So. Much. Dumb.
It's astounding to me how much dumbness there is in the crypto investing world. It's probably the same everywhere else, but I have my eye on the crypto market.
Some of it is related to being totally new to the crypto world, and the investing world.
Some of it is related soley to stupidity, laziness, and lack of using one's brain (at all).
Here's some examples. Share your favorite dumb stuff you've seen/heard.
A. "Is now a good time to buy ((insert coin name))?"
Asked after said coin rocketed up 200% in a day.
B. "Because supply and demand only works when you don’t have another variable influencing the price of the coin"
Ok. The law of supply and demand only works...sometimes. Any other variable that influences the price of a coin eradicates the law of supply and demand.
C. "How do I sell ((insert coin name))?"
I don't know...the same way you bought it but using the 'sell' button?
D. "I'm not going to sell XRP until it hits $1,000."
eyeroll Puh-lease. The people saying this have never done math, have never thought about the mechanics required to hit $1,000, and are snorting blind hope. Lots and lots of it. (Also, they didn't buy XRP until it jumped up 300% in two days.)
E. "I believe in ((insert coin name)) so I'm holding."
This isn't the dumbest thing in the world. But the people saying it tend to say it after they bought at all time highs and the coin drops back to the inky blackness from whence it came. For instance, Chaincoin and SYNX. (and that was months ago, still happening daily)
Even though people were screaming at them that it was a pump and dump, they BELIEVE! Eventually they'll learn..but not today.
F. "Forget ripple for example LTC will go up and never go down, "
Random soliciting advice from random people is bad enough. But '((insert coin name))' will go up and never go down' is some of the dumbest shit ever. Never go down? Ever? Really?
G. "Bitcoin will always be king!"
Meaning, #1. Forever. Always.
Just like MySpace, Compaq, Pan Am, and Standard Oil.
H. "Should I sell my income producing rental and put it all into crypto?"
Yes, people are actually saying this. Often in reference to coins that just went up 300+%.
It's a terrible stupid idea for so many reasons. Ironically, it's a totally lucrative move in this burgeoning crypto market......until it's not.
I. "Is ((insert coin name)) going to go up < insert price increased 2x-100x > by ((insert time and date?))"
This would be a brilliant question if they were asking a time traveler or someone with a working crystal ball. Asking anybody else is purely a measure of naivety and/or stupidity...thinking that anybody could possibly give an accurate answer or even begin to know the answer to that question.
J. "I bought 1,000 B3 coin, by the end of the month I'll have 700,000! I'm going to make so much money!"
Yep that was B3.
I can't. I just can't. Even begin to think how anybody could have thought that was going to work out. Zero brain power used.
So. Much. Dumb.
