Cryptocurrency mega-thread
- Thread starter DapperJong
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Crypto currency and blockchain technology arent the same thing. Crypto currency uses blockchain technology. There are lots of potential benefits of blockchain.
a broadbased replacement for government controlled money is not one of them.
note i said almost zero. not zero.
Wrong.
People are calling anything and everything in that space crypto currency.
The vast majority is simply software.
Paul Tudor Jones even said as much.
I could name a bunch of projects you'd label as cryptocurrency when the project is actually either a service, a software system etc
The only difference is that for many of the projects you have to pay to use it using their token.
And guess what?
Having to pay for a service or product with a businesses trade token is a very old process in business. So nothing new there.
After a bit of research I’ve jumped back into crypto after a 14 month hiatus. At my time of exit in March 2020 the BTC price was $59,076.92, it’s currently $30,938.
It remains to be seen if there’s more pain ahead, as I’ve maintained a $20k re-entry price for BTC over that time.
Rather than purchase any individual coin I’ve taken the easier, and more diversified, approach of buying shares in the CRYP ETF that Betashares run. The rationale being it mitigates my concern that coins such as BTC is ready for a historical museum, and people still holding garbage like DOGE isn’t reflective of an educated holder.
Instead by taking the picks and shovel approach that buys into exchanges and developing projects, it means I’m simply relying on trade volume and innovation as a way to make money, rather than a buy and hold X coin/s strategy. Also means I don’t have to worry about coin storage and security, which makes life easier.
Not saying this will be a long term hold, it’s more a place to dump some cash for a bit while the market direction from here on in reveals itself a bit further. Entry point for CRYP was $3.35.
It remains to be seen if there’s more pain ahead, as I’ve maintained a $20k re-entry price for BTC over that time.
Rather than purchase any individual coin I’ve taken the easier, and more diversified, approach of buying shares in the CRYP ETF that Betashares run. The rationale being it mitigates my concern that coins such as BTC is ready for a historical museum, and people still holding garbage like DOGE isn’t reflective of an educated holder.
Instead by taking the picks and shovel approach that buys into exchanges and developing projects, it means I’m simply relying on trade volume and innovation as a way to make money, rather than a buy and hold X coin/s strategy. Also means I don’t have to worry about coin storage and security, which makes life easier.
Not saying this will be a long term hold, it’s more a place to dump some cash for a bit while the market direction from here on in reveals itself a bit further. Entry point for CRYP was $3.35.
MSB ROYS
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Norm Smith Medallist
- Jul 30, 2009
- 9,112
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Picked a good 2 weeks to go bush without internet access. $1300 of Luna to $0.0003 and ~50% across the portfolio. An expensive trip!
Oh s**t! Probably missed 2 of the most chaotic weeks in crypto history!
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Norm Smith Medallist
- Jul 30, 2009
- 9,112
- 14,315
- AFL Club
- Fremantle
It was fun (?) reading catching up on this thread, knowing the result. A few bleeding hands from
Interesting reading stories on people gambling on what the bottom would be on CT; some people were able to do a 100-200x from the bottom in a couple of days, but most just lost money.It was fun (?) reading catching up on this thread, knowing the result. A few bleeding hands from
Savage. This is the death of a lot of altcoins IMO.
Can't see investors jumping back in after this complete bubble burst.
There's still faith in long term projects but there'll be a heap that never rise again to their previous ATH.
Can't see investors jumping back in after this complete bubble burst.
There's still faith in long term projects but there'll be a heap that never rise again to their previous ATH.
Absolutely, bear markets are a good cleanser of projects just sucking liquidity from the market that could be spent elsewhere. This is also not a bubble burst for crypto, have you seen stocks? Until the worst of inflation has passed and feds can see this starting to trend down, choppy waters will continue for a few months yet in stocks and crypto.
Only the projects with strong fundamentals will survive, but will still take large hits and test the resolve of investors. BTC, ETH and BNB are the only 3, outside of stablecoins, that I’m confident will still be top 10 market caps by next bull cycle. Plenty of liquidity there for the taking for projects that can survive the next 6-12 months.
beez
A*mazing
I am still waiting for 400k BTC and 40k ETH. And some more 20% yields.
umm so its not currency. Yeah thats my point too.
dont tell everyone bidding up the price of it though. They arent interested in what it does. Just if its the future of money.
What do the economic fundamentals tell you?
Some can be used as a currency. Some can't.
Do you think anyone cares what certain shares do when they buy those? Or are they just wanting to make money off them?
Do they?
Plenty of people get tips for shares and buy them based on nothing but that.
They will get a whisper from a friend of friend who works at the SX that a mining company got back great core sample results and to load up on it.
Plenty of that happens in all markets.
I said certain shares, didn't say all.
Yes because people don't speculate in the stock market. Never.
Too much for Chiefy to comprehend.
