Current Events > What's the downside to throwing a dollar into every new crypto coin?

(+) Yeah! (+)

This Shibu coin has jumped 96 million percent in the last year. If I had just put in a dollar, I would have been a millionaire! I mean, you have all these coins that are worth just a fraction of a penny. So even putting in a dollar will buy you thousands. And if any happen to take off, the payoff will be gigantic. I just don't see the downside and don't understand why everyone doesn't just do this.

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Your crypto can be held hostage

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Which crypto market lets you convert from Shibu to dollars? Those currencies are worthless unless you can actually convert BACK into real money.

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I mean eventually it will be heavily regulated if not just outright be made illegal by the government. So I would say that's a downside.

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s0nicfan posted...

Which crypto market lets you convert from Shibu to dollars? Those currencies are worthless unless you can actually convert BACK into real money.

There's crypto you can't sell? Coinbase is letting me sell/convert Shibu right now.

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I got it on Webull

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VideoboysaysCube posted...

There's crypto you can't sell? Coinbase is letting me sell/convert Shibu right now.

There are roughly 6000 crypto currencies. I assume then by "every new crypto" you mean ones already being added to exchanges like Coinbase?

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VideoboysaysCube posted...

This Shibu coin has jumped 96 million percent in the last year. If I had just put in a dollar, I would have been a millionaire! I mean, you have all these coins that are worth just a fraction of a penny. So even putting in a dollar will buy you thousands. And if any happen to take off, the payoff will be gigantic. I just don't see the downside and don't understand why everyone doesn't just do this.

There are hundreds created all the time, most of them scams, so it'd be unfeasible to hit all of them unless you're doing it as your full time job. Only the super early adopters see such a massive increase for a tiny amount of money. By the time it's listed on major platforms, you can still profit, but nowhere near that extent.

Losing that dollar
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BilalPowell posted...

Your crypto can be held hostage

s0nicfan posted...

Which crypto market lets you convert from Shibu to dollars? Those currencies are worthless unless you can actually convert BACK into real money.

Basically this. A dollar doesn't work unless you become a theoretical billionaire like that one wallet.

And the fees could cost 10x your position.

Gotta convert to XLM or USDT. Or the networks aren't compatible and take days to transfer.

It's all bullshit and people keep saying "X coin will do Y" with a straight face when it'll be dead in a few years before even being used for it's dumb intended metaverse purpose.

Kucoin is sensory overload.

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A downside is stretching yourself out and not really paying attention to them considering they take actual time to blow up.

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