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There is still massive FOMO when you go over an ICO, decide its stupid, and then post ICO it goes up 1000%. Its a ponzi scheme, sure, but people are still makin
by wellinever 9y ago
There is still massive FOMO when you go over an ICO, decide its stupid, and then post ICO it goes up 1000%. Its a ponzi scheme, sure, but people are still making 1000% in 2 weeks. So what do you do? Stick to your guns and ignore it? Or have a cheeky swing at it?
Its like the r/investing reddit since 2011 - twice a week someone asks "should I invest in bitcoin/ethereum?" and the knowledgeable investors like clockwork say "no, its not an investment". Meanwhile, everyone who did is up 10,000%-100,000%, while the average r/investing poster is happy to make 2% above the S&P500 return. Many things are sort of a bubble or ponzi, the people who really make truckloads of money are either very lucky, very stupid, or mentally ill in some way.. This goes for property markets - where the spoils go to the people who con the banks for as much credit as possible and buy house after house in a manic way, or in business eg. uber, where someone with a god complex raises some ridiculous amount of money and just expands as fast as they possibly can.
- mpfundstein 9y agoSo how does it work? Let's say there is an ICO that I want to make a quick buck from. I first buy Ether, then I participate in the ICO early enough to get enough token. And then? The only option is to wait until the token hits Poloniex and sell asap when price > invest.. is that the strategy?
- wellinever 9y agoYes.. I think the ship has sailed now however because in the big league ICO's (eg. BAT) it is almost impossible to buy in time
- DiNovi 9y agothis is a very bad take.