Crypto Currency Thread (Vol.2)

[anonymous-user]

pomp1 said:

I’m £2k down. I bought ETH at $2600

Do I ride it out or cut my losses now? No one knows

i lost my job so needed the money cashed out, i had crypto for years. So the answer is if you need the money do, else forget. it is easy to become blinkered to this moment, but things can turn around fast. Hopefully this is just over heated market and hopefully more sustained growth next time, but i think ETH going pos really does still give it legs.

[dimots]

Joey Deacon said:

Last coin I sold was Chainlink at about $13, I was kicking myself when it went up to $48 but I am feeling better about it now it is back down $15.55 today. It was only a few hundred quid though, no way could I have a lot invested without having a nervous breakdown at the volatility of it all.

This sums up your entire contribution to this forum.

You can't time the market on something like this. If you need the money, sell. That's it. Don't spend the rest of your life waiting for the day you can say 'I told you so'.

China has stopped the miners. Miners are selling. Bitcoin mining will relocate to greener and more transparent locations. Hash rate is down. Central banks and IMF are debating the future role of bitcoin in their plans. China has launched the digital yuan. USD dominance is under threat. stcoins are haemorrhaging value. Bitcoin is re-establishing dominance. Value is resetting.

This is normal. This is what markets do. But remember, it's only the price. Bitcoin is still the best thing ever

[WCZ]

I got out today whilst making a slight profit, just feel like i'm done with cryptos now. if the timing is right you can make lots of money but my gut tells me now is the time to get out.

[dimots]

WCZ said:

I got out today whilst making a slight profit, just feel like i'm done with cryptos now. if the timing is right you can make lots of money but my gut tells me now is the time to get out.

Gotta have diamond hands bro. Once you've been through a few cycles you can't lose. It'll be $200k bitcoin before long, then $500k bitcoin, then $1m bitcoin.

[WCZ]

dimots said:

Gotta have diamond hands bro. Once you've been through a few cycles you can't lose. It'll be $200k bitcoin before long, then $500k bitcoin, then $1m bitcoin.

I had enough 'invested' that I would have been upset if it crashed

naturally it's up 3% since I exited

[anonymous-user]

dimots said:

Gotta have diamond hands bro. Once you've been through a few cycles you can't lose. It'll be $200k bitcoin before long, then $500k bitcoin, then $1m bitcoin.

the thing is like Musk and yourself you are well off. So you have more to lose and more to gain. You also not like the majority are happy to sit on for years. i think the rest of us who are not millionaires, Use crypto to try and play the system to our favour, as it used to more in the potential of making life changing sums off very little investments, but this is getting harder. I also saw crypto as the outsider investments but it is becoming more involved wih traditional banking which i don't think is a good thing.

[dimots]

The Spruce Goose said:

the thing is like Musk and yourself you are well off. So you have more to lose and more to gain. You also not like the majority are happy to sit on for years. i think the rest of us who are not millionaires, Use crypto to try and play the system to our favour, as it used to more in the potential of making life changing sums off very little investments, but this is getting harder. I also saw crypto as the outsider investments but it is becoming more involved wih traditional banking which i don't think is a good thing.

You are right, I can afford to wait and I had already been running a business for a few years and was already quite well off when I bought my first bitcoin in 2013. I have been through the ups and downs over that time and have sold at various points.

I think that if you believe in the value of the technology you should just accumulate small amounts when you can afford to and sit on it. Buy regularly on dips and try to forget about it. Don't try and trade, don't touch any other cryptocurrencies and don't get wowed by 1000x gains spam on Youtube.

Importantly, you don't have to be all-in or all-out. De-risk by selling a bit, but keep a bit in and you'll be ok.

[Guvernator]

dimots said:

You are right, I can afford to wait and I had already been running a business for a few years and was already quite well off when I bought my first bitcoin in 2013. I have been through the ups and downs over that time and have sold at various points.

I think that if you believe in the value of the technology you should just accumulate small amounts when you can afford to and sit on it. Buy regularly on dips and try to forget about it. Don't try and trade, don't touch any other cryptocurrencies and don't get wowed by 1000x gains spam on Youtube.

Importantly, you don't have to be all-in or all-out. De-risk by selling a bit, but keep a bit in and you'll be ok.

I'd agree with a lot of that except for the don't touch other cryptocurrencies bit. I've not traded BTC at all as I'm not willing to risk the high amounts needed to play in that game but I've done pretty well in the alts game pretty much using the same strategy you've advised for BTC.

[anonymous-user]

WCZ said:

dimots said:

Gotta have diamond hands bro. Once you've been through a few cycles you can't lose. It'll be $200k bitcoin before long, then $500k bitcoin, then $1m bitcoin.

I had enough 'invested' that I would have been upset if it crashed

naturally it's up 3% since I exited

Annoying, isn't it. I think the best advice on this thread was to never sell unless you suddenly need the money.

[anonymous-user]

Joey Deacon said:

Annoying, isn't it. I think the best advice on this thread was to never sell unless you suddenly need the money.

The problem is if you end up stuck with a stcoin, then you have to sell. But there is always potential and even 5 years what will the future be then, well, hopefully quantum computing hasn't broken encryption by then.

Edited by anonymous-user on Tuesday 22 June 17:55

[dimots]

Guvernator said:

I'd agree with a lot of that except for the don't touch other cryptocurrencies bit. I've not traded BTC at all as I'm not willing to risk the high amounts needed to play in that game but I've done pretty well in the alts game pretty much using the same strategy you've advised for BTC.

Well ok. I accept you can do well with ALT coins but I would be swapping the gains out into btc. Personal opinion, not advice and as they say in LA 'You do you'.

[Condi]

Joey Deacon said:

Annoying, isn't it. I think the best advice on this thread was to never sell unless you suddenly need the money.

Yep, don't sell today and you'll get the opportunity to sell tomorrow at a cheaper price.

[pomp1]

Joey Deacon said:

pomp1 said:

I’m £2k down. I bought ETH at $2600

Do I ride it out or cut my losses now? No one knows

Exactly this and it is a massive head fk trying to guess what will happen or chastising yourself for making the wrong choice. In the past I have got out of a coin because it is falling, only to see it rising again soon after. Or buying into a rising coin, only to watch it plummet like a stone straight after. Repeat this a few times and your money quickly starts to slip through your fingers.

This is why I don't own any any more, I just don't have the right mentality for it and the chances of losing money are way higher than the chance of making a bit of profit.

Last coin I sold was Chainlink at about $13, I was kicking myself when it went up to $48 but I am feeling better about it now it is back down $15.55 today. It was only a few hundred quid though, no way could I have a lot invested without having a nervous breakdown at the volatility of it all.

Everyone claims to be an expert on it all and let’s be fair the only way to see it is gambling. Win or lose

My mate is adamant that BTC being adopted is great. He doesn’t get my point that El Salvador’s adoption is great doesn’t install confidence in me that it has massive potential. It’s like saying inside every fat bird is a skinny bird so there’s loads of potential…..I’m sure there is but I’d never go for a fat bird.

[Condi]

I don't know what banks charge to move money around among themselves, but I doubt it $6.50 a time cost.

At this rate your $10 pizza will have a 60% surcharge over paying with Visa or cash!

[Buprenorphine chic]

No transaction fees with heroin, that's the best part. Well, second best. Obvs.

[dimots]

Condi said:

I don't know what banks charge to move money around among themselves, but I doubt it $6.50 a time cost.

At this rate your $10 pizza will have a 60% surcharge over paying with Visa or cash!

Or:

https://www.reddit.com/r/Bitcoin/comments/o5jzxg/t...

[pquinn]

dimots said:

Condi said:

I don't know what banks charge to move money around among themselves, but I doubt it $6.50 a time cost.

At this rate your $10 pizza will have a 60% surcharge over paying with Visa or cash!

Or:

https://www.reddit.com/r/Bitcoin/comments/o5jzxg/t...

Followed that and had a read. Hard to take anyone seriously who can talk about existing payment networks and say this with a straight face:

"Those are all 100% centralized, permissioned systems that utilize inflationary fiat currency and can ban you and seize your funds at any time. These services may appear instant to end users, but still have to navigate legacy financial networks that require days/weeks/months to actually settle payments."

Loons.

The scammer side of things I can sort of respect but the true believers are just nuts.

[Vanity Projects]

Well, things are dead cat bouncing/recovering, aiming for the moon, etc.

As ever, the dip will have shaken a few more people out, like this (now literally) poor guy.

He appears to have quit his job, piled everything into Bitcoin @48k at a guess with leverage and now seems to suggest he’s been stopped out in the last blip.

Not much schadenfreude to be had, genuinely feel sorry the guy has been suckered into the myth of easy money.

Only play with what you can afford to lose, kids...

https://twitter.com/tiktokinvestors/status/1362233...

[Buprenorphine chic]

Vanity Projects said:

Well, things are dead cat bouncing/recovering, aiming for the moon, etc.

As ever, the dip will have shaken a few more people out, like this (now literally) poor guy.

He appears to have quit his job, piled everything into Bitcoin @48k at a guess with leverage and now seems to suggest he’s been stopped out in the last blip.

Not much schadenfreude to be had, genuinely feel sorry the guy has been suckered into the myth of easy money.

Only play with what you can afford to lose, kids...

https://twitter.com/tiktokinvestors/status/1362233...

"I'm not going to pay my taxes on time, fck the government". No, no, you aren't going to pay them on time, are you? You won't be paying for anything for quite a while. Idiot.

[dimots]

You do realise these are skits? Not even good acting.