Cryptocurrency.

[DaltonGang]

With the latest news about the crypto currency market taking hits, anyone here invest in it?? How's it doing?

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[1Evil55]

bitcoin is up today

 

[TheNewGuy]

Bitcoin has turned into Shitcoin this year

 

[DaltonGang]

Anyone brave enough to admit they invested in crypto? If so, what was your story? Did you make a boatload, and get out in time?

 

[brennaman]

Anyone brave enough to admit they invested in crypto? If so, what was your story? Did you make a boatload, and get out in time?

I'll bite. I did last year. When I told my wife I was going to buy crypto, she had no clue what it was, and wanted to know where I was planning on putting it in the house after I bought it. Well I explained to her what it was, and then she thought it was very unlike me. I started a 401k 40 years ago, and that was all I have ever invested in. I have never bought individual stocks, never thought I knew enough about how they would do over time. But I took 10k and bought bitcoin. It went up a bit, and then I got nervous that it would fall so I sold it. I made about a little, don't remember but I think about 1k. To me it is like going gambling, you get lucky sometimes, but overall it is a losing venture. (at least for me) So I got that out of my system, and don't think I will do that again. But if it goes down to 14,000 who knows. But I would never put in more that I am willing to lose. And I am not willing to lose much, I hate gambling.

 

[SouthernJL]

I put a bunch of $$ in and I didn't get out in time. So I'm underwater.... a lot. But if you look at many/most coins that have been on the market for a substantial amount of time, they have increased in value. I'm hopeful that trend continues. Is it more volatile? Hell yes and that's what makes it scary. But I decided to keep buying over time to lower my average costs so that when it does go back up (assuming/hopeful it will), I will be back in profit territory. We will see how well this post ages...

Is it a gamble like @brennaman says? Yes, especially if you get in at the top of the bull market not understanding or knowing that crypto falls hard suddenly or if you were trying to get in and make quick money and get out. But the same could be said for any individual stock buying too (but typically not as drastic a fall).

Do I wish I had gotten out Nov 2021 when I was up almost 40k? HELLLLLL YESSS. Lesson learned. But I'm confident that I've lowered my average cost enough that it will again substantially pass my initial investment and I'll be back in the green again.

The key seems to be able to get out when the market is bulling before it crashes again.
But if you zoom out far enough and look at the coins over 3, 4 or 5 years, they typically have increased in value. You just have to be patient and not expect to be an instant millionaire.

And pleaseeee don't take my post as solid advice, I'm still learning... this is just my opinion.

 

[DaltonGang]

Me, I think it is a huge gamble, with how volatile the market is for everything. If the market crashes, like it always does, then I will pull some money out of a fixed account, and reinvest.

 

[SH556JL]

I put some money in over the years. Usually I put $3-500 in and it would double then I pull my initial investment letting the rest ride. I have also turned $300 into McChicken before…

To me it’s gambling.

 

[Erievon]

I have a little, very little in. Just playing with the fun ones, Doge and Shiba. I put in about 300 bux, and when doge was at it's highest, my value was close to 2k. Should I have cashed out, yep. Now my total investment is back to around 300 bux. I'm even, so I just let it sit there and hope it goes on another run. If it just completely tanks, I'm not out much. I consider it online gambling lol. I'm long on the investment, see where it goes if anywhere.

I do remember when Bitcoin was only a buck or two. Friend of mine tried to get me to buy some way back when. I laughed at it. He cashed out at 50k, and I wasn't laughing.

 

[Rickuda]

So, have you taken the plunge into crypto investing since your post? Would love to hear your thoughts on how it's been going for you.

 

[Jeep Wick]

Anyone brave enough to admit they invested in crypto? If so, what was your story? Did you make a boatload, and get out in time?

I spent a little last year and lost. Too volatile IMO.

 

[b22wheeler]

I put in a small amount, thinking I’d test the waters, and at one point, my investment doubled. But of course, I held on too long, and it dropped again. It’s exciting but stressful if you don’t cash out at the right time.

Recently, I’ve been looking for easier ways to earn extra cash without the stress of market swings. That’s how I found Cashyeah. It lets you earn rewards by completing simple tasks like watching videos or playing games, which feels more stable than gambling on crypto prices.

 

[jeepingib]

I had an Army buddy suggest it when we were in Kosovo in 2014. Wish I would have done it back then. But no, not big on risky investments. Just regret.

 

[DanW]

I put about $1,000 in it. Something I could afford to lose. I'm just sitting on it for a long ride. It's down right now, but I'm hoping by the time I retire (8 years) it's like a mini-lotto ticket.

Of course, my main investments are much more conservative and calculated. But this is kinda fun. I don't play the lottery, so the crypto is as close as it gets.

I know a guy who barely had a pot to pi$$ in and he invested bout 7 grand (all he had in this world, besides a butt load of debt) into Bitcoin many years ago when it was worth little. He cashed in when it hit $100k and walked off with $8 million before taxes. His financial problems were solved, momentarily. It'll be interesting to see how quickly he blows it. LOL.

 

[grimmjeeper]

Too much volatility for me. Since it isn't backed by anything, there is nothing to prevent huge swings. I would do short term trading and take advantage of the big swings, but not long term. It just screams "bubble" to me.

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