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I am amazed at the losses given the investment advice that I was given all of two days ago from a 'bitcoin bore'. I was told to invest all I could afford in var
by Theodores 9y ago
I am amazed at the losses given the investment advice that I was given all of two days ago from a 'bitcoin bore'. I was told to invest all I could afford in various coins buying one coin so I could then buy the others. I would have lost 30% of my money in the last 24 hours on the coins needed for the other transactions, then in those hot coins I would have lost 45% in 24 hours on one and 44% in 24 hours on the other.
https://coinmarketcap.com/all/views/all/ https://coinmarketcap.com/all/views/all/
So said 'bitcoin bore' spent $500 on these coins and shared the advice, there was no warning that these things could depreciate in value given, just put what you can on these coins. So simple!
So from my point of anecdata, that is a wrap, we're toast here, this bubble is truly popping. Sure there will still be people playing musical chairs for a while but I think we are there in terms of the mania reaching the required level of craziness for some sanity to take over. Crypto is not the new cool when everyone knows someone that got scammed.
My friend who gave me the advice has not told me of the losses, that is part of the deception.
- brucephillips 9y agoHuh? BTC is a bubble because your friend told you it would go up and it didn't?
- adamnemecek 9y agoWelcome to investing?
- jacquesm 9y agoSpeculation. Investing is something different entirely, just like the lottery is different than owning a chunk of a business.
- brucephillips 9y agoEh, there's no hard line between the two.
- jacquesm 9y agoNo, but there are extremes that can be easily labeled as such and this one is clearly speculation, not investing.
- naveen99 9y agoPlaying the Lottery is worse than speculation. Lottery has negative expected outcome. Speculation doesn't have a quantifiable outcome before hand which is why it's called speculation.
- celticninja 9y agoYou didn't get scammed, just like if you bought stock and it tanked you didn't get scammed. You will only make a loss upon selling the coins you purchased, it is possible they regain their value over time. Sure your bitcoin bore didn't tell you it could go down as fast as it goes up, but that's on him for not telling you and you for not investigating before investing.
- dahdum 9y agoIf you can gain 30% in 24 hours, you can certainly lose that much (or more!). Has happened many times in the past, and will happen again in the future, regardless of where the price sits. Here's a fun chart from Reddit today: https://i.redd.it/dnlduddb5ha01.jpg https://i.redd.it/dnlduddb5ha01.jpg
- averagewall 9y agoNobody who will ever talk to you knows the future price of any cryptocurrency. All advice you get is a complete stab in the dark and you'd do just as well to ask a monkey. The market is liquid enough that any public knowledge is already incorporated into the price before you hear about it.