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/biz/ - Business & Finance

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4473877 No.4473877 [Reply] [Original]

When I was 17 I played in forex in the past and lost quite a sum. I was always thinking how do I earn back my losses. Then a friend told me about cryptocurrencies. I started looking seriously at cryptocurrencies. At that time in mid-August where everything was Mooning. Hey, I thought it was easy money. I bought $500 into ethereum, then it went higher and higher. I started putting my life savings and time in it. Guess what in a short span of 3months I manage to triple my life savings. Great, this is easier than I thought. Just by DYOR and hodling was comfy. But I was not satisfied with my gains. I started to chase day trades. A successful trade after the other I started getting greedier, placing all my bets in one coin one after the another. Until the day has come for me. All Pump and dump groups were waiting for this small sheep to walk into the lion's den. That sheep was me. I naively thought that the new PBC pick was going to be like Zencash. A good 2x-3x would be good. But I was the one who was being played. I FOMO and kept buying until it dumped on me. And I always read how people lost money, I laughed at all the 4chan posts. I didn't know one day that person would be me. I encourage for those who are new to learn the mistakes I made. Because nobody will pity when you lose money. 1. When doing day trading, always put a tight stop loss no matter what. 2. Don't spend your entire savings in one trade. 3. Do not follow the crowd, do your own research make your own decision. 4. Don't spend your entire time on this. 5. Watch out for too good to be true cryptocurrencies. (like confido) TDLR; I lost everything on POTCOIN.

>> No.4473922

ouch

>> No.4473923

>>4473877

wrong. greed is actually very good.

you just need triple digit iq you pleb.

>> No.4473964

fucking holy shit this is golden

you lost it all on potcoin fucking kek

>> No.4473993
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4473993

I FOMO'd on NEO and I know how you feel. Now I'm only going to HODL the big boys and speculate coins with no publicity and let them sit. Right now I just invested in a $.01 coin that just came out and I'll see how it goes. I can't really lose anything on it.

>> No.4474052

>>4473993


>Right now I just invested in a $.01 coin
>I can't really lose anything on it.

looking at price and not cap.

you will lose all your money in this game very son.

>> No.4474083

>>4474052
I put a minimal amount in and if I lose its not bad but if it goes up I make a good piece of profit.

>> No.4474110

>>4473877
>put in stocks
>100% chance of becoming a millionaire in 20 years
>put in crypto
>99.7% chance of losing virtually all savings in 5 years
>0.3% chance of becoming a millionaire in 1 year
Hmm, wonder which one I will go with

>> No.4474115

>>4474052
Newfag here, what does the "cap" mean?

>> No.4474220

>>4473877
I got pot'd too, nice job pajeets

>> No.4474287

>>4473877
Get back in the game just dont get so greedy

>> No.4474767
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4474767

>>4474115
Market capitalisation
It's the same terminology as with a company share
As far as I can tell it's essentially the amount of money attached to the thing at any given time, roughly equivalent to the current market price x the amount of it in circulation
If your price is very very low with a high market cap then it can be incredibly difficult for the price to change dramatically because it would take untold new wealth to come in to increase it proportionally
If your price is very very low with a small market cap then you can buy up a large chunk of it and as the market cap increases your holding is proportionally larger and so gains more value

eg. Siacoin is currently $0.004 with a Market Cap of $133,000,000
>You might think that SIA is a good buy because you can buy 100,000 for $400 and if it goes to a mere $10 you'd become a millionaire
Unfortunately that means that the price of each SIA would have to increase by 2500x, which in theory means the market cap would also have to increase by that much to move it
As the currently circulating amount of SIA has a market cap of $133,000,000 already, that means that there is a conceivable case whereby in order to increase the price that much, enough money would have to flow in that the market cap of SIA would be enough to buy or 2.5x all the BTC currently in circulation, the entirety of JP Morgan & Chase Bank, or 5% of all the gold that will ever be mined on planet Earth

>> No.4474794
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4474794

>>4474110
>put in stocks
>100% chance of becoming a millionaire in 20 years
Can you explain yourself please