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I turned 10k into 300k without doing any of the above in 6 months. You need to fight your biases.
by spaceman_2020 4y ago
I turned 10k into 300k without doing any of the above in 6 months.
You need to fight your biases.
- rnk 4y agoYou should advertise on youtube then ;-) Lately it seems every youtube video I watch has endless steams of scammy "How do I invest to get good returns". "You should invest with fred johnson crypto, I made 100k off a 10k investment in 1 week".
- guelo 4y agoBy timing the market on a coin hype cycle?
- spaceman_2020 4y agoPretty much - no “long term” passive investment in crypto. Its a casino, but one with extremely good odds for players if you time it right.
- hgsgm 4y ago
- HWR_14 4y agoAs I understand it, either you're good at timing the market or you got lucky. If you got lucky, there's no reason to be so cocky. If you are good at timing the market why aren't you making a fortune on Wall Street? (Unless you are making a fortune on Wall Street)
- spaceman_2020 4y agoThere's no need to time the market when the market is flooded with cash. You didn't need to be smart or even lucky to make money on practically anything in late 2020-mid 2021. The trick is knowing when to get out. And for that, simply managing your greed is enough.
- aaaaaaaaata 4y agoMore moving parts on Wall St. More competition. Wall St "smart money" is still, comparatively speaking, clueless in cryptocurrency world.
- cuteboy19 4y agoCrypto is zero sum. For you to get 300k someone else got a loss of 300k.
- spaceman_2020 4y agoCorrection: for me to get 300k, many people had to aggregate 300k of losses across many different projects. You make it sound like the market is two participants - me and the guy I took 300k from. In reality, the market is broad as well as deep. You can lose $10 on one project, make $20 on another, and come out with $10 profit overall. Someone else can reverse that trade and come out with $10 profit as well.
- cuteboy19 4y agoCorrect. But overall if you net out the cash flows, the crypto market does not create any new wealth (as opposed to the stock market). Old investors benefit by getting more new investors who themselves are always on the lookout for even greater fools.
- TomSwirly 4y agoMathematician here - one who has been paid to write successful option models for Wall Street, for example. Your argument is wildly wrong because you cannot add negative numbers and make a positive. You simply invent random transactions to come up with a desired outcome, and refuse to look at the big picture. The whole cryptomarket is a negative sum game, because of the costs of electricity, bandwidth and personnel. For every dollar that goes into the whole cryptocurrency market to buy a coin, less than a dollar comes out, because some of that money is buying mining rigs and generator plants. This is certain because there is a law of conservation of money in this case. Cryptocurrency neither creates nor destroys fiat currency, so the inputs and outputs have to net equal less than zero. Why don't you try to come up with some sequence of actual transactions in a "toy" market with a small enough number of participants that you can work through it by hand, not forgetting to take out money from the pot for electricity, network, and personnel? You'll soon see that this network net destroys money - it doesn't create it. If you don't believe it, I'll write you a math proof, but TBH if you don't understand the explanation above, you'll understand the math proof even less.