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Cryptocurrency mega-thread

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Evolved1 said:
Target pretty much hit to the downside already. Theoretically should bounce though this bounce is looking very weak.
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I relied on this with dip trade today. Hopefully in an hour we get boost.

But dips like this normally last another day .. let’s see.
 

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Evolved1 said:
Target pretty much hit to the downside already. Theoretically should bounce though this bounce is looking very weak.
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Yep, plenty of signs pointing towards a bounce, but just not seeing much reaction yet. The US is starting to wakeup, could see some action in the next few hours maybe...
 
The Dice Man said:
Guess everyone is sleeping off this slip n slide ride. BTC @ $31,450 as I post.
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Looks like it bounced hard and will basically close the same as it opened yesterday now. It dipped to about 32k yesterday too and rallied hard from there, a clear support point is there at 31-32k, as we really haven’t gone below it since the major crash.
 
Ive just started following crypto the last few weeks - its seems they all basically follow the same ups and downs no matter the coin. So unless you are a day trader or really short term it doesnt really matter which coin you own in reality? Sure some would be more safe than others etc - as in the bottom wont fall out (Bitcoin mainly)
 

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FRUMPY said:
Ive just started following crypto the last few weeks - its seems they all basically follow the same ups and downs no matter the coin. So unless you are a day trader or really short term it doesnt really matter which coin you own in reality? Sure some would be more safe than others etc - as in the bottom wont fall out (Bitcoin mainly)
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BTC and ETH would be the best bets for a long play, but yes there are bigger returns with some other coins in the short to medium term. As posted above, a lot of volume is moving to ETH from BTC. From reading a few perspectives on people at the BTC conference, the majority were just crypto lovers and were far more invested in ETH. The number of BTC maxis is dwindling.
 
The one thing that amuses me about crypto, is that you can find 'evidence' of whatever you want. Two people could each draw a random line on the same chart, and one will argue it's going up and the other will argue it's going down. And nobody will ever accept to being wrong.

My completely uneducated opinion is that nothing will happen for a while. So take a break, see your loved ones again. Yes there's increased media attention and general acceptance of crypto, but the timing couldn't be worse. The majority of new buyers will sell after a couple of weeks of seeing +/- 5% every day and not come back. There won't be any greater level of uptake.

I also don't think 'any publicity is good publicity' is true when it comes to the legitimacy of crypto.
 
Chris25 said:
The one thing that amuses me about crypto, is that you can find 'evidence' of whatever you want. Two people could each draw a random line on the same chart, and one will argue it's going up and the other will argue it's going down. And nobody will ever accept to being wrong.

My completely uneducated opinion is that nothing will happen for a while. So take a break, see your loved ones again. Yes there's increased media attention and general acceptance of crypto, but the timing couldn't be worse. The majority of new buyers will sell after a couple of weeks of seeing +/- 5% every day and not come back. There won't be any greater level of uptake.

I also don't think 'any publicity is good publicity' is true when it comes to the legitimacy of crypto.
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The evidence is clear, if you hold for at least 4 years and don’t get scared by a bear market, then you will see major gains. Take the emotion out of what happens day to day if you’re in this for the long haul, just DCA in gradually. I’ve been in the red for a month now, doesn’t bother me as I believe in the long term of this space, I know that profits will come with time. Unfortunately these days there are too many people fixated on the right now, they’re not the type of people that will make any money in this space or stocks. Life changing money isn’t made overnight, unless you fluke a lotto win or whatever.
 
As a reference, as I did this calculation the other day for curiosity, if I had invested in the exact same coins this time last year and not touched it, I would’ve gone down and sideways for at least 4-5 months (some even 6+). However, if I had sold exactly a year later (missing the peaks), I would’ve still made 500-600k. Didn’t need any skill other than patience. This is of course a bull cycle, the same returns won’t happen during a bear market, but the point is the same. If you have a macro picture in mind, it’s always a bull cycle.
 

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BACCS said:
Unfortunately these days there are too many people fixated on the right now
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That's the issue. I'm not arguing against crypto as a long term investment, just that there isn't going to be widespread uptake in the near future like some would like to think. I'd argue it's no more legitimate a product or currency than it was 4 years ago.
 
Chris25 said:
That's the issue. I'm not arguing against crypto as a long term investment, just that there isn't going to be widespread uptake in the near future like some would like to think. I'd argue it's no more legitimate a product or currency than it was 4 years ago.
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It's definitely far more legit than it was 4 years ago, but there is still a long long way to go.
 
BACCS said:
It's definitely far more legit than it was 4 years ago, but there is still a long long way to go.
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Okay, it is somewhat more legitimate. But not to the extent some would want you to believe. That's why celebrities and whales can manipulate it so easily.

And you just have to look at the new wave of crypto influencers coming through. It's all about memecoins and pump and dumps. That's not going to change. It gets more eyes and money coming through, sure. But it's not a good thing long term for the product as a whole because it dictates a certain direction.

It's all well and good to blindly say just hold and all will be fine. It's probably true. But there are still big problems with crypto as a product that haven't been answered.
 
Chris25 said:
Okay, it is somewhat more legitimate. But not to the extent some would want you to believe. That's why celebrities and whales can manipulate it so easily.

And you just have to look at the new wave of crypto influencers coming through. It's all about memecoins and pump and dumps. That's not going to change. It gets more eyes and money coming through, sure. But it's not a good thing long term for the product as a whole because it dictates a certain direction.

It's all well and good to blindly say just hold and all will be fine. It's probably true. But there are still big problems with crypto as a product that haven't been answered.
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All new industries take time to sort all the kinks out. In relative terms, this is a very young industry. Memecoins are a s**tstain on the crypto space, but there are plenty of shitstains stocks that sting people too. Mining stocks are a great example; a lot of people invest into new mining startups that may be a decade away from actually producing anything, with a lot of them going bust in that time.

It is true, holding long term in this space will make you plenty of money, it's still young enough to see far bigger ROIs than the majority of stocks.

Also, there are plenty of celebrities/whales/institutions that can manipulate stock prices as well, it is just done far more subtly as market manipulation is a crime. The USD is heavily inflated right now, when that pops (which it absolutely will), then that could be a major boost for the crypto space. The dollar is only more legitimate as a currency because it has been around for far longer, it doesn't mean there aren't better ways for transacting, which is what the crypto space is trying to solve.

I'll ask you this question, would you feel more comfortable holding your money in a bank or in the crypto space over the next 10-20 years?
 
maryjames said:
That’s why with a plan the ones in it early will be the mega rich.
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Absolutely, and in relative terms anyone getting in now is still early for a lot of these projects. Obviously not first, but still earlier than anyone that FOMOs into it within the next 5-10 years, which will only continue to go up.
 

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