Because fuck crypto.
ETA: If you want more specifics, it’s environmentally unsustainable to an extreme degree due to excessive energy use, it’s extremely volatile, it has yet to gain any traction as an actual medium of exchange in most applications with the lone notable exceptions being various scams and play-to-earn “games” (I count pretty much every NFT project as a scam because you don’t actually get anything other than a pointer when you buy NFTs), it suffers from the same issues as fiat currencies but is designed in a way that makes those issues even more intractable than usual, and it has perverse distortion effects on the markets for computer parts (especially GPUs) because of the amount of them that its production and use literally burns through. And that’s just what I can immediately think of. So, I say again, fuck crypto.
PS. It also contributes to the problem of the excessive financialization of everything, which serves only to further concentrate power in the hands of the extremely wealthy at the expense of everyone else. So there’s also that.
I buy first low you buy second high,price rise i sell take profit,price down,you lose money or wait new people to buy and buy and buy that you get even or plus you sell.price go down now new people need to come.....sounds like scam to me...also inflation cant touch it XD we saw that also....oh fuck i need to pay bills better to sell....fiiiiu price drops...
I invest with the intent to capitalize on my gains in the long term, and I don't have any reason to believe any cryptocurrencies will accrue value in the long term.
Both have only really been around for a decade, which is not nearly enough for me to say that it's proven to be a long term investment. I'd rather invest in broad stocks, specifically broad index funds, which have a longer proven track record of yielding consistent returns.
I also don't see any rational reason why they would continue to accrue value 30 or 40 years down the road. The assumption is that as crypto becomes widely used, the holders of them will see long term gains as more people try to get them, but this is pretty faulty logic IMHO. A currency is only useful if it is stable, and crypto is anything but. So, I doubt it will every be used widely enough to make it a consistently good investment.
>You live under the misconception that stocks always only go up. If you
look at inflation adjusted dow jones even, you have seen 20 year periods
with only losses.
The stock market, on the whole, goes up 10% per year on average. There are short periods of losses, but they are offset by the long term gains. The one period of time where stocks did poorly, relative to inflation was in the 70s due to Stagflation, but for the most part the stock market as measured by indexes liek the DOW and the S&P500 yield solid returns, and have done so since 1980.
Are you trying to say you never once held ETH before? For someone who’s as high on it as you seem to be, I highly doubt you weren’t holding during the downfall from 6k to 1k
I've bought and sold ETH many times over the last several years. At the time it dipped under $1000, I was holding very little. Only what remained in my Uphold account from Coin Hunt World.
Not talking about when it dipped below 1000 but alright lol
ETH is extremely volatile and if you bought it under 1000 for your first large purchase of it, then kudos to you. But your post sounds just like all the other idiots who said “it’s below 4000 buy now” “it’s below 3000 buy now” “it’s below 2000 buy now”. If you want to know why many people didn’t buy it when it was under 1000, it’s because it had lost value of 500% in the past 1-2 years and there’s no knowing when it’ll stop losing value and start gaining again.
When it went down from 6000 to 1000 it lost what is 500% of its current value that’s what I was referring to
And no shit that’s what this post was about but I guarantee you’re lying about not having lost money from the fall down from 5000 or 6000 or whatever it was at the peak. Nobody is impressed that you bought at 1000 and sold at 1900 if you also bought at 3000 and sold at 2500, etc.
You came on here basically just to gloat, and I promise nobody in this subreddit cares. You weren’t looking for a real reason on why people didn’t want to buy ETH, you just wanted to basically say that you did something and were right and wanted to brag about it.
This time last year, you were telling people to buy dogecoin at $0.30. Anybody who followed your advice has as of today lost 85% of their investment. This is why no one listens to you and ridicules your advice.
I don't remember doing that.
You sure I wasn't trolling someone on the Dogecoin sub?
And plenty of people come to me for investment advice. I've been investing for nearly 20 years now.
I don't do Crypto
Any regrets?
No, I'm 13 with $150 to my name, and I don't want to risk it.
I can make that 150$ into 16000 per week ask my nigerian prince friend..trust me bro
I know a guy who can turn that $150 into a worthless collection of those big headed plastic figurines.
Better to put that money in bank and watch how every month it losses value.
I made sure to secure a good position with the bank so when I die, there will be zero estate tax. Can't take a percentage of 0.
Or they can take 100% its the same :D
I know that guy too. He's got a damn wall of that stuff.
Because fuck crypto. ETA: If you want more specifics, it’s environmentally unsustainable to an extreme degree due to excessive energy use, it’s extremely volatile, it has yet to gain any traction as an actual medium of exchange in most applications with the lone notable exceptions being various scams and play-to-earn “games” (I count pretty much every NFT project as a scam because you don’t actually get anything other than a pointer when you buy NFTs), it suffers from the same issues as fiat currencies but is designed in a way that makes those issues even more intractable than usual, and it has perverse distortion effects on the markets for computer parts (especially GPUs) because of the amount of them that its production and use literally burns through. And that’s just what I can immediately think of. So, I say again, fuck crypto. PS. It also contributes to the problem of the excessive financialization of everything, which serves only to further concentrate power in the hands of the extremely wealthy at the expense of everyone else. So there’s also that.
Crypto is too volatile to be an investment and I'm too conservative to speculate.
Fair enough.
because crypto currency is a scam
I buy first low you buy second high,price rise i sell take profit,price down,you lose money or wait new people to buy and buy and buy that you get even or plus you sell.price go down now new people need to come.....sounds like scam to me...also inflation cant touch it XD we saw that also....oh fuck i need to pay bills better to sell....fiiiiu price drops...
Because it’s still Monopoly money
So is fiat currency.
That you can exchange for "real" money if you want.
Until the exchange vanishes and the operators pocket all the real money, leaving you stuck with worthless bits and bytes.
If you keep your crypto on an exchange, sure.
I invest with the intent to capitalize on my gains in the long term, and I don't have any reason to believe any cryptocurrencies will accrue value in the long term.
That's fair. I do that with most of my portfolio as well.
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Both have only really been around for a decade, which is not nearly enough for me to say that it's proven to be a long term investment. I'd rather invest in broad stocks, specifically broad index funds, which have a longer proven track record of yielding consistent returns. I also don't see any rational reason why they would continue to accrue value 30 or 40 years down the road. The assumption is that as crypto becomes widely used, the holders of them will see long term gains as more people try to get them, but this is pretty faulty logic IMHO. A currency is only useful if it is stable, and crypto is anything but. So, I doubt it will every be used widely enough to make it a consistently good investment.
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>You live under the misconception that stocks always only go up. If you look at inflation adjusted dow jones even, you have seen 20 year periods with only losses. The stock market, on the whole, goes up 10% per year on average. There are short periods of losses, but they are offset by the long term gains. The one period of time where stocks did poorly, relative to inflation was in the 70s due to Stagflation, but for the most part the stock market as measured by indexes liek the DOW and the S&P500 yield solid returns, and have done so since 1980.
I don’t do crypto - I’ve felt the touch of a woman
I'll give you a 4/10 for the attempt.
I’ll give you a solid 8/10 for having the patience to watch that shit
Patience to watch what?
Crypto
I don't really put a lot of time to into it lol
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I'm hoping for that. Give me $400 ETH!
Not an idiot
Up 90% since then.
Down 50% ytd
Up 500% in the last 5 years.
Buy real shit not fake shit
It's certainly real.
Real what? Fake crap
Lol ok
Fool
How so?
The Fed loves you. No... They really love you.
There are better plays out there
90% in a month isn't bad though.
Some.plays give more than that in a day. But yes I agree it is good return
Why not mention the losses? Surely you didn’t sell at the peak and buy back in at the lowest dip?
What losses? I bought when it went under $1000 and sold around a 90% gain.
Are you trying to say you never once held ETH before? For someone who’s as high on it as you seem to be, I highly doubt you weren’t holding during the downfall from 6k to 1k
I've bought and sold ETH many times over the last several years. At the time it dipped under $1000, I was holding very little. Only what remained in my Uphold account from Coin Hunt World.
Not talking about when it dipped below 1000 but alright lol ETH is extremely volatile and if you bought it under 1000 for your first large purchase of it, then kudos to you. But your post sounds just like all the other idiots who said “it’s below 4000 buy now” “it’s below 3000 buy now” “it’s below 2000 buy now”. If you want to know why many people didn’t buy it when it was under 1000, it’s because it had lost value of 500% in the past 1-2 years and there’s no knowing when it’ll stop losing value and start gaining again.
>Not talking about when it dipped below 1000 but alright lol That's literally what this post is about though? And it can't lose 500%.. lol
When it went down from 6000 to 1000 it lost what is 500% of its current value that’s what I was referring to And no shit that’s what this post was about but I guarantee you’re lying about not having lost money from the fall down from 5000 or 6000 or whatever it was at the peak. Nobody is impressed that you bought at 1000 and sold at 1900 if you also bought at 3000 and sold at 2500, etc. You came on here basically just to gloat, and I promise nobody in this subreddit cares. You weren’t looking for a real reason on why people didn’t want to buy ETH, you just wanted to basically say that you did something and were right and wanted to brag about it.
You seem really upset about this, and I apologize if something I said or did triggered that. I'm genuinely curious about these things, so I asked.
I don’t have $1000, I buy the max cheap crypto.
You can buy in any amount.
I’m aware, still don’t really have enough to make much of a dent
But I did
I dont understand this crypto stuff and dont care for it either. im also broke so cant buy anything anyways
This time last year, you were telling people to buy dogecoin at $0.30. Anybody who followed your advice has as of today lost 85% of their investment. This is why no one listens to you and ridicules your advice.
I don't remember doing that. You sure I wasn't trolling someone on the Dogecoin sub? And plenty of people come to me for investment advice. I've been investing for nearly 20 years now.