So I'm sure everyone is aware of the huge surge in the price of Dogecoin in the last 3-4 months. It fucking kills me that there are actually morons with no investing or finance experience getting rich off of this intrinsically worthless joke-coin (https://twitter.com/prothedoge?lang=en) AND then go on to brag about how much money they've made, promote it, etc.
I have friends with no investing experience who Yolo'd $500 or $1,000 into it when it was around $0.07 and will not stop talking about how much money they've made. I've been following it since the beginning of the year but never pulled trigger bc I think it's obviously pure speculation / gambling, and this makes it hurt even more.
I don't know why celebs like Elon Musk, Guy Fieri, and even Mark Cuban at this point are either endorsing it or giving it the time of day... other cryptos I can understand to an extent (although most crypto endorsers are generally unbearable), but this takes the cake as it all just seems like one big pump-and-dump joke / market manipulation play. Seems like the whole point of the coin was intended to be a joke, and now I read about people (like the Twitter guy I linked) talk about how it will be the currency of the future.
And now the fact that the market cap is eclipsing the size of Ford, Twitter, etc.? Jesus Christ. I can't help but think that there have to be some huge hedge fund / traders in the mix here somewhere. Or maybe there are few extremely wealthy elite families who are literally buying and selling unfathomably large amounts to manipulate the market or launder money (Saudi anybody?)
Also I think about all the poor suckers and novices who are going to invest now and lose shitloads of their money when this (inevitably?) comes crashing down because of internet / Tik-Tok promoters... buyer beware I guess, but still...
What do you guys think? Don't get me wrong - I am less-so pissed and moreso just baffled and amused (in a regretful sense for missing out, I guess) by this whole situation.
TLDR: Annoyed at Tik-Tok generation making outsized returns and then bragging about it (when clearly they are just getting lucky), interested in what other people have to say.
you mad bro
It doesn't bother you that there is a multi-trillion dollar industry devoted to chasing 3-10% returns a year and there are people who are returning 1,000%+ off of gambling / luck / market mania? Maybe it's the boomer in me.
their making money takes nothing away from your ability to make money. this is akin to hordes of people crowding around the roulette table and the ones who win celebrating loudly as if they're sage investors.
you don't have to concern yourself with things in which you're not participating.
I appreciate that for sure. Sometimes seeing stuff like this happen makes me reconsider my investments and if I should buy into the hype, but I know that it's gambling and I probably never will. Still, it's always tempting...
this will constantly be a struggle if you evaluate your worth in relative rather than absolute terms. I get the allure of becoming independently wealthy in a hurry while you're slaving away as an analyst or something, but the world is not binary. if what you're chasing is independence, you can get that a number of ways, getting lucky with a meme investment is just a really really fast way. in my mind, the risk of a blowup makes me backing up the truck into shit like this not worth it. if I can get to $10mm by just dabbling in something, sure I'll play along, but a lot of the wins I've seen are putting in $2-5k and making $25-50k in short order. an amazing CAGR to be sure, but not life changing wealth.
also, for what it's worth, survival is what matters in investing. your life is long term, your investments should be too. I'm rooting for everyone to make money because I truly believe everyone on the planet can become financially independent without it being at the expense of others, I just wonder if things like $DOGE are scalable and repeatable long term without a blowup.
finally, no one ever talks about the losers, if you believe the investment world is only this shit, you're missing it.
The markets and american society are breaking...at least this is one of the funny sideplots. Chill out and make your friend buy you drinks next time.
.
STFU intern. First of all your views on 401k contribution are just so backward its funny. Not contributing for the purpose of maintaining "liquidity" to invest in cryptocurrency? Ironically, crypto has proven to be extremely ILLIQUID during volatile moments when the shoddy infrastructure backing exchanges suddenly fail.
401k max contribution is $19.5k a year - not a lot. It's also tax advantaged, and you can literally invest your account in GBTC if you want - but you're too busy circle jerking with the rest of reddit over how "mArKeTs hAvE cHaNgEd BrO"
I'm not going to pile on with some other comment on your 401k views or something else. I will say this - if you have an idea "markets have changed" or "the old way is out" it will be difficult to gain respect without a well thought out thesis. you cannot jump from observation to conclusion without some sort of logical path to get there.
the way you were speaking, it seems as though you believe $DOGE and its brethren are the future. why do you believe this? is there something unique about $DOGE that makes it a good investment? is it part of your broader crypto portfolio and you believe crypto to be a hedge against government debt destroying the value of fiat currencies? what's your rationale on why $DOGE and its brethren are better long term investments than equity ownership in a productive business?
if however, you just believe $DOGE is a bet with little downside but possibly huge upside, you should be mindful of your tone.
Yeah I completely agree. Definitely a little jealous that I didn’t get in early but also I am a little mad that this is what gets people’s attention nowadays. A lot of friends who think that corporations that make a profit are evil are the same that are cumming themselves over Dogecoin. I just don’t see how people can think that Doge is ever more valuable or noble than a company that actually sells things in a mutually beneficial transaction.
Wait til you realize most of business & investing is randomness & luck
I'm happy DOGE is doing so well because it makes a lot of the more serious crypto nerds look dumb talking about the technology and trying to justify valuations with the "fundamentals" of whatever coin they're shilling. Clearly none of it matters. It exposes crypto price action for what it actually is: based entirely on sentiment and group psychology.
i promise that the root of your problems is that you haven't had sex in a very long-time. Have sex. You will no longer care about a few people turning $500 into $800 dollars.
I don't really care about it. And I say that as someone who has been studying and investing in crypto for over 1 year.
This is part of Capitalism: people getting rich over stupid shit. I'm not one of them, but I can see them bragging as some sort of vindication against the uptight people around them who disdain TikTok, crypto and other non-traditional ways of making money.
For instance: there's this youtuber in my country (not America) who said that when he became a millionaire he bought an expensive car specifically to flex at the people who mocked him when he started his channel (he came from a middle or lower class background, worked as a waiter at the time). Just think of how annoyed the guy was back when he started, spending his time doing videos for no one to see and making 0 money and on top of that being shat on by the people around him.
Instead of resenting those people, why not try your luck with those "stupid" opportunities? I'm not telling you to dump your life savings on DOGE, but if those guys who have no knowledge of finance were able to make money from it, imagine what you could make - use DOGE or crypto in general as an example. Think about anything that you would deem a stupid occupation.
We, as overachievers (if you are in this forum you're most likely one, even if you haven't amounted to much yet), tend to think that the only possible way to make money is by working our asses of at something traditional (finance, medicine, law, tech, science etc.), but by doing that we close ourselves to "stupid" opportunities that could actually lead to something big, leaving a lot of money on the table.
TL;DR: don't hate on those people. Try instead to be more open minded about that stuff. That way, the probability of you becoming rich quickly grows from 0 to something (which, no matter how small, is better than 0).
I’m so exhausted of having to argue with my friends that they don’t know what they’re talking about with this stuff. College dropouts saying they “did their due diligence and see Doge hitting $2 by the end of summer” as if they did some in-depth analysis and valuation on it. Sickening