Where Are All Of The Crypto Fan-Boys Hiding At?

[Walker88]

20 hours ago, warrima said:

I bought the crypto i have in mid 2017 when Bitcoin was 4k. This will be the second crash in my time. Not worried at all. I could sell today and still have done very well. Certainly wouldn't class myself as a fanboy - just another form of investment for me. 

No, you left almost $40,000 per coin on the table, then watched as it fell 60%, holding on to the belief it must rise again. Why?

 

It went up because it went up. In the last year it is flat to lower. The hype and dreams that lured in retail are fading quickly, so who is going to come in now? If you cannot instantly come up with a logical reason why it should rise again, then you are just hoping.

 

55% of all btc holders entered in the last year. Does that not tell you something?  All those new 'investors' (sic), yet it is flat Y-o-Y. Maybe, just maybe, the originators are dumping into retail?

 

I applaud the pump and dumpers. They have masterfully liquidated billions from there creation. Mr. Ponzi would tip his fedora to them.

 

You know what traders call people who held a position that tumbled 60%?

 

"Long term investors".

 

It's not a compliment.

 

There is 'smart money',' 'lucky money', and 'dumb money'. Smart money created the thing, or got in <$100. Lucky money came in somewhere in the thousands. Dumb money either came in in the last year, or else was originally lucky money that turned into dumb money by holding throughout a 60% drop.

 

I readily admit to being 'lucky money', as I was a hedge fund manager who was able to retire in my late 30s. Maybe I was just disciplined, and would never have sat idle watching a position tumble 60%, then rationalize that with, "Well, I'm still ahead". Also, I would never marry a trade.  Still, I'll admit to luck and enjoy my winnings. ANYTHING can go to ZERO. Nobody has perfect information, so that demands a trader/investor be ready to dump something that 'seemed' right, but market movements are now saying 'wrong'.  I also know exactly whose fault it was if I let a position tumble so much.

 

Of course btc could play Lazarus. Before I took a position, however, I would want to come up with a rationale for 'why'. I cannot think of one. Being 'finite' in a entity class with zero barrier to entry is meaningless. I would be particularly concerned about an entity with 55% new holders that is flat. Similarly, I would be concerned that something that rose simply because it rose, but has now traded flat for a year, might have had its Beanie Baby day.

[shdmn]

22 hours ago, bkk6060 said:

A lot of people are probably long term investors and sitting on it.  Why talk about it when it is down?

I guess one could ask where are all the stock market fanboys?  Hiding out in the Metaverse until the end of the year I bet when and if the bear market is over.

I'm right here.  Ask me anything!

Edited May 14, 2022 by shdmn

[shdmn]

The only people making consistent money from crypto are the people skimming the transactions, which is ironic considering one of the biggest selling feature of crypto was that it was supposed to bypass traditional banking fees. 

Edited May 14, 2022 by shdmn

[fdsa]

One of the biggest selling features of crypto is that you could send any amount whenever you want to whoever you want while in traditional banking you could have your account blocked for sending €100 to your cousin due to idiotic AML policies.

 

With crypto you do not need to wait until Monday if you decided to transfer the money at Saturday.

 

Edited May 14, 2022 by fdsa

[lamyai3]

On 5/13/2022 at 7:54 PM, dingdongrb said:

I still kick myself. I read about Bitcoin in 'Money' magazine back in the mid/late 90s and was going to call my broker (before the days of Internet trading) to buy $100 USD worth but never got around doing it. It was 25 cents then.....  damn!!!!

Bitcoin was really something before the days of Internet trading, they gave real coins back then as well...

[shdmn]

Awfully quiet in here.  Where are all the normally very verbose and opinionated crypto moonbois?  Did something happen? ????

[fdsa]

shítcoins (ADA,ALGO,XTZ,etc) bought for the fun in the past few years: massive loss.

fundamentals (BTC,ETH,XMR,etc) bought as a pension fund several years ago: profit two orders of magnitude higher than the loss from shítcoins.

moving back to the parents' basement: pending...

[mjnaus]

I went and got a job at McDonald's 

 

[CartagenaWarlock]

On 5/13/2022 at 1:46 AM, vinci said:

if you have extra money lying around and don't mind losing or being scam, it's time to buy, never know what will happen, just gamble for the fun of it.

If you have some extra money lying around, find some good growth or value stocks or high dividend index/mutual funds and invest in it. If you're US citizens you can purchase ibond @9.6% rate. Please don't buy crypto unless you're a billionaire. I have 3 million USD in total liquid assets and I have dabbled in crypto and lost around 7K so far out of 10K investment. No more crypto for me. 

Edited May 23, 2022 by CartagenaWarlock