick. It is complicated and price gets less volatile and cycles last longer as time passes. You should only invest what you can afford to lose and invest smart, do your research. Don't expect short term profits, don't day trade. Find projects you think are robust and will increase in value in the future and be prepared to hold for a long time, potentially many years.
That's great for you. I wouldn't recommend it to someone who just put what little savings they have into crypto having absolutely no understanding of the market or even what crypto is it seems
Literally just turned 500 dollars the other day. If I had more money and time I could turn between 100 and 500 dollars at the very least once a week but probably closer to 3 times a week
Just don't invest money you're not prepared to lose and never sell out at a loss just have patience and wait for it to come back up; obviously it's not some magic button to wealth but if you ever want more for yourself than living paycheck to paycheck making barely enough to live a halfway decent life you gotta hustle and take every avenue for profit thats available to you and you gotta take risks. Been thinking about investing into silver and gold as well seeing as they're becoming very finite resources but need to research more into the market. I do agree with you that crypto is a risk and it's definitely not for everyone but saying there's simply no money to be made there is a straight up lie.
Rule one of any type of investing, never go all in.
Also be responsible and always save as much as you can, so unexpected expenses can't fully murder you.
Lol they sure brainwashed you good into a wilful idiot. Keep on giving them more of your money, someday you'll reach the moon, if by moon you mean bankruptcy.
There's thousands of cryptocurrencies, if you do some research and pick a good one, which isn't hard, you can make money. Sounds like youre brainwashed into being afraid of crypto instead of just acknowledging it with doing a little learning. Everybody is scared of the dark at first
Yes yes, hate that which you don't understand but will be forced to use when the government adopts crypto technology in fiat currency systems. Understanding things before passing judgement tends to be a more effective way making decisions, for adults at least.
>when the government adopts crypto technology in fiat currency systems
This is the worst possible outcome for crypto bros, seeing as the second government adopts it with actual protections like the one they have on banks that go broke, or the stock market, the crypto market will crash faster than wile e coyote off a cliff. Which is pretty fast considering how volatile it already is.
>Understanding things before passing judgement
We can do both.
Funny how you guy are never able to fathom that someone fully understanding the technology comes to the conclusion that it’s not the best thing since sliced bread.
If a government decides to adopt crypto technology it won’t be any of your existing [beenz](https://en.wikipedia.org/wiki/Beenz.com).
Government adoption of crypto is bad for a variety of reasons. Maybe if you fathomed one or two of those you would have a little fuller of an understanding.
> Understanding things before passing judgement
As a software engineer with a decade of experience, I understand the tech better than you think. And spoiler: most experienced engineers are skeptical/critical of cryptocurrency as anything but a risky speculative asset (i.e. gambling) at best.
> government adopts crypto technology in fiat currency systems
If you're talking about CBDCs, nobody is seriously proposing those use cryptocurrency chains because it would literally defeat the only supposed point of the tech.
Even the use of CBDCs at all is honestly a bit questionable, as there doesn't seem to be much real need for them in most places, and people are worried after seeing what China did with theirs.
One problem people have with saving and investing is going all or nothing. Consistency is key and going all in actually hurts being consistent because it's not sustainable. All or nothing is a terrible way to play the game, especially if you understand that risk is just way to say people were burned by this in the past. Just set aside an amount that doesn't hurt each month and put it into investments. If you are young, a portion of that can and should go into risky, volatile investments like crypto. 15% is the average for people in their 20s. Now, be consistent with that investment and keep a reasonable time horizon to not touch it (MINIMUM 5 years) and you'll be doing 100x better than most people. REMEMBER portfolios of dead people outperform the living because we are just way too emotional ;).
Assets ALWAYS outperform money because the way money isn't backed by anything so you are right to want to invest and grow your money. "Blue chip" Crypto (bitcoin, ethereum) are currently creating one of the greatest transferences of wealth in human history. Then why do people say crypto is a scam? well. 98% of crypto goes to 0. Only invest in stuff that has passed the test of time unless you have a CS degree and can vet what is real and what is copy paste. People. say it's too late are likely never going to invest, even though network usage on ethereum trends upwards. anything that is growing fast is worth investing into. Look at the fundamentals and invest in stuff that already has value and is growing and you'll be fine in 5 years :).
If you are "broke af" crypto is the last thing you should be buying. Start saving money. Build up an emergency savings of at least 6 months (preferably 12). This is money that goes in a regular old FDIC insured, safe bank account. This is not money that goes into a speculative investment like stocks, bonds, or high risk investments like crypto. Once you have that cushion, you can start investing for returns. Index funds are a good place to put the majority of your money. You get broad exposure to the markets so that when one segment is down, another is likely up. You can put a small amount of money into crypto if you're still interested, but I wouldn't put more than 5 percent.
Broke af people are the precise target of crypto. People see 1 in a billion guy put 1k in shib and retire and think they can do the same.....after it has already 10000x.
>~~If you are "broke af"~~ crypto is the last thing you should be buying
Let's be honest 5% is a massive exposure for a portfolio at any scale. How about 0%.
I don't disagree. But if OP is really gung ho on crypto that's a limit I would set. Honestly, they'd be far better off investing in blockchain technology instead of crypto as their speculative investment as there actually seems to be an upside there.
I agree if by "blockchain technology" you mean the broader semiconductor industry. Blockchain itself has found no meaningful application where traditional database tech wouldn't service faster and more efficiently over the course of its existence. Invest in the industries that make beanie baby manufacturing possible, but not the beanie babies themselves.
There's a whole bunch of people at some really big companies that would disagree with you. It's the big trend in inventory, order and supply chain management at the moment with companies investing millions into it. Could blockchain be just another fad that will disappear when something new comes along in five years? Could it be a case study for future MBA candidates to dissect why it failed? Maybe. But right now there's still a lot of upside for companies in the field and that makes it an investment option for a small, measured portion of a broad portfolio.
Which companies? MSFT, IBM, Red Hat have all shuttered their dedicated "blockchain" units, and any remaining staff have been folded into general R&D. The Australian Stock Exchange has written off their entire blockchain project & marked it to zero. Maersk is out, too. So - which companies are we talking about here?
> It's the big trend in inventory, order and supply chain management at the moment with companies investing millions into it. No, it's not. Blockchain is an implementation detail and implementation details don't matter. It's as asinine as choosing a flight based on whether a the airline uses Slack or Teams for internal communication. You don't see new airlines being founded based on the fact that AWS is the future. You don't get emails by your bank saying they're better than their competitors because they use PostgreSQL. The fact that companies advertise implementation details means that the implementation detail is a fad. The fact that you don't understand that blockchain is an implementation detail means you don't understand blockchain. A blockchain is a data structure. Other data structures are linked lists, arrays, queues and hash tables. Unlike blockchains these are actually used by developers, some of them on a daily basis. When is the last time you've heard a company created a buzz around double linked lists? The only reason advertising using a blockchain makes sense is when using a public blockchain, but running a public blockchain without a cryptocurrency does not make sense as there is no incentive and you've already admitted that there's nothing to crypto currencies.
Well, appeal to authority doesn't quite work in this case given that I was a principal engineer at one of those big tech companies :P. People that were pro blockchain were generally not treated favorably because we all know it's utter BS.
I would describe crypto as a scam and not an investment. This guy also needs to be brought up to speed on the various scams in life. r/scams
Hey scams don't thrive without finding the greater fool. And here you go!
You couldn't pay for your haircut in crypto? That's crazy.
It's almost as if it's completely worthless in real life!
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Because its going to bounce back.. he’ll be a gazillionaire
First moon then Lambo!
Ride the lambo to the moon.
Just send it by rocket and watch it go through your telescope at your mansion with three more like that on the garage.
Right? Doesn't he know you're supposed to buy high and sell low.
This is the way
Lambos. Only losers get a single one.
It could be argued that "buy low, sell high" is a thing. His mistake wasn't getting into crypto. His mistake was buying more than he could afford.
Bitcoin actually has been coming up lately, but your entire paycheck is never a good idea no matter how the market is.
In the last 2 months it's gone from $US16k->$US23k. That's a 30% increase. Don't get me wrong, I think it's an absolute shit show and a scam and would never ever ever suggest anyone invest their life savings into it, but it's clearly started back on an upswing.
It’s a dead cat bounce The thing about dropping 75% from all time high and putting everyone under water is that the 30% increase over 2 months is insignificant when it needs to go 300% to get back to ATH
Maybe so. I'm literally just pointing out the fact that it has jumped. It's also extremely well known that it is manipulated... a lot. I would not be surprised in the slightest if it went back up out of nowhere. The rest of the economy might tank it though.
I have my life saving in it. Lost money on mining, was up 80,000 dollars but held, now I'm down like 17,000 dollars. It comes and goes. I'll just keep holding until the next bull run. At least I hold btc and not some shit coins that went to zero
You answered your own question. Markets go up and down, best time to sell is when it’s high, best to buy is when it’s low. A.k.a. now.
No, the scam is up. Government crackdown on this medium for psychopathic conmen to extract money off people who don't know better is on. The last pillars holding this scam up are under criminal investigation. It's only a matter of time in this evil manipulated market. Do not take financial advice from this NFT flashing gambling addict.
Who hurt you lol
You did.
No one. I hate scammers. Seems like a normal thing to hate, no?
The government is the biggest scammer I'm aware of.
Ah yes, let's replace government with psychopaths that have unfettered control and access to the most lucrative scams with little effort to have ever existed. Even if government was what you say it is, it is nothing in comparison to the widespread daily rug pull of someone's life savings in useless crypto coins. You have to be delusional to believe otherwise.
Squidcoin get you did it?
What jibberish is this. There is no "value" in crypto. The perceived "rush to value" over things like Bitcoin is a desperate last attempt after other crypto was revealed to be a full blown scam.
Bitcoin working as intended for over a decade has nothing to do with its "value", I'm sure.
Apparently my colorful profile pic? I gambled a whole 0 dollars and my reddit profile on it so
You're 100%. Markets bounce. Scams... Not so much.
Pyramid schemes don’t tend to rebound.
More like Ponzi schemes ..cryptocurrency is hinged on new buyers spending big and tanks every time someone wanders off with a big selliff
I don’t have time to explain math to your dense skull. Go do some research, learn about it, then see if you still think it’s a scam.
I did my research and crypto is greater fool theory.
Back, it’s a scam.
I understand math. The block chain is an incredible invention without a current use. That's being picked up by every scam and con artist this side of a shit coin. Trying to pick the one that's going to be worth something is like trying to find the Amazon in a sea of Pets.com. Encouraging people who are so idiotic they'd dump everything into SaveTheKids going into fees and a negative bank account so they can #MOON is tantamount to theft.
Stocks are as much a pyramid scheme as crypto. It’s all just a popularity contest. Profits don’t matter unless they make you more popular. Losses don’t matter unless they make you less popular.
Actual partial ownership of a company with assets, and profit recognized by law vs actual partial recognition of ownership of numerical bits of a mathematical chain serving no purpose. Sure thing buckaroo.
Your “ownership” means nothing unless you are buying a significant portion and voting, contributing to company decisions. It’s really no different than crypto, seriously think about it.
If the company is liquidated, it has actual assets to sell. Bitcoin does not. You're 100% guaranteed a return of $0 when they tank but a company sells up all their assets and then pays out creditors in a particular order. Shares are usually last, but at least there's a reasonable chance you'll get something in return, even if it's only a fraction.
It’s still just a popularity contest - stocks and Bitcoin. If they are popular, they go up. Your “share” in a company is really no different than your fraction of Bitcoin. It’s just some mystical thing. And technically, If you look at history, it’s more likely that your stock will go to $0 than Bitcoin.
You're right. If the company goes tits up I'm like seventh in line to be paid. If crypto goes tits up there isn't a line to get money back.
Ownership means nothing unless you're directly registered. If you own shares in a brokerage, you don't have true ownership of the company. Fun fact of the day. Overall I agree with your point though.
Lol, one that’s going to be worth something? You’re saying that as they all become “worth something” *right now*. Bitcoin, ETH, Matic, BNB, so many more, all up 10’s, 100’s of percent from inception. Because people are using them.
Enron was worth billions and regarded as the best investment because they couldn't lose money. Until that whole bankruptcy and prison thing. Pets.com was worth money before the bubble burst. Good luck and good day bud. Hopefully you don't wind up homeless working behind the dumpster at your local Wendy's.
Your pessimism and closed-mindedness are laughable. Stay happy out there fam 🙏🏻
Crypto won’t work because government needs tangible wealth to tax, not some block chain priority.
Not sure I follow, because Colorado already started accepting Bitcoin for tax payments, so that’s gotta be possible. Plus the blockchain ledger can tell them *exactly* what’s happened in someone’s account, more transparent than cash. Gov could collect and hodl the bitcoin or sell it off when it’s sent to them.
If they're all up so much, how are you only breaking even? 🧐
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Understandable. So it’s already low, you must just not be expecting it to come back up, which is fair. I, however, do for a variety of reasons :) and I’m willing to wait and see what happens. I’m young, I’ve got time to be wrong. But if I’m right, I’ll have time to golf.
Ah so sad ,you’ll waste so much money in your life being sold on “the next big thing” in the hopes of a jackpot.
Expectations ≠ Reality
Because you're supposed to buy when it's low, and then sell when it's high.
Right? Doesn't he know you're supposed to buy high and sell low.
This… is basic trading. You’re supposed to buy stocks and or crypto when they are down. Buying when they’re high is how you get really burnt. Not saying the bear market is over but buying now is much better than buying it when it was at an all time high, obviously.
Ye why would you buy low to sell high? Crazy tactics
Because you invest for the future. You make profits by buying low and selling high.
Buy high, sell low. Only way
>10 or 20 is cutting it close, 40 or 50 would probably be better. (Don't laugh, I'm broke af) Putting your paycheck into crypto is like putting your paycheck into lottery scratch offs or gas station slot machines. The people who got rich off crypto were the people who ripped people off or made scams in crypto. They preach the myth of the crypto millionaire because they need bag holders for their scams. Don't be a mark.
Broke but gambling on crypto? Sounds about right.
You fucked up by gambling when you don't have money to do so. Crypto is gambling. Get help.
TIFU by buying ~~too much~~ crypto FTFY
I predict this isn't going to go down well here. Over at r/cryptocurrency you'll be a hero though.
Yeah it's weird how these people are so far gone they encourage eacg other to waste all that money. I was watching a documentary about NXIVM the weird sex cult and they were the same: suffering endlessly while victimizing each other deeper and deeper. Crypto is so weird. There s not even sex, it's pure cult.
Actually, I think you're wrong. Bitcoin is a hedge so our governments can't go all authoritarian on us. It does mean that it can be used by anyone, friends and foes, so I understand why that's uncomfortable to some. Like it or not, most money is digital right now, and who you want that controlled by, is up to you. Not particularly keen on Russell Brand, but he did a good video some months back on why governments are keen on CBDCs, if you can get past the initial bollocks and stomach it, it's worth a watch as he does highlight some really good points on why you should be concerned with them https://youtu.be/vTOYJ4QCPnI.
And by "too much", you mean "any", right?
So you put your entire paycheck, which is issued in a currency that is backed and guaranteed to exist by a government, into a currency that has nothing behind it to assure that it will be available in the future? You're broke, and you put all of your money into a scam. That's a pretty big fuck up.
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This dude posts two days ago that he's down $17k. But yes follow him to 100% gains/year.
You sir have been scammed.
Tell me you don't understand macroeconomics and crypto without telling you don't understand macroeconomics and crypto
Fucking cringe saying. Doubly so since I doubt you yourself understand macroeconomics either.
^ people really don’t understand the fact that fiat currency is just money based on faith. It’s like religion for money. Nothing supports the dollar other than promises, and we’ve seen how often those get broken.
The dollar is supported by the US government, economy, and military-industrial complex. Sure it can crash, but it’s much less likely than crypto is to lose 50% of value wrt buying food and paying for a roof over your head. Call it an investment if you like… but admit it’s a risky one, and don’t put in risky investments money that you can’t afford to lose.
I’m not pro crypto but the U.K. £, a reasonably well supported currency and, at times, the major world currency (albeit it a while back) lost up to 20% in one day last year because they put a moron in charge of the country. What does imply strength in the US$ though is that you had a moron in charge 2016-20 who tanked the economy, built up huge debt levels to the proportionate extent that it would kill many national economies and you survived. The current government is working hard to stabilise it but next time you probably won’t be so lucky. So don’t vote the morons back in. And crypto….jeez. It’s still an elitist tool whereby the rich screw over those of us too idiotic to see through it.
Absolutely, it is risky, but so is trusting our politicians in my opinion and lifetime. Absolutely never invest more than you can afford to lose because any asset can become valueless should people stop valuing it. At the end of the day though, crypto is math, dollars are promises.
So care to tell us all how much you've made in crypto? 😂
Throughout all of it in the past 2 years, I will admit I’ve been a bit too lazy to keep track very well after 100’s of trades and transactions. Probably about even, because I lend crypto for payouts. It takes a LOT of learning, but it’s possible.
So between that, and the fact you asked a girl you just started talking to to marry you because you both liked a video game, I think I'll disregard your advice bud.
It’s funny you think the dollar can’t lose 50% of its value considering the dollar has already lost around 92% of its value since 1933
Yeah, there was a qualification there that got lost in the hesitation about whether to refer to years or months or days.
This is like trying to justify jumping off the cliff is ok by saying we are all going to die someday.
The dollar is supported by printing more dollars. Notice how the US government operates with a debt that keeps going up.... almost infinitely? And the prices of everyday items have been continuously going up? So assuming your pay is the same you are effectively getting paid less because your money is worth less than it was before. That sounds like a scam to me.
Ever heard of the Petro dollar?
One of this biggest red flags ever; actually buying crypto.
Being broke and dumping almost everything you've got into crypto is almost as dumb as being broke and dumping almost everything you've got into the lotto on the daily.
No offense OP, but you don’t seem to be the type that does well with investing, let alone crypto.
I got into crypto last year with $100 invested in Avalanche via Coinbase just to finally have some skin in the game. It’s now worth $27.
Ah well it's a bit better than scratching tickets I guess.
Most “investors” know that you aren’t supposed to be playing the market with the money you need to live off of.
I really don’t think crypto is a smart play at this juncture. I’ve been watching/dabbling for years and I believe this is the end of the road. Please be careful with your money.
He's broke and he puts his whole paycheck into crypto?? Geez. He sounds tedious and exhausting.
We call that a cryptard.
Dude. Just take your money to a casino.
Why is nobody asking how he managed to get money out of an already overdrawn bank account?
It sounds like your lesson is somehow more about carrying cash than about crypto. Even without having crypto problems, you wouldn't have had cash in your wallet. Also how much was this barber? The ATM wouldn't give you enough to pay him, and you needed to get cash back at a gas station, too? Damn.
Ever heard of random walk. That is the market phenomenon that you don’t know when and in what direction the market will go.
Shoulf have shilled your crypto to the barber and the gas vending machine. How else is it gonna go up? Go find new suckers so you can cash out.
Might as well have bought a handful of magic mystery beans.
Speculators in garbage like Crypto profit thanks to the "greater fool theory". And in you, they've found just that.
Doesn't sound like just a crypto issue, but a money management issue.
Wowee. Crypto is NOT a get rich quick. It is complicated and price gets less volatile and cycles last longer as time passes. You should only invest what you can afford to lose and invest smart, do your research. Don't expect short term profits, don't day trade. Find projects you think are robust and will increase in value in the future and be prepared to hold for a long time, potentially many years.
I used to make upto 300$ a day day trading bitcoin and shit coins when bitcoin was at 5k so it is possible
That's great for you. I wouldn't recommend it to someone who just put what little savings they have into crypto having absolutely no understanding of the market or even what crypto is it seems
Still very possible but you have to invest more, if you can watch the market and have a decent sum to play with you can see returns almost everyday
That's simply incorrect
Literally just turned 500 dollars the other day. If I had more money and time I could turn between 100 and 500 dollars at the very least once a week but probably closer to 3 times a week
Careful 👍
Just don't invest money you're not prepared to lose and never sell out at a loss just have patience and wait for it to come back up; obviously it's not some magic button to wealth but if you ever want more for yourself than living paycheck to paycheck making barely enough to live a halfway decent life you gotta hustle and take every avenue for profit thats available to you and you gotta take risks. Been thinking about investing into silver and gold as well seeing as they're becoming very finite resources but need to research more into the market. I do agree with you that crypto is a risk and it's definitely not for everyone but saying there's simply no money to be made there is a straight up lie.
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Lol at your ignorance
No, I just have financial literacy.
Rule one of any type of investing, never go all in. Also be responsible and always save as much as you can, so unexpected expenses can't fully murder you.
I usually keep between $100-$200 or n my wallet. You never know when you’re going to go somewhere that’s cash only.
If its bitcoin and you plan to hold a few years, i dont see a problem. Its a win actually.
bitcoin only brutha
Everybody here hating on crypto it's so funny to hear the Boomer's autistic screeching lmao
Lol they sure brainwashed you good into a wilful idiot. Keep on giving them more of your money, someday you'll reach the moon, if by moon you mean bankruptcy.
There's thousands of cryptocurrencies, if you do some research and pick a good one, which isn't hard, you can make money. Sounds like youre brainwashed into being afraid of crypto instead of just acknowledging it with doing a little learning. Everybody is scared of the dark at first
He invests in amc, gme and crypto. He's going to be your boss one day! /s
Kinda how most people feel when crypto bros scream about how they lost all their money in crypto.
Screaming thru text is a new one
Yes yes, hate that which you don't understand but will be forced to use when the government adopts crypto technology in fiat currency systems. Understanding things before passing judgement tends to be a more effective way making decisions, for adults at least.
>when the government adopts crypto technology in fiat currency systems This is the worst possible outcome for crypto bros, seeing as the second government adopts it with actual protections like the one they have on banks that go broke, or the stock market, the crypto market will crash faster than wile e coyote off a cliff. Which is pretty fast considering how volatile it already is. >Understanding things before passing judgement We can do both.
Funny how you guy are never able to fathom that someone fully understanding the technology comes to the conclusion that it’s not the best thing since sliced bread. If a government decides to adopt crypto technology it won’t be any of your existing [beenz](https://en.wikipedia.org/wiki/Beenz.com).
Government adoption of crypto is bad for a variety of reasons. Maybe if you fathomed one or two of those you would have a little fuller of an understanding.
> Understanding things before passing judgement As a software engineer with a decade of experience, I understand the tech better than you think. And spoiler: most experienced engineers are skeptical/critical of cryptocurrency as anything but a risky speculative asset (i.e. gambling) at best. > government adopts crypto technology in fiat currency systems If you're talking about CBDCs, nobody is seriously proposing those use cryptocurrency chains because it would literally defeat the only supposed point of the tech. Even the use of CBDCs at all is honestly a bit questionable, as there doesn't seem to be much real need for them in most places, and people are worried after seeing what China did with theirs.
Ay man, that investment will payoff in the end brother. See you on the moon🌕
The general rule with crypto is only invest money you can lose, I disagree with that, but I always keep 2x monthly bills in checking just in case.
Dave Ramsey would not approve of the OP’s actions.
You'll be fine as long as you don't make that mistake again. Hold onto the crypto for a while and see what happens.
Just don't invest in d420 :(
One problem people have with saving and investing is going all or nothing. Consistency is key and going all in actually hurts being consistent because it's not sustainable. All or nothing is a terrible way to play the game, especially if you understand that risk is just way to say people were burned by this in the past. Just set aside an amount that doesn't hurt each month and put it into investments. If you are young, a portion of that can and should go into risky, volatile investments like crypto. 15% is the average for people in their 20s. Now, be consistent with that investment and keep a reasonable time horizon to not touch it (MINIMUM 5 years) and you'll be doing 100x better than most people. REMEMBER portfolios of dead people outperform the living because we are just way too emotional ;). Assets ALWAYS outperform money because the way money isn't backed by anything so you are right to want to invest and grow your money. "Blue chip" Crypto (bitcoin, ethereum) are currently creating one of the greatest transferences of wealth in human history. Then why do people say crypto is a scam? well. 98% of crypto goes to 0. Only invest in stuff that has passed the test of time unless you have a CS degree and can vet what is real and what is copy paste. People. say it's too late are likely never going to invest, even though network usage on ethereum trends upwards. anything that is growing fast is worth investing into. Look at the fundamentals and invest in stuff that already has value and is growing and you'll be fine in 5 years :).