Where are the Crypto Losses?
Discussion
NickCQ said:
. With BTC below $5.5k anyone who bought in after October 2017 has lost money.
Only if they still "hodl".I was buying ETH from summer 17 thru to Jan 18. Low was 300 top was a 1k buy. Sold all at around 550 around feb/mar. Traded alts vs ETH, in that period with probably too much churn. Made it out about 1k up. I was lucky!
Having watched Bitcoin on and off for a few months and watched the massive gains I thought I should finally buy some. My theory was I would rather lose money "I could afford to lose", than be out of it and watch it go even higher.
So In November I bought 0.1 BTC and at one point I was around £400 up. I then found out about ALT coins via the main Crypto thread and it seemed like you couldn't lose. It sounded like you could buy any new "super hot, cheap coin" and it would increase ten fold in a matter of weeks.
I then opened an account on Binance, transferred my 0.1 BTC and started buying any coins that were massively going up. The problem was, by the time I was in the price started to fall again so I would panic and then sell. Each time I did this I was losing another chunk of my original money.
So come January 4th I was sick of it so created a Localbitcoins transferred my remaining BTC and sold it. I think overall I lost around £100 which was good value for the excitement and education I received.
I am very pleased I only had a £500 initial buy limit on Coinbase as I suspect my loses would have been much bigger otherwise.
Anyone who lost money will say they could afford to lose it, this is obviously rubbish as nobody wants to lose money.
I suspect there are lots of people on here who have wallets full of FUN, XRP, ETH, XLM etc that are worth a fraction of what they were.
So In November I bought 0.1 BTC and at one point I was around £400 up. I then found out about ALT coins via the main Crypto thread and it seemed like you couldn't lose. It sounded like you could buy any new "super hot, cheap coin" and it would increase ten fold in a matter of weeks.
I then opened an account on Binance, transferred my 0.1 BTC and started buying any coins that were massively going up. The problem was, by the time I was in the price started to fall again so I would panic and then sell. Each time I did this I was losing another chunk of my original money.
So come January 4th I was sick of it so created a Localbitcoins transferred my remaining BTC and sold it. I think overall I lost around £100 which was good value for the excitement and education I received.
I am very pleased I only had a £500 initial buy limit on Coinbase as I suspect my loses would have been much bigger otherwise.
Anyone who lost money will say they could afford to lose it, this is obviously rubbish as nobody wants to lose money.
I suspect there are lots of people on here who have wallets full of FUN, XRP, ETH, XLM etc that are worth a fraction of what they were.
Trading wise I'm down about ~£1200, all lost via alt coins vs. BTC. I've never bought any crypto with my £ sterling, just played around with the BTC I made from mining which has totalled around £3000 after costs, so I guess my crypto ventures haven't gone that badly. I've pulled out around ~£1400 in profit and still hold ~£400 mostly in BTC and a few other alts running some masternodes.
Its hard to keep a track of the fiat value to be honest but that's roughly speaking!
Its hard to keep a track of the fiat value to be honest but that's roughly speaking!
colinrob said:
I am down £5000 but haven’t so yet ??
Yikes!I'm currently about £350 down on XMR at current prices.
I want to know how much Behemoth is down on BTC given his incessant ramping of the coin over the past 18 months telling everyone it was the saviour of the world. Funny how he declined to comment when I raised this topic in the main crypto-currency thread a few weeks back..
I have an opportunity cost story. I shorted BTC with a spreadbet at about 17k on or about Dec 20th. I posted here about my views on it at that time, in a post I may revisit... Within days it touched 11k, so I moved my guaranteed stop down to my in price, and sat back to watch my trading brilliance play out.
By Jan 6th I was stopped out like a complete billy as 17k was regained. But from Jan 7th onwards the price has fallen pretty much in a straight line. If I’d left my stop at the original 20k, I’d be sitting on 13000pts of profit by now.
Oh well...
By Jan 6th I was stopped out like a complete billy as 17k was regained. But from Jan 7th onwards the price has fallen pretty much in a straight line. If I’d left my stop at the original 20k, I’d be sitting on 13000pts of profit by now.
Oh well...
None for me. That's because I got in before the previous 2013 bubble. I was quite a long way underwater for the best part of 3 years after that.
By far the most alarming stories aren't loss related, they're the unknowing tax related ones like these - https://www.reddit.com/r/tax/comments/9tcnu8/did_i...
https://www.reddit.com/r/BitcoinUK/comments/a17ya2...
And there are no doubt plenty of other areas of traditional law that have roundly been ignored that will catch up with people. All of the ICO s
t that was shilled relentlessly is now being slowly hammered by the SEC including the crypto bro morons on Youtube more than likely.
By far the most alarming stories aren't loss related, they're the unknowing tax related ones like these - https://www.reddit.com/r/tax/comments/9tcnu8/did_i...
https://www.reddit.com/r/BitcoinUK/comments/a17ya2...
And there are no doubt plenty of other areas of traditional law that have roundly been ignored that will catch up with people. All of the ICO s
t that was shilled relentlessly is now being slowly hammered by the SEC including the crypto bro morons on Youtube more than likely. bloomen said:
By far the most alarming stories aren't loss related, they're the unknowing tax related ones like these - https://www.reddit.com/r/tax/comments/9tcnu8/did_i...
https://www.reddit.com/r/BitcoinUK/comments/a17ya2...
Lemming Train said:
Yikes!I'm currently about £350 down on XMR at current prices.
I want to know how much Behemoth is down on BTC given his incessant ramping of the coin over the past 18 months telling everyone it was the saviour of the world. Funny how he declined to comment when I raised this topic in the main crypto-currency thread a few weeks back..
As to losses, I have none. Zoom out and see the bigger picture.
WindyCommon said:
I have an opportunity cost story. I shorted BTC with a spreadbet at about 17k on or about Dec 20th. I posted here about my views on it at that time, in a post I may revisit... Within days it touched 11k, so I moved my guaranteed stop down to my in price, and sat back to watch my trading brilliance play out.
By Jan 6th I was stopped out like a complete billy as 17k was regained. But from Jan 7th onwards the price has fallen pretty much in a straight line. If I’d left my stop at the original 20k, I’d be sitting on 13000pts of profit by now.
Oh well...
Active (moving a stop / limit) vs passive management (setting a stop / limit and leaving it) can drive a trader mad. Most people would perform better with passive, but few can resist interfering with their trades. By Jan 6th I was stopped out like a complete billy as 17k was regained. But from Jan 7th onwards the price has fallen pretty much in a straight line. If I’d left my stop at the original 20k, I’d be sitting on 13000pts of profit by now.
Oh well...
I mined a few altcoins on graphics cards that I had anyway and sodl about £400 worth pretty much at peak due to nothing more than blind luck. I hodled another £300 worth which is probably worth about £20 at the moment so if I was glass half empty I could say that I've lost out on £280 I could have had. I never put any real money in though, it was more just tinkering for me.
Croutons said:
This is one hell of a lot funnier and probably just as truthfulhttps://twitter.com/abztrdr/status/107328352905067...
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