4 ms·

why would you dump $2,000 dollars into a crypto coin you don't understand

yorwba 9y ago
Because you don't understand any crypto coin, but know or have heard of people who have dumped large sums into some coin and brag about their returns, so you want in on the gold rush. FOMO, essentially.
- dahdum 9y ago
  Let's be fair, the author did do more research than 95% of other investors before buying...
  - matthewbauer 9y ago
    True but he’s still playing with fire. No one knows when the bull market will dry up but lots of people will end up losing money.
    - patrickaljord 9y ago
      He's not playing with fire if he invested what he can afford to lose, he's just having fun like people do when they bet on horses or similar gambling (as longs as it's done responsibly obviously).
kogepathic 9y ago
The author dumped a lot more than $2,000 into IOTA. They mention buying 26,000MI at $0.85, which would be a $22,100 investment. Just 5,600MI was worth $28,000 at $5/MI. Why anyone would put that amount into a cryptocurrency they don't find trustworthy is beyond me.
- dmichulke 9y ago
  > Why anyone would put that amount into a cryptocurrency they don't find trustworthy is beyond me. The richer you are, the more likely you'll consider 5k small change. Same reason why the big bet poker tables have non-experts sitting there.
  - hjjiehebebe 9y ago
    Yep. Sounds like this dude has fuck you bitcoin holdings and wants to gamble with the lambo fuel money
  - Gargoyle 9y ago
    There's a dead reply here that mentions a very, very good point. There's a HUGE sum of money out there that people made as early bitcoin investors. For various reasons, large portions of it are being gambled in other cryptos. The nature of cryptoexchanges make this easy to do, and it's without question inflating other coin markets. It's been this way since forever, but now BTC is worth so much that the effect is much more prominent.
thisisit 9y ago
Because then people will say - he is an outsider so his opinion is FUD or maybe he is jealous because he missed out the rally to $5 and trying to tank the price. There is no winning this debate in cryptocurrency, is it? Damned if you buy and damned if you don't.
hjjiehebebe 9y ago
That's throwaway money for a large % of hn readers

Because you don't understand any crypto coin, but know or have heard of people who have dumped large sums into some coin and brag about their returns, so you want in on the gold rush. FOMO, essentially.

dahdum 9y ago
Let's be fair, the author did do more research than 95% of other investors before buying...
- matthewbauer 9y ago
  True but he’s still playing with fire. No one knows when the bull market will dry up but lots of people will end up losing money.
  - patrickaljord 9y ago
    He's not playing with fire if he invested what he can afford to lose, he's just having fun like people do when they bet on horses or similar gambling (as longs as it's done responsibly obviously).

kogepathic 9y ago

The author dumped a lot more than $2,000 into IOTA. They mention buying 26,000MI at $0.85, which would be a $22,100 investment. Just 5,600MI was worth $28,000 at $5/MI. Why anyone would put that amount into a cryptocurrency they don't find trustworthy is beyond me.

dmichulke 9y ago
> Why anyone would put that amount into a cryptocurrency they don't find trustworthy is beyond me. The richer you are, the more likely you'll consider 5k small change. Same reason why the big bet poker tables have non-experts sitting there.
- hjjiehebebe 9y ago
  Yep. Sounds like this dude has fuck you bitcoin holdings and wants to gamble with the lambo fuel money
- Gargoyle 9y ago
  There's a dead reply here that mentions a very, very good point. There's a HUGE sum of money out there that people made as early bitcoin investors. For various reasons, large portions of it are being gambled in other cryptos. The nature of cryptoexchanges make this easy to do, and it's without question inflating other coin markets. It's been this way since forever, but now BTC is worth so much that the effect is much more prominent.

thisisit 9y ago

Because then people will say - he is an outsider so his opinion is FUD or maybe he is jealous because he missed out the rally to $5 and trying to tank the price. There is no winning this debate in cryptocurrency, is it? Damned if you buy and damned if you don't.

hjjiehebebe 9y ago

That's throwaway money for a large % of hn readers