Many newbies were introduced to crypto yesterday and burned badly.
Yesterday my son was all over the place and knew something was up as he is easy to read. He has been caught up in wallstreetbets as he had overheard me talking about it and had no clue he would actually dip his toes in the water.
I have no problem with that as he has to learn somewhere and their plan looks kind of well orchestrated. Also I know he doesn't have huge funds to play with so there is no real harm whatever happens.
I asked him why he was so antsy like he was waiting for something to happen and he replied Ripple. I actually laughed and said you believe in that stuff which was probably the wrong reaction thinking about it. My son trying to be the smartass outdoing his dad in the crypto world.
I asked him why he was getting involved in a shit coin and he said there is a movement pushing the price up and they are waiting on the news from the SEC. He gave me some price predictions as he had dollar signs in his eyes and I told him to bail as quickly as he could.
He was up 40% overall having bought and sold a few dips during the day and I said that was admirable, but the time was to get out before the dump. No dad you don't understand it is going to go up is what I kept on hearing. Then adding to insult he attacked my Hive saying you have loads why don't you sell those and join me.
At that part I switched off as he needs to learn the hard way and there is no better way than a pump and dump. Yesterdays Ripple pump and dump was very well planned as it allowed many to get out what they had bought months ago leaving others holding their bags. My son knew the exact time of the planned pump which turned out to be the dump time lol.
My sons bags are not that big and is about breaking even as he wont tell me so I guess he is at a loss even though fairly small a she was lucky to accumulate leading up to the planned time. What a fantastic lesson to learn though as I am sure there are thousands licking their wounds today and they got exactly what they deserve. Holding a bag of XRP is nothing to brag about though and suggested he sell and buy something else that has a chance of making a decent return at some point.
Unfortunately this is not the best advert for Crypto in the long run and wont be the last pump and dump we shall see. unfortunately there will always be losers when there are winners as someone was stupid enough to buy your bag on your way out.
What wallstreetbets is doing is great, but it has also bought loads of first timers and amateurs into a world where they will be eaten alive. I saw the tweets for the XRP pump and it just looked out of place as we all know it is a shit coin and prices of $10 were just so unrealistic. The only people who would believe it are the stupids of this world or the uninformed like my son. He was informed though when I told him yet he still held on to his magic coins.
I am hoping there will be a next time as everyone needs to get involved with crypto at some point and he needs to learn and to listen. He is definitely not getting my Hive in the will as I can't believe he would sell it for XRP.
