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Is it worth trying crypto nowadays?

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zekro94

zekro94

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So, since I'm not really working right now I'm trying to find something to make some money. I have a friend that's into crypto currency and he's able to make a profit. Like in a day he made like 600 something €
I know it's volatile and you can lose it all, but what if I start with something small like 100€ but I don't really know about the market. My friend said something about aergo coin or something, but still I don't really thrust cryptocurrencies. Anyone here with some knowledge or experience?
 
Imma try to be as impartial as possibke

Investments on established coins like Bitcoin, Ethereum and such have for most people only long term worth  if you truly believe in this tech as the future and the possibility of it's value going insanely high with it's eventual utilization on most sectors

The real short term risky money comes from mostly quick, hyper-hype based coins that get a lot of sudden investment and liquidity (and are often the basis of most crypto scams), usually called meme coins or alt coins, depending on the origin and purposes/goals

For buying coins you will need to consider the rampant amount of stealing and the over-abundance of marketplaces, confusing terminology and the need to pay a "gas fee" for buying, transfering or selling those same coins

So for long term investment, it's up to you to believe how much is this tech (the decentralized blockchain) really useful for the near future with coins like the all famous Bitcoin

If you wanna gamble for the chance of quick money, you have amp of new options coming out every so often, but unless you have a lot of spare money, I would say you would lose very quickly, unless you scam
 
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SillyBee said:
Imma try to be as impartial as possibke

Investments on established coins like Bitcoin, Ethereum and such have for most people only long term worth  if you truly believe in this tech as the future and the possibility of it's value going insanely high with it's eventual utilization on most sectors

The real short term risky money comes from mostly quick, hyper-hype based coins that get a lot of sudden investment and liquidity (and are often the basis of most crypto scams), usually called meme coins or alt coins, depending on the origin and purposes/goals

For buying coins you will need to consider the rampant amount of stealing and the over-abundance of markets, confusing terminology and the need to pay a "gas fee" for buying, transfering or selling those same coins

So for long term investment, it's up to you to believe how much is this tech (the decentralized blockchain) really useful for the near future with coins like the all famous Bitcoin

If you wanna gamble for the chance of quick money, you have amp of options but unless you have a lot of spare money, I would say you would lose very quickly, unless you scam
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Oh, I hadn't thought about the fees for buying or selling. Yeah what kinda scares me is the possibility of being scammed, you won't ever know where to buy them pr trade them without risking your money. I know bitcoin is late and I don't think it will grow more. I feel like I missed the boat
 
zekro94 said:
Oh, I hadn't thought about the fees for buying or selling.
Click to expand...
Know also you will need a specialized wallet to save those coins, and that every transaction is publicly avaliable to look into (anonymous, unless your wallet serial is associated with you)

It can be physical but it will need its own specialized device iirc

And if scammed there is no authority to complain to

If you really wanna invest you will need some serious research to feel safe with it
 
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SillyBee said:
Know also you will need a specialized wallet to save those coins, and that every transaction is publicly avaliable to look into (anonymous, unless your wallet serial is associated with you)

It can be physical but it will need its own specialized device iirc

And if scammed there is no authority to complain to

If you really wanna invest you will need some serious research to feel safe with it
Click to expand...
That's why I posted this, since someone might have some experience and I could learn a few things about it before doing it. It feels very risky though. Some minutes ago my friend told me he lost 1200€ because he thought the price might rise again and so he bought. I'm less convinced now abou crypto
 
zekro94 said:
So, since I'm not really working right now I'm trying to find something to make some money. I have a friend that's into crypto currency and he's able to make a profit. Like in a day he made like 600 something €
I know it's volatile and you can lose it all, but what if I start with something small like 100€ but I don't really know about the market. My friend said something about aergo coin or something, but still I don't really thrust cryptocurrencies. Anyone here with some knowledge or experience?
Click to expand...
As soon as [the plebs] caught wind of what it was and poured in en masse, if you weren't DUMPING your fake internet points into their idiot moufs - you were already [dead] aka too late.

Also, if you aren't IN the inner ring of major pump and dumps - you'll be pumped and dumped.

Invest into your own art or craft since that can only improve and make ya moar profits.
 
Don't lose money on these ponzi schemes. Just like @Skv0ra mentioned, invest in yourself. Cryptocurrency is basically greedy people that want to get rich the easy and lazy way. It is possible to get rich the lazy and easy way, but the odds are the same as winning a lottery.

It shouldn't even be called currency at this point. It should actually be called "cryptostocks". When Bitcoin was invented, it was meant to be a stable decentralized alternative to physical currency. It's been everything but. Crypto wallets aren't user-friendly. If you lose a password or have a network error or send money to the wrong address, it could be permanently gone. Only 2% of Bitcoin transactions have been as payments. The rest was all trading. It's so wildly volatile that you can't even use it as currency anymore.

Lastly, nowadays, 100 new alt coins, shit coins, meme coins, seem to be added on a daily basis. Everyone and their dogs are releasing new coins. I bet I'm right when I say that we'll hit 1 million currencies in less than 10 years. Who knows.. maybe a million now.
 
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zekro94 said:
So, since I'm not really working right now I'm trying to find something to make some money. I have a friend that's into crypto currency and he's able to make a profit. Like in a day he made like 600 something €
I know it's volatile and you can lose it all, but what if I start with something small like 100€ but I don't really know about the market. My friend said something about aergo coin or something, but still I don't really thrust cryptocurrencies. Anyone here with some knowledge or experience?
Click to expand...
1. Stick to the proven coins. If you invest in altcoins, especially as a beginner, you WILL lose all your money. Multiple times. Ask me how I know.

2. Buy low, sell high. Never sell at a loss because you're scared. Be patient. Proven coins historically always go back up, and reach new highs.

3. Now is not the time (See 2). Crypto is at an all time high. If you buy now you are much more likely to lose money.

4. It's a long term investment, not a get rich quick scheme. People who got rich were extremely lucky. If you try to get rich quick, you're gonna lose all your money.

5. Pump and dump is a scam. If you fall for it, you're gonna lose all your money while the people that are running the pump and dump schemes gain from your loss. You can't "sell before the dump". By the time you hear about it, it's already too late.

Bottom line, crypto can be a good long term investment, and nothing more.
 
Last edited by The Real Jdbye,
_Snow_ said:
Don't lose money on these ponzi schemes. Just like @Skv0ra mentioned, invest in yourself. Cryptocurrency is basically greedy people that want to get rich the easy and lazy way. It is possible to get rich the lazy and easy way, but the odds are the same as winning a lottery.

It shouldn't even be called currency at this point. It should actually be called "cryptostocks". When Bitcoin was invented, it was meant to be a stable decentralized alternative to physical currency. It's been everything but. Crypto wallets aren't user-friendly. If you lose a password or have a network error or send money to the wrong address, it could be permanently gone. Only 2% of Bitcoin transactions have been as payments. The rest was all trading. It's so wildly volatile that you can't even use it as currency anymore.

Lastly, nowadays, 100 new alt coins, shit coins, meme coins, seem to be added on a daily basis. Everyone and their dogs are releasing new coins. I bet I'm right when I say that we'll hit 1 million currencies in less than 10 years. Who knows.. maybe a million now.
Click to expand...
Here's a funny thing about currncy though - it HAS to be substantially backed by a real asset or its just reddit updoots and nothing more. Broke techies playing w math on their potato GPUs were never gonna have anything substantial to back shit and make it valuable.

If a legitimate company uses coins as temp stocks - that's oooo-kkkk but shouldn't be taken for granted nor as a longer term.
 
If you're hard up for money right now due to not having steady work, trying to invest into crypto currency (or stocks!) to cover your short term monetary constraints is going to be nothing more than pure gambling. Going to the casino or buying some scratch offs at the gas station would at least give you some entertainment while you throw the money away.

There's no "get rich quick" schemes that don't rely on luck. If there were, everyone would be doing them.

tldr don't

if you insist to do otherwise, dollar cost average bitcoin and nothing else and hold it long term like I'd suggest to anyone looking to put money into any given stock without having a specific investment plan.


Don't touch alt coins. Don't touch meme coins. Don't touch NFTs. Don't try to get in on pump and dumps. Don't try to time the market.

You will most likely lose money.
 
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_Snow_ said:
When Bitcoin was invented, it was meant to be a stable decentralized alternative to physical currency. It's been everything but.
Click to expand...
More specifically, in 2013 (that's around its first boom in the mainstream) there were already too many transactions compared to how many can fit in a mined block, ie any transaction already took a significant and not directly predictable time to process...

That's, of course, before considering how few things you can buy with them regardless of speed, isn't money supposed to be a neutral intermediate product in the evolution of barter?

_Snow_ said:
Crypto wallets aren't user-friendly
Click to expand...
"Wallets" as commonly meant, ie web services that manage your addresses/keys, completely miss the point of crypto which is to say Fuck You to banks and govarmints and their regulations...
...of course, the way to exercise this independence would be "self hosting a full node" (ie running the official Bitcoin software) which requires a local copy of the blockchain, I remember it being an obscene 21 GB when I was into it in 2014 :D

_Snow_ said:
Everyone and their dogs are releasing new coins
Click to expand...
Corollary: if you've heard of it from a spam ad, usually but far from limited to Telegram spambots and/or Musk fakes, it's a scam! But he ought to not need to read this ;)
 
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Thanks, everyone. I just thought about starting with a little amount to see if I have some luck but knowing me, I don't so I won't. Like I said, I have a friend that trades in crypto and sometimes he has a benefit, sometimes a loss (most of the time he invests the benefit to try to get more)
After seeing somethings I guess crypto coins are just ponzi schemes but beautified. I remember when a starcraft tournament gave like 25000 bitcoins for the last places, and then someone buying 2 pizzas with bitcoin. No one knew it would skyrocket like that so I guess some of us would dream of that happening to another coin. Still, memecoin?
 
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zekro94 said:
Thanks, everyone. I just thought about starting with a little amount to see if I have some luck but knowing me, I don't so I won't. Like I said, I have a friend that trades in crypto and sometimes he has a benefit, sometimes a loss (most of the time he invests the benefit to try to get more)
After seeing somethings I guess crypto coins are just ponzi schemes but beautified. I remember when a starcraft tournament gave like 25000 bitcoins for the last places, and then someone buying 2 pizzas with bitcoin. No one knew it would skyrocket like that so I guess some of us would dream of that happening to another coin. Still, memecoin?
Click to expand...
You, don't. There is NO luck here. It's all done by cabals who string people like YOU for your pittances en-masse and that's how fake internet points gain and lose their value. Go invest into some tools for a new skill you can learn or something.

Make/sell some crochet game characters or plushies or something.
 
Skv0ra said:
You, don't. There is NO luck here. It's all done by cabals who string people like YOU for your pittances en-masse and that's how fake internet points gain and lose their value. Go invest into some tools for a new skill you can learn or something.

Make/sell some crochet game characters or plushies or something.
Click to expand...
I would if I could but unfortunately I lack in dexterity, that's why I had my sights on crypto
 
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