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Funny to note that the top post of all time in r/poor is someone telling people to "Buy even 10 dollars in Bitcoin at a time if that's all you can spare," with

by nmilo 5y ago

Funny to note that the top post of all time in r/poor is someone telling people to "Buy even 10 dollars in Bitcoin at a time if that's all you can spare," with investment advice stating: > It's the best way to save/grow an emergency fund. And if you can hold indefinitely, then you can grow true financial freedom by saving even just 5 dollars at a time, anytime you can spare to do so in Bitcoin. Don't think of it as an investment, think of it as a savings account that works and doesn't lose buying power thanks to inflation.

time_to_smile 5y ago
Until this thread I really thought that nearly all crypto speculation was just people in tech with more money than they knew what do to with having a bit of fun. Stupid, but harmless stupid. If you get paid 300k a year, why no buy a 10k NFT for fun. I had no idea people outside of tech were taking this stuff so seriously, I can understand a bit better why some people have essentially made it their life's mission to denounce crypto as a scam.
- post_from_work 5y ago
  >>>I had no idea people outside of tech were taking this stuff so seriously I know a Navy dentist who told me back in February that he was putting all of his disposable income every month into Cardano. One of the Staff Sergeants I work with made ~$15k back when Doge spiked to the moon, and all of our Lance Corporals discuss the latest coins daily.
- notreallyserio 5y ago
  A couple oil changes ago the guys at the shop were all talking about investing in doge. They were so excited about it. Now I'm not going to say they're poor, I don't know, but they're probably not rich. Someone wound them up good.
daenz 5y ago
You weren't kidding[0]. I can't tell if the people posting and endorsing it are naive or predatory. 0. https://www.reddit.com/r/poor/comments/m0yo9l/buy_even_10_dollars_in_bitcoin_at_a_time_if_thats/ https://www.reddit.com/r/poor/comments/m0yo9l/buy_even_10_do...
- actusual 5y ago
  and only 10 months ago...
- giantrobot 5y ago
  ¿Por qué no los dos?
- AlexCoventry 5y ago
  > I can't tell if the people posting and endorsing it are naive or predatory. If you believe the post, the author is giving this advice because it worked for them. There are a lot of people like that.
  - hypertele-Xii 5y ago
    Technically, also true for a ponzi scheme. Anyone invested in crypto will increase the value of their holdings by getting others to buy in and exiting before they do.
- ashtonkem 5y ago
  Any good scam like that is going to contain both in significant numbers.
- deleted 5y ago
  [deleted]
Tenoke 5y ago
At least they are only advising them to invest a little and sadly it's not like you can invest $5-10 in something like an index fund. The top comment even just advises to protect against inflation generally, and not with crypto if you don't particularly like to.

by nmilo 5y ago

time_to_smile 5y ago

Until this thread I really thought that nearly all crypto speculation was just people in tech with more money than they knew what do to with having a bit of fun. Stupid, but harmless stupid. If you get paid 300k a year, why no buy a 10k NFT for fun. I had no idea people outside of tech were taking this stuff so seriously, I can understand a bit better why some people have essentially made it their life's mission to denounce crypto as a scam.

post_from_work 5y ago
>>>I had no idea people outside of tech were taking this stuff so seriously I know a Navy dentist who told me back in February that he was putting all of his disposable income every month into Cardano. One of the Staff Sergeants I work with made ~$15k back when Doge spiked to the moon, and all of our Lance Corporals discuss the latest coins daily.
notreallyserio 5y ago
A couple oil changes ago the guys at the shop were all talking about investing in doge. They were so excited about it. Now I'm not going to say they're poor, I don't know, but they're probably not rich. Someone wound them up good.

daenz 5y ago

You weren't kidding[0]. I can't tell if the people posting and endorsing it are naive or predatory. 0. https://www.reddit.com/r/poor/comments/m0yo9l/buy_even_10_dollars_in_bitcoin_at_a_time_if_thats/ https://www.reddit.com/r/poor/comments/m0yo9l/buy_even_10_do...

actusual 5y ago
and only 10 months ago...
giantrobot 5y ago
¿Por qué no los dos?
AlexCoventry 5y ago
> I can't tell if the people posting and endorsing it are naive or predatory. If you believe the post, the author is giving this advice because it worked for them. There are a lot of people like that.
- hypertele-Xii 5y ago
  Technically, also true for a ponzi scheme. Anyone invested in crypto will increase the value of their holdings by getting others to buy in and exiting before they do.
ashtonkem 5y ago
Any good scam like that is going to contain both in significant numbers.
deleted 5y ago
[deleted]

Tenoke 5y ago

At least they are only advising them to invest a little and sadly it's not like you can invest $5-10 in something like an index fund. The top comment even just advises to protect against inflation generally, and not with crypto if you don't particularly like to.