try repeating that ask my gf strategy on next investment idea and let us know how it works. im rather curious. whats your age and net worth and how are you currently invested?
Yes but what you’re missing is that if you make these dumb decisions repeatedly you ultimately wind up poor. People that made $3M which is nice with high probability repeated the decision tree of thoughtless gambling and returns chasing that led them there and will not hold that money for long. Ultimately I’ve heard of no stories beyond anecdotes of trades where people actually successfully cashed out. The people who made seven figure gains that I know of which are a decent number universally reinvested it in some form of coin and are ultimately sitting on low six figure gains today at best. This is far from a win because life is long and the moronic thought process that led them to look at these coins at any sort of high valuation and choose to invest further will result in a negative NPV. I’d be willing to bet dollars to donuts that if you were able to track down the people that sold at peak valuations nearly all of those rubes caught up on their euphoria reinvested in some further new alt-coin for the chance at having real money. The most telling part of your wide eyed amateur story is that you think $3M for the average young person *pre-tax* is retirement money. You cash out at $2M, till you buy a nice house $1.5M in an average to below average cost of living area you now are working again just to pay bills. This is why most people who did any math probably chose to “reinvest”.
Any wealthy individual or investor knows you judge quality of decisions not quality of outcomes. You are so fixated on these mythical 38x peaks of the great tulip bubble and trades you saw occur.
Also as STL pointed out you claimed to be holding at $0.44 and it hasn’t hit $0.48 (your claimed exit point) since you made that post…
it is all about identifying when you are lucky. sometimes this takes a few years and a few failed trades to remember. a lot of failed trades make a ton of sense at the time but for various factors, do not work out, or do not work out within a reasonable time frame. he will learn bs’s lesson described above after 1-2 blowups. the question is if you have the brains to recognize your inability to be a guy who bats a thousand and have nuts to keep going despite experiencing failed trades on a regular basis.
I understood the risk reward profile of putting 25k in XRP from the jump. The “research” I did was obviously not based on anything traditional finance practitioners would consider to be sound, ie no cash flows, no residual claim on Ripple Labs profits, etc. Additionally, yes you are right in regards to the fact that if you take extremely high risk, and repeatedly, it is a great recipe for disaster and severe loss.
However, (and to answer Nerdy’s question), I am 30, no kids and have what I think is an OK amount of net worth (little over 300k) so I pulled the trigger on it since I am pretty well diversified otherwise with stocks, bonds, derivs to hedge not speculate, one DPI, and cash.
The thing I still don’t get though is that the very reason I started this thread to was inquire if anyone else on here had advice regarding what I should do with my position since it exploded only 30 days after I purchased it. Yet somehow it has turned into everyone accusing me of bragging which is kinda ridiculous IMO.
I bought my first stock 11 years ago and have traded everything from earnings reports to bonds to crypto to vol ETFs. Believe me, I have had my share of blowups. No one bats 1000, period, but XRP wasn’t a “blow up”. I’ll call it a missed short term opportunity to have realized a ton more than I have.
he dropped 25k on cryptos when his net worth was prolly round 200k which isnt bad. roughly 10% of speculative investments aint bad.
he also didnt buy more of it. which means he didnt chase returns, which is 1 smart decision.
lastly, he’s 30 years old, which is pretty young, and has a lot of time to recover if shit goes south.
anyways with that said his reasoning on why he bought it is dumb. his overconfidence on the reasoning is another red flag and is prolly why there are a lot of haters. but as long as his overall portfolio is not handled the way he invested in ripple then he is doing a okay imo.
You don’t seem to get where the criticism is coming from… no one is giving you shit about the risk you took. People (including me) are giving you shit because you think your results are a function of skillful analysis, when in reality it was entirely luck that you were invested in the short window that ripple increased in value.
If you invested in something, wouldn’t you attempt to at least defend your decision with some type of rationale though? I cannot argue (at least from a quantitative standpoint) that it was luck, however, who would want to openly say…“yeah you know what? I dumped 25k in something and it exploded, but ehhhhh I am an idiot so it was definitely luck!”
Don’t have to be an idiot to get lucky… it’s ok to chalk it up to what it is. And time has proven that your investment case for it was wrong, so the short-term spike and money you made from it was luck.
wait, time has proven it? Dude it’s been like 9 months. I’d say that’s a little presumptuous at this point. Based on where things stand though currently it does appear to have been the bubble popping. I don’t think really anyone knows what’s going to happen tbh. That’s fine though, we can call it luck for now. Like I said, I can’t argue that.
Yeah man, you did a great job making yourself sound like a materialistic POS just now, considering there are millions of people around the globe who are my age, starving, have zero money, yet friends and family around them to provide a silver lining regardless of their socioeconomic status.
Despite engaging others on here in debate, i’ve never really disliked anyone, until now. Congrats on winning the a**hat of the day award!
People who make these sort of comments usually truly feel that way. And since I will assume you are young based off of your candidacy status, my suggestion would be to take an introspect look at how you view others before it costs you big time later down the line.
It’s okay for someone to win the lottery, but once they start justifying how they picked the correct numbers, then it becomes annoying. Nonetheless, I think it was a good decision to invest some cash in speculative coins, so I’ll give you that.
