Current Events > So I bought crypto for the first time

(+) Yeah! (+)

Figured with a very friendly government to this currency soon, probably worth a shot. Friend at work who is heavy into investing suggested XRP so went with that.

Also put money into Dogecoin as it seems smart to do that right before inauguration before Musk gains actual power.

Good luck with the not pyramid scheme.

McMarbles posted...

Good luck with the not pyramid scheme.

You can duck out at any time. This scheme is about to be legitimate by the government anyway

That's a good one to own I bought quite a bit in 2022 along with a few others. I'm selling the little bit of dodge I have soon after inauguration though.

I have pretty much all of them that are listed on Robinhood

Luteo posted...

I have pretty much all of them that are listed on Robinhood

Any favorites? I wound up diversifying a little. Put a little too much into Doge maybe anticipating a spike next week. Who knows.

chaos_knight posted...

Any favorites? I wound up diversifying a little. Put a little too much into Doge maybe anticipating a spike next week. Who knows.

Bitcoin, Litecoin, Ethereum I consider my forever holds... just the three original cryptos that will prob never go away but Dogecoin made me the most money so it's a favorite in that sense.

what a legend.

Luteo posted...

Bitcoin, Litecoin, Ethereum I consider my forever holds... just the three original cryptos that will prob never go away but Dogecoin made me the most money so it's a favorite in that sense.

Ah ok. Good advice overall. Thanks.

Bitcoin. It paid off my house, lol.

so you invested in a scam

chaos_knight posted...

You can duck out at any time. This scheme is about to be legitimate by the government anyway

The thing is, not all cryptocurrency is equally viable.

So something like Bitcoin is designed to operate more like an actual currency and there's an artificial scarcity to it, whereas something like Dogecoin is the equivalent of printing out Monopoly money with a 50 cent ream of colored paper at home.

So if you're just blindly buying stuff without understanding its basic operating principles you're taking a huge risk.

If you are actually buying into crypto, you really should only buy Bitcoin. Diversifying in the crypto space is basically "let me buy a whole bunch of garbage coins and hope one of them pops off temporarily."

Hexenherz posted...

So something like Bitcoin is designed to operate more like an actual currency and there's an artificial scarcity to it, whereas something like Dogecoin is the equivalent of printing out Monopoly money with a 50 cent ream of colored paper at home.

Something that people will occasionally will pay real money for, somehow.

I stopped tracking crypto long ago, but just knowing the pump n' dump is coming is enough for a fat little wad of cash now and then.

Guide posted...

Something that people will occasionally will pay real money for, somehow.

I stopped tracking crypto long ago, but just knowing the pump n' dump is coming is enough for a fat little wad of cash now and then.

Crypto is volatile as hell but always goes back up a ton.

chaos_knight posted...

Crypto is volatile as hell but always goes back up a ton.

no no it does not always go back up in fact 99.999999% of the time it dont go back up

AceMos posted...

no no it does not always go back up in fact 99.999999% of the time it dont go back up

True, most of the coins are trash and you shouldn't bother with them. Doge is about as risky as is worthwhile, and that's only pumps are basically announced.

i'd rather invest in big titty anime girl gacha

Guide posted...

True, most of the coins are trash and you shouldn't bother with them. Doge is about as risky as is worthwhile, and that's only pumps are basically announced.

The really risky coins, sure. Otherwise, the rest actually do go up over time if you research them.

Death to crypto

chaos_knight posted...

The really risky coins, sure. Otherwise, the rest actually do go up over time if you research them.

Have you actually looked at Dogecoin

chaos_knight posted...

The really risky coins, sure. Otherwise, the rest actually do go up over time if you research them.

very few do this

this is how they trick people you see this invest and then they crash when people cash out

its a pyramid scheme

Hexenherz posted...

Have you actually looked at Dogecoin

Yeah. Upward trend is going up. And we're about to have an actual DOGE agency. Sell immediately after for sure though.

chaos_knight posted...

Yeah. Upward trend is going up. And we're about to have an actual DOGE agency. Sell immediately after for sure though.

aka SCAM people

as they will be left holding the bag

AceMos posted...

aka SCAM people

as they will be left holding the bag

You have absolutely no idea what you are talking about, and just emotionally charged on this subject

chaos_knight posted...

You have absolutely no idea what you are talking about, and just emotionally charged on this subject

that is factually how it works when some one buys your cyrpto they are now holding that crypto to sell later

and when the coin crashes they lost money on it

AceMos posted...

that is factually how it works when some one buys your cyrpto they are now holding that crypto to sell later

and when the coin crashes they lost money on it

is... is stock also a scam?

Guide posted...

is... is stock also a scam?

Stock itself? No, there have been some businesses, like Enron, that were scams and had stocks. Stock trading is regulated pretty heavily to protect rich people from scams.

Crypto on the other hand are made almost exclusively to pump and dump.

I've got some doge ive had for a few years now. when the price rose up recently I took out my initial investment so now i'm just letting it ride.

This is probably going to be a pro crypto administration. It's hard to tell whats going on because the vast majority of it vibes based. People think the inaguration will cause the price to spike, when the DOGE dept. gets up and running it'll spike. I don't know if it'll spike because of the inauguration or not but since I took out my initial investment there is no sweat in holding.

I would rather have our Democracy back, and Trump and Musk are turds, but I already had the coins may as well try to make money off em now because of some Crypto shit happening in this admin.

BlackScythe0 posted...

Stock itself? No, there have been some businesses, like Enron, that were scams and had stocks. Stock trading is regulated pretty heavily to protect rich people from scams.

Crypto on the other hand are made almost exclusively to pump and dump.

Not all. Some have lasted over a decade. Reminder this is about to be officially recognized by the American government.

argonautweakend posted...

I've got some doge ive had for a few years now. when the price rose up recently I took out my initial investment so now i'm just letting it ride.

This is probably going to be a pro crypto administration. It's hard to tell whats going on because the vast majority of it vibes based. People think the inaguration will cause the price to spike, when the DOGE dept. gets up and running it'll spike. I don't know if it'll spike because of the inauguration or not but since I took out my initial investment there is no sweat in holding.

I would rather have our Democracy back, and Trump and Musk are turds, but I already had the coins may as well try to make money off em now because of some Crypto shit happening in this admin.

Same. World is going to suck bad. Best you can do is take advantage from these pieces of shit to protect your family.

chaos_knight posted...

Not all. Some have lasted over a decade. Reminder this is about to be officially recognized by the American government.

"Bitcoin is still around so I'll just pretend the scams never happened!"

This is why I stick to IOS coins and ignore the rest. You can trade bitcoin and dodge for example but I don't treat them as longterm investments like xrp.

When regulations come in the industry will naturally phase out the scams and pump and dump coins while utility coins and blockchains will remain. Good luck TC I know CE isn't a place I'd really discuss anything investing related.

Crypto got lucky exactly once, and even then it only really paid off for the few people who mined a bunch of it in the late 2000's when it was easy to get.

You may see small, short term gains with certain coins, but everyone's chasing the next bitcoin explosion, which will probably never happen again.

If you look at recent events, it's going after the zeitgeist now. Might not explode but if you like to gamble, it's safer than the casino.

Well put $400 in so far to 3 different currencies. Playing the game finally.

Treat crypto as taking a chance with money you can afford to lose and you'll be okay. Just don't risk the retirement like an idiot. Realize this is a fairly new, fairly unregulated space and the realities of that but otherwise hot dang

I have about 7/1000s of a bitcoin leftover from mining a few years ago. I had up to a whole bitcoin at one point that I sold for about $750. Probably should have held onto that.

argonautweakend posted...

Treat crypto as taking a chance with money you can afford to lose and you'll be okay. Just don't risk the retirement like an idiot. Realize this is a fairly new, fairly unregulated space and the realities of that but otherwise hot dang

Pretty much. Its like a better form of gambling at a casino.

chaos_knight posted...

Pretty much. Its like a better form of gambling at a casino.

as long as you view it like this and dont put absurd amounts of money and hope into it i think youll be fine. Youre probably not gonna be a millionaire but youre also not gonna lose your house

The problems come when you start going all in on an extremely volatile market thats prone to manipulation

Yeah I mean I've gone to a casino and lost $20 on a quarter slot machine in under a minute before.

Takes a little longer to lose via crypto >_>

so TC hopes they can scam some one and leave them holding the bag

AceMos posted...

so TC hopes they can scam some one and leave them holding the bag

yeah this is doing too much

no tc is not doing that

__aCEr__ posted...

If you are actually buying into crypto, you really should only buy Bitcoin. Diversifying in the crypto space is basically "let me buy a whole bunch of garbage coins and hope one of them pops off temporarily."

Ethereum is pretty solid too at this point. Exercise caution (even more than with crypto in general) with anything besides BTC or ETH tho.

ssb_yunglink2 posted...

yeah this is doing too much

no tc is not doing that

the moment they sell the coins and the crypto crashes they have left some one holding the bag

AceMos posted...

the moment they sell the coins and the crypto crashes they have left some one holding the bag

do you believe playing poker is scamming? If someone loses a hand someone else gets their money

its gambling.

ssb_yunglink2 posted...

do you believe playing poker is scamming? If someone loses a hand someone else gets their money

its gambling.

crypto is not a form of gambling thoe

it pretends to be a currency

AceMos posted...

crypto is not a form of gambling thoe

it pretends to be a currency

How is putting money into an incredibly volatile market a huge departure from a slot machine

No matter how you think of it buying and selling crypto on its own is not scamming.

ssb_yunglink2 posted...

How is putting money into an incredibly volatile market a huge departure from a slot machine

No matter how you think of it buying and selling crypto on its own is not scamming.

ok if i say to you "buy this beenie baby for 100$ it will be worth 5000 in a year"

and you buy it

and it becomes worthless in a week

did i scam you yes or no