One or two would cite some nonsense posted by some half-wit influencer on Reddit, so I failed them.
Naturally, I have a distrust of anything posted on Reddit. The same goes for Facebook and Instagram. However, setting my mistrust aside, I decided to abandon my regular feeds for crypto-related news and started scanning this Reddit forum.
I found a lot of garbage not worth reading, like something about Russia agreeing to accept oil payments in Shiba Inu and another article about putting Bitcoin in my retirement account. No thank you.
However, there were several diamonds in the rough that caught my eye.
The first post that captured my attention was an article about Governor Ron DeSantis of Florida saying the state is preparing to accept tax payments in Bitcoin. (His views on central bank digital currencies are the same as mine.)
Another good article this forum linked to is an article quoting billionaire Mr. Carl Icahn as saying that we’re in for a recession or worse. He blames inflation, the war in Ukraine, corporate mismanagement, and supply chain problems. Of course, I already know these things, but it is nice learning that someone worth $17 billion thinks as I do.
Had I not set aside my bias for Reddit, I never would have read these articles and several others not mentioned herein.
Is Reddit Good for Investment Advice?
One thing I will caution about is getting investment advice from people on Reddit.
I read through several threads created by people asking for investment advice.
Most responses were one-sentence grunts. The only two useful and well-written responses said to adopt a dollar-cost averaging strategy for Ethereum and Bitcoin and to keep your money in a hard wallet instead of on an exchange.
Useful advice, but nothing that isn’t already general knowledge.
Yes, I know that Redditers wreaked havoc on a hedge fund that tried to short sell Game Stop. And yes, I know there are some people on Reddit who are very smart and worth listening to. However, I believe that anything worth learning is worth teaching yourself.
If you want to learn about investing, my advice is to buy several books about it written by people who’ve done it successfully. Also, buy an economics textbook and read that too. Doing this will help you to build a strong foundation of knowledge.
If you don’t want to read an economics textbook, Hillsdale College has a free online course, complete with video lectures and recommended readings. I took the course and highly benefited from it.
Also, since this is cryptocurrency we’re talking about, I suggest some courses on that subject.
Coursera has a list of 28 courses on topics like blockchain, decentralized finance, and smart contracts. You may not get investment tips from these courses, but at least you’ll know what you’re investing in after taking some of them.
I know that people want knowledge instantly in this ever faster-paced world. Unfortunately, that’s not how our brains work. So, devote an hour or so a day to studying and reading and occasionally test your newly acquired knowledge. You might also read up on statutory and case law related to securities and trading.
To surmise, I think Reddit is an excellent way to catch up on crypto-related news, chat with people with similar interests, and get basic investment advice. But no more than that. To really learn something about investing, you’ll have to crack open the books.
And I’ll end this by saying that learning something new is never a waste of time. The education of a person does not end until they die.