First, have a look at this rap video by Remy Dogecoin. He made a similar rap for Bitcoin a few years ago.
To be frank I never thought I would be writing on cryptocurrencies. But I had to because within a single day I heard about its hype from friends, about whats app groups with stories of how someone multiplied their money ($$), and stories about the Dogecoin charts on Instagram.
Considering the above I assume all of you might have some idea about it. After all, it’s all over the social media, and hail the billionaire entrepreneur Elon Musk has been vocal about it. So if you’re someone who was away from all of this before the buzz of social media and now already invested in all types of coins, I have a question for you.
“If an ultra-successful businessman puts his money in something, he is obviously right we should follow him who knows I might multiply my money too”. Read it once again and let me know if thinking in this manner makes sense to you?
I understand everyone wants to get rich and get there fast. You feel like missing something when your neighbor says he multiplied his money 5 times by putting it in some coin. But see the pattern it is similar to gambling, put money in the hope of it getting multiplied.
Now two important points here-
Do you know how much money has Mr. Musk bet on any of these coins? Or how much is that of his net worth? We don’t. It is highly likely that he would be fine even if the amount invested becomes zero. Will you be?
Second, if such coins are secret to getting rich or multiplying your money why would someone let this out in public? Does it make sense to you? They obviously have their interest in mind, Mr. Musk has free access to the mind share of almost 53.7 million Twitter followers. Even if a few percentages of it jump in he has got a supernormal price for his exit. Not accusing him, he is doing what is best for him. He is responsible only for his money, not yours.
Almost everyone betting on such coins to get rich quick scheme is playing the greater fool theory. Meaning you buy something in the hope that someone else (greater fool) will eventually pay more for what you bought (the coin). A defense logic I could think of here is it’s trending so I want to be a part of it. Well go ahead but just keep in mind that put only that amount which you can afford to lose.
Another Zen like argument is whats with blindly chasing money. Looking for quick multipliers. Is it going to help you in the long run? Lets say you get lucky and do multiply your money 10 times (being generous but possible). What next?
I am sure you’re going to run out of this fortune (if you invested enough) within a couple of months. There is no way on earth you would value this money because you dint earn it.
To conclude its fun until its rising and the party is on but when things go south you would regret not paying attention to risk. I hope you become more responsible about your investing actions as it affects only your life and frankly nobody cares if you loose it. Your money is your responsibility.