Re:Ask HN: What cryptocurrencies do you believe are going to...
by muzani on Friday December 15, 2017 @06:05AM
(#15930997)
IMO, never invest in hopes of paying off debts.
The problem is that crypto is volatile. Today I'm looking at ETH going up 32% a week. But next week it could be down 80%. Then it could go up again 184%.
In hindsight, it looks smart to invest in it. But when your $484 becomes $350, then $210, then $90.. you are going to be under a lot of emotional distress. You'll be kicking yourself, wishing you put it into your debt, or some other crypto. It could go on to $1500 later, but only if you could hold on long enough.
What's worse is that most cryptocurrencies will actually fail. If you go for a high risk one, there's a good chance your investment will go to $0.
The key to investing well is faith. But you need a lot, lot more faith if you really need the money and need it fast.
And making your investment decision based on some 5 minute comment on an internet forum is not going to give you a lot of faith.
The problem is that crypto is volatile. Today I'm looking at ETH going up 32% a week. But next week it could be down 80%. Then it could go up again 184%.
In hindsight, it looks smart to invest in it. But when your $484 becomes $350, then $210, then $90.. you are going to be under a lot of emotional distress. You'll be kicking yourself, wishing you put it into your debt, or some other crypto. It could go on to $1500 later, but only if you could hold on long enough.
What's worse is that most cryptocurrencies will actually fail. If you go for a high risk one, there's a good chance your investment will go to $0.
The key to investing well is faith. But you need a lot, lot more faith if you really need the money and need it fast.
And making your investment decision based on some 5 minute comment on an internet forum is not going to give you a lot of faith.