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> "I started with £250. I didn't know anything about how cryptocurrency worked, I knew it existed but I didn't know the ins and outs." Don't invest in somethin
by theandrewbailey 4y ago
> "I started with £250. I didn't know anything about how cryptocurrency worked, I knew it existed but I didn't know the ins and outs."
Don't invest in something you don't understand.
- iamben 4y agoCompletely agree, but I think this case is a bit more subtle than that. £250 is a gambler's punt - "I don't understand this, but I can afford to lose £250 to see what happens." When that seems to be going well and people are explaining how your £250 is now worth £450 because X, Y and Z has happened, I suspect it's fairly easy to start thinking you understand enough to invest more without it feeling like a punt anymore.
- flatiron 4y ago99.9% of crypto investors don't know how crypto works. my brother (who is a cop and has no clue) bought my dad (who is close to 80 and was a construction worker with no clue) for fathers day a year or two back and hardware wallet. said he's making bank with crypto investing in alts that the cops discuss. he had me set it up and i kept saying "please please don't invest a lot". luckily he capped himself at 5k. i don't want to ask what he has now....
- duxup 4y agoI honestly don't understand much big company finance at all and yet that's where my money effectively is, with a smattering of companies that I don't really understand.