There was a time when you could invest by reading the right places before anyone else. When well financed scammers make sure large segments know so they quickly buy in (while they capitalize out), that time is done. And it isn’t coming back, we, err, missed out (on riding the rubes), I’m afraid.
LeeAbe
3224
People have repeatedly said crypto is dying, dead, whatever. It has always came back. Why is this time different? People do seem to be skeptical of it as a whole, but is it really dead? I would kind of like to take the bet that it comes back again.
Why would you like that? I mean, why would it please you?
FWiW, I don’t think crypto is dead. As long as there are suckers, there will be scams.
Timex
3226
Then do it.
But the reality is, there are an infinite set of things that are more sound investments, that don’t amount to you buying magic beans.
Because that’s literally what you’re doing when you buy crypto. It’s entirely valueless. You’re buying it with the understanding that the only way you can possibly make money, is for other people to buy it for more than you’re paying, based entirely on the idea that they’ll then be able to sell it to other people who pay even more. And there’s no practical reason for any of that to happen… it’s just based on the idea that the line will go up, because of faith.
It’s entirely random chance.
KevinC
3227
Buying lottery tickets is for scrubs. I invest in them.
LeeAbe
3228
To make money off of it. I keep playing with the idea of buying TSLA for the same reason. I still think the company is way overvalued, but I think there are enough Musk fanatics that it will go back up when this correction ends.
I am mostly indifferent on the idea of crypto itself. I hate it for what it has done to the graphic card market, but outside of that it’s pretty easy to just ignore. Let the governments regulate it.
LeeAbe
3229
It’s play money, it’s entertainment. I did individual stocks not to make money (although it was great when I did), but for fun.
Well, the odds of making money in crypto go way up if you’re the one running the scam. But that definitely takes more effort than just passive investing allows.
I have to say that you don’t really come across that way. Part of the grift of crypto (and other scams) is promoting it loudly to draw other people into the con, so that money flows in. Thus you see lots of people touting it all the time, because they need the newcomer fool to pay them back. When I see people aggressively defending investing in crypto, that’s what immediately comes to mind. And you’ve been defending it aggressively for days. So I’m glad to know that you don’t really have any money in it.
If this was twitter sure, but this is a small message board. I suspect this is 99% likely “OMG, SOMEONE IS WRONG ON THE INTERNETZ!” posting as opposed to a fanatic trying to pump things :)
LeeAbe
3234
I have only defended it as a highly speculative investment, not as a currency or anything else. As I have repeatedly said, in the investment circles I follow crypto is regularly talked about as something to put some money into for that reason, akin to that risky stock that just might make it big someday. Wall Street types have bought into crypto, especially the younger ones.
I am mostly certainly not telling people to invest in it, just trying to provide reasons why people do, and it doesn’t mean they are in on the scam or people who were duped.
Sure. But everyone already knows why people invest in it: some because they are rubes, and some because they think they’ll be able to profit off the rubes.
That’s unfair. There are plenty of small investors who sincerely believed this was a hot new thing. I know some of them and feel bad for their recent losses.
Yes, those people were rubes. I’m sorry for them too, but they were the marks in a con, no matter how well intentioned they were.
Sounds like a rube to me.
Oh okay, we are just differing in our definition of “rubes” but talking about the same people. I thought you were trying to say everyone investing in cryptocurrency was an uninformed idiot fresh off the turnip wagon.
Timex
3241
Go to a casino and play craps. Better odds and much more fun. Also you get free drinks.
ShivaX
3242
“I really want to waste money and don’t care if it goes anywhere.”
I mean… okay, that doesn’t change the position of anyone saying it’s a bad investment.
Which you seem to fight back against every time and then ultimately fire back with “but I don’t care anyway.”
So don’t care, but don’t say you don’t care and then care until you don’t care again.
