I know I am an idiot but my crypto investments are down 68%. Did anyone else fall into this trap? I felt like I had to get in because everyone else was making money. Please tell me I am not alone.

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HODL

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Whether you’re an idiot depends on how much you put in. 👀

likefunny

lol my 401k alone is down that much i think

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You bought at the top of the market right before a dip. I would hold. It’ll rebound eventually.

likefunny

it gets better

likefunny

If you’re investing in crypto you have to (1) diversify across a few solid coins (read: not Dogecoin); (2) be in it for the long haul (5-10) years; and (3) mostly ignore these massive ups and downs in the hope that it’ll take hold in the long run. I also put a fair amount in and my entire portfolio down, but I know that I’m not going to do any active trading on the coins for years so long as the underlying tenets/work on that coin is still sound.

smartfunny

I said "eh I can burn a grand" and then did

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I did this. Also $15k. Structurally, I do not have regrets. It became clear to me that crypto had a place in a diversified portfolio, so I bought enough that gave me marginal exposure proportionate to its risk.

Buy more

Shares are generally down too, so it’s not off trend. Speculative assets obviously take a bigger hit on downturns but have huge upside in bear markets.

💎🙌

If you're down 68% you might as well hold on. Plus you can claim it as a short term capital loss which can be used to offset some of your other tax liabilities.

lol, amazing tax advice here: hold onto it and claim it as a loss…

likefunny

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