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Bitcoin, Cryptocurrency, Blockchain, and You: Navigating the Future of Tech (a NeoGAF discussion thread)
Ascend
Member
This is true. But it's always a balanced game. I would rather take my initial investment out... And maybe some profits on top of it, and let the rest ride.
Binance has been hacked once before, but, they have a fund to repay traders/investors what is lost. Additionally, most of their actual assets are stored in cold wallets, meaning they can never really lose everything. Unless there's some internal issue with employees, but I doubt it at this point.
The main issue with Binance is more ideological than anything else. They are trying to take over the whole crypto space basically.
Whenever there is such a drop, if you want to sell, wait for the bounce. There is pretty much always a bounce after the first sharp drop. It can be a real reversal or a dead cat bounce. We actually don't know what we're in for yet. It's completely possible that we revisit 30k one more time before going higher. It's equally possible at this point that we slowly keep grinding up, never looking back until a new all time high.Mistakes were made lads.. I couldn't stomach all those loss notifications over the past few days I bailed.
I'll jump back in over the weekend
The_Mike
I cry about SonyGaf from my chair in Redmond, WA
But couldn't binance technically go. Bankruptcy? I mean Mt gox did it.
Also all the US investigatiin around couldn't it also affect it?
AppleBlade
Member
What makes you think you won't bail next time?Mistakes were made lads.. I couldn't stomach all those loss notifications over the past few days I bailed.
I'll jump back in over the weekend
Ascend
Member
Mt. Gox had pretty much all the Bitcoin in hot wallets. That means they are prone to hacking. Cold wallets are not.
Theoretically, there is always a weakness somewhere. But for Binance to go down, the stealing/draining of the wallets needs to happen internally.
But I doubt Binance is going anywhere anytime soon. What is the US going to do? There's a reason Binance created a separate US exchange. At worst, that one dies and the rest of Binance lives on. At least for the time being.
llien
Member
Crypto has been referred to as "financial bubble" by Nobel laureates, bankers:
Cryptocurrency bubble - Wikipedia
Their point is: intrinsic value of crypto is zero.
As with other bubbles and Ponzi's (e.g. AO MMM, at the point it collapsed, 30% of Russians were involved) you could win, and you could lose.
At this point 10% of americans were said to have used their "corona checks" for crypto gambling.
If you view this as high risk, high income activity, you are good.
If you view this as stable "I'll use that 30 years later, when I retire", then it's... rather too risky for that.
DarkestHour
Banned
Ulysses 31
Member
BigBooper
Member
I've already filled my pants.
Business
Member
You guys have money?
DeepBreath87
Banned
It’s pretty much guess work. In theory there is no bottom. It’s an abyss we are all hanging over. That’s part of the anxiety of crypto. If the value of my home went to zero, at least I’d still have a place to live. If my car was suddenly worthless, I could still drive. If crypto goes to zero, I guess I could print out the blockchain and wipe my ass with it.
godhandiscen
There are millions of whiny 5-year olds on Earth, and I AM THEIR KING.
I cannot sell atm since I had the wonderful idea of converting all my crypto into ETH/ETH2 and give it to Coinbase for staking.
Then I read this article on Tether, and understood we are about to see a rug pull for the ages.
www.singlelunch.com
4chan insiders (i know, but do you have anything better?) assure us we are doing down to 22k, so I won’t start buying anything until BTC is below 30k at least.
Then I read this article on Tether, and understood we are about to see a rug pull for the ages.
The Tether Ponzi Scheme - SingleLunch
4chan insiders (i know, but do you have anything better?) assure us we are doing down to 22k, so I won’t start buying anything until BTC is below 30k at least.
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Ascend
Member
Watch out with that. It can be a bait and switch, where someone that knows they wouldn't be believed when the post makes the thing happen, and then after trust has been gained, predict the opposite of what they're going to do, to get money from people.
I wouldn't be surprised that now a lot of people will try shorting, and others will wait to buy lower, while suddenly the price takes off, liquidating the ones shorting, and leaving the ones that want to buy lower in the dust.
QSD
Member
I don't have enough experience to know what a "comfortable" price is but Ethereum about to dive below the price I bought it at (around 1700 euro) so I'm out for now
DeepBreath87
Banned
Yeah. This game isn’t for everyone. People pretend to have systems, but it’s basically a bunch of blindfolded people playing darts. Then someone inevitably gets a bullseye and we all act like they weren’t mostly lucky. If you find putting your money down on something like that is too stressful, it’s not worth your troubles. I think many many people get the idea over the last year that this was a money printing machine. And many of those people are going to find out that is not the case.
crazepharmacist
Member
There's no bottom for crypto. The bottom could very well be zero. There's no way to value a made up currency.
mcjmetroid
Member
Sounds like I got into this at the wrong time lol
n0razi
Member
You are new to crypto....
They have been saying this for nearly 2 decades now.... there have been dips like this for nearly 2 decades now
The_Mike
I cry about SonyGaf from my chair in Redmond, WA
Ah okay.
It just sucks the market is so screwed now that I am in minus of what I have invested lol.
n0razi
Member
As long as you hold, I expect you to recover (and make gains) in 5+ years... then you can tell about it to the crypto newbie who experiences his first crash in 2026 and asks the same question
The_Mike
I cry about SonyGaf from my chair in Redmond, WA
I'm gonna hold this bitch I ain't gonna sell with a loss.
Do you think that it will first recover in five years?
daveonezero
Banned
Bitcoin is a divestment of dollars to something outside of fiat currency. It isn’t really an investment.
As you see it’s $ price rice what you may be seeing is a devaluation of dollars.
it isn’t something to drop everything into unless you are willing to understand this.
As you see it’s $ price rice what you may be seeing is a devaluation of dollars.
it isn’t something to drop everything into unless you are willing to understand this.
A good friend of mine who made a lot money on BTC years back .. invested in ADA for the long run.. I do trust him , but who knows ..
Sure is .. it’s nothing like how money first started
In the beginning people paid with worthless stones, shells , beads ...
So it’s not that weird.. it’s all made up ..
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bigedole
Member
I've already got a handful of ETH and I do feel like ADA is as good a long term pick as any as well. My main issue is deciding when to jump in, have a feeling it's not done going down yet.
infinitys_7th
Member
Just think about how negligible the difference is if you got in when BTC was $30k or $40k or $50k once it goes to $300k.
But yeah, for now I feel that pain lol. Thankfully I didn't buy anything near the high, just at some of the recent mini-crashes.
llien
Member
Indeed, it's nothing like how money first started.
Never in human history.
infinitys_7th
Member
If you feel that way, buy some now and hold some money in reserve. Unless you are just daytrading (good luck now in the bear market), the question is always whether you think the coin is going to be worth it in the long run. If you think it is, then whatever you put in now is buying on a discount.
Invest what you feel safe doing, of course.
infinitys_7th
Member
Sure is .. it’s nothing like how money first started
In the beginning people paid with worthless stones, shells , beads ...
So it’s not that weird.. it’s all made up ..
One thing I love in 40k is that Orks use teeth as a currency. Their teeth decay over time, so they can't stockpile them, and they regrow so every Ork has what amounts to UBI in their mouth. And the possible supply is limited by the number of Orks, and the actual supply is limited by how many Orks beat the shit out of other Orks.
While that is not a simplistic currency if you tried to model it, it goes to show that anything can be currency. All you need is a supply and people willing to use it. Modifiers like scarcity, controlled inflation/deflation, etc. are optional.
godhandiscen
There are millions of whiny 5-year olds on Earth, and I AM THEIR KING.
I've been holding since 2017, and I agree that if you hold, you will eventually recover and multiply your investment, but if your expected return horizon is 4+ years, you can match those returns with much less risk, just hold a tech company for example, at least that has been my experience.
What concerns me around the space is that the insane valuations of these last few months might not repeat for another decade. If my understanding is correct and tether was acting like a feedback loop that increased the price of crypto (take a loan using crypto as collateral and buy more crypto with the loan) then there was never any extra solvency in crypto, and hence why this crash is looking to be worse than the one in 2018. We are going down from the ATH price at a much faster velocity.
I am still bullish on the space however, but I think that the money is in building solutions on top of the blockchain platforms rather than investing and trying to beat the hedge fund algorithms. Start building new contract types, lending, staking or mining; imho, that's the path to wealth with Crypto.
What concerns me around the space is that the insane valuations of these last few months might not repeat for another decade. If my understanding is correct and tether was acting like a feedback loop that increased the price of crypto (take a loan using crypto as collateral and buy more crypto with the loan) then there was never any extra solvency in crypto, and hence why this crash is looking to be worse than the one in 2018. We are going down from the ATH price at a much faster velocity.
I am still bullish on the space however, but I think that the money is in building solutions on top of the blockchain platforms rather than investing and trying to beat the hedge fund algorithms. Start building new contract types, lending, staking or mining; imho, that's the path to wealth with Crypto.
Ascend
Member
I love the bearishness. This is actually a good sign. Even though I lost some money on Solana, I'm still up over 14x on my ETH. I'm actually not selling my Solana though. In fact, I am increasing my position in it, and acquiring some other cryptos as well.
Maybe, this tweet will put things a bit in perspective...
Maybe, this tweet will put things a bit in perspective...
DeepBreath87
Banned
No man. All these “projects” are worth billions man. They’re not just vapor ware that will never be applied in the real world. Doge is actually worth real world value because Elon Musk sent some tweets about it.
I get that some of these things are going to demonstrate application in the actual world. Ethereum has potential application. I understand why Bitcoin holds a value to a certain degree. But when jokes like Doge and Shiba are getting valued at absurd amounts just because fools are dumping their money into them because they think it’s a get rich quick scheme, you know a bubble is about to burst.
by his name in my contacts.
llien
Member
Just for some clarity.
So we have all the "mining" ongoing, with power consumption of the activities beating that of UK, an industrial nation of 60+ million.
So that "new stuff" keeps coming.
And we were told 10% of people in US used some of their "corona checks" for crypto, let me call it "activities".
With processes going AT THAT SCALE who is supposed to keep buying that "new stuff"?
Another 10% of US population?
So we have all the "mining" ongoing, with power consumption of the activities beating that of UK, an industrial nation of 60+ million.
So that "new stuff" keeps coming.
And we were told 10% of people in US used some of their "corona checks" for crypto, let me call it "activities".
With processes going AT THAT SCALE who is supposed to keep buying that "new stuff"?
Another 10% of US population?