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We all have different financial situations. $50 may be dipping toes in to one person and $10,000 may be dipping your toes in for someone else.
I qualified my statement by saying "mortgaging the house" or "using 401K monies." In my post above I also specified people who "can't afford to lose the money they are investing."
I qualified my statement by saying "mortgaging the house" or "using 401K monies." In my post above I also specified people who "can't afford to lose the money they are investing."
Yeah I see plenty of people taking out a mortgage, cash advances on credit cards, etc. Fortunate for them in the past it has typically worked out but I think most would agree that's incredibly stupid
Ay yi yi at the people who dumped thousands of $$$ they cannot afford to lose into btc and altcoins. The correction, or whatever this is being called, would have to be painful.
I dumped some money into it just because of fomo...not money I can't afford to lose but it's been going down since I bought it so..down 50% ....so 3 days later I feel like an idiot..1 I should have waited longer or 2 I shouldn't have touched it. I don't really even believe in bitcoin like other people do..i think it's a short term thing....i think it will make people a lot of money for a short time thing die.i just hope I didn't buy it as it's dying...but I keep hearing everyone talking about it all the time. I figured they know something I dont. If I lose my money it's not a big deal i have investments that are doing really well. I took a gamble and this is just a small percentage of my networth...It's just a lot more volitale than I really expected.
Yeah I see plenty of people taking out a mortgage, cash advances on credit cards, etc. Fortunate for them in the past it has typically worked out but I think most would agree that's incredibly stupid
Lol if I did that i would have had a heart attack after it went down 50% of my purchase price in 3 days...
I dumped some money into it just because of fomo...not money I can't afford to lose but it's been going down since I bought it so..down 50% ....so 3 days later I feel like an idiot..1 I should have waited longer or 2 I shouldn't have touched it. I don't really even believe in bitcoin like other people do..i think it's a short term thing....i think it will make people a lot of money for a short time thing die.i just hope I didn't buy it as it's dying...but I keep hearing everyone talking about it all the time. I figured they know something I dont. If I lose my money it's not a big deal i have investments that are doing really well. I took a gamble and this is just a small percentage of my networth...It's just a lot more volitale than I really expected.
You didn't think it was going to go up forever, did you?
You were warned by some of us on these very boards.
I had bought GBTC at 580 a couple of months back, got out 2/3 last week at 2250 when I thought it had peaked but people pushed it to over 3000. Watched the dip over the week and thought it would be priced right at ~1600. Put the limit order in yesterday and woke up to execution at 1340. Using some monies in the 401k to play around with it since there is a lot of movement that I would want to make and don't want to be hit with capital gains.
Happy with the outcome so far. Turbulent right now, but I feel Crypto has these huge dips and then recovers.
You didn't think it was going to go up forever, did you?
You were warned by some of us on these very boards.
BeerGeek, you weren't warning people as in crypto is promising but volatile, your just against crypto. That said even someone like myself who some have called a fanboy, I'll be the first person to tell people only invest what you can afford to lose, take profits along the way, take out your initial investment. This guy admittedly doesn't support Bitcoin or crypto, doesn't believe in the technology, he just said everyone's getting stupid money let me hop on the train and he got in at the wrong time.
Bitcoin and all cryptos for the most part will come back, to people who've been in this for a while we've seen this before. Back when Bitcoin crashed from $1200 down to $200 it took about a year and a half to come back but it came back. If you don't need the money while its disheartening its not a big deal but this fellow apparently couldn't afford to lose what he invested nor is he in this for the longterm.
Play stupid games win stupid prizes.
fyi, I bought more last night around midnight, yep catching falling knives, woke up at 7am and saw I was down even more and doubled down and bought more. I'm up a few thousand on my purchase this morning, still down a bit on my purchase last night.
I started out with 1k and now I am at $809.98. I think it will drop down to 5k if not 2k in the not too distant future. That being said I think it will have another few good runs before it dies out.
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