I'm getting kind of old, in my late 20s. I've made a lot of mistakes in my life, but I really feel bad for the folks in their late 30s, late 40s, 50s, etc, who have spent their kids college funds/ mortgage on high risk cryptos.
And now they are just in a state of utter shock, wondering why they their money hasn't quadrupled like the early investors. Hey man, you've been a plumber all your life, stick with it. Do what you're good at. Stop trying to get rich quick. Quick money is no money.
Proverbs 13:11
With that being said, i'm afraid things are going to go further south. Not the slightest of dead cat bounce sub 400. That is scary. a bit over sold, but way over bought for way too long. 1 click of the mouse, and this thing hits 200... yes one drunken night from an early adopter, and this thing hits the fan... come on.
Nobody is trying to buy btc right now for btc... ppl buy gold for gold... ppl buy btc to sell btc at a later point.
Folks, don't risk it trying to get rich. What good is it to gain wealth and lose one's dignity and risk it all?
people also do not buy gold for gold,
they buy gold to sell or use it later in life.
Same counts for expensive paintings, they buy them to sell them for profit later.
Sure, gold and paintings have some use, but gold in bar form is not that useful, and ugly paintings neither, they have value because people believe in the value.
Bitcoin also has value, it's just that right now, it's considered not that valuable, but just wait until people realize what bitcoin can really do.
It can really change the whole economy, and the way we think about money. And it will do so.