Quote:
Originally Posted by DMBstandUP1984
Yea my friend put $150 in dogecoin and just lets it ride, but he says the same thing how crypto is just at the whim of dudes like Musk and Cuban
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And I definitely don't think it's a bad idea, if you got some spare change laying around, and want to have some fun with it. It's no different, to me, than going to the casino and "having fun". You might win big! Or, you might not, but what a rush!
I have some Bitcoin (from back when it was worth like nothing, in the early 2010's), so it's not like I'm completely against it. Just don't rely on it as either A) a source of income, or B) an actual savings/retirement strategy. Just be responsible and know the risk - and have better/alternative investments, too. Low cost index funds, take advantage of any employer match, work towards maxing your 401K or IRA contributions first, etc.
There's just so much bad advice out there. Like people telling someone to "buy the dip" on Doge - they are just shooting blindly and playing the hype game, hoping to ride it up with the suckers and cash out before the next drop. If you want some actual good advice on crypto, if you're looking to dip your toes, Zaj has spread some good knowledge in the investment thread. He's more bullish than I am, but I think he's pretty logical about what crypto is, realistically, for most people putting their money in it. Personally, I don't see crypto - as is - becoming digital currency to be transacted for goods and services. I see it as a pseudo commodity or asset similar to gold/silver; and a hedge against inflation.
For the environmentally conscious, I'd suggest steering clear for now. It's incredibly environmentally costly to mine crypto currency - like multiple times more than mining actual precious metals. Mr. Wonderful from Shark Tank called Bitcoin "blood coins", and he has a point. He's trying to ensure his holdings are sustainably mined. Musk cited the same concern yesterday when deciding Tesla won't accept BTC.