I have basically deleted my dummy account I created for it. Over the span of three weeks I came with the conclusion that whatever StockTwits was set out to do isn’t really hitting the goal. StockTwits wikipedia:
StockTwits is a social media platform designed for sharing ideas between investors, traders, and entrepreneurs. The company was co-founded by Howard Lindzon and Soren Macbeth in 2009. The company received the first Shorty Award in the 2008 finance category.Wikipedia
If anything StockTwits isn’t really a site for investors, traders, or entreprenurs. Right now it hosts a series of users whose purpose is with an agenda: Hype a stock, hype it until it gets through the rankings, make new and possible old investors believe that they are on a journey to cash in, pump, and dump it completely.
And, I think by now I’m sure StockTwits probably knows the pattern by now. Sadly, nobody is taking action on anything.
Cryptocurrency has always remained on top of the rankings. Cryptocurrency has become a penny stock of sorts, again with the same pattern where you get people hyping the cryptocurrency, because these cryptocurrencies are still starting you can buy them at $0.001. Once it reaches a certain level, let’s say it reached $0.06 you’ll start seeing huge dumps on it dropping it back to $0.001 or a bit more.
You see a lot of people mentioning things like: “BUY THE DIP. I JUST THREW $2,000 at the dip. Just you wait, I’m feeling bullish!”
But honestly, who would throw $2,000 at something that can’t even get off the ground, let alone people pumping and dumping the stock or currency. You are better off buying a low-cost index fund or a low-cost ETF have better chances of making money with it than wait for a cryptocurrency to fully launch.
It’s all tempting that people just want to get rich quick. But is it worth it throwing all your money into virtual coins that has no real value? Maybe in the future, sure, but will you even be, or me, alive to see it off?
Bitcoin took many years to get to where it is today. Just think, calmly, on where you put your money.
And again, going back to the subject. Sites like StockTwits feels more like a scam-site would. All it takes is to misdirect new investors to keep “tuned-on on the hottest stock” just to lose their money.
Disclaimer: Of course, I am no financial advisor. This isn’t a financial advice. At the end of the day, you the individual make the decisions you have to do.