The Tragic Downfall Of The Dogecoin Millionaire

Comments (57) on “The Tragic Downfall Of The Dogecoin Millionaire”

1. He had VERY wealthy and smart people telling him to sell, take the profits, and he intentionally ignored them. Sucks but he earned the loss.

   1. he also intentionally ingored countless people when he held from 180k to 3M, hes just being consistant. only with hindsight we know its a bad decision.

   2. Those same financial advisors would have told him not to buy shib in the first place.

   3. the same people also told him he should never buy. Why listen?

   4. @iKingRPG
      Exactly !!

   5. @Taiyip C exactly

2. Unfortunately this man learned a hard lesson and also taught some of us a lesson as well. I do hope he recovers and then takes the damn profits!

   1. +1 (940)

   2. 279

   3. 6156

   4. I don’t think he’s learned the lesson he is still thinking he would have been doing something wrong by selling.

   5. He can’t recover. It won’t happen. Besides he’s not an intelligent investor. He’s a gambler. Gamblers always end up losing in the end.

3. He’s a nice guy, but everyone was telling him to sell and he refused unfortunately it’s a sad lesson.

   1. Too greedy lol

   2. @J Yeah…. But that’s really NOT the lesson he (and anyone who followed his story) should have learned.

   3. Well, I think he wants to continue with his puppies. I think we should only consider him poor if he stops feeling happy with himself.

   4. he will make more money by holding…patience is key …

   5. It was the best thing that happened he still have money and now is a public figure that also generates him money

4. Graham: “Do you think with your following, you’re encouraging risky behavior of investing in speculative currencies”.
   Also Graham: “A word from our sponsor FTX where you can invest in speculative currencies”.

   1. I know you’re probably half joking, but the big difference is that Graham makes it clear that speculative currencies shouldn’t make up a huge part of your portfolio and that you should occasionally sell and take profits.

   2. Its called advertising. no truth to it, never was, never will be. Pays the bills for Graham.

   3. @Justin Barnes Eh, still kinda whack. If FTX has a massive scandal and people lose out big it won’t look good.

5. Doge hit a penny at the peak of the 2017 bull run. The fact that it was back to 0.002 when robinhood listed it in 2018 just shows you how fast it can fall after a runup. 😢

6. I think the single biggest reason he didn’t sell is the fear that Doge would moon to levels never seen before, after he – the Dogecoin millionaire – had sold. That tied with immense greed.

   1. He shoulda at least pulled his initial investment.

   2. @Matt Hamsterlove You can’t compare a short squeeze to a shitcoin lol

   3. @j00bert I’m comparing the emotional connection of the two events. Go count fallen matchsticks rainman.

7. He was more concerned about his “internet image” instead of his pockets. You live and learn

   1. I thought he was emotionally attached to his investment and it blinded him.

8. Cash over Clout every single time.

   He should have sold and been a millionaire, but the temptation and fame made him ignore perfectly good advice.

   People get opportunities, more than we are led to believe, but when you dig, you find out that they let ego get in the way.

   1. @boy_wonder even so would be better to diversify just a little bit, would have saved him a lot of money

   2. @X facts…gotta question…would investing in one index fund be ok or do I need to invest in another index fund or two?

   3. @boy_wonder depends which index funds you talk about.
      i got ftse world and vanguard s&p 500 etf

   4. Wouldnt have been a millionaire. He woulda ended up with 600-700k. Buddy is like 35 years old he would have only been able to buy a small house and maybe have some money left over

   5. Perfectly Right. Greed and Ego

9. It’s like being at a casino and you’re up by a large amount and you think that you’re so up that nothing can stop you until you start losing it slowly before realizing it then all the sudden you’re like where did all money go

   1. hot hand fallacy

10. He didn’t even need to sell everything. Just half. If he just did that, he would’ve been way better off than he is now.

    1. Yup. Muppet

    2. Greed.

    3. True, I would have cash out half, buy a house and have coupe hundred k saving, you remaining life will be easy. Most people work their entire life for mortgages.

    4. absolutely! its not a asset… people warned him.

11. Here’s the most important lesson: ALWAYS TAKE PROFITS

    1. I love that.

    2. At least a Million innit

12. *”No amount of evidence will ever persuade an idiot.” – Mark Twain.*

    1. Mark Twain is the greatest

13. This is why it is dangerous to get taken away by “diamond hand” investors who boast about being up on their position. Most times, they are inexperienced in investing and don’t understand the psychological elements of staying in a trade. It is difficult to sell and exit. If you don’t have a plan going into the investment, you leave yourself vulnerable to the market swings and the toll it takes on you. You are never going to time the market at the all time high and its hard to sell after you “could have made more.”

14. I don’t see what the problem is, he did exactly what everyone else does: he bought high, then held on until he could sell at a lower price. Job well done.

15. Never be greedy in this stock market. I learned that lesson too. I gained more than 75% on my Robinhood portfolio and did not sell. I am glad I sold some, otherwise I would have lost everything.

16. Great Lesson to all investors. When I saw every thing sinking in 2022, I sold half of my portfolio. Best decision I ever made. I wish I sold all. I would have gained 75% profit in my first year on investing. Lesson learned

17. Everyone can call him a fool now because he disclosed so much information. He is not the only one. Greed is very common with investing especially with speculative investing. Anyway, he has to live with his choices and i think it’s hard enough.

    1. inexperienced, why call someone a fool who is new to something? Yes, he was given good advice, but it is hard to know when one should take that advice, inexperience makes us always do silly things. To call someone else a fool, means we haven’t looked in the mirror lately, because, we all are, at some point many times, such a thing as a fool in our lives.

18. Lesson: never EVER base your moves on what you feel other people will think. Do what’s in your heart.

19. Hopefully he can get a YouTube channel going from all this so he doesn’t go insane

    1. He already has. For a while now. It sucks.

20. This is so sad. He did very well in timing initially but a very poor job of managing but have to hand to him he has conviction and so honestly he did everything right but made a costly mistake on not taking profits along the way. You can tell this is killing graham. 😂

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