That's a good doge-y!

Gemini is, I think, the only FDIC crypto exchange still. 

Fueled by Caffeine said:

The increasing risk tolerance of the average investor is a bit startling. 
when others are buying be fearful and when others are fearful be buying.  
I'm no genius but I see irrational exuberance at a large rate.  

Really?  (Sarcasm)  Investing in money that as I understand it only exists as a computer file?

What is next?  Art that exists as only a computer file?  Oh, wait...

Watching SNL to see if this has any effect on the coin.  Elon is hard to watch, but one positive is that I am again reminded of how glad I am that Miley Cyrus survived the perils of being a child star.

Girl has some damned pipes.

So, y'all millionaires yet?

In reply to Appleseed :

Not yet.

Wife is freaking out over the swings.  Im just buying the dip

Musk speaks... price drops 24%. 
 

Celebrity driven investing...

In reply to Mr_Asa :

People really forget about Miley's talent simply because the stuff she do that they don't like. Fickle folks.

A large reason why it is anything is because of Musk.  It seems very likely he backed it as a goof, so it's pretty appropriate his (maybe not entirely serious) comment wildly affected it.

Not really a behavior you want to see in your major currencies.

For those who did not see it, there was a skit where he was repeatedly asked "so what is bitcoin?", he answered 3 or 4 times, and eventually they just said "so it's a scam", and he says "yep".  Doesn't sound like a person who is truly behind it, just messing with the system.

In reply to SVreX (Forum Supporter) :

It really was interesting.  Soon as a commercial or Miley was on the price stabilized.  Soon as Musk was on, it dropped

I found the volatility pretty interested, and half expected.  Doge dropped down to 41 cents, then bounced back up to 60, now it's at 50.  If it follows the trends from earlier in the year, it should build back up over the next couple weeks.

Whenever there's a big Doge event announced, Doge tends to gradually build up before that event (like SNL or Doge Day) and then on the date of the event itself it does nothing or people sell.  It's getting kinda predictable.

Something else I've noticed is that the DJIA keeps rising and tech stocks keep sucking lately, while crypto grows at breakneck speeds.  It looks like a lot of people that would generally invest in tech stocks are instead putting their money into crypto.  Of course, that could just mean that some of my favorite stocks are currently on sale.

In reply to infinitenexus :

Help me understand where you are coming from...

Do you have large dollar amounts in Doge?  5 digits?  6?

Is this a large part of your investment portfolio?      2%? 30%? 100%
 

Analysis of SNL appearance.  It looks like the swing has little to do with saying it's "a Hustle" and more to do with him somehow not being more supportive, or hyping it.
 

The size of my Doge investments doesn't really matter or change anything.  I'll say this though, I wish I had bought more early this year!  I have just noticed that on days when Crypto as a whole does very well, tech stocks tend to go down.  This is a relationship I first started seeing early this year when Dogecoin first started climbing exponentially.  I'm guessing that those two are related.  I also find it interesting that one of the best performing ETFs last year (ARKK, which gained 149.61% last year) is doing so poorly this year.  Tech stocks tend to attract younger investors, and so does crypto.  I'm guessing there's a relationship here.

In reply to aircooled :

With these big hyped Doge Days, the gains tend to be before the day itself.  On the day that it's supposed to do something amazing, it never does.  

infinitenexus said:

I wish I had bought more early this year!  

You and everyone else on the planet!

I was talking to my wife about it though, even if I had bought early this year, I probably would have sold well before now. I like to 'lock in my gains' when I feel like I'm speculating (ie not planning to own something for basically forever), and therefore even if I had gambled a huge amount (for me) like $1k I probably would have sold the moment it got to 500% gain ($5k). Not like I would complain about making $4k for nothing, but it also wouldn't be life-changing. 

Hindsight is always 2020, but you could also probably say I'm pre-disposed to NOT be able to maximize profit from wild gains like this. 

No gain (or loss) is realized until you sell. 

In reply to Robbie (Forum Supporter) :

I originally bought Doge at 3 cents, then sold in the teens to be safe and lock in some gains.  I ignored it for a week and it had doubled, so I bought in again more recently and have been enjoying some nice profits.  I mentioned Doge in a facebook post early this year and a buddy of mine bought $500 worth.  He's sitting at about $15K right now.

Had I bought $1000 worth on January 1st, it would be worth more than $100K now!

In reply to infinitenexus :

I disagree. The size of your Doge investments changes everything. 
 

I'm all for play money, and spending it in risky investments for the enjoyment of it. I do it too. 
 

However, I don't listen to people who do foolish stuff. Someone who takes unreasonable risks with too much money is not worth listening to no matter what they say. 
 

Im not prying into your personal life. I'm trying to decide how much I want to listen to you. 

Also, your profile doesn't share your age.  A man in his 20's can do things a lot differently than a man in his 60's.

I respect if you don't want to share. 

In reply to infinitenexus :

Earlier in this thread you touted Cathie Wood's bullish stance on cryptos.   Today you cited ARKK for its poor YTD performance. 
 

ARKK is Cathie Wood's flagship product. That's the ETF fund she created that everyone claimed she was a genius for. 
 

I'm confused on what you are saying. Is she a hero or a zero?

(BTW... 149.6% growth is not a number that defines a great investment. It defines a really lucky year that is unsustainable. ARKK's 2 year performance is still really impressive. )

FWIW, my "play money" account is worth about 2% of my total investments. It is currently stocks in about 5 companies. It has grown about 550% in the last 6 years. 
 

I'm pleased with that.  I do not own any crypto. 

Haven't read through this whole thing yet, but I was able to get 2k DOGE at around $.04, so really not much money out of pocket, and at that price to me it doesn't make a ton of sense to withdrawal before it gets REALLY worth it. If DOGE hit $1, I have $2k. That's nice, especially from $50 or so out of pocket, but I've already had so many regrets of not getting into crypto soon enough that I don't want to regret pulling out too early. Especially when I've only tossed a couple bucks at it. 

I did also pickup some AISIC miners about 2 months ago. A pair of Antminer Z9 minis, currently mining Z cash, $3-4/day give or take. It's not much, but I use that crypto as more play money to try other coins that may or may not take off. BTT, SAFEMOON, SHIB. ~$15 ZEC that I put into BTT is currently worth ~$100, nice. SAFEMOON and SHIB are more recent, but have also increased a bit. The pair of miners and the PSU to run both was less than $200, so I see it as playing with crypto for the cost of electricity. It's fun, and at this small of a level I really don't have any stress about it. 

In reply to SVreX (Forum Supporter) :

I'm 39, have about 8 grand in crypto (mostly Doge currently), and if you look at ARKK's performance over the past 5 years it's very impressive - 466.36% over the last 5 years, including the current slump.  If tech stocks didn't crash it would probably be around 600%.  Cathie Woods is great at what she does, my point is that pretty much all tech stocks started crumbling this year at the same time crypto started taking off, around February.  Everything I've read about tech stocks says they traditionally attract younger investors - the same kind that are probably in crypto right now.  I like crypto and I want it to keep doing well, but it's kind of the wild west of investing - lots of unknowns and nearly impossible to predict.

550% in 6 years is fantastic, by the way, congratulations on that!

In reply to infinitenexus :

Gotcha. Thanks. 

In reply to AWSX1686 (Forum Supporter) :

I do a bit of mining myself, just some CPU mining of Monero/XMR currently on a laptop at work.  Not much money but I enjoy it.  I'm building up a basic GPU mining rig with free computer junk that I got.  Should be able to fire it up today!  It's not the most powerful GPU so I can't mine Ethereum, which is what I really want to mine.  I'll probably mine Vertcoin, Litecoin, or Ravencoin, whichever one turns out to be the most profitable.

Getting a pair of Antiminer Z9 minis and a PSU for less than $200 is incredible!  Just those are an investment - I've seen them go for more than $1,000.  I find ASICs fascinating.  Also, they're incredibly efficient.  From what I've read you should be making profit each day, more than the cost of electricity.

infinitenexus said:

In reply to SVreX (Forum Supporter) :

my point is that pretty much all tech stocks started crumbling this year at the same time crypto started taking off, around February.  Everything I've read about tech stocks says they traditionally attract younger investors - the same kind that are probably in crypto right now.

I don't think individual young, retail investors have the kind of pull to impact tech stocks the way they've been impacted recently. That's usually big time investment funds, and it's typically complex

It seems like inflation and increasing price of raw materials are a big part of the concern

Increasing treasury yields may limit "growth" stocks too

I guess on a more simple level, when the pandemic caused things like manufacturing businesses to struggle, the investment money flowed into tech as a sheltered sector of the market. Now that there's very strong demand and high prices for most manufactured goods, combined with some potential headwinds for tech, the money is redistributing to other sectors. While most of the high level tech stocks were down 2-6% yesterday, many traditional manufacturing companies saw smaller losses or even gains.

In reply to SVreX (Forum Supporter) :

I had someone try to give me financial advice and get me into day trading. His big score of the day? He put 40k on the market and gained......$381.

He seemed flabbergasted that I didn't think that this is a win, said it was "free money, why wouldn't you do it?"