TIFU by buying too much crypto

Submitted by Colinian18 t3_10oakja in tifu

Disclaimer: This actually happened a few days ago.

I recently got into crypto and have gotten a little ambitious. Well, I put most of my paycheck into the markets, had a few bills go through and my account went into the negative. I figured it would sort itself out as I get paid weekly and I didn't want to sell any coin or anything.

Well, It hasn't been a week yet and I have already made a fool out of myself again. I went to a new barber and he only took cash. No debit, no credit, only cash. So, I had to rush and pull the cash out getting hit with a fee at the atm, and again at the gas station.

Lesson learned. Keep cash on hand. I won't be making that mistake again (hopefully) and plan to put, and keep, a little more in the account for safety. 10 or 20 is cutting it close, 40 or 50 would probably be better. (Don't laugh, I'm broke af)

​

TL;DR - Put all my money into the crypto market to squeeze that extra little bit of profit. Ended up getting hit with an overdraft fee, and two ATM fees instead.

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Comments

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ForgetTheWords t1_j6djl5j wrote

Why would you get into crypto now, when it's been on a downswing for a while?

226

mazedk1 t1_j6dk8y6 wrote

Because its going to bounce back.. he’ll be a gazillionaire

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GusgusMadrona t1_j6do5qs wrote

First moon then Lambo!

38

crimson1k27 t1_j6ejsdp wrote

Ride the lambo to the moon.

14

Tuga_Lissabon t1_j6fggja wrote

Just send it by rocket and watch it go through your telescope at your mansion with three more like that on the garage.

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lcbomber t1_j6et1e1 wrote

You answered your own question. Markets go up and down, best time to sell is when it’s high, best to buy is when it’s low. A.k.a. now.

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vrythngvrywhr t1_j6ewd9q wrote

You're 100%. Markets bounce.

Scams... Not so much.

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copyboy1 t1_j6fdiae wrote

Pyramid schemes don’t tend to rebound.

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VolkClawtooth t1_j6gnki9 wrote

More like Ponzi schemes ..cryptocurrency is hinged on new buyers spending big and tanks every time someone wanders off with a big selliff

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lcbomber t1_j6ex3pw wrote

I don’t have time to explain math to your dense skull. Go do some research, learn about it, then see if you still think it’s a scam.

−39

vrythngvrywhr t1_j6exibg wrote

I understand math. The block chain is an incredible invention without a current use. That's being picked up by every scam and con artist this side of a shit coin.

Trying to pick the one that's going to be worth something is like trying to find the Amazon in a sea of Pets.com.

Encouraging people who are so idiotic they'd dump everything into SaveTheKids going into fees and a negative bank account so they can #MOON is tantamount to theft.

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dreadpiratew t1_j6f70bp wrote

Stocks are as much a pyramid scheme as crypto. It’s all just a popularity contest. Profits don’t matter unless they make you more popular. Losses don’t matter unless they make you less popular.

−9

vrythngvrywhr t1_j6f7af4 wrote

Actual partial ownership of a company with assets, and profit recognized by law vs actual partial recognition of ownership of numerical bits of a mathematical chain serving no purpose.

Sure thing buckaroo.

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dreadpiratew t1_j6f7jjz wrote

Your “ownership” means nothing unless you are buying a significant portion and voting, contributing to company decisions. It’s really no different than crypto, seriously think about it.

−14

aussie_nub t1_j6f8o8y wrote

If the company is liquidated, it has actual assets to sell. Bitcoin does not. You're 100% guaranteed a return of $0 when they tank but a company sells up all their assets and then pays out creditors in a particular order. Shares are usually last, but at least there's a reasonable chance you'll get something in return, even if it's only a fraction.

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dreadpiratew t1_j6f9hgu wrote

It’s still just a popularity contest - stocks and Bitcoin. If they are popular, they go up. Your “share” in a company is really no different than your fraction of Bitcoin. It’s just some mystical thing.

And technically, If you look at history, it’s more likely that your stock will go to $0 than Bitcoin.

−9

aussie_nub t1_j6f9ys3 wrote

>And technically, If you look at history

Companies have been around for hundreds of years, bitcoin is just over a single decade.

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vrythngvrywhr t1_j6f80io wrote

You're right. If the company goes tits up I'm like seventh in line to be paid.

If crypto goes tits up there isn't a line to get money back.

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magnificentmemer t1_j6gkmsd wrote

Ownership means nothing unless you're directly registered. If you own shares in a brokerage, you don't have true ownership of the company.

Fun fact of the day.

Overall I agree with your point though.

3

lcbomber t1_j6ey6bv wrote

Lol, one that’s going to be worth something? You’re saying that as they all become “worth something” right now. Bitcoin, ETH, Matic, BNB, so many more, all up 10’s, 100’s of percent from inception. Because people are using them.

−15

vrythngvrywhr t1_j6eyi06 wrote

Enron was worth billions and regarded as the best investment because they couldn't lose money.

Until that whole bankruptcy and prison thing.

Pets.com was worth money before the bubble burst.

Good luck and good day bud. Hopefully you don't wind up homeless working behind the dumpster at your local Wendy's.

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lcbomber t1_j6ez6t8 wrote

Your pessimism and closed-mindedness are laughable. Stay happy out there fam 🙏🏻

−13

SignedTheMonolith t1_j6f322x wrote

Crypto won’t work because government needs tangible wealth to tax, not some block chain priority.

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lcbomber t1_j6f3mej wrote

Not sure I follow, because Colorado already started accepting Bitcoin for tax payments, so that’s gotta be possible. Plus the blockchain ledger can tell them exactly what’s happened in someone’s account, more transparent than cash. Gov could collect and hodl the bitcoin or sell it off when it’s sent to them.

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stormdelta t1_j6jh6ya wrote

As someone who lives in Colorado, no they didn't.

They made a partnership with PayPal where you give PayPal a % fee to exchange your cryptocurrency for actual USD, which PayPal then gives to the government. At no point is the government actually accepting Bitcoin as part of that process.

> Plus the blockchain ledger can tell them exactly what’s happened in someone’s account, more transparent than cash.

Complete lack of privacy isn't a positive for most people.

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lcbomber t1_j6jyawy wrote

Good info, thank you for that, kind local!

And on your point of privacy, I do agree, and so do others, which is why more privacy focused blockchains like Monero exist. Just some food for thought, not trying to shill XMR, I’ve honestly never had any or tried to get any yet. But it’s out there.

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magnificentmemer t1_j6gkv14 wrote

I hope one of these morons down voting you remembers your comment, one day.

−5

lcbomber t1_j6gpvrr wrote

I feel bad for most people with such a closed mind, but a lot of people make it hard to feel bad for them at the same time :/

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AnotherDempsey t1_j6fodte wrote

If they're all up so much, how are you only breaking even? 🧐

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Popatteri t1_j6hvayb wrote

I did my research and crypto is greater fool theory.

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deco19 t1_j6hba5b wrote

No, the scam is up. Government crackdown on this medium for psychopathic conmen to extract money off people who don't know better is on. The last pillars holding this scam up are under criminal investigation. It's only a matter of time in this evil manipulated market.

Do not take financial advice from this NFT flashing gambling addict.

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Chasethemac t1_j6huujm wrote

Who hurt you lol

−6

deco19 t1_j6ii2tv wrote

No one. I hate scammers. Seems like a normal thing to hate, no?

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Chasethemac t1_j6ims83 wrote

The government is the biggest scammer I'm aware of.

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deco19 t1_j6koy6p wrote

Ah yes, let's replace government with psychopaths that have unfettered control and access to the most lucrative scams with little effort to have ever existed. Even if government was what you say it is, it is nothing in comparison to the widespread daily rug pull of someone's life savings in useless crypto coins. You have to be delusional to believe otherwise.

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Chasethemac t1_j6kr2al wrote

Squidcoin get you did it?

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deco19 t1_j6ks19w wrote

What jibberish is this. There is no "value" in crypto. The perceived "rush to value" over things like Bitcoin is a desperate last attempt after other crypto was revealed to be a full blown scam.

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Chasethemac t1_j6kxt1y wrote

Bitcoin working as intended for over a decade has nothing to do with its "value", I'm sure.

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deco19 t1_j6kztef wrote

"working as intended" yeh... I mean it's totally failed as a currency, store of value, etc. Attempts in large scale to adopt it failed. It is technically hindered by a terrible transaction speed.

The goalposts just keep moving with people like you.

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Chasethemac t1_j6lg760 wrote

You're just speaking so many opinions you've heard and projecting them onto me while emotionally shitting yourself over here.

Bitcoin, the network, has been running as intended for a decade.

What you don't like is human nature and technological progress. I'm sure in our short time as a civilization, we nailed it. The global monetary system couldn't possibly be improved.

The internet is just a fad.

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deco19 t1_j6lo71t wrote

Ah yes verifiable on chain stuff, "working as intended", is an opinion. Lol. Human nature is the inevitability to nullify any supposed pros like decentralisation, lack of manipulation, etc. Technological advancement is what I'm primarily invested in, and blockchain ain't it.

If I told you 40 years ago we could use immutable public databases to solve the same problems you'd call me insane, and rightly so. This is just that with extra steps.

The global monetary system is being constantly iterated on. It's not perfect, but it sure as hell isn't being as manipulated for excessive greed as much as crypto or bitcoin has been. Tether is your life blood, full of scammers and backed by trash. What a sorry state to be in. Even sorrier considering you think your idea here is the answer.

And there we go, the link to the internet. The internet was giving average people value however. Allowing them to send instant messages. Now your average person naively gets into crypto with promises of great riches, loses their hard wallet and recovery key and their life savings in the process. What a great innovation and something we clearly need right now. Lmao. Get help for gambling.

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Chasethemac t1_j6mj13s wrote

Working as intended is not an opinion.

You think the crypto space has more scams and influence of greed than traditional finance markets. Get real.

You've got it all figured out. Peak Brain. Congratulations.

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lcbomber t1_j6j95ky wrote

Apparently my colorful profile pic? I gambled a whole 0 dollars and my reddit profile on it so

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ForgetTheWords t1_j6ethjc wrote

I think the best time to buy is when it's low but you expect it to get high again.

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lcbomber t1_j6eubf8 wrote

Understandable. So it’s already low, you must just not be expecting it to come back up, which is fair. I, however, do for a variety of reasons :) and I’m willing to wait and see what happens.

I’m young, I’ve got time to be wrong. But if I’m right, I’ll have time to golf.

−4

barsoapguy t1_j6igldt wrote

Ah so sad ,you’ll waste so much money in your life being sold on “the next big thing” in the hopes of a jackpot.

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iCeColdCash t1_j6k4a0o wrote

Crypto isn't real. It's only purpose is to create ponzi schemes.

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aussie_nub t1_j6f91tf wrote

In the last 2 months it's gone from $US16k->$US23k. That's a 30% increase.

Don't get me wrong, I think it's an absolute shit show and a scam and would never ever ever suggest anyone invest their life savings into it, but it's clearly started back on an upswing.

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doomgrin t1_j6iglxt wrote

It’s a dead cat bounce

The thing about dropping 75% from all time high and putting everyone under water is that the 30% increase over 2 months is insignificant when it needs to go 300% to get back to ATH

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aussie_nub t1_j6k6u7v wrote

Maybe so. I'm literally just pointing out the fact that it has jumped.

It's also extremely well known that it is manipulated... a lot. I would not be surprised in the slightest if it went back up out of nowhere. The rest of the economy might tank it though.

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Inevitable-Fig6717 t1_j6jozu2 wrote

I have my life saving in it. Lost money on mining, was up 80,000 dollars but held, now I'm down like 17,000 dollars. It comes and goes. I'll just keep holding until the next bull run. At least I hold btc and not some shit coins that went to zero

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commandrix t1_j6fop6k wrote

It could be argued that "buy low, sell high" is a thing. His mistake wasn't getting into crypto. His mistake was buying more than he could afford.

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Zito6694 t1_j6ho9ze wrote

Bitcoin actually has been coming up lately, but your entire paycheck is never a good idea no matter how the market is.

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How2fone t1_j6gjup7 wrote

Right? Doesn't he know you're supposed to buy high and sell low.

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SlowCaveman t1_j6gyeue wrote

This… is basic trading. You’re supposed to buy stocks and or crypto when they are down. Buying when they’re high is how you get really burnt. Not saying the bear market is over but buying now is much better than buying it when it was at an all time high, obviously.

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ETH_Knight t1_j6hm7qi wrote

Because you invest for the future. You make profits by buying low and selling high.

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BenThereNDunThat t1_j6fo26b wrote

If you are "broke af" crypto is the last thing you should be buying.

Start saving money. Build up an emergency savings of at least 6 months (preferably 12). This is money that goes in a regular old FDIC insured, safe bank account. This is not money that goes into a speculative investment like stocks, bonds, or high risk investments like crypto.

Once you have that cushion, you can start investing for returns. Index funds are a good place to put the majority of your money. You get broad exposure to the markets so that when one segment is down, another is likely up. You can put a small amount of money into crypto if you're still interested, but I wouldn't put more than 5 percent.

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adwelychbs t1_j6hy03b wrote

>If you are "broke af" crypto is the last thing you should be buying

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stablecryptoscam t1_j6ie86i wrote

Broke af people are the precise target of crypto. People see 1 in a billion guy put 1k in shib and retire and think they can do the same.....after it has already 10000x.

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m_ninepoints t1_j6hyvbb wrote

Let's be honest 5% is a massive exposure for a portfolio at any scale. How about 0%.

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BenThereNDunThat t1_j6i17j7 wrote

I don't disagree.

But if OP is really gung ho on crypto that's a limit I would set.

Honestly, they'd be far better off investing in blockchain technology instead of crypto as their speculative investment as there actually seems to be an upside there.

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m_ninepoints t1_j6i1ma2 wrote

I agree if by "blockchain technology" you mean the broader semiconductor industry. Blockchain itself has found no meaningful application where traditional database tech wouldn't service faster and more efficiently over the course of its existence. Invest in the industries that make beanie baby manufacturing possible, but not the beanie babies themselves.

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BenThereNDunThat t1_j6iycv3 wrote

There's a whole bunch of people at some really big companies that would disagree with you. It's the big trend in inventory, order and supply chain management at the moment with companies investing millions into it.

Could blockchain be just another fad that will disappear when something new comes along in five years? Could it be a case study for future MBA candidates to dissect why it failed?

Maybe.

But right now there's still a lot of upside for companies in the field and that makes it an investment option for a small, measured portion of a broad portfolio.

0

luitzenh t1_j6j4606 wrote

> It's the big trend in inventory, order and supply chain management at the moment with companies investing millions into it.

No, it's not. Blockchain is an implementation detail and implementation details don't matter. It's as asinine as choosing a flight based on whether a the airline uses Slack or Teams for internal communication. You don't see new airlines being founded based on the fact that AWS is the future. You don't get emails by your bank saying they're better than their competitors because they use PostgreSQL.

The fact that companies advertise implementation details means that the implementation detail is a fad. The fact that you don't understand that blockchain is an implementation detail means you don't understand blockchain.

A blockchain is a data structure. Other data structures are linked lists, arrays, queues and hash tables. Unlike blockchains these are actually used by developers, some of them on a daily basis. When is the last time you've heard a company created a buzz around double linked lists?

The only reason advertising using a blockchain makes sense is when using a public blockchain, but running a public blockchain without a cryptocurrency does not make sense as there is no incentive and you've already admitted that there's nothing to crypto currencies.

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benevanstech t1_j6j0rqo wrote

Which companies? MSFT, IBM, Red Hat have all shuttered their dedicated "blockchain" units, and any remaining staff have been folded into general R&D.

The Australian Stock Exchange has written off their entire blockchain project & marked it to zero.

Maersk is out, too.

So - which companies are we talking about here?

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m_ninepoints t1_j6jf9fu wrote

Well, appeal to authority doesn't quite work in this case given that I was a principal engineer at one of those big tech companies :P. People that were pro blockchain were generally not treated favorably because we all know it's utter BS.

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barsoapguy t1_j6ig3zt wrote

I would describe crypto as a scam and not an investment.

This guy also needs to be brought up to speed on the various scams in life.

r/scams

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KBunn t1_j6io0gb wrote

Hey scams don't thrive without finding the greater fool. And here you go!

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Rebelpride1 t1_j6dslmy wrote

TIFU by buying too much crypto

FTFY

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MsBitchhands t1_j6dvt9z wrote

So you put your entire paycheck, which is issued in a currency that is backed and guaranteed to exist by a government, into a currency that has nothing behind it to assure that it will be available in the future?

You're broke, and you put all of your money into a scam.

That's a pretty big fuck up.

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FriscoKid96 t1_j6eod5t wrote

Tell me you don't understand macroeconomics and crypto without telling you don't understand macroeconomics and crypto

−69

Kat-Shaw t1_j6ib3rq wrote

Fucking cringe saying. Doubly so since I doubt you yourself understand macroeconomics either.

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lcbomber t1_j6ethdn wrote

^ people really don’t understand the fact that fiat currency is just money based on faith. It’s like religion for money. Nothing supports the dollar other than promises, and we’ve seen how often those get broken.

−18

Loko8765 t1_j6ewybl wrote

The dollar is supported by the US government, economy, and military-industrial complex. Sure it can crash, but it’s much less likely than crypto is to lose 50% of value wrt buying food and paying for a roof over your head.

Call it an investment if you like… but admit it’s a risky one, and don’t put in risky investments money that you can’t afford to lose.

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iPirateGwar t1_j6hzag1 wrote

I’m not pro crypto but the U.K. £, a reasonably well supported currency and, at times, the major world currency (albeit it a while back) lost up to 20% in one day last year because they put a moron in charge of the country.

What does imply strength in the US$ though is that you had a moron in charge 2016-20 who tanked the economy, built up huge debt levels to the proportionate extent that it would kill many national economies and you survived. The current government is working hard to stabilise it but next time you probably won’t be so lucky. So don’t vote the morons back in.

And crypto….jeez. It’s still an elitist tool whereby the rich screw over those of us too idiotic to see through it.

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lcbomber t1_j6exko9 wrote

Absolutely, it is risky, but so is trusting our politicians in my opinion and lifetime. Absolutely never invest more than you can afford to lose because any asset can become valueless should people stop valuing it. At the end of the day though, crypto is math, dollars are promises.

−7

AnotherDempsey t1_j6f1ai4 wrote

So care to tell us all how much you've made in crypto? 😂

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lcbomber t1_j6f2bjv wrote

Throughout all of it in the past 2 years, I will admit I’ve been a bit too lazy to keep track very well after 100’s of trades and transactions. Probably about even, because I lend crypto for payouts. It takes a LOT of learning, but it’s possible.

−7

AnotherDempsey t1_j6fgh2k wrote

So between that, and the fact you asked a girl you just started talking to to marry you because you both liked a video game, I think I'll disregard your advice bud.

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Leaguefizzics t1_j6h2x6i wrote

It’s funny you think the dollar can’t lose 50% of its value considering the dollar has already lost around 92% of its value since 1933

−7

Loko8765 t1_j6h5q4t wrote

Yeah, there was a qualification there that got lost in the hesitation about whether to refer to years or months or days.

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max8126 t1_j6hjctr wrote

This is like trying to justify jumping off the cliff is ok by saying we are all going to die someday.

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FriscoKid96 t1_j6f06uu wrote

The dollar is supported by printing more dollars. Notice how the US government operates with a debt that keeps going up.... almost infinitely? And the prices of everyday items have been continuously going up? So assuming your pay is the same you are effectively getting paid less because your money is worth less than it was before. That sounds like a scam to me.

−9

Trollygag t1_j6eexte wrote

>10 or 20 is cutting it close, 40 or 50 would probably be better. (Don't laugh, I'm broke af)

Putting your paycheck into crypto is like putting your paycheck into lottery scratch offs or gas station slot machines.

The people who got rich off crypto were the people who ripped people off or made scams in crypto. They preach the myth of the crypto millionaire because they need bag holders for their scams.

Don't be a mark.

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AliasFaux t1_j6dqld5 wrote

And by "too much", you mean "any", right?

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Darkwaxellence t1_j6fmlpx wrote

You couldn't pay for your haircut in crypto? That's crazy.

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Crully t1_j6e4w1x wrote

I predict this isn't going to go down well here. Over at r/cryptocurrency you'll be a hero though.

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Hefty-Interview4460 t1_j6kgpfn wrote

Yeah it's weird how these people are so far gone they encourage eacg other to waste all that money. I was watching a documentary about NXIVM the weird sex cult and they were the same: suffering endlessly while victimizing each other deeper and deeper.

Crypto is so weird. There s not even sex, it's pure cult.

1

Crully t1_j6mkssu wrote

Actually, I think you're wrong. Bitcoin is a hedge so our governments can't go all authoritarian on us. It does mean that it can be used by anyone, friends and foes, so I understand why that's uncomfortable to some. Like it or not, most money is digital right now, and who you want that controlled by, is up to you.

Not particularly keen on Russell Brand, but he did a good video some months back on why governments are keen on CBDCs, if you can get past the initial bollocks and stomach it, it's worth a watch as he does highlight some really good points on why you should be concerned with them https://youtu.be/vTOYJ4QCPnI.

0

BirthdayCarFire t1_j6gayj7 wrote

Broke but gambling on crypto? Sounds about right.

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TheLoneTrekkie t1_j6eou0a wrote

Dude. Just take your money to a casino.

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deco19 t1_j6hb5lp wrote

You fucked up by gambling when you don't have money to do so. Crypto is gambling. Get help.

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JarvoD t1_j6e8xw1 wrote

Wowee. Crypto is NOT a get rich quick. It is complicated and price gets less volatile and cycles last longer as time passes. You should only invest what you can afford to lose and invest smart, do your research. Don't expect short term profits, don't day trade. Find projects you think are robust and will increase in value in the future and be prepared to hold for a long time, potentially many years.

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rudy4206969 t1_j6ejei6 wrote

I used to make upto 300$ a day day trading bitcoin and shit coins when bitcoin was at 5k so it is possible

4

thottwheels t1_j6et16c wrote

Still very possible but you have to invest more, if you can watch the market and have a decent sum to play with you can see returns almost everyday

2

JarvoD t1_j6jv1ta wrote

That's simply incorrect

1

thottwheels t1_j6k3vh5 wrote

Literally just turned 500 dollars the other day. If I had more money and time I could turn between 100 and 500 dollars at the very least once a week but probably closer to 3 times a week

1

JarvoD t1_j6k44ow wrote

Careful 👍

1

thottwheels t1_j6k7ckk wrote

Just don't invest money you're not prepared to lose and never sell out at a loss just have patience and wait for it to come back up; obviously it's not some magic button to wealth but if you ever want more for yourself than living paycheck to paycheck making barely enough to live a halfway decent life you gotta hustle and take every avenue for profit thats available to you and you gotta take risks. Been thinking about investing into silver and gold as well seeing as they're becoming very finite resources but need to research more into the market. I do agree with you that crypto is a risk and it's definitely not for everyone but saying there's simply no money to be made there is a straight up lie.

1

JarvoD t1_j6fe38d wrote

That's great for you. I wouldn't recommend it to someone who just put what little savings they have into crypto having absolutely no understanding of the market or even what crypto is it seems

2

RedPine1234 t1_j6em1pw wrote

I really don’t think crypto is a smart play at this juncture. I’ve been watching/dabbling for years and I believe this is the end of the road. Please be careful with your money.

9

SlytherinSilence t1_j6fv9cr wrote

One of this biggest red flags ever; actually buying crypto.

6

marcberm t1_j6gavrr wrote

Being broke and dumping almost everything you've got into crypto is almost as dumb as being broke and dumping almost everything you've got into the lotto on the daily.

6

Gr00mpa t1_j6hedvu wrote

I got into crypto last year with $100 invested in Avalanche via Coinbase just to finally have some skin in the game. It’s now worth $27.

6

heyitsvonage t1_j6fpiqh wrote

Most “investors” know that you aren’t supposed to be playing the market with the money you need to live off of.

5

Scarletmittens t1_j6fyytt wrote

He's broke and he puts his whole paycheck into crypto?? Geez. He sounds tedious and exhausting.

5

Illustrious_Gape5322 t1_j6gq4oe wrote

No offense OP, but you don’t seem to be the type that does well with investing, let alone crypto.

5

lattelady37 t1_j6g5l6q wrote

Why is nobody asking how he managed to get money out of an already overdrawn bank account?

3

mikeyHustle t1_j6i4c5y wrote

It sounds like your lesson is somehow more about carrying cash than about crypto. Even without having crypto problems, you wouldn't have had cash in your wallet.

Also how much was this barber? The ATM wouldn't give you enough to pay him, and you needed to get cash back at a gas station, too? Damn.

3

burnabytom t1_j6ibvxm wrote

Ever heard of random walk. That is the market phenomenon that you don’t know when and in what direction the market will go.

3

stablecryptoscam t1_j6iej43 wrote

Shoulf have shilled your crypto to the barber and the gas vending machine. How else is it gonna go up? Go find new suckers so you can cash out.

3

alcobain1967 t1_j6iktlo wrote

Might as well have bought a handful of magic mystery beans.

3

KBunn t1_j6inuj6 wrote

Speculators in garbage like Crypto profit thanks to the "greater fool theory".

And in you, they've found just that.

3

SupaDupaTron t1_j6jg0vv wrote

Doesn't sound like just a crypto issue, but a money management issue.

3

waterclaws6 t1_j6gxzjq wrote

Rule one of any type of investing, never go all in.

Also be responsible and always save as much as you can, so unexpected expenses can't fully murder you.

2

bigloser42 t1_j6j70qe wrote

I usually keep between $100-$200 or n my wallet. You never know when you’re going to go somewhere that’s cash only.

2

Roksius t1_j6lhzfr wrote

If its bitcoin and you plan to hold a few years, i dont see a problem. Its a win actually.

2

S2Charlie t1_j6fhgsn wrote

The general rule with crypto is only invest money you can lose, I disagree with that, but I always keep 2x monthly bills in checking just in case.

1

TimeToMoveOn223 t1_j6fofu6 wrote

Dave Ramsey would not approve of the OP’s actions.

1

commandrix t1_j6fox27 wrote

You'll be fine as long as you don't make that mistake again. Hold onto the crypto for a while and see what happens.

1

foeyy t1_j6jj6cv wrote

bitcoin only brutha

1

iCeColdCash t1_j6k46ro wrote

Crypto isn't real. It's only purpose is to create ponzi schemes.

Please seek out financial literacy.

1

vkailas t1_j6kjbzu wrote

One problem people have with saving and investing is going all or nothing. Consistency is key and going all in actually hurts being consistent because it's not sustainable. All or nothing is a terrible way to play the game, especially if you understand that risk is just way to say people were burned by this in the past. Just set aside an amount that doesn't hurt each month and put it into investments. If you are young, a portion of that can and should go into risky, volatile investments like crypto. 15% is the average for people in their 20s. Now, be consistent with that investment and keep a reasonable time horizon to not touch it (MINIMUM 5 years) and you'll be doing 100x better than most people. REMEMBER portfolios of dead people outperform the living because we are just way too emotional ;).

​

Assets ALWAYS outperform money because the way money isn't backed by anything so you are right to want to invest and grow your money. "Blue chip" Crypto (bitcoin, ethereum) are currently creating one of the greatest transferences of wealth in human history. Then why do people say crypto is a scam? well. 98% of crypto goes to 0. Only invest in stuff that has passed the test of time unless you have a CS degree and can vet what is real and what is copy paste. People. say it's too late are likely never going to invest, even though network usage on ethereum trends upwards. anything that is growing fast is worth investing into. Look at the fundamentals and invest in stuff that already has value and is growing and you'll be fine in 5 years :).

1

FriscoKid96 t1_j6f15kf wrote

Ay man, that investment will payoff in the end brother. See you on the moon🌕

−6

FriscoKid96 t1_j6eojmu wrote

Everybody here hating on crypto it's so funny to hear the Boomer's autistic screeching lmao

−23

rockdash t1_j6eu9h5 wrote

Kinda how most people feel when crypto bros scream about how they lost all their money in crypto.

8

SugarMeShivers t1_j6hazk9 wrote

Lol they sure brainwashed you good into a wilful idiot. Keep on giving them more of your money, someday you'll reach the moon, if by moon you mean bankruptcy.

8

urstupidface t1_j6ivu11 wrote

He invests in amc, gme and crypto. He's going to be your boss one day! /s

1

FriscoKid96 t1_j6hc9zu wrote

There's thousands of cryptocurrencies, if you do some research and pick a good one, which isn't hard, you can make money. Sounds like youre brainwashed into being afraid of crypto instead of just acknowledging it with doing a little learning. Everybody is scared of the dark at first

−5

FriscoKid96 t1_j6f0z4k wrote

Yes yes, hate that which you don't understand but will be forced to use when the government adopts crypto technology in fiat currency systems. Understanding things before passing judgement tends to be a more effective way making decisions, for adults at least.

−9

regular_gnoll_NEIN t1_j6fqf8n wrote

>when the government adopts crypto technology in fiat currency systems

This is the worst possible outcome for crypto bros, seeing as the second government adopts it with actual protections like the one they have on banks that go broke, or the stock market, the crypto market will crash faster than wile e coyote off a cliff. Which is pretty fast considering how volatile it already is.

>Understanding things before passing judgement

We can do both.

11

mojobox t1_j6heqtj wrote

Funny how you guy are never able to fathom that someone fully understanding the technology comes to the conclusion that it’s not the best thing since sliced bread.

If a government decides to adopt crypto technology it won’t be any of your existing beenz.

4

FriscoKid96 t1_j6hf0v0 wrote

Government adoption of crypto is bad for a variety of reasons. Maybe if you fathomed one or two of those you would have a little fuller of an understanding.

1

stormdelta t1_j6ji0m4 wrote

> Understanding things before passing judgement

As a software engineer with a decade of experience, I understand the tech better than you think. And spoiler: most experienced engineers are skeptical/critical of cryptocurrency as anything but a risky speculative asset (i.e. gambling) at best.

> government adopts crypto technology in fiat currency systems

If you're talking about CBDCs, nobody is seriously proposing those use cryptocurrency chains because it would literally defeat the only supposed point of the tech.

Even the use of CBDCs at all is honestly a bit questionable, as there doesn't seem to be much real need for them in most places, and people are worried after seeing what China did with theirs.

1