I’m old (according to Reddit) so here’s some advice from an old person.
I’ve been in crypto since 2016, HODLing and stacking here and there. I don’t understand crypto and don’t want to understand it, it’s a gamble for me and a small % of my portfolio that I hope to exchange for a large amount of FIAT someday. As of lately it’s looking as a nice tax write off.
Tip 1 - there’s no wash sale rule in crypto. Sell your crypto at a loss and buy it back (I waited a day before buying back). A lot of us here can claim the max 3000$ loss. (USA)
Tip 2 - Over the last year, I’ve noticed a lot of platforms (now failing) like the most recent Genesis, Celsius, FTX, etc offered ridiculous APY%’s that I’ve been calling out as a scam for years. I usually get called a boomer for saying this. Anyways as you’ve all figured out there’s no such thing as free money.
If you want to park your money somewhere for a high % return, check out a high yield savings account like ally bank (or nerd wallet for other suggestions). I just moved my savings to discover bank at 3%
Yes I’m being a dick. I want to stop the spread of people thinking they can get 20% returns for parking their shitty altcoins somewhere. I hate this shit. You ruined the legitimacy of crypto all your scams that you got rugpulled by, a fat guy banging his ugly gf.
I’m also an idiot for not cashing out in January of 2018 and now again last year.
Edit - bring on the downvotes. You all got what you deserved.
And of course obligatory - this is not financial advice.
Edit again - you should stash your emergency fund in the HYSA. The rest should be in index funds.
Plot twist : OP is in his early 20s but got aged super fast because of Crypto
OP spent 6 years in crypto, that’s like 60 in dog years
Crypto is the best time of my life. withers
True that, I aged 10 years because of all the heart aches crypto gave me during bear market and all the unrealised profits during the bull because you know $100k EOY still waiting
16 more replies
Completely bleak yet realistic advice. Understands system is broken and deals with it. Knows that 90% of what's out there is bullshit, While fully understanding these things, continues to hodl and dca. Hasn't sold at peaks and continues to hold while regretting that he didn't take profits. Yep, definitely OG.
The difference between me and OP is that I never had profits to take. But we are both poor.
90% is extremely generous. There are over 12,000 different crypto projects out there now. Saying 10% are legitimate means there are 1,200 different good coins. I'd say 99.9% are bullshit
OPs advice is good, but they miss a really important point:
Crypto allows the big players (like investing firms) to manipulate the market and extract money from retail investors (all of us) without the regulations that apply to stocks.
Pump and dumps, and many other scams, are much easier to do with crypto than with stocks.
So we all need to understand that crypto does not make us independent from the big banks and market makers, it actually can make us more vulnerable to them. It’s very important to understand who has the power in these relationships.
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