After the Bitcoin Boom: Hard Lessons for Cryptocurrency Investors

apo wrote: post #3

Every Bitcoin market decline brings out stories like this. Here's one from 2013 that's worse than anything in the NYT article: https://www.reddit.com/r/Bitcoin/comments/1r88vl/need_advice...

That poster is the definition of "gambling loser"

I have no doubt he would have spent/lost the money on other things regardless.

Juicy quote:

"As of today, over the past 7 months I have lost a total of $410,000. The inheritance was supposed to be split between my younger sister and I, giving us each $375,00 + half of the house (not worth much, rural area, etc)."

So if he just held for 4 more years... he would have turned their investment of 500k (even with 200k losses down from 700k) around to about 5 million dollars today.

This is what happens when you do not have patience and speculate on things you do not understand.

Re: After the Bitcoin Boom: Hard Lessons for Cryptocurrency Investors

#8

Post by 21 » Tue, Aug 21, 2018, 6:26 PM UTC

Nothing new. When you see ads in the subway to buy cryptocurrencies, and you have people buying cheaper coins because they don't realize they can buy a fraction of a bitcoin, this happens.

There is no fast way to get rich if you are dumb.

Re: After the Bitcoin Boom: Hard Lessons for Cryptocurrency Investors

#9

Post by charlesdm » Tue, Aug 21, 2018, 6:32 PM UTC

slashink wrote: post #2

22 years ago https://www.nytimes.com/1996/03/03/business/investing-it-the...

22 year ago, in 1996, 5 years before the dot-com bubble burst

Re: After the Bitcoin Boom: Hard Lessons for Cryptocurrency Investors

#10

Post by entropie » Tue, Aug 21, 2018, 6:35 PM UTC

slashink wrote: post #2

22 years ago https://www.nytimes.com/1996/03/03/business/investing-it-the...

Minidisc, anyone?

I still do not really understand why this wasnt more successful (at least by the time CDs existed/were used)