Quote from: Pursuer on November 25, 2017, 12:51:48 PM

Quote from: SlipMart on November 25, 2017, 12:24:15 PM

Here we have a man(A redittor with username Myallmymoney) who is currently at his middle sixties who claims that investing in bitcoin jeopardized his life savings and know he has nothing to hold unto.

I am sorry say this but investing in bitcoin did not jeopardize his life savings, his naiveté did.

Quote

I went all in at around $1000 with pretty much my whole life savings. I didnt know much about Bitcoin and just like you i started reading here. Every day i read about how it was guaranteed to go to the moon and all these people getting rich overnight.
I asked many people if i still should get in at 1000 and got the same answer from everyone: 1000 is cheap. We will be at 10k soon.

I have highlighted the main issues.
1. going all in.
this is a stupid move. some people do it because they are bold BUT when they do it they are well aware of the risks they are talking. they know they can lose everything and they know they can make a lot. not just think they will make a lot without risk overnight. only an idiot does that.

2. not educating himself.
I mean you want to buy something small like a cell phone you ask around, do some research and see what is best then pay the money. how can you not know much about something that you are investing ALL your money in?!!

3. reading comments and seeking financial advice from random people!
I haven't really read reddit crap much but here I always see everyone warn newcomers to "invest what you can afford to lose" and I never see anyone assure them of price rise. I never do it myself anyways. whenever I say price is rising I say something like there is a good chance or it may also drop.
you shouldn't really seek financial advice from random people anyways!

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