Time to get out of
Leo
05-19-2021, 07:41 PM
Right well, exactly it @Cridders88 people don't know what it is, people don't know how to invest either. I was asked about dogecoin by some co-workers when the price went high....Thankfully they're only playing with like $50 but I explained that now wasn't the time to buy in, that ship had already sailed. Explained how volatile these markets are. Just to give an idea, Ethereum, was around ~$3,400 yesterday afternoon, this morning the market "crashed" and Ethereum bottomed out at $2,180, it has recovered quite a bit but if you had $10,000 yesterday you had $6,400 this morning....so as expected people freak out.
These currencies have the ability to greatly increase in value, it is one of those high risk high reward, but people focus on the reward part and don't realize they'll likely lose money. I would never put my money in it. Mining is one thing, throwing $20 here and there is another, but I wouldn't put my life savings in it. They're unregulated, people like Elon Musk can influence the currencies with a tweet, or buying and selling billions and manipulate the price. I've seen many "pump and dump" schemes over the last years.
These currencies have the ability to greatly increase in value, it is one of those high risk high reward, but people focus on the reward part and don't realize they'll likely lose money. I would never put my money in it. Mining is one thing, throwing $20 here and there is another, but I wouldn't put my life savings in it. They're unregulated, people like Elon Musk can influence the currencies with a tweet, or buying and selling billions and manipulate the price. I've seen many "pump and dump" schemes over the last years.
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