Still long bitcoin, etherium, etc.?

[gargamon]

Sorry, too late for you. Bitcoin currently down $10,500 (23%) to around $33,000. The other cryptocurrencies have similar drops.

 

https://www.cnbc.com/cryptocurrency/

 

[guzzi850m2]

Yes I sold everything.

 

Had a good profit over the last year but I am only playing with small money.

[Ventenio]

I am still LONG.   you got me!!!!  Troll me!!!!  Tell me I'm soooo dumb being long...

 

I had 100 from below $100, 100 below $1000 and 100 below $10000......but I still have four left.

 

you win!!!!! you got me!!!!!   consider yourself the smartest ever...

 

this AND 20 baht will get you a 20 baht noodle soup.  

 

the ONLY thing matters is what's in your bank account now.........  

[fdsa]

that feel when you bought before shoe cleaners are still have from 400% to 8000% profit in various cryptos.

[Logosone]

Well, you just have to look at Gold, don't you? It also had a stellar long run, and then it hit the big hurdle and the short runs started. Not in one long sustained price fall, but the overall direction south was quite clear, compared to what it was. Bitcoin is probably going to go the same way, after every long price rally the downward slide is inevitable but it can be in a sideways fall, not a clear straight price fall.

[The Cipher]

I'm still long and in the green overall. Added more on what I thought was the dip, and then it dipped a lot more lmao ????. Crypto and DeFi positions are a minority of my portfolio but a good chunk of my (formerly) sizable unrealized gains on those positions are now gone.

 

I am having a gut check on what I want to do. I see decent cases for each of selling, doing nothing (hodling), or adding more. Interesting times indeed.

[covidiot]

 

[covidiot]

 

[Heng]

Still long BTC.   But not adding more of anything and currently petting my folder of chanotes for comfort.      

[RAZZELL]

Got two more months of USA inflation figures to contend with.

 

Plus, as the Chinese and USA have shown - they want their slice of the very un-regulated (and un-taxed) cake.

 

A 30 year old guy in my condo has 18 coins - he will be down about half a million USD - but these guys have never worked a day in their life and have no idea about the value of money! lol

 

Take your pick -  Michael Saylor says $300k, Charlie Munger says rat poison.

[RAZZELL]

15 minutes ago, Heng said:

Still long BTC.   But not adding more of anything and currently petting my folder of chanotes for comfort.      

 

Shame land is dropping in price ????

 

RAZZ

[RAZZELL]

47 minutes ago, The Cipher said:

I'm still long and in the green overall. Added more on what I thought was the dip, and then it dipped a lot more lmao ????. Crypto and DeFi positions are a minority of my portfolio but a good chunk of my (formerly) sizable unrealized gains on those positions are now gone.

 

I am having a gut check on what I want to do. I see decent cases for each of selling, doing nothing (hodling), or adding more. Interesting times indeed.

 

Nice to see someone who doesn't think they know it all! (Have you seen YouTube?)

 

RAZZ

 

 

[Heng]

5 minutes ago, RAZZELL said:

 

Shame land is dropping in price ????

 

RAZZ

 

Doesn't matter, none of it will ever be for sale again, they aren't making any more of it, and the multitudes all need to live/work/eat somewhere.  

 

There is still the country risk factor, but nothing is risk free.   

[The Cipher]

7 minutes ago, RAZZELL said:

Nice to see someone who doesn't think they know it all! (Have you seen YouTube?)

 

Not a big YouTube guy, but I was refreshing Twitter every five minutes for part of today lol.

 

I definitely don't know it all lol. I just try to manage my relative convictions and the balance of probabilities based on the info I have ????‍♂️.

 

For crypto, my initial play was to front-run the institutional adoption of a new asset class and the growth of DeFi. Since then I've actually become more of a true believer in some of the tech, but ultimately it's institutions that will make or break the space long-term.

 

So the question I've been asking myself is...when institutions look at a crash like this, does this affect the adoption schedule and if so, by how long? I haven't been able to come up with a satisfactory answer yet, so I haven't done anything lol. 

[Freeduhdum]

So who made out on this? Who recently pumped and then dumped... Classic.

[Maha Sarakham]

What was the catalyst for the drop this time?

[fdsa]

damn, they rise back :( so I've missed a chance to buy some shítcoins at the bottom.

[ukrules]

2 hours ago, Maha Sarakham said:

What was the catalyst for the drop this time?

 

Same as always.....greed.

 

If you sell tens of thousands of coins you can liquidate so many highly leveraged longs it's hard to believe and buy many more coins back at a cheaper price whilst shorting it all the way down towards your waiting bids.

 

A lot of coins and money was made today.

 

[Poet]

It sounds impossible, but crypto teaches you to be relaxed about the sort of on-paper losses that non-crypto folks would consider catastrophic.

Over the past 24 hours, technically, I lost millions, but I fully accept that this is how crypto works. It goes up, it goes down, and it always goes up again. Thanks to the pandemic and wild money printing, this is still a uniquely perfect year for crypto. Crashes like this happen regularly, even in years that are great overall. Unless you were planning to sell this week, there is no problem.

One way in which all the volatility does impact me is that a lot of buy orders I had set last week to buy various alts using Bitcoin did get triggered. I woke up to discover I had bought a load of ETH at a price of 0.0625 BTC, something that was last possible on May 8th.

As both BTC and ETH are now recovering, that trade seems to be working out for me, with ETH gaining slightly faster, currently 0.0663. I am hoping that, after this blip, it might resume its recent bull run.

I am, however, wondering if today's crash, which seems to have affected all coins to varying degrees, will mean an abrupt end to the "alt season".

One alt coin that I believe will rocket at some point, simply because it is one of the few alts that is actually useful, is Monero, but it got hammered really hard. Just a few weeks ago you could only buy 125 Monero with one Bitcoin. It is currently 175 per Bitcoin and I am seriously considering putting in a buy order at 200, on the presumption that Bitcoin will now recover more quickly.

If the price of Monero relative to Bitcoin drops, my buy order will get triggered and, unless I am seriously misjudging this, I will have picked up a bargain that will pay off handsomely later this year .... or ... Bitcoin and Ether might take off, leaving all the alts, including Monero, in the dust for the rest of this year.

 

[RAZZELL]

23 minutes ago, Poet said:

It sounds impossible, but crypto teaches you to be relaxed about the sort of on-paper losses that non-crypto folks would consider catastrophic.

Over the past 24 hours, technically, I lost millions, but I fully accept that this is how crypto works. It goes up, it goes down, and it always goes up again. Thanks to the pandemic and wild money printing, this is still a uniquely perfect year for crypto. Crashes like this happen regularly, even in years that are great overall. Unless you were planning to sell this week, there is no problem.

One way in which all the volatility does impact me is that a lot of buy orders I had set last week to buy various alts using Bitcoin did get triggered. I woke up to discover I had bought a load of ETH at a price of 0.0625 BTC, something that was last possible on May 8th.

As both BTC and ETH are now recovering, that trade seems to be working out for me, with ETH gaining slightly faster, currently 0.0663. I am hoping that, after this blip, it might resume its recent bull run.

I am, however, wondering if today's crash, which seems to have affected all coins to varying degrees, will mean an abrupt end to the "alt season".

One alt coin that I believe will rocket at some point, simply because it is one of the few alts that is actually useful, is Monero, but it got hammered really hard. Just a few weeks ago you could only buy 125 Monero with one Bitcoin. It is currently 175 per Bitcoin and I am seriously considering putting in a buy order at 200, on the presumption that Bitcoin will now recover more quickly.

If the price of Monero relative to Bitcoin drops, my buy order will get triggered and, unless I am seriously misjudging this, I will have picked up a bargain that will pay off handsomely later this year .... or ... Bitcoin and Ether might take off, leaving all the alts, including Monero, in the dust for the rest of this year.

 

 

Interesting.

 

The only two "alts" I'm interested in are EOS and XRP.

 

Thoughts?

 

RAZZ

[Poet]

25 minutes ago, RAZZELL said:

The only two "alts" I'm interested in are EOS and XRP.

 

Thoughts?

Crypto is such a huge area and, although I have been invested in it for quite a few years, until recently I mainly restricted myself to just Bitcoin and Ether because I didn't want to fall entirely down the rabbithole. I now realize this was probably a mistake.

I was aware of Ripple way back, but it never caught my imagination. I did own some Stellar for a while, I think that was created by the same guy. IIRC, Ripple was getting an unhealthy level of scrutiny from the SEC late last year, that would put me off.

I don't know much about EOS although I am familar with Dan Larimer. Cheaper transactions makes so much sense, the fees for Bitcoin and Ether these days are insane.

The "privacy coins" Monero and Pirate chain caught my attention because if, as now seems likely, we are entering a more authoritarian and aggressively high-tax phase in world history, crypto privacy and fungibility are going to be a huge deal.

Most crypto owners are under the illusion that Bitcoin, Ether, and the hundreds of other popular coins are private / anonymous / untrackable etc. If, spurred by the change in political climate, people start to learn and understand the reality, I expect a significant amount of the money currently in those other coins to flow into the privacy coins.

I am aware that Dan Larimer has discussed crypto privacy a lot but, as far as I am aware, it is not a feature of EOS. I think he was talking about actually making an entirely new privacy coin. If you like EOS, definitely get in early if he does create a new privacy coin.

 

[Heng]

Wonder if this is the floor?  ($38-$40k).   Back to binge watching the old Law and Orders....   

[RAZZELL]

5 hours ago, Poet said:

It sounds impossible, but crypto teaches you to be relaxed about the sort of on-paper losses that non-crypto folks would consider catastrophic.

Over the past 24 hours, technically, I lost millions, but I fully accept that this is how crypto works. It goes up, it goes down, and it always goes up again. Thanks to the pandemic and wild money printing, this is still a uniquely perfect year for crypto. Crashes like this happen regularly, even in years that are great overall. Unless you were planning to sell this week, there is no problem.

One way in which all the volatility does impact me is that a lot of buy orders I had set last week to buy various alts using Bitcoin did get triggered. I woke up to discover I had bought a load of ETH at a price of 0.0625 BTC, something that was last possible on May 8th.

As both BTC and ETH are now recovering, that trade seems to be working out for me, with ETH gaining slightly faster, currently 0.0663. I am hoping that, after this blip, it might resume its recent bull run.

I am, however, wondering if today's crash, which seems to have affected all coins to varying degrees, will mean an abrupt end to the "alt season".

One alt coin that I believe will rocket at some point, simply because it is one of the few alts that is actually useful, is Monero, but it got hammered really hard. Just a few weeks ago you could only buy 125 Monero with one Bitcoin. It is currently 175 per Bitcoin and I am seriously considering putting in a buy order at 200, on the presumption that Bitcoin will now recover more quickly.

If the price of Monero relative to Bitcoin drops, my buy order will get triggered and, unless I am seriously misjudging this, I will have picked up a bargain that will pay off handsomely later this year .... or ... Bitcoin and Ether might take off, leaving all the alts, including Monero, in the dust for the rest of this year.

 

 

Perhaps the only reason I like EOS is Peter Thiel...money making machine.

 

https://www.bloomberg.com/news/articles/2021-05-11/thiel-backed-block-one-injects-10-billion-in-crypto-exchange

 

And yes XRP has come under scrutiny.

 

https://www.forbes.com/sites/roslynlayton/2021/05/18/we-need-a-ripple-test-to-stop-the-secs-overreach-on-cryptocurrency/?sh=2db179069c22

 

 

RAZZ

[KannikaP]

20 hours ago, The Cipher said:

For crypto, my initial play was to front-run the institutional adoption of a new asset class and the growth of DeFi.

For me, it was put a few Bht1000 into BTC and see if it went up. If it did, I sold.

[ukrules]

6 hours ago, Poet said:

I expect a significant amount of the money currently in those other coins to flow into the privacy coins.

 

Hardly any exchanges list the privacy coins. There is a reason for that and it's not arbitrary, for example it's on the non US Binance but not the Binance.us website.

 

 

[Ventenio]

On 5/19/2021 at 8:27 PM, gargamon said:

Sorry, too late for you. Bitcoin currently down $10,500 (23%) to around $33,000.

 

SWEET.....Back up near 43,000.......$10,000 higher since your post!!!!

 

time to get out of some more and make sooooo much money!!!!!

 

did you sell the bottom?  sign up to my newsletter.....$4000 for one issue

[Sametboy2019]

Xrp is a scary one but they have and are still securing contracts through this lawsuit because in the end it has utility.

If you stay with coins that have utility at some point you should earn some good money if you keep holding.

Bitcoin and Eurethem were part of the first wave of crypto (the McDonald's and Burger king if you like) wether they stay around depends on if they can upgrade their technology or if they were adopted as a digital gold and silver maybe?

It's hard to know where this all will end but the sec lawsuit with ripple will result in regulations that will decide the future of crypto coins. It seems other countries outside the US are starting to follow suit. The "chosen ones" will make people rich. The others will cause huge losses.

Choose wisely and don't invest more than you can afford to lose.

[Walker88]

9 hours ago, Poet said:

It sounds impossible, but crypto teaches you to be relaxed about the sort of on-paper losses that non-crypto folks would consider catastrophic.

Over the past 24 hours, technically, I lost millions, but I fully accept that this is how crypto works. It goes up, it goes down, and it always goes up again. Thanks to the pandemic and wild money printing, this is still a uniquely perfect year for crypto. Crashes like this happen regularly, even in years that are great overall. Unless you were planning to sell this week, there is no problem.

One way in which all the volatility does impact me is that a lot of buy orders I had set last week to buy various alts using Bitcoin did get triggered. I woke up to discover I had bought a load of ETH at a price of 0.0625 BTC, something that was last possible on May 8th.

As both BTC and ETH are now recovering, that trade seems to be working out for me, with ETH gaining slightly faster, currently 0.0663. I am hoping that, after this blip, it might resume its recent bull run.

I am, however, wondering if today's crash, which seems to have affected all coins to varying degrees, will mean an abrupt end to the "alt season".

One alt coin that I believe will rocket at some point, simply because it is one of the few alts that is actually useful, is Monero, but it got hammered really hard. Just a few weeks ago you could only buy 125 Monero with one Bitcoin. It is currently 175 per Bitcoin and I am seriously considering putting in a buy order at 200, on the presumption that Bitcoin will now recover more quickly.

If the price of Monero relative to Bitcoin drops, my buy order will get triggered and, unless I am seriously misjudging this, I will have picked up a bargain that will pay off handsomely later this year .... or ... Bitcoin and Ether might take off, leaving all the alts, including Monero, in the dust for the rest of this year.

 

Rationalizations are always the same.  Nikkei 39000, Pets.com, Synthetic CDO Squareds with a CDS kicker.....

 

Where is the actual value?  Any office buildings constructed, factories built, people hired, products produced?

 

Zip.

 

The supposed market value of crypto far exceeds the amount of any other sort of wealth measure put into it, yet it has created absolutely nothing. Crypto makes fiat currency look good.

 

Somebody buys at X. Next lowest offer is X+1000. Somebody buys at X+1000. Everybody else marks theirs to market, assuming they can realize X+1000. The overall 'value' of Bitcoin has jumped by, say, $10 billion on a purchase of $40,000. Yes, that is a reduction to the ridiculous, but that is what has happened. Billions in actual wealth hasn't been created; everyone playing the game has just marked to market, pretending they could all realize that amount. When even a small number of folks decided to liquidate, it fell 50%.

 

Bubble.

 

Trade it, make some dosh, but don't get greedy. It ends in tears.

 

I smell.......bubble.

[Heng]

21 minutes ago, Walker88 said:

It ends in tears.

 

Agree with this part.... but generally just for late adopters and folks on the wrong side of change (ala investing in or going to work for RCA, Radio Shack, Sears, etc. in the later years).   Sometimes it just ends in lots of whining about other people's investments.   I think Thai Airways is pretty messed up, but I don't waste time going to their shareholder meetings to let them know what I think.  ????

[The Cipher]

18 minutes ago, Walker88 said:

Everyone playing the game has just marked to market, pretending they could all realize that amount. When even a small number of folks decided to liquidate, it fell 50%.

 

Yes. This is correct. The crypto market has a liquidity issue because everyone tends to be on the same side of the trade at all times (and frequently levered too) so the velocity of price movement is very fast in both directions. Coins coming off exchanges and into cold storage doesn't help the liquidity issue either.

 

The crypto market is also immature, highly manipulated, and has a lot of amateur participants, so I think it will continue to be boom and bust until (and if) it matures.

 

23 minutes ago, Walker88 said:

Where is the actual value?  Any office buildings constructed, factories built, people hired, products produced?

 

Zip.

 

Not exactly right here though. There's a lot of garbage in the space, but there is legitimate innovation that is occurring as well and products and networks being produced that could one day be materially impactful on the world.

 

Unless you've taken some time to learn a bit more about the space, it's easy to see anything 'crypto' as just competing scams - I used to see it like that. But there are differences between something like Poocoin (which is a ponzi) and AAVE (which is actually trying to innovate in decentralized finance).

 

If you are actually a former Wall Streeter, then I'm assuming you're familiar with how Venture Capital funds work and the 'home run' model. One way to think about the crypto market is to imagine coins as VC portfolio companies except available to the public and traded in real time (instead of held in an infrequently valued private LP).

 

Once you eliminate the scams you're left with a bunch of competing projects intending to actually disruptively innovate in some way. Many of them will probably fail or go nowhere, but a few might actually achieve something meaningful and justify valuations.