Crypto Currency Thread (Vol.2)
Discussion
digger_R said:
Mr Whippy said:
Everything is leveraged on everything else.
The value was never really there. The value was always in the redemption, which meant a buyer at that price having faith in it remaining valuable.
In a bear market with all this leverage it’s going to tank as hard or harder than it went up.
To sell up and buy back in later?
Just really don’t want to pay 20pc cap gains…
If you're really sure it's going down further - hedge a short position. Most exchanges offer a 3x token in both directions (I'm assuming you're not into futures from your question). You can enter and exit as you wish protecting and capital if regular markets continue to nuke. (I am not telling you to short here).The value was never really there. The value was always in the redemption, which meant a buyer at that price having faith in it remaining valuable.
In a bear market with all this leverage it’s going to tank as hard or harder than it went up.
To sell up and buy back in later?
Just really don’t want to pay 20pc cap gains…
Not financial advice - just telling you there are instruments out there if you want to use them and you know what you're doing with proper risk management.
That risk profile/exposure to risks, and my understanding of it, is about as strong as I'd like to go.
As noted it's more the CGT that's a bummer, as I'll likely be making a big 28pc exposure gain this tax year...
No way do I want to pay full CGT on liquidating CGT, or any gains I make on BTC shorting.
Wrt gary's response, timing. Well just look at it. It's going down. Interest rates up. Lots. Recession. Fear.
I think it'll go up again at some point, and maybe just maybe 'this time' is when the pradigm changes and people move to bitcoin as a store of value that fiat can't offer...
But while crypto is tied to fiat like it has been and is, and has been infested with the same greed mentality... I don't think that's going to happen this cycle.
Condi said:
It's okay though man, we want deregulated finance, we want unregulated markets, we want unreasonably large returns without worrying about who is actually paying for it. Then we can take our NFTs and our crypto and we can stick it to the finance man, we can stick it to the hedge funds, to the FCA regulated traders. f
k them, with all their experience of risk management, all their collateral, all their stress testing, all their government backed protection. Yeah, we want a 26 year old former porn star and marketing intern to run our loan books. We want the money to be tied up in things which don't even exist for another 12 months, we want our cash to be inaccessible when the markets go down. Wooo. To the moon, man, to the moon. 
(Anyone noticed WY86 has vanished btw? Thought he'd be here telling us it was just a blip. Also Dimots, with his store of value argument, which isn't holding up very well as rather than being counter cyclic, it's actually moving with more direction and volatility than stocks are.)
You missed me Condi? i am still here just busy with work and a bereavement, just gunna let you enjoy your moment but believe me this isn't the end of Crypto, so make hay while the sun shines my friend.k them, with all their experience of risk management, all their collateral, all their stress testing, all their government backed protection. Yeah, we want a 26 year old former porn star and marketing intern to run our loan books. We want the money to be tied up in things which don't even exist for another 12 months, we want our cash to be inaccessible when the markets go down. Wooo. To the moon, man, to the moon. (Anyone noticed WY86 has vanished btw? Thought he'd be here telling us it was just a blip. Also Dimots, with his store of value argument, which isn't holding up very well as rather than being counter cyclic, it's actually moving with more direction and volatility than stocks are.)
Edited by Condi on Tuesday 14th June 18:18
Ouroboros said:
jammy-git said:
When did you buy?
lets just hope in 15 years it is on an upper, as holding for 15 years, when the week before it has lost 80% of its value, sort of defeats the point of holding it so long.but it, sell it when it jumps, rebuy when it dumps.
Although I was kicked in the head by a horse last week.
Largechris said:
It’s definitely an excellent time to buy.
Although I was kicked in the head by a horse last week.
I was laughed at when i said 15k for btc was a realistic price.Although I was kicked in the head by a horse last week.
Well I agree I was wrong 5k seems about right now. Another nearly 10% down in a day.
I've been pro crypto, but it has been massively overinflated with little actual real world usage, besides just printing money off endlessly, maybe that is what is happening now, hyper inflation.
Ouroboros said:
I was laughed at when i said 15k for btc was a realistic price.
Well I agree I was wrong 5k seems about right now. Another nearly 10% down in a day.
I've been pro crypto, but it has been massively overinflated with little actual real world usage, besides just printing money off endlessly, maybe that is what is happening now, hyper inflation.
I just hope after this the younger crowd will see crypto as it really is; gambling. The problem is the crypto bros all over insta and tiktok promised the world and everyone fell for it, and people have or will be getting hurt badly.Well I agree I was wrong 5k seems about right now. Another nearly 10% down in a day.
I've been pro crypto, but it has been massively overinflated with little actual real world usage, besides just printing money off endlessly, maybe that is what is happening now, hyper inflation.
I will buy a few K's worth once it seems like everyone has lost all trust in it, and people laugh at holders. There is still plenty of hopium in the air. It's just gambling, nothing more. It has no value, but that doesn't mean you can't make money with it.
Jiebo said:
Ouroboros said:
I was laughed at when i said 15k for btc was a realistic price.
Well I agree I was wrong 5k seems about right now. Another nearly 10% down in a day.
I've been pro crypto, but it has been massively overinflated with little actual real world usage, besides just printing money off endlessly, maybe that is what is happening now, hyper inflation.
I just hope after this the younger crowd will see crypto as it really is; gambling. The problem is the crypto bros all over insta and tiktok promised the world and everyone fell for it, and people have or will be getting hurt badly.Well I agree I was wrong 5k seems about right now. Another nearly 10% down in a day.
I've been pro crypto, but it has been massively overinflated with little actual real world usage, besides just printing money off endlessly, maybe that is what is happening now, hyper inflation.
I will buy a few K's worth once it seems like everyone has lost all trust in it, and people laugh at holders. There is still plenty of hopium in the air. It's just gambling, nothing more. It has no value, but that doesn't mean you can't make money with it.
Guvernator said:
I see this thread has taken a very predictable turn yet again. 
Seen it happen 3 times now and it's always the same. Evangelists crowing when it goes up and haters crowing when it goes down. I wish I could somehow bet on the behavioural patterns of PH posters, I'd make an absolute fortune.
I reckon I could write a script that would accurately mimic the responses on this thread with regards to crypto price movement with a 95% degree of accuracy.
Yep, all the experts saying it’s over. Seen it happen 3 times now and it's always the same. Evangelists crowing when it goes up and haters crowing when it goes down. I wish I could somehow bet on the behavioural patterns of PH posters, I'd make an absolute fortune.
I reckon I could write a script that would accurately mimic the responses on this thread with regards to crypto price movement with a 95% degree of accuracy.
Go back to when the thread started in 2017, to see the same advice from the experts to the people who ended up making 6 figures from their investments - https://www.pistonheads.com/gassing/topic.asp?h=0&...
jammy-git said:
You know why I think it'll almost certainly come back again, and come back even stronger? Because it's an unregulated playpen that the big funds and investment firms can secretly use to make HUGE amounts of money.
How does a fund secretly use it to make lots of money? What do they tell their investors they have it invested in? Anyhoo....it's down another 8% today so when do I pile in and make ££££?
Edited by 98elise on Thursday 16th June 15:26
Zoon said:
98elise said:
As an exchange they should be making money regardless of the price fluctuations.
They make money on the fees, but if people are holding and nobody is buying due to uncertainty this will have an impact.jammy-git said:
And obviously as the price drops, their percentage fee in real terms drops too.
That's a fair comment. The market cap is smaller, so if say x% is traded daily the cash value (and commission) is smaller when the price falls significantly.They must also see it as a longer term problem than a blip.
Edited by 98elise on Thursday 16th June 15:25
98elise said:
jammy-git said:
You know why I think it'll almost certainly come back again, and come back even stronger? Because it's an unregulated playpen that the big funds and investment firms can secretly use to make HUGE amounts of money.
How does a fund secretly use it to make lots of money? What do they tell their investors they have it invested in? Anyhoo....it's down another 8% today so when do I pile in and make ££££?
Edited by 98elise on Thursday 16th June 15:26
98elise said:
jammy-git said:
And obviously as the price drops, their percentage fee in real terms drops too.
That's a fair comment. The market cap is smaller, so if say x% is traded daily the cash value (and commission) is smaller when the price falls significantly.They must also see it as a longer term problem than a blip.
Edited by 98elise on Thursday 16th June 15:25
jammy-git said:
98elise said:
jammy-git said:
You know why I think it'll almost certainly come back again, and come back even stronger? Because it's an unregulated playpen that the big funds and investment firms can secretly use to make HUGE amounts of money.
How does a fund secretly use it to make lots of money? What do they tell their investors they have it invested in? Anyhoo....it's down another 8% today so when do I pile in and make ££££?
Edited by 98elise on Thursday 16th June 15:26
If I invest in a fund that says it's say a FTSE100 tracker, then I don't expect it to actually be in Bitcoin. The fund managers would be in a bit of trouble if that's what was happening.
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