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Ethereum is such a mess! I have a close friend that invested $12k in ether, then the value increased to $40k, then he invested a ton into the DAO, which tanked,
by seibelj 10y ago
Ethereum is such a mess! I have a close friend that invested $12k in ether, then the value increased to $40k, then he invested a ton into the DAO, which tanked, then he doubled down and purchased even more DAO at a discount on the assumption of a fork that would reimburse DAO tokens to parity and he would make a killing. He's sweating bullets over all of this. Last night he was going nuts over the soft fork crisis. I don't know how he does it, $12k is a lot for him
- curiousgal 10y agoInvesting 101: never invest more than you can afford to lose. I shorted ether after this whole debacle started but the fact it's still trading above $10 is mind-boggling. I believe in the technology and that this will benefit it in the long-term but for now, it's either in one huge bubble or someone is fixing things up.
- jfoutz 10y agoEven more important, Never speculate with more than you can afford to lose.
- fleitz 10y agoAll investing is speculation.
- jfoutz 10y agoill agree nothing is zero risk. But there is way safer stuff than DAO
- fleitz 10y agoFully agree, I worked with the real jr mining industry, it's the exact same kind of bullshit. Why not just call it BreX coin and drop the pretense?
- soconfused1 10y agoTheDAO was explicitly a bad investment, it was like investing in Slockit but without having any actual shares or legal recourse.
- NickNameNick 10y agoAlternatively: A market can afford to be 'wrong' for longer than you can afford to bet against it.
- jyap 10y agoSounds like greed to me. Don't invest more than you can afford to lose. At one point his $12k became $40k. Proper risk management and he can then invest with his profits.
- meddlepal 10y agoExactly. Take the 300%+ return . Get out of the game ahead. Doubling down is risky.
- notyourwork 10y agoHeck at least pull your principle out and ride the rest.
- bbcbasic 10y agoHindsight bias. He probably shouldn't have gambled the $12k to begin with, even though the first spin of the wheel turned out ok. Assuming $12k is a lot to this guy.
- adam419 10y agoYep, this is why pro's have clearly established stop-loss and take-profit levels before they enter a trade.
- misframer 10y agoSounds more like speculation / gambling instead of investing.
- curiousgal 10y agoIt really is much like that. Some people rely on Technical Analysis to make sense of things but TA is like Astrolgy to most crypto-traders.
- RaSoJo 10y ago> but TA is like Astrolgy to most crypto-traders. Isn't TA like astrology...period? i.e. not just to crypto-traders?
- curiousgal 10y agoTo be honest, I am not familiar with other forms of trading so I didn't want to make that statement.
- arcticfox 10y agoI can't speak to stocks, but I use TA tools for some relatively ineffecient markets that just have fundamental volatility and trends. I could write my own methods and algorithms but the TA guys already wrote them for me.
- ryanlol 10y agoMy friend invested $5000 at a blackjack table in Macau, at one point his $5000 had increased to $40000. He ended up walking away with $2000. The difference between the two stories is that my friend friend had a really good time. Why? Because he knew that he wasn't "investing", he was gambling. If your friend is gambling with more than he can afford, he has a gambling problem and should seek help.
- dmix 10y agoIndeed, I have as much sympathy as your friend as someone who stresses over his 'investments' in alpha quality cryptocurrency software. The primary motivation should be investing in technology and the concepts behind it, not looking for instant-rich ROI.
- curiousgal 10y agoThat is precisely how I trade. My positions depend on my long-term belief in the technology, if I believe in it then the general direction of my positions will reflect that. I'll short it, yeah but I'll always have a stash.
- deleted 10y ago[deleted]
- jaekwon 10y agoSometimes having skin in the game can help one learn. But one must never forget to learn, must develop a risk mitigation strategy that allows one to continue saving.
- cloudjacker 10y agoHe can still sell his DAO tokens at nearly at par, what is the problem?