Memecoin never written to be a functional currency becomes suddenly valuable after billionaire known for running pump and dumps hypes it up.
And that's to say nothing of the fact that "investing" in currency is completely insane and should be treated as a likely scam
In his defense, if you don't take that approach to the situation, you're going to be fucking depressed.
When all else fails, there’s always denial and delusion.
THE SQUEEZE HASN'T SQUOZE! 😭
Forgot the dump part on the pump/dump scam he got into
He probably didn't know it was getting pumped. That's how the scam works, tricking people.
They all knew. I watched an otherwise brilliant friend of mine lose money this way. They all think they're smarter than each other.
The best marks are the overconfident ones who think they will be able to out scam the scammers. They are the ones who will gladly dump their life savings into shitty ape pngs thinking they will be the one to make it big.
Shit was I stupid for avoiding the whole thing and instead building a portfolio?
Exactly, should've gone with a "greater fool" portfolio.
I don't know, hoarding a bunch of money needlessly seems way stupider than using your available resources to fill your life with incredible experiences, to me.
I think we just somewhere down the line all got confused by what success was supposed to look like. It ain't a game of Pacman; you don't win just by having the biggest number on the scoreboard.
Edit: important caveat, I know literally nothing about this dude or how he made or spent his money, I am just speaking in generalities.
But afaik he didn’t spend it. It just devalued. So he had [xyz] amount of crypto. One day [xyz] was worth millions and then [xyz] was worth only thousands. So it’s not like he got great experiences or a house.
Why don't these guys sell high and reinvest in something more stable after making a boatload of money?
Hindsight
At least some of them just want to see it go higher and wait too long to cash out.
I guess because he wasn't as cold blooded as the rest of the pump&dump crew. Some might call it stupidity. If he sold all of his coin he would've probably crashed the coin then and there.
Someone over at reddits Buttcoin sub calculated that he must have cashed out something or he would have been at 300k now.
Oh man, this brings back some sour memories.
During the early days of the whole Reddit Dogecoin saga, I had somehow amassed 138066 Dogecoins - probably worth 10 bucks at the time. Didn't know any better, so I kept them in DogeTipBot like many others, and forgot about them.
The creator of the bot then stole everyone's coins and dipped.
Those 138066 Dogecoins would be worth $8647 today 💀
For real? Man, I remember that bot fondly.
You can read about it from the bot creator here: https://old.reddit.com/r/dogecoin/comments/69vycc/important_im_taking_dogetipbot_to_a_server_farm/
If you don't want to visit Reddit: https://archive.is/hwDeG
Hide The Pain Glauber ‘SlumDOGE Millionaire’ Contessoto
Everyone is stupid except for me .png