Crypto

patfan64

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Anyone in this nightmare?

My portfolio hit a nice number this past Saturday ($725,000) and now I'm sitting on $220,000.

I've really only been in it for 6 weeks but these swings are incredible.
 

johnlocke

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Anyone in this nightmare?

My portfolio hit a nice number this past Saturday ($725,000) and now I'm sitting on $220,000.

I've really only been in it for 6 weeks but these swings are incredible.

I'm not in it for the simple reason that currently there is no crypto backed by a real physical commodity such as gold. It's all in the digital ether which to me makes it no more valuable than any other fiat currency and is susceptible to the same problems and lack of valuation.

I have heard arguments about why they don't need commodity backing to be valuable. I believe that is magical thinking. Values are not subjective, particularly money.

Just my 2 pennies.
 
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aloyouis

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Anyone in this nightmare?

My portfolio hit a nice number this past Saturday ($725,000) and now I'm sitting on $220,000.

I've really only been in it for 6 weeks but these swings are incredible.
I am in it for fun ($4K). I have $3000 worth of bitcoin and $1000 worth of Amp. The Amp purchase was a complete flyer at three cents a coin. My little play nest fluctuates between $2500-$4500.

What in heavens name did you own that dropped by 70%?
 

Baron Samedi

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I'm not in it for the simple reason that currently there is no crypto backed by a real physical commodity such as gold. It's all in the digital ether which to me makes it no more valuable than any other fiat currency and is susceptible to the same problems and lack of valuation.

I have heard arguments about why they don't need commodity backing to be valuable. I believe that is magical thinking. Values are not subjective, particularly money.

Just my 2 pennies.

I agree, but then, neither is the money you use every day, anyway.

The good cryptos do have some advantages over Fiat. They have a fixed supply that will never be exceeded, it is a hard stop on inflation. Not all cryptos do, but the ones worth investing in do. It doesn't matter what the number is, only that there is a hard cap.

So, in that particular aspect, they are far superior to fiat money.

Another advantage cryptos have is that they are not subject to expansion and contraction by the will of central government. Government cannot simply destroy your personal savings by inflating the money supply.

If you really want to comprehend the value of cryptocurrenices, you have to look to economically destroyed nations such as Venezuela, Syria, Lebanon, and others. Their currency was reduced to 1/1000th of it;s former value in a very short time, but those people who were able to put their money in crypto at the beginning of the collapse, not only preserved their wealth, but actually gained wealth in the midst of economic catastrophe.

A third advantage of crypto, which in this regard makes it vastly superior to gold (and no, Gold and Silver are still #1 in my book, but not in every aspect), is that with Crypto, as long as your infrastructure is somewhat functional, you can remotely transact with crypto, which is impossible with gold. You can pay your electric bill, order from Ebay, or send money to family anywhere in the world in a few seconds, even if a complete economic collapse, so long as you have some version of internet or phone service. So, even if your mom lives 500 miles away, and has a medical emergency, and in an economic crash, the hospital demands payment up front....you can get that done before the ambulance even arrives at the hospital.

Crypto is on the verge of changing society on a scale that is somewhree between the introduction of electricity, and the introduction of Windows. Even if not interested in investing in it, it would be smart to begin educating yourself on it, and understanding it, and getting ahead of the curve.

I believe that in about 5 years, people who do not have a large portion of their wealth in crypto will be viewed as idiots, because the choice will fundamentally be whether you try to save your wealth in currency that depreciates or appreciates, simple as that.

For the record, I am invested in 4 cryptos. I won't name them, each person needs to educate themselves and make decisions that are best for them. In the next 6-18 months, I expect crypto investment to become mainstream. I expect clsoe to half of Americans to be invested in Crypto, for financial institutions to have crypto funds, for central banks like the Fed to have their own crypto or adopt an existing one, and for crypto markets to be a regular segment on mainstream news networks.

The major venture capitalists and billionaires are already pouring billions....literally billions of dollars into it, because they are buying cheap before the public figures out what is happening and hops on the wagon.

My only financial advice to anyone looking into crypto is A) Learn what the term "meme coin" is, and then immediately cross all of those off your list of potential investment options, and B) When you put your money in, be aware that the crypto markets are insane...imagine watching the stock market sped up to 100x normal speed...crashes happen in an hour, not a day...same with booms. Ignore any chart or graph you see that is a shorter time frame than a month, leave that crap to the day traders. Investors only need to see the long term performance, and those insane, heart racing rips and dips look a lot smoother and less drastic on a larger time frame. C) Market Capital is important. The less the Market Capital a token is, the greater the risk on it. Market Capital is simply the number of tokens in circulation times their value....but there is a big difference between a token with 10 Billion and a token with 10 Million in market capital....you're roughly taking 1000 times more risk with the 10 Million one, less the amount of research you do...I personally look for intellectual heavyweights, academics, and institutional backing in my investments. I would never put a red penny into something like Doge...and I don't care what it does in the markets, even if you make a ton of money on Doge, it was still a bad investment. Bad poker players sometimes win big hands....but that doesn't make them good players.

If you watch crypto people on Youtube, you have to sort through a lot of trash to find the diamonds. One of my personal rule-of-thumbs is that if they talk a lot of Fibonacci Retracements and stuff, that form of TA is a lot of bullshit, BUT...since it seems that majority of day traders abide by it and believe in it, those predictions often become a self fulfilling prophecy so it is worth knowing and understanding in that regard. It's kind of like Astrology...it is a load of bullshit, but if everyone in your town believes in it, then it sort of becomes real...because it gives you insight into their minds and you can predict their behavior, even if the underlying science is a load of garbage....it doesn't matter, it does the job.

If you find them talking about "candles" and "triangles".....that technical Analysis is legit. You don't have to fully grasp it or study it, just know that the methodology is legit.....but pay close attention to where they are drawing their triangle lines! Most of these asshats draw the lines arbitrarily to support their personal opinion, not where the lines should be. I see that a lot. They start at the lowest wick on one candle, to another lowest wick on another candle somewhere, but completely slice and dice other low wicks in between so they can ignore them and pretend the trend is much more positive than it actually is. It sounds complicated.....but all you have to do is watch closely how they draw their triangles, and you'll see it, and you'll know whether the person is performing real technical analysis, or faking it.

OK, enough of that.

I am posting on this topic because before this year is out, people are going to realize that we are in an economic crisis not seen since the 70's stagflation. It is here, it is now, it is happening. If my warning can get a person or two to shift some of their savings out of dollars now, and into something that will be a better store of wealth, then I have done my duty to my fellow man. Crypto is a great option for those with a strong stomache. Gold and Silver are a safer, better option as a pure store of value, but Crypto is a better investment value, at this time, but highly risky, and the less informed you are, the greater your exposure to loss is.

The Inflation Tsunami is here, it is real, the government is desperately trying to hide it (part of the reason why the budget is 6 Trillion dollars...they know the real inflation numbers and have to increase the budget to account for it).. I advise each and every person here to think about how to protect their wealth from it. Crypto is one option. The longer your window is the safer it is, the shorter your window, the more dangerous it is. It is also not the only option. Any assets are good, as the inflation will inflate their value. You'll get screwed the hardest and longest of you hold cash. A year from now, your savings will buy half as much as it will today if it remains in US Dollars.

EDIT: Incidentally, JL......the value on Crypto is, and will come from, "smart contracts". Modern worthwhile cryptos are programmable money. Currently, Etherium has them, but Etherium sucks at it. It is no better than doing international contracts through the regular financial systems, for the most part. But, this functionality made Etherium valuable.
Currently, there is a race between several competitors, developing cheaper, faster, more scalable systems for smart contracts. I expect a handful of these to win out in the end. The prize for consumers being, for example...Crypto versions of Visa, Mastercard, etc....but fees instead of interest in the realm of .01 cents or less per transaction. Same with every other business transaction, including international trade, and without the need to deal with fiat money converting. Smart Contracts will replace, for example, Bills of Credit and that kind of thing....cutting expenses for global trade immensely. Crypto is on a massive collision course with established financial systems....what comes out the other side remains to be seen.
 
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patfan64

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I am in it for fun ($4K). I have $3000 worth of bitcoin and $1000 worth of Amp. The Amp purchase was a complete flyer at three cents a coin. My little play nest fluctuates between $2500-$4500.

What in heavens name did you own that dropped by 70%?
I was one of the first 100 buyers of an alt coin called Ethereum Max ($eMax). Put $1,200 in on a Friday night. Grew to $12k the next day. Took $2,000 out to cover my investment and take a small profit. Boomed to $28,000. Took another $4,800 to cover all my crypto in vestment. This was all the weekend of May 15 - 17.

The roller coaster is nuts. I took $50k out last week and paid off my cars and all my credit card debt (with almost enough for taxes).

So now I'm really just riding the wave. The coin is somewhat sponsoring the Mayweather/Paul fight, Paul Pierce and Kim Kardassian have recently come out touting it. A Florida real estate company has announced that you can use eMax in the purchase of a home (escrow or other fees) and realtors can choose to take commissions in eMax. Florida has also come out with kiosks that will allow you to use your eMax to purchase concert and sporting event tickets using eMax.

Just checked Etherscan. Based on my total number of tokens, I am holder #174. There are currently over 75,000 holders.
 

Baron Samedi

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Happy for you PF64.

My investments are betting against Etherium long term. You can probably guess some of my portfolio.

Funny, I just recently got involved too....dipped my toes in, then the MayDay bloodbath happened, my investments crashed, and I ended up tripling my investment in that 48 hours buying the dip..lol.
 

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Sometimes I wish I wasn't so conservative and set in my ways. I am a slow and steady guy, Have aingst that isn't gonna work much longer the way it's headed.
Totally ignorant on crypto. But don't even know where to begin.
 

aloyouis

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I was one of the first 100 buyers of an alt coin called Ethereum Max ($eMax). Put $1,200 in on a Friday night. Grew to $12k the next day. Took $2,000 out to cover my investment and take a small profit. Boomed to $28,000. Took another $4,800 to cover all my crypto in vestment. This was all the weekend of May 15 - 17.

The roller coaster is nuts. I took $50k out last week and paid off my cars and all my credit card debt (with almost enough for taxes).

So now I'm really just riding the wave. The coin is somewhat sponsoring the Mayweather/Paul fight, Paul Pierce and Kim Kardassian have recently come out touting it. A Florida real estate company has announced that you can use eMax in the purchase of a home (escrow or other fees) and realtors can choose to take commissions in eMax. Florida has also come out with kiosks that will allow you to use your eMax to purchase concert and sporting event tickets using eMax.

Just checked Etherscan. Based on my total number of tokens, I am holder #174. There are currently over 75,000 holders.
Holy Shit!!

THAT. IS. AWESOME!!!

My son owns some Ethereum. Won't tell me how much 'cause he suspects I would frown. He did pay this summer semester with cash. Maybe that is how.
 

aloyouis

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Sometimes I wish I wasn't so conservative and set in my ways. I am a slow and steady guy, Have aingst that isn't gonna work much longer the way it's headed.
Totally ignorant on crypto. But don't even know where to begin.
Find a platform you can trade in and dollar cost average a form of crypto. Buy a set $ amount every day for a month. It can be as little as $10/day if you want (even less but watch fees). See what it looks like in a month.

If nothing else, it will cause you to learn and add another interesting thing to watch.
 
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What platform do you guys use for it?

I thought it would be a great thing to have in a ETF, but I discovered no Crypto ETFs have been approved yet.
 

Baron Samedi

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Some platforms are better than others.

The "safest" or most established one is Coinbase. You won't find the .02 cryptos there....for the most part everything on Coinbase is pretty well established.....for the most part.

However...even on Coinbase, and definitely anything else, you'll want to at least find yourself a "wallet" app to download onto your phone or desktop. Otherwise, your tokens are kept on the trading site in your name, and that is highly hazardous. First, even though blockchain tech is theoretically unhackable....the websites and exchanges are subject to hacking, and are probably #1 on every hackers list...they are like the Ft. Knox of Crypto.

Even Coinbase I am very skeptical of, because I don't believe they have the cash reserves to pay customers who want to cash out their profits. I think that will become very evident during the next bull run.

So, you want to buy your coins on an exchange, Coinbase or any other, and get them into your personal wallet ASAP. You essentially download them onto your phone, or whatever. Then, even if the exchange gets hacked, it doesn't matter, nobody can take your crypto. You can lose it only if you lose your "key", a complicated series of words that acts as a key to unlock those coins. Anyone who owns the key, owns the coins.

Yeah, so...many crypto exchanges, Coinbase being my recommendation for a good starting point, then move on from there once you feel comfortable.....but don't let them host your portfolio for too long. I keep a few tokens on there just because it makes it easier to track their prices and value of what I have in my wallet....I am willing to lose them if the site gets hacked, I mean...we're talking about $25 worth of tokens I leave on the exchange.
 

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Holy Shit!!

THAT. IS. AWESOME!!!

My son owns some Ethereum. Won't tell me how much 'cause he suspects I would frown. He did pay this summer semester with cash. Maybe that is how.

One Eth runs roughly $2500 right now.

If he bought 3 years ago, he probably did pay with it.
 

Baron Samedi

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What platform do you guys use for it?

I thought it would be a great thing to have in a ETF, but I discovered no Crypto ETFs have been approved yet.

That changes this year. There are a few now. The big firms will be launching some this year...it has dawned on them how much money they are losing because their rich clients are just dumping money into crypto on their phones by themselves. They are losing out big time.

As I write this very post, the crypto market is a $1.76 Trillion dollar market....which Wall Street doesn't have any fingers in. That's a situation they are rushing to change swiftly.

EDIT: That 1.76 Trillion number is very real, but for the record, Bitcoin alone is $700 Billion of it....everything else combined is $1 Trillion.
 
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Baron Samedi

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I should mention, that I love crypto crashes! I am hoping for one this weekend.

I'm a 10 year HODL'er. I don't give a damn about day to day except as a buying opportunity when the traders are pulling their hair out.
 

Baron Samedi

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Another wild and exciting Crypto day....as I write this, Crypto is a $1.44 Trillion market cap....lost $250 Billion since I posted above.

Just another day in the Crypto Asylum. Going to be a big buy day for the Baron....just waiting for the bottom.

-13% today alone. There is no stopping the market like the NYSE. You just have to ride the roller coaster...a true free market.
 

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Crypto​

Workers at participating companies could invest up to 5% of their account balances in cryptocurrency​



Bitcoin Volatility Signals a Long Road to Adoption

Bitcoin Volatility Signals a Long Road to Adoption
China’s recent warning on cryptocurrency sent the market in a tailspin. WSJ’s Aaron Back explains why the recent shake-ups in the value of bitcoin, dogecoin, ether and other cryptocurrencies may point to obstacles in mainstream acceptance. Photo: Dado Ruvic/Reuters
By
Anne Tergesen
June 10, 2021 5:30 am ET

A small group of workers will find something new in their 401(k) plan starting in July: the option to invest in cryptocurrency.
ForUsAll Inc., a 401(k) provider, announced earlier this month a deal with the institutional arm of Coinbase Global Inc., a leading cryptocurrency exchange, that will allow workers in plans it administers to invest up to 5% of their 401(k) contributions in bitcoin, ether, litecoin, and others.
Executives at ForUsAll won’t say how many of the firm’s 400 employer clients have signed up for the cryptocurrency platform so far. Founded in 2012, the company provides automated 401(k) administration, menus of low-cost mutual funds, and access to human advisers.
 
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