African-Americans Outpace Whites & Hispanics In Cryptocurrency Investments, A New Avenue to Wealth

[NZA]

For someone new to cryptocurrency, how much of an initial investment should someone start out with?

for a lot of people i talk to, starting with $1k or less per new coin seems to be a number lots of people can do without feeling compelled to watch it all the time and going crazy when it drops. and it WILL drop

if you are balling, make that $10k per new coin.

i think investing in the big coins like bitcoin and ethereum may require more of a studied approach with different amounts of capital.

 

[Professor Emeritus]

Take over and make inroads on what? fukking bitcoin?

You've got guys with 9 digits in the bitcoin market manipulating it at every turn to a greater extent than anyone does with the stock market, and you expect me to think there's neough black people out there with the wealth, time, patience, and technical knowledge to explain bitcoin, invest wisely, and "take it over"?

Stop it.

Sorry, I'm not advocating for any suggestions that is investing in Bitcoin as a way to save your money. If you have income to invest in crypto on the side for fun, sure, go for it. Building sustainable wealth for the average person? Not convinced.

Best thing black people of relative meager income can do is invest in an zero/low cost index fund and let that money sit instead of chasing investment windmills.

I hope people start realizing this. Crypto has all kinds of sinister scams running. I was looking at Shiba and i think I read 70% is owned by a handful of investors. Now youve got exchange fees on top of the dudes just blatantly stealing it out of your wallets.

People who know more about crypto than anyone on this board have already pointed this out themselves. But certain people will still buy in for the same reason that certain people play the lottery, join MLM scams, or even shoot dice. The temptation of the big lick overrides wise advice.

 

[Professor Emeritus]

if youre into crypto take it serious.
Read the Bitcoin whitepaper to understand what this is all about...and then read up on ETH.

From there get a feel for the market...
...dont get caught up in BS like Shiba, Doge, etc... unless you know what youre doing

I can tell you that.

1. 1st find a meme coin with at least 10 zeroes after the decimal place, ex: 0.00000000002344.
2. Then figure out how much you want to buy.
3. Then buy twice as much ethereum. Because gas fees are stupid high.
4. Go to Uniswap or any other DEX supporting said meme coin.
5. Buy said meme coin.
6. Wash, rinse, repeat.

I'm interested by how many people in this thread are giving polar opposite advice.

 

[Propaganda]

jackson palmer's just salty as fukk that sold all his dogecoin when it was less than a penny to buy a used car.

i doubt dude would have the same opinion of crypto if he was filthy rich instead of the proud owner of a 2012 toyota corolla.

 

[jilla82]

So:

1) Crypto is a net-zero game
2) Certain people with money and power have a natural advantage
3) You're bound to get scammed

Combine those three factors, doesn't it pretty much guarantee that most folk in crypto will lose more than they win? It's like gambling against the house, even if all things were equal the odds would be 50-50 at best, and all things aren't equal.





You're ignoring people who are plenty deep in the game. @EndDomination already posted this:



From the Co-Creator of DogeCoin

one person

listen...yall do what you do.
the tech is sticking whether you like it or not...arguing about it is a waste of time

when you look under the hood at the people who hate they either feel like they missed out...or they dont know anything

 

[Professor Emeritus]

one person

listen...yall do what you do.
the tech is sticking whether you like it or not...arguing about it is a waste of time

when you look under the hood at the people who hate they either feel like they missed out...or they dont know anything

You're repeating the same fake claim immediately after I just proved it wrong.

Do you have any argument against his actual points, or are you going to just repeat the same ad hominem attack with no evidence?

 

[MoneyTron]

People who know more about crypto than anyone on this board have already pointed this out themselves. But certain people will still buy in for the same reason that certain people play the lottery, join MLM scams, or even shoot dice. The temptation of the big lick overrides wise advice.

And that temptation gets our community in trouble, every time.

 

[jilla82]

You're repeating the same fake claim immediately after I just proved it wrong.

Do you have any argument against his actual points, or are you going to just repeat the same ad hominem attack with no evidence?

how can I argue against it when im in it and youre not?

I see every day why some people make money...and others dont.

Its not because of fraud...its from making poor decisions and jumping from project to project.

Ive literally coached a few people into multiple six figures...
...but most people cannot stick with a plan and look for the quick flip...and they end up losing their ass.


BTC has a strong libertarian community...ETH people lean left...some even call them quasi-socialist.

There is a lot going on here, and a forum post with emojis doesnt make for a good medium to discuss (unless the people involved are actually interested in exchanging ideas...and not shouting at each other)

 

[Professor Emeritus]

Doesn't every single cent earned in Crypto come from someone else who invested in Crypto? So the entire net gain of all Crypto investors is zero.

Thus pointing out that more Black folk have invested in Crypto doesn't tell you anything about whether or not the Black community has had a net gain. Were the initial investors, the ones who have made the most, primarily Black? Were the first big whales all Black? Or have Black folk been more likely to have come on more recently? Then there are all the sketch coins - Floyd and Khaled promoted Centra which turned out to be a scam, Floyd and Pierce pushed Ethereummax along with Kardashian and company which looks like bullshyt, GuapCoin has lost money for years, Soulja Boy was paid to push SafeMars, T.I. was fined $75,000 for the FLiK scam, Jamie Foxx pushed Cobinhood which died completely, The Game pushed Paragon which went completely bankrupt.

If Black folk were the biggest early adopters and whales, then the community has come out ahead. But if Black folk are primarily smaller and later investors, then they've simply been a tool that has enriched the real power players.

 

[Secure Da Bag]

I'm interested by how many people in this thread are giving polar opposite advice.

Or recognize that the 1st post was about long-term investing and the 2nd post was about short-term investing.

 

[lib123]

1999 - “Don’t invest in dot-com stocks with no revenue if you want, the Internet is sticking around whether you like it or not.”

 

[Professor Emeritus]

how can I argue against it when im in it and youre not?

I see every day why some people make money...and other dont.

Its not because of fraud...its because of making poor decisions and jumping from project to project.

Ive literally coached a few people into multiple six figures...
...but most people cannot stick with a plan and look for the quick flip...and they end up losing their ass.


BTC has a strong libertarian community...ETH people lean left...some even call them quasi-socialist.

There is a lot going on here, and a forum post with emojis doesnt make for a good medium to discuss (unless the people involved are actually interested in exchanging ideas...and not shouting at each other)

You did all that talking and yet for the third straight time you've ignored every one of Jackson Palmer's actual points and engaged in random ad hominins without any evidence.

He makes clear, concise points from a position of knowing FAR more about Crypto, from the inside, than you ever have. Why do you continue to ignore him?




From the Co-Creator of DogeCoin

 

[jilla82]

what do you want me to disprove?

its a bunch of accusations with no merit behind it.

You think a certain way and believe what fits your view.
which is fine

why should I care?

Like I said..this is my life every day.
You dont like crypto based on a superficial understanding of it.

Okay...and?
my money still spends

 

[ORDER_66]

So:

1) Crypto is a net-zero game
2) Certain people with money and power have a natural advantage
3) You're bound to get scammed

Combine those three factors, doesn't it pretty much guarantee that most folk in crypto will lose more than they win? It's like gambling against the house, even if all things were equal the odds would be 50-50 at best, and all things aren't equal.





You're ignoring people who are plenty deep in the game. @EndDomination already posted this:



From the Co-Creator of DogeCoin

 

[Professor Emeritus]

what do you want me to disprove?

its a bunch of accusations with no merit behind it.

You think a certain way and believe what fits your view.
which is fine

why should I care?

Like I said..this is my life every day.
You dont like crypto based on a superficial understanding of it.

Okay...and?
my money still spends

I want you to disprove Palmer's statement that from his own intimate knowledge of the industry, it's basically a right-wing scheme for rich insiders to collude to take advantage of desperate and naïve people with as little regulation as possible.

I want you to disprove Palmer's statement that good faith debate is almost impossible because the crypto advocates don't want to engage in it.


In fact you're proving his statements true. Rather than engage in good faith debate, for the 4th consecutive comment you've engaged in false ad hominem attacks. Anyone who disagrees with you is just "ignorant" and uninformed according to you, and you refuse to change your stance even after the opposite is proven.

The typical discourse level of get-rich-quick scammers, right in front of our eyes.