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I just love last year Jamie Dimon said chase would never invest into bitcoin or allow its people to own it. I'm sure they were gobbling it up.. institution's own a lot right now. Seems little manipulation.... he should go to jail.
Trading crypto is fine as long as you subscribe to the "greater fool theory."
If you don't know what "greater fool theory" is... The Greater Fool Theory is the idea that, during a market bubble, one can make money by buying overvalued assets and selling them for a proﬁt later, because it will always be possible to ﬁnd someone who is willing to pay a higher price.
In other words, it's ok to be a fool and buy dogecoin...as long as you can find a bigger fool to sell it to down the road for a profit. Especially since it was started in 2013 by two tech geeks as a JOKE.
Remember boys and girls, its not a profit until you sell it!!!
2 funny...it’s not like you have to go find buyers or something...and call me whatever you want but I’ve made over 8 gs already pulled and put in my pocket...also I can pull the rest $25gs at anytime. (Made off $1500 btw)
Ah yes, I remember the naivete of investing back in 2000. Back in the heyday when a monkey was picking stocks from the wall street journal and outperforming the brokers. When the shoe shine boy was giving out stock tips. When pets.com IPO'd and it hadn't even had its first sale. Those were the good ole days. Until it wasn't and it all came crashing down.
You can do whatever you want to do. Doesn't matter to me. I'm just saying...I've traded through two market crashes and have seen million dollar portfolios lose 90% in a matter of weeks. When things are going your way, it makes you feel invincible.
People keep buying the dips, thinking they are getting a better and better deal before realizing otherwise. Ask anyone who remembers Enron. Maybe you're too young to remember that one but Enron was one of the best companies out there. I had clients who bought it at $20, then more at $10, then loaded the boat at $5, because hey, its Enron.
All I'm saying is, "good for you" if you are making money in dogecoin. Just don't let the success go to your head, take profits along the way, and don't invest more than you are willing to lose. Its easy to say "I can find someone to sell it to," but when liquidity dries up, finding a buyer at the price you want can be a bitch.
And...by the way, I hope you didn't take my "greater fool" comment as offensive. I wan't calling you a "fool" by any means. Sounds like it tweaked you a little. That is a well known saying on wall street. We used the term around the office all the time when I was a broker.
But if you think about it, its true. And that is with any investment, not just crypto. Ask anyone who bought tulip bulbs back in the 1600s.
Sound advice for all market investing... it is after all legalized gambling. I've made a lot & lost a lot over the years. I bought this as a joke & if it makes money great, if it goes to zero I didn't put in any more than I was willing to lose.
I believe crypto as a whole is here to stay (like Bitcoin) and will be here for a long time to come. Just sorry I got in and out of Bitcoin log ago
No I get it really I do, it’s a gamble for sure and I am a contractor that knows nothing about stocks. That said I watched bit coin go through the roof when I should have invested! I am doing my best not to make any stupid moves...been feeling like I should pull out all my money now but...IDK? $30 gs is a nice profit off $1500 but I’m the kind that will kick myself forever if it goes up like Bitcoin did!
Agreed. Crypto isn't going away. In fact, the federal reserve is working on its own form of digital currency. They will do away with paper dollars within the next 5 years. China is experimenting with a digital yuan that has an expiration date to force people to go out and spend their money. Things are getting crazy. There will be winners and losers in the crypto space. Thing is, who will be winners and who will be losers...?
A recent example are the marijuana stocks. Look at all of the stocks that were launched with the anticipation of "legal weed." Think of how much money was invested in those and look at which ones are still around today. Very few of them. Most are penny stocks now, if they are still around at all.