Mightymichael
Newbie
- May 6, 2020
- 4
- 0
Some of my friends got bankrupted through Bitcoin investment,since then I'm sceptical about it
I've never invest in Bitcoin
- Thread starter Mightymichael
- Start date
TheVigilante
Banned - Multiple Rules Violations
- Aug 31, 2010
- 14,993
- 16,105
dont
VelocityServ
Regular Member
- Aug 31, 2007
- 317
- 226
Your friends sound like they like to buy high and sell low. If you're the same, never invest in anything.
- Mar 10, 2010
- 42,695
- 107,107
It is not an investment; it is a gamble.
Better off investing in rat-skins as they never go out of style.
Better off investing in rat-skins as they never go out of style.
WebPirate
Registered Member
- Jan 11, 2018
- 61
- 15
Holding normal currency is a gamble too. This system of printing unlimited money is not OK if you think about it.
Just buy some bitcoin with money you dont need.
1) as insurance against unlimited printing of 'normal' currencies
2) i beleave, because of the hard limit of 21m coins, bitcoin will be a good long term investment.
Just buy some bitcoin with money you dont need.
1) as insurance against unlimited printing of 'normal' currencies
2) i beleave, because of the hard limit of 21m coins, bitcoin will be a good long term investment.
Leader777
Banned - Shitlisted and did not do the right thing
- Feb 2, 2017
- 4,063
- 3,659
The reason why your friend got bankrupt it's because he used money that he can't afford to lose. Money management it's something that everyone should consider when investing in crypto and stocks etc.. or any type of investment.
Fragmaster
Senior Member
- Apr 3, 2016
- 986
- 1,445
Fiat is at least backed by military. Bitcoin is backed by faith. Fiat can evaporate during hyperinflation, BTC can crash for many reasons.
It is not impossible for irrational things to get very expensive. We see it everywhere. That's why I do indeed have decent cold storage portfolio.
Main problem with crypto is margin trading and stable coin printing. We have so many versions of USD equivalents without any legal regulation.
Here's whats going on for a long time:
Exchange mints huge amounts of stable coins.
Exchange uses minted coins to buy BTC
BTC goes up.
Exchanges sell BTC for minted coins.
They remove minted coins from circulation.
They end up with free BTC after the cycle is done.
You can't see anything because those stable coins are offchain, existing on exchange database only. No crime if they cover their tracks and dodge audits.
Exchanges now own huge amounts of BTC, and more they have more risk this bears. There is no liberty in crypto while this is accepted practice. You keep holding and they keep stacking. One day exchanges will sell, and BTC price can dip 90%. Only if people reach consensus to never use stable coin pegs BTC makes sense, but we need catastrophic event to happen first before people wake up. Then it would be worth buying BTC in meaningful quantities.
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loukeyzee
Senior Member
- Dec 10, 2016
- 986
- 718
Dude no one should be putting all their assets into BTC.
If you get paid in BTC or mBTC or maybe you want to buy some here and there and HODL and see what happens.
But you can't depend on anything in life that you don't have control over. Whether you are in the stock market, crypto, a loan shark etc.
The bottom line is invest in your own ideas and business, if you put all your assets into something that you have no control over than the probability is you will lose.
I wouldn't say never invest in BTC because you can make it a success but invest what you can, cause once you lose you will be stunned. Don't live these dreams
If you get paid in BTC or mBTC or maybe you want to buy some here and there and HODL and see what happens.
But you can't depend on anything in life that you don't have control over. Whether you are in the stock market, crypto, a loan shark etc.
The bottom line is invest in your own ideas and business, if you put all your assets into something that you have no control over than the probability is you will lose.
I wouldn't say never invest in BTC because you can make it a success but invest what you can, cause once you lose you will be stunned. Don't live these dreams
filterframe
Registered Member
- Apr 16, 2019
- 82
- 84
I like to work with Nutria they offer a larger and more durable pelt when compared to rat not to mention the free meat! With that being said I like to keep a diverse portfolio of nutria, bitcoin, and the occasional lab rat (just for the companionship).
- Mar 10, 2010
- 42,695
- 107,107
Fragmaster
Senior Member
- Apr 3, 2016
- 986
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That channel is hilarious
thevideoguy
Regular Member
- Sep 25, 2017
- 397
- 494
DEAR wHaT iS tHe MoNeTaRy pOlicY of RaT sKiNs And eXchaNge RaTe To Chicken CoIn ???
I disagree. I think the main problems with crypto are technical, scaling issues are going to slow down growth imo.
Margin trading creates some problems but nothing serious. And the stable coin printing to pump the markets doesn't seem to be very well substantiated. I suspect the impact of that manipulation is much smaller then you think but I guess we will never know.
tarman5490
Junior Member
- Nov 5, 2014
- 198
- 56
they went bankrupt because they frequently traded (buying and selling).
if you buy bitcoin and forget about it for many years, youre almost guaranteed incredible returns.
90% of amateurs lose when playing the stock/forex market because they let emotions get the better of them.
when things go down they sell at a loss thinking its going to go much further down. then when things suddenly get better, they buy back in at a higher rate they sold.
This combined with the natural loss of the spread is why people end up losing overall.
if youre an emotional person who needs to keep checking the price of your investments, then dont invest at all.
you'll only be stressed/anxious all the time and make bad emotional decisions
if you buy bitcoin and forget about it for many years, youre almost guaranteed incredible returns.
90% of amateurs lose when playing the stock/forex market because they let emotions get the better of them.
when things go down they sell at a loss thinking its going to go much further down. then when things suddenly get better, they buy back in at a higher rate they sold.
This combined with the natural loss of the spread is why people end up losing overall.
if youre an emotional person who needs to keep checking the price of your investments, then dont invest at all.
you'll only be stressed/anxious all the time and make bad emotional decisions
Elvlin
Elite Member
- Nov 4, 2018
- 5,067
- 2,548
The same as every single investment, invest money you can loss, and only invest after you learn everything you can and understand the subject.otherwise you are gambilng
Well in my opinion BTC value is not tied to faith, but because BTC is pionner in Cryptocurrency, that make blockchain Tech famous. Every single coin present and future will be compared to BTC, kind like USD in forex market.
And BTC will never ever used as normal exchange tools, BTC just function like gold in Cryptocurrency.
Btw op you should never invest using emotion as decision maker (Fear,hype,etc)
Well in my opinion BTC value is not tied to faith, but because BTC is pionner in Cryptocurrency, that make blockchain Tech famous. Every single coin present and future will be compared to BTC, kind like USD in forex market.
And BTC will never ever used as normal exchange tools, BTC just function like gold in Cryptocurrency.
Btw op you should never invest using emotion as decision maker (Fear,hype,etc)
PinguSpy
Elite Member
- Dec 7, 2007
- 3,085
- 3,029
Fragmaster
Senior Member
- Apr 3, 2016
- 986
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That's a decent video PinguSpy. I was sorry to read you had huge losses in 2018
Followlix
Senior Member
- Sep 6, 2018
- 913
- 1,063
How does one go bankrupt from buying crypto?
You'd have to buy high and sell low numerous times to do that.
You'd have to buy high and sell low numerous times to do that.
They won't be using BTC as it is decentralized, they'll create their own.