It's awful that those that get burned the worse are often those that can afford it the least. I think its because bad financial decisions are driven by emotion, and if you are at great risk, it was probably an emotional decision that got you in that situation. The poor kid probably fell asleep dreaming about what he'd do with his $400k.

I advised him against it and told him "Only put in what you are willing to lose 100% of, if this is MOST of your money, you shouldn't be buying something you know so little about."... and I was heavily downvoted.

Poor kid knew nothing about it, just saw everyone else talking about "how rich they have gotten" on bitcoin, which is probably mostly just made up BS anyway, and he decided to jump in because everyone on there yesterday was convinced that $270 was "just the beginning".

Poor guy bought into it. But hey, maybe he'll stay in it for the long haul and be successful, but if he panicked and sold today he's out over a grand in under 24 hours.

People need to be careful, and for fucks sakes don't take investment advice from a circlejerk forum like /r/bitcoin! You can make money on bitcoin, yes, but only if you know what you're doing and understand it's volatile. If you listen to the "ONLY GOING UP!" people you won't have two twenties to rub together a month or a year from now.