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View submission: Don't invest recklessly
I got into bitcoin in feb 2017. This was right before the hype train. “Back” then, there was hardly any reliable news on it and I did a lot of research. I didn’t know a single person that owned bitcoin and people thought I was nuts for buying in.
Meanwhile I remember everyone around me talking about bitcoin in 2013, I remember the post on this subreddit about the suicide hotline incase anyone was depressed after after the price dropped by over 80% and didn't just bounce back. If you bought in feb 2017 you're fine, if you bought before the hype you probably didn't pour your life saving's into it and even if you did a 90% drop and you're probably still in the green. Meanwhile there are people putting these on credit cards, tons of people with no money are putting their money into it. Thinking the price will still go up is a gamble and nothing else.
If you think this is crazy, wait till next year.
I first heard about bitcoin when it was about $20, in under a year it was as $1200. I think you're the one that hasn't seen anything yet ;)
It’s the most insanely liquid asset we have ever seen, ever.
What makes you say this? The technology or the price?
Remember the "panic" where bitcoin's price retraced from $11k to 9k losing all the gains it made in what 2 days? Every exchange was having issues, the network unconfirmed transactions hit over 90k. In november we hit I think over 170k unconfirmed transactions. Bitcoin in its *current state* is **not** liquid. If a bitcoin billionaire "retires" and decides to start to liquidate billions and billions of dollars of his holdings so he can build schools in africa. It would kill Bitcoin. If Jeff Bezos did that with amazon stock there'd be no problem. There's a saying:
You’re reading too much into the tea leaves and driving yourself nuts.
I'm not reading anything, there are no leaves to look at. This entire thread is "don't invest recklessly" It sounds like you're not betting the farm on bitcoin by your entry date, but I have friends with barely any savings putting down $10k on dumb stuff like hash flare because their calculators said they'll make $100k by the end of 2018. They *might* or they might not. I know lots of people are taking out loans and credit cards to put it in bitcoin, I see my facebook and there are people putting a lot into bitcoin.
And you know, who knows I called my friend an idiot for putting $20k into bitcoin in 2013 when the price was like $200-300 (and that was -all- his money at the time). He's a millionaire now. That could still happen for people betting it all today. I myself made a ton of money, more than my entire (sizable) retirement and taxable investments made in that time and I only put in like 2-3% of my money in.
The one thing they never understand is that they would’ve had to have bought and hold throughout the years.
This is that time and you’re busy mindfucking yourself.
I fully understand the lookback regret. In 2015 I almost bought another 25ish bitcoin then decided to scale back and only buy like 10. Hell in 2013 I almost bought like 10 bitcoin for like $500 before decided it'd be dumb. You gotta play the game to win it. But don't bet the farm unless you have a 2nd farm.
There's nothing here!