Quote:
Originally Posted by Kevin
This has been my father's mantra with stocks for years. My carpool buddy, sort of thinks he's hip, 40 year old , still dresses in skater gear bought bit coin at $800. He had one bit coin and discussed it a lot.
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Anyway, bitcoin dropped to $300 and he was really upset. I told him "buy another one. You'll have 2 for $550". He didn't do it and he brings it up from time to time.
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A bit off topic, but have you ever actually checked out the price of Bitcoin? It hit $800 in December 2016 and has never been priced lower since. Over $19,000 in December 2017. The price then slid to around $3,100 in December 2018 and is now trading over $18,600. So, I don't know how your carpool buddy was able to buy it at $800 and watch the price drop to $300 - that just never happened.
Full disclosure - I am not a fan of cryptocurrencies like Bitcoin. I think blockchain technology is amazing with so many uses, I just won't put money into something when someone I don't know can simply "mine" more of it. I must admit, lots of others have made lots of money on it - just not me.