If ever there was a time to be watching crypto from the sidelines for peace of mind - this is probably it.

 

The way I see things, the level of FUD has been ramped up to extreme so that people will sell up and cash out while they still can. For those of us that decide not to do that, we have basically decided to swim with the sharks. Will your exchange go bust - who knows? Will your wallet and access to your coins remain safe - who knows? Is it finally time for Tether to bite the dust - who knows? It's a lottery!

 

Let us know why you did or didn't cash out....

 

At least on this occasion the drop is somewhat explainable what with Mr. Bankman-Fried's debacle.

 

Who knows,  maybe once the dust settles BTC will roar back to over 60K?

 

1 minute ago, In Full Agreement said:

Who knows,  maybe once the dust settles BTC will roar back to over 60K?

I have tried to think why they want us to cash out and the only thing I can think of is that they are going to take the price higher very quickly. That's when the fear will turn to FOMO and many will be scambling to jump back in and buy back their favorite coins at a higher price.

 

Just guessing of course ????

I never trade  just buy and hold. Only index funds. I have plenty of income

 

Thanks to days locked in Q-Hotels watching hours of YouTube resulting in FOMA, I got into ETH.

The investment really soared when I was looking at the peak I still thought  HODL. It will come back in a few years, or not. I did not invest more than I can afford to lose

2 hours ago, DumbFalang said:

I have tried to think why they want us to cash out and the only thing I can think of is that they are going to take the price higher very quickly. That's when the fear will turn to FOMO and many will be scambling to jump back in and buy back their favorite coins at a higher price.

 

Just guessing of course ????

FTX in Bahamas facing criminal probe. Good luck.

8 minutes ago, SheungWan said:

FTX in Bahamas facing criminal probe. Good luck.

SBF is one of their puppets and he has nothing to worry about other than how he will spend the money he earned from doing a good job for his bosses.

 

As I predicted a couple of hours back - there has now been a quick shift to the upside and I would expect this to keep going strong for quite some time.

I sold my pet rock and bought beanie babies years ago. 

 

Now i am 85% in cash

 

Never understood btc.. or maybe I did

Mr. Bankman-Fried wishes he had cashed out , 15 Billion

now worth a Dollar , I read.....if he was that clever ,i am

sure he will have some cash squirreled away ..........

 

regards worgeordie

 

If you cashed out because of the FTX scam, then that was probably a smart move.

 

If you didn't, and it's business as usual for you, then it might be prudent to simply ignore the news at the moment as it will distract you from the charts. BTC, ETH and some <deleted>coins are moving higher quite aggresively.

 

Under normal market conditions I'd expect them to bring the BTC price back down to somewhere between 16476 & 16620 (ETH 1211-1231) before continuing higher, but things are not normal so let's wait and see.

 

Good luck if you are trading this move ????

9 minutes ago, worgeordie said:

Mr. Bankman-Fried wishes he had cashed out , 15 Billion

now worth a Dollar , I read.....if he was that clever ,i am

sure he will have some cash squirreled away ..........

 

regards worgeordie

 

 

He did apparently - to his girlfriend's account:

https://www.dailymail.co.uk/news/article-11419415/At-1-billion-client-funds-missing-failed-crypto-firm-FTX-sources.html

 

 

Hi 

Crypto is a "House of Cards" at best or "The King's New Clothes" !

 

 

I was into BTC quite early, 2011. I loved it for the ease of sending money outside the obnoxious banking network. I still love it for sending money to international suppliers and colleagues who universally hate Paypal and all the controls around bank wires.

 

The volatility made me a lot of money over the years.

 

Had I never sold my first purchase, I'd buy an island somewhere and then a second island so I could take vacations from my first island. But alas I sold along the way thinking I'd already hit the jackpot. Oh well.

 

 

I still love BTC as an irreversible transfer method. But I no longer see it as any kind of investment that's worth the time. If you buy and hold, you're gambling.

 

The future of BTC is as a payment mechanism. Regrettably, bank cards, credit cards, QR codes bank transfers, and cash are pretty freaking good and BTC doesn't really beat them yet for the vast majority of daily transactions, and it's still way too complicated for the average person. So BTC will remain niche indefinitely.

 

 

 

Why would you cash out after a 12 month bear market?

1 minute ago, Sparktrader said:

Why would you cash out after a 12 month bear market?

FTX going bust has spooked a lot of people - especially day traders who  keep coins on exchanges.

5 minutes ago, DumbFalang said:

FTX going bust has spooked a lot of people - especially day traders who  keep coins on exchanges.

Goes 4k to 70k u dont sell

Falls to 17k u sell lol

 

The time to sell was 15 to 9 months ago

It's all very simple in hindsight isn't it?

 

Not everybody is a holder though. Personally, I'm a scalper and rarely stay in trades longer than 12 hours.

I’m going big in tulips.

Tulips ARE the future…

7 minutes ago, HighPriority said:

I’m going big in tulips.

Tulips ARE the future…

Blooming obvious in the springtime!

How about winter months?

????

1 hour ago, Sparktrader said:

Goes 4k to 70k u dont sell

Falls to 17k u sell lol

 

The time to sell was 15 to 9 months ago

You should publish your observations in the Hindsight Journal, It's motto is "Our insights are never wrong. Just useless"

7 minutes ago, placeholder said:

You should publish your observations in the Hindsight Journal, It's motto is "Our insights are never wrong. Just useless"

Called common sense and research. Btc typically falls 50 to 87% in bear markets. 

 

All you have to do is read.

https://medium.com/mosaic-network-blog/a-brief-history-of-bitcoin-bear-markets-1eeac2d646e5

 

Not hard to study these things

Didn't sell because I didn't buy (Been long energy since covid crash). (Edit:Crypto) is propped up by leverage. How many lost everything to "exchanges?" You knew the top was near when bar girls start showing you how they trade crypto.

 

Most coins/NFTs/exchanges have been shown to just be pump and dumps, and ponzi schemes. With so many leveraged to the tits, when the music stops....

 

If you want to keep your BTC, should definitely have it in a cold wallet. "Not your keys, not your coins"

2 hours ago, HighPriority said:

I’m going big in tulips.

Tulips ARE the future…

What value is a comment like that?

34 minutes ago, Sparktrader said:

Called common sense and research. Btc typically falls 50 to 87% in bear markets. 

 

All you have to do is read.

 

32 minutes ago, Sparktrader said:

https://medium.com/mosaic-network-blog/a-brief-history-of-bitcoin-bear-markets-1eeac2d646e5

 

Not hard to study these things

Nonsense. You treat cryptocurrencies as though they were some kind of creature with certain behavioral characteristics. In fact, cryptocurrencies depended on a rapidly increasing number of investors. Very unlikely that will happen in the future given that people have seen the downside. Not just in its value but in the high level of fraud and incompetence that plague a basically unregulated commodity. Every since their big decline, cryptocurrencies have been very thinly traded.

More Than Half Of All Bitcoin Trades Are Fake

https://www.forbes.com/sites/javierpaz/2022/08/26/more-than-half-of-all-bitcoin-trades-are-fake/?sh=38695206681f

 

14 minutes ago, placeholder said:

 

Nonsense. You treat cryptocurrencies as though they were some kind of creature with certain behavioral characteristics. In fact, cryptocurrencies depended on a rapidly increasing number of investors. Very unlikely that will happen in the future given that people have seen the downside. Not just in its value but in the high level of fraud and incompetence that plague a basically unregulated commodity. Every since their big decline, cryptocurrencies have been very thinly traded.

More Than Half Of All Bitcoin Trades Are Fake

https://www.forbes.com/sites/javierpaz/2022/08/26/more-than-half-of-all-bitcoin-trades-are-fake/?sh=38695206681f

 

So people research phones for 3 weeks but dont study btc before buying.

 

There is the problem.

15 minutes ago, placeholder said:

Very unlikely that will happen in the future given that people have seen the downside.

Happened before, bear markets happen. People forget 12 months ago.

8 hours ago, Captain Monday said:

I never trade  just buy and hold. Only index funds.

 

If I could tell my younger self just one thing, this would be it.

12 minutes ago, Sparktrader said:

So people research phones for 3 weeks but dont study btc before buying.

 

There is the problem.

What don't you understand about the significance of the fact that the majority of bitcoin trades are fake? That it is, in fact, far more thinly traded than exchanges claim.

8 hours ago, In Full Agreement said:

Who knows,  maybe once the dust settles BTC will roar back to over 60K?

Yes , and if we patiently wait , the pound will one day rebound to 70 plus to the baht ! There is a historical precedence for this and since history repeats itself ......then HODL. HODL. HOLL.

 

Excuse the vulgar repetition , but since I have only recently learned this useful term I want to use it before it is resigned to history.