>can't buy anything with it
>hard to understand for an average person
>is basically like gambling most of the times
>when it goes right you can make a lot of money
>you can lose everything really quick if you are reckless and stupid
Aren't cryptocoins basically (penny) stocks?
I would argue that bitcoin isn't as it has a legitimate use in supporting illegitimate businesses on the deep web. I haven't seen anything special in any of the others though. To be perfectly honest I haven't even seen anything common about any of the others. They're just asinine attempts to steal market share from something that most people don't even understand let alone use.
I used to be into penny stocks in the 80s.
We would buy them for pennies, call up our clients, pound the phones, sell the shit out of it, drive the price up, exit, make our money.
Our clients lose everything.
This stuff, bitcoins, memecoins, it's all the same- it's penny coins.
It's me, and my old co workers making money off stupid millennials and NEETs.
I bought BTC at $200- I knew it was heading to $900.
I sold for $800, then bought back in for $225 a coin.
Now, I've doubled my money after quadrupling my money- I'm up 800%.
I'm gonna sell at $400. If it hits $300, I'm gone.
All this penny stock, sorry, cryptocoin stuff? It's just my old co workers and me robbing millenials. It's a classic penny stock scam.
The thing you have to remember- THE SHIT IS WORTH NOTHING IF YOU HOLD LONG ENOUGH YOU LOSE EVERYTHING.
To be honest, this shit brings a smile to my face- it's just like what we did with penny stocks in the 80s.
There will always been suckers- a sucker born every minute.
I'm sure in 2040 there will be some new penny stock bullshit, people buying and selling real estate on the moon- whatever.
I just hope I'm still alive to rip off idiots then,
There's a sucker born every day, this cyrpto bullshit is just the new way for me to take money from suckers.
I'm excited for what's next- this crypto shit is over. Everyone's made their money.
It was Tulip bulbs in the 17th century- now it's bitcoin.
I'm excited for what's next- I will be the FIRST one to buy real estate on the moon, to sell it to biz posters on 40chan in 2040.
It's not insider trading if you
1. Don't know anyone in the company
2. Don't work for the company
I mean, it's not insider trading, but it's not legal per say.
Like, if I buy bitcoins for $1, and then at $500 I post BUY BUY BUY BITCOINS on bit coin fourms, is it illegal?
(yes it is, but you will never be prosecuted)
Seems like at this stage in the memecurrency game you need to either be a dev or invested very early on.
Seems like the ship has sailed, time to wait for the new one.
Besides how would you even be able to predict when is a good time to sell your bitcoins? (ie how would you know $500 is a good time rather than $50 or $100, which might seem equally as good if early adopter?)
It's in your gut.
I've seen so many penny stocks in my life, I just knew in my gut that 750 was the top.
You learn it. The first 100 penny stocks I pumped and dumped, I didn't know. I sold too soon, sold too late, I fucked up.
Now, half the neurons in my brain are, and always will be dedicated to looking at the bubble and finding the top.
If you try to hold the shit you bought for $10 to $50, you'll get FUCKED because everyone sells at $49.
Once the shit goes from $49 to $10, it goes up to $20 then back down to $0.
When it's going up from $10 to $20, that's because we bought back in, pounded the phones said 'JOHNNY I KNOW YOU LOST MONEY BUT YOU GOTTA BUY BUY BUY ITS GOING TO $100 NEVERMIND $50'
So of course, we let johnny push it to $20, then it's a free for all to $0