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Is Cryptocurrency A Good Idea?


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I see a lot of people talking about cryptocurrency like they're financial advisors and there's no risk... but I wish more people would admit the truth about all investments: You're gambling.

A lot of people have NO IDEA the risks involved in doing what they're doing... like some time ago people invested in bitcoin when it was at $20,000 or so, then it tanked, falling down to $3,000 - For new investors, that could have been all their savings, gone. It's madness.

I really don't like seeing YouTubers especially weigh in on things you should invest in because they're guessing just like everyone else.

YES! Crypto can be very profitable, but it can also destroy you if you put your money in the wrong places - I wish people would stress that more, because it's scary AF.

Also... I see this all the time, promising what currency will be by the end of the year:

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Fact is, NO ONE ACTUALLY KNOWS, so to say something will or will not be somewhere is completely irresponsible and dangerous.

Anyway... on a side note, what are you invested in? I'm genuinely curious.

I myself am a sloppy and irresponsible investor... like one of those Gamestop folk-level intelligence investors. So... never ask me for advice on what to invest in... but what NOT to invest in? I'd rather help you not get rich quick than help you lose everything, nah mean?

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I invested in Marvel comics in the late 80s/early 90s. Artwork, figurines, etc. My memaw told me it was a waste of money. Oh?  The original first editions of Guardians of the Galaxy, tons of Xmen & some indy stuff. All poly-bagged, stiff-backed & in proper comics boxes. 😁😁😁 She admitted I was right! 😱😱😱 😂😂😂

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6 minutes ago, sarawyndspryte said:

I invested in Marvel comics in the late 80s/early 90s. Artwork, figurines, etc. My memaw told me it was a waste of money. Oh?  The original first editions of Guardians of the Galaxy, tons of Xmen & some indy stuff. All poly-bagged, stiff-backed & in proper comics boxes. 😁😁😁 She admitted I was right! 😱😱😱😂😂😂

Hard to predict the future in most cases.

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I think, like with any investment, it requires you to look into it yourself. It's very risk v reward, and you def shouldn't get into just because your favorite celebrity says it's a good idea. What's a good idea for them-a millionaire- is not always a good idea for the average Joe living paycheck to paycheck. You also should investment responsibly, don't put a house payment into any investment, let alone cryptocurrency, if you can't afford to survive without that house payment. Investing to me is just another form of gambling. That being said I have invested in a few and am seeing good returns (I bought into doge when it was less than a cent for the meme and have a sizeable chunk of money from it-hodl brothers) and a couple other long hold cryptos, but I did a lot of research into the other ones and only invested the spare cash I had at the time, I didn't break the bank to invest in them. 

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10 minutes ago, Danny said:

I think, like with any investment, it requires you to look into it yourself. It's very risk v reward, and you def shouldn't get into just because your favorite celebrity says it's a good idea. What's a good idea for them-a millionaire- is not always a good idea for the average Joe living paycheck to paycheck. You also should investment responsibly, don't put a house payment into any investment, let alone cryptocurrency, if you can't afford to survive without that house payment. Investing to me is just another form of gambling. That being said I have invested in a few and am seeing good returns (I bought into doge when it was less than a cent for the meme and have a sizeable chunk of money from it-hodl brothers) and a couple other long hold cryptos, but I did a lot of research into the other ones and only invested the spare cash I had at the time, I didn't break the bank to invest in them. 

How many doge do you have? I understand if you don't respond because I don't talk about how much doge I have.

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25 minutes ago, Danny said:

I have a bit over 8000, but I only put $50 in when I got them and haven't gotten anymore 

Don't you wish you could go back and buy a million? Uuuugh.

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4 minutes ago, Danny said:

Yeah lol but back then it was just a meme and I only had an extra 50 to blow lol 

So what I've learned is that basically, worst case scenario you lose the 50 bucks. Ok... best case scenario, that 50 bucks turns into $100,000 in 10 years.

That kind of thinking is like... woah, this could be awesome... and you know... I just sacrifice one purchase to try that other area... but at the same time, if the choice is between paying your bills or that - obvi, pay your bills.

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On 5/15/2021 at 5:17 PM, Danny said:

That's exactly how I feel too, I've been looking pretty heavily into safemoon lately which is another crypto that's under a cent rn but I think will do pretty good in the long haul 

Haha... I mean cool 😛 So many of the cryptos might take off so it's like... *shrugs* May as well if you got the extra extra change.

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