Quote (KrWWW @ May 8 2021 10:46am)
Yeah I have no idea, I bought some shares when it was at 39 cents and 50 cents I think, I'll probably sell it if it flops after tonight
This right here is why most people buying crypto aren't investing, they're just speculating, essentially gambling. They don't understand the underlying principle behind it, just like buying a company completely based on hype and you have no idea what the business model is or what their business outlook is like in the next few years. Long term that just spells trouble.
I saw something recently where someone posted, fuck the boomer stuff, crypto and blockchain technology is the future. Yes, potentially, but look at cars, when cars came out many decades ago, how many companies associated with cars actually survived to this day? Same thing during the dot com boom how many internet companies survived? Who's to say Bitcoin, ethereum, Dogecoin, etc will survive and not get replaced by another government sanctioned coin?
Did I miss out on potentially a lot of gains? Yes, and I actually brought up Dogecoin as a joke to a coworker when he was buying random crypto years ago. He would've been rich by now, but it was a joke coin. On the other hand, just because some people are lucky doesn't mean they can keep repeating their success. Some people pop off and make full use of the newly found riches well, by paying off debt, putting down a payment for a house, etc. But most people will just spend it because they think they'll be lucky again. Sorry that was just luck, not actually skill, no actual research was put into your choice so it's just like gambling at the casino and you happened to get 00 at the roulette table.
If you understand it, and you believe it's the future, for sure, invest in it. But if you just saw your buddy put money in it and you wanna follow suit, then that's a dangerous path to go down on, please do your own due diligence work when it comes to your own hard earned money.