Letting voters in a Cryptocurrency forum decide if I buy into meme coin DOGECOIN. In short yes, I bought 1,333.665, purely taking advice from an internet forum. Before I hear your eyes roll in shame for this uneducated risk with my finances I took yesterday.
Here are my reasons why.
For starters, I am only using around £50, it’s not the end of my world if this goes to 0.
Secondly, this forum is full of individuals that have vested financial interest in pumping the price of DOGECOIN to get loss of failing investments they placed last week.
Third and final NOTICE, this is an experiment I am running to gain first-hand data. In real-time, I had comments from both sides of the fence coming with live-discussion.
What have I learned from this you might ask
As this is my first post on Reddit.com. It’s amazing how quickly something like this can get traction. My post getting to well over 1,000 people now and their Votes are in. I took a screenshot at 900 Votes total, it passed 1,000 last night as I slept.
It’s clear to see a consensus on the group’s opinion. Replying to comments live helped the post get to a larger audience. Only 15 of those comments are from other users.
However, when I started to struggle to buy the coin. A quick question to the group and a helpful answer was given from a trusted source. I had to transfer Bitcoin from my Coinbase wallet into a totally new Binance wallet with a few easy steps.
Using part of what I wrote for medium, I opened a discussion in the r/SatoshiStreetBets forum. ‘Value add’ to my post is Cryptocurrency being a payment system for transactions in space. Coming after yesterdays flash to the markets traditional market analysis seemed useless. I thought why not let the Redditors give me their thoughts.
How is my stock position doing as of this morning?
Where does this leave me? I have something to write about… An Idea. Today I am going to repeat the same format to see if I can replicate my results. This time heading over to r/WallStreetBets.
In a moment I will take a part of this article (the one I am writing now). Post it to the WSB forum with an equally clickbait title to let people vote of what stock I buy into next.
Same rules apply as last time. 100 UPVOTES — £50 to GME today!!!
Based on last time I’ll get the votes. To add a variant this time I will be making a suggestion to Reddit.com/r/WallStreetBets
Is Bed, Bath & Beyond the net trip to the Moon🚀🚀🚀🚀?
Given my GME post gains 100 votes today. I will repeat for the third set of results. Giving me a data set to work with, from two forums. Real-world data is invaluable — having some skin in the game is needed to feel the emotional rollercoaster these retail traders are on. I have hoped on for a few spins — if this becomes interesting enough I may take some of this data to support Degree thesis that high-speed communication is changing the financial landscape forever.
Stepping into a rabbit hole — Have a gained anything from this?
A lot, from a few comments I was sent on an adventure of Reddit.com/r/WallStreetBets seeing a mixed bag of ideas on if this is wise to be considering this or if the movement is being halted dead in its tracks. Robinhood's CEO gave the order yesterday to stop trading of GME, AMC & NAKD stock. On Monday we see the results.
I am all about Freedom of Speech. Allowing interested people a way to exchange ideas is fundamental to a happy life, in my views.
Yesterday Discord closed the r/WallStreetBets chat down. In near-perfect timing with retail trading institutions closing their doors to trading specific options. People woke up yesterday ready to go to the moon. Now on Monday, we see what momentum still stands.
Your thoughts matter, the comment section is here for you create a feedback-loop and help Improve what’s being done on this channel. Even checking my spellings helps 📝
I’m starting to see a partner with online influence gaining impact. As Mr Beast pumps Bitcoin publicity by sending $1,000,000 in Bitcoin to the Moon. Subsequently, days later Business magnate Elon Musk Changes his Twitter handle to “Bitcoin” set to reach his 44M followers. GME booming as a group of strong-willed Redditors tackle with hedge funds. I see this being the start of a long-term trend. Or will it simply be a business case study?
If you are new to Crypto and are interested in what I think is the safest Wallet online for the beginner to feel secure they are involved in the Blockchain. You can follow this link to Coinbase to start an account — My first deposit was £300. That all I could afford, every little helps if you can be consistent with savings. This link will take you there: https://www.coinbase.com/join/headin_qa
Thank you for getting Here
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