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Bitcoin-Explain to me how to buy these things (5 Viewers)

Remember last year when everyone was buying the SHIBs and the DOGEs and whatever other degen coin thinking they would make 10-100X AFTER it had already run? 

THIS is the time to be buying for the 10-100X gains. It's not comfortable, but it's periods like these when the real money is made.

"Be fearful when everyone else is greedy. Greedy when everyone else is fearful."

 
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Captain Cranks said:
Remember last year when everyone was buying the SHIBs and the DOGEs and whatever other degen coin thinking they would make 10-100X AFTER it had already run? 

THIS is the time to be buying for the 10-100X gains. It's not comfortable, but it's periods like these when the real money is made.

"Be fearful when everyone else is greedy. Greedy when everyone else is fearful."
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So which ####coins are we buying?

 
BTW, I am not suggesting you go all in here. We can and likely will endure more downside pain. I'm just saying these are the times to be building positions for crazy gains when the bull market returns.

 
FreeBaGeL said:
Along with everything else.

This LUNA thing has been a bloodbath for alts.  Everything on my entire crypto watchlist outside of BTC/ETC is down 25-40% in the last 24 hours.  Brutal especially after the last few months.
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and if you pull back on the weekly charts, you'll see we've still got a ways to go before we return to 2020 levels. ETH is still a 10X from there. SOL a 20X. 

If you have conviction in the crypto space like I do, this is an awesome turn of events from a long term perspective. One day enthusiasm and FOMO will return to the industry and we'll have an opportunity to buy stuff at a 90-95% discount from ATHs over the next weeks/months.

 
I’ve admittedly not been paying too much attention lately but my Cardano, Solana and CRO have all definitely #### the proverbial bed.

 
Captain Cranks said:
Bailed this morning at $0.92. Nothing like a quick 30% on "stablecoins". 
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I got out at a 55% loss.  I seem to get whacked really, really hard on events like this.  If I would have waited until now I'd be at a 35% loss.  I do think UST is going to zero, though, so something is better than nothing.

As of now I've collapsed into BTC, ETH, and USDC.  I have some cosmos stuff that takes 28 days to unstake, so letting those roll.  But, man, my investment in this area has been a very brutal 50% loss on the whole.  

Considering the massive dump the entire stock, bond, RE markets have taken this adds 1% to the overall, but still it stings.

FreeBaGeL said:
Any chance of UST recovering?  I have some money in anchor protocol, worth it to dump at half value here?
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Anything is possible.  I extracted and sold.

 
Sand said:
I got out at a 55% loss.  I seem to get whacked really, really hard on events like this.  If I would have waited until now I'd be at a 35% loss.  I do think UST is going to zero, though, so something is better than nothing.
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That's probably the smart move. Sure, it could rebound, but nothing material suggests it will and all you really have is hope and loss aversion.

 
Captain Cranks said:
That's probably the smart move. Sure, it could rebound, but nothing material suggests it will and all you really have is hope and loss aversion.
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Yeah - I withdrew when I could and it's been so volatile I hit it at a point lower than it is now.  When LUNA crashed to $1.50 really there is no backing for UST, so my expectation at the time was for it to crash to zero.  It actually rose, which I don't understand.

Salt in the wound is the BTC I bought this morning is already substantially down.  About the same as AAPL today, but still.  I'm going to make a few adjustments tonight and ignore all the markets for a quarter.  

 
Why is BTC so correlated to the US market and monetary policy? Seems like people in India and Brazil wouldn't care about US CPI #'s to sell it upon it's release or to follow the NASDAQ slide. Seems weird to me.

 
ericttspikes said:
Why is BTC so correlated to the US market and monetary policy? Seems like people in India and Brazil wouldn't care about US CPI #'s to sell it upon it's release or to follow the NASDAQ slide. Seems weird to me.
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It's new technology and a risk asset and suffers the same price action when the broader market reduces risk and withdraws liquidity.

 
Captain Cranks said:
It's new technology and a risk asset and suffers the same price action when the broader market reduces risk and withdraws liquidity.
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Thanks. Isn't a majority of BTC held by people in other countries? Maybe that's not the case. Some of the advantages I've read about BTC includes statements like "Accessibility and Liquidity. One of the biggest advantages of cryptocurrency is it often sees no borders" and "Independence From Central Authority", yet it seems to be tied to US market and Fed policy.

 
It’s hard not to feel obligated to make a move here but I also feel like the next crypto winter (and more importantly, major market depression) is inevitable.  

These ‘discounts’ are great.  But let’s be honest.  This market is leveraged to the absolute hilt and it could take years to recover once the bubble bursts.  

 
ren hoek said:
It’s hard not to feel obligated to make a move here but I also feel like the next crypto winter (and more importantly, major market depression) is inevitable.  

These ‘discounts’ are great.  But let’s be honest.  This market is leveraged to the absolute hilt and it could take years to recover once the bubble bursts.  
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Long term—I’m bullish on crypto and I have some very mild exposure to it. Luckily I got in low enough to where I’m still very positive. I also just got into the major ones—bitcoin and ethereum. With that said—I’m not sure I’d be running to get into crypto just yet. A lot of crypto prices are momentum based and the momentum is clearly swinging in a downward direction. Also—I would very much recommend hanging onto some cash on the sidelines and keep and eye on the stock markets.  When you can get stocks of companies like apple, Disney, Microsoft, alphabet, and Tesla for big discounts soon.  Crypto is a lot more appealing when currency is vastly plentiful and is cheap.  That dynamic is going away for the near future. 

 
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ren hoek said:
These ‘discounts’ are great.  But let’s be honest.  This market is leveraged to the absolute hilt and it could take years to recover once the bubble bursts.  
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Is it still that leveraged?  I thought a lot of the downward pressure was people getting all their leverage called away.

 
I’m in for a small percentage of my portfolio and have been for a couple of years now, so I think I’m about even or slightly up at this point. But I’m starting to think it’s all bull####. I mean someone puts out a white paper and m(b)illions of dollars pour in, even though there’s no there there?  Is there a real use case or app in existence yet, something that matters irl?  Every time I try and buy an NFT or transfer between wallets it’s a huge pain in the ###, and way less convenient and way more expensive than the non-chain/fiat world. 

Not denying people have made real money here, but people can make real money off all sorts of pyramid schemes as long as they’re in early or identify opportunities around the edges. Seems like the religion of crypto has been driving most of this but has started to run out of steam, and without real world utility, where does this go from here?

 
ericttspikes said:
Why is BTC so correlated to the US market and monetary policy? Seems like people in India and Brazil wouldn't care about US CPI #'s to sell it upon it's release or to follow the NASDAQ slide. Seems weird to me.
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Because people were gambling during Covid free time.  And easy money.

Now people have jobs.  The bubble is bursting.  It happens.

 
ren hoek said:
It’s hard not to feel obligated to make a move here but I also feel like the next crypto winter (and more importantly, major market depression) is inevitable.  

These ‘discounts’ are great.  But let’s be honest.  This market is leveraged to the absolute hilt and it could take years to recover once the bubble bursts.  
Click to expand...
Can you describe the leverage you're talking about? AFAIK, despite being able to trade 20-100x leveraged positions, you still need 1:1 margin behind it. 

 
jvdesigns2002 said:
Long term—I’m bullish on crypto and I have some very mild exposure to it. Luckily I got in low enough to where I’m still very positive. I also just got into the major ones—bitcoin and ethereum. With that said—I’m not sure I’d be running to get into crypto just yet. A lot of crypto prices are momentum based and the momentum is clearly swinging in a downward direction. Also—I would very much recommend hanging onto some cash on the sidelines and keep and eye on the stock markets.  When you can get stocks of companies like apple, Disney, Microsoft, alphabet, and Tesla for big discounts soon.  Crypto is a lot more appealing when currency is vastly plentiful and is cheap.  That dynamic is going away for the near future. 
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Yeah, to keep things in perspective, pull back on weekly charts to see just how far everything has run in the last couple years and how much further we could fall. Some tokens are still 10-20X above their 2020 prices.

 
Captain Cranks said:
Yeah, to keep things in perspective, pull back on weekly charts to see just how far everything has run in the last couple years and how much further we could fall. Some tokens are still 10-20X above their 2020 prices.
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That doesn’t mean much imo.  The reality is is that probably 5-10% of crypto tokens are legit and probably have decent futures. A vast majority of them are utter garbage that either made or lost people a lot of money through unregulated pumping and dumping.   The fact that some are still 10-20x what they were before some of the easiest monetary policies in history just means they have a lot more room to fall.  When people see stable coins and other crypto lose soo much value soo quickly—many of the the institutions that accepted and adopted them might be hesitant to do it moving forward.  As I said—I’m still very long term bullish on the legit crypto’s—but many of them have been exposed as wildly speculative assets that some people don’t mind investing in when they have disposable income to allocate to them.   When that disposable income shrinks or disappears—their love for a lot of these tokens also disappears.  A lot of these garbage tokens will go extinct in the next couple of years. Much like stocks—if you are going to invest in crypto—you better do your research and separate the legit ones from the garbage ones. 

 
jvdesigns2002 said:
That doesn’t mean much imo.  The reality is is that probably 5-10% of crypto tokens are legit and probably have decent futures. A vast majority of them are utter garbage that either made or lost people a lot of money through unregulated pumping and dumping.   The fact that some are still 10-20x what they were before some of the easiest monetary policies in history just means they have a lot more room to fall.  When people see stable coins and other crypto lose soo much value soo quickly—many of the the institutions that accepted and adopted them might be hesitant to do it moving forward.  As I said—I’m still very long term bullish on the legit crypto’s—but many of them have been exposed as wildly speculative assets that some people don’t mind investing in when they have disposable income to allocate to them.   When that disposable income shrinks or disappears—their love for a lot of these tokens also disappears.  A lot of these garbage tokens will go extinct in the next couple of years. Much like stocks—if you are going to invest in crypto—you better do your research and separate the legit ones from the garbage ones. 
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This was my point.

 
SFBayDuck said:
I’m in for a small percentage of my portfolio and have been for a couple of years now, so I think I’m about even or slightly up at this point. But I’m starting to think it’s all bull####. I mean someone puts out a white paper and m(b)illions of dollars pour in, even though there’s no there there?  Is there a real use case or app in existence yet, something that matters irl?  Every time I try and buy an NFT or transfer between wallets it’s a huge pain in the ###, and way less convenient and way more expensive than the non-chain/fiat world. 

Not denying people have made real money here, but people can make real money off all sorts of pyramid schemes as long as they’re in early or identify opportunities around the edges. Seems like the religion of crypto has been driving most of this but has started to run out of steam, and without real world utility, where does this go from here?
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I don't have much skin in the crypto game, but have been dabbling small amounts for several years, so I'm just looking at this like a big casino essentially. 

That said, a lot of reputable companies have sunk a TON of investment into the metaverse, so I am kind of shifting my focus over to metaverse-related projects. I think that's where the real retirement opportunities lie at this point if there will be any. 

 
SFBayDuck said:
I’m in for a small percentage of my portfolio and have been for a couple of years now, so I think I’m about even or slightly up at this point. But I’m starting to think it’s all bull####. I mean someone puts out a white paper and m(b)illions of dollars pour in, even though there’s no there there?  Is there a real use case or app in existence yet, something that matters irl?  Every time I try and buy an NFT or transfer between wallets it’s a huge pain in the ###, and way less convenient and way more expensive than the non-chain/fiat world. 

Not denying people have made real money here, but people can make real money off all sorts of pyramid schemes as long as they’re in early or identify opportunities around the edges. Seems like the religion of crypto has been driving most of this but has started to run out of steam, and without real world utility, where does this go from here?
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I think of the industry as what the internet was in the 90s. It was cumbersome, inefficient, and full of hope, hype, and speculation. However, the use case is there and you can make life changing wealth by finding the Amazons and Googles. Those who stick with it during these rough times will be rewarded. Those who tap out now will likely be buying the former group's bags after they've 50-100Xed just like we did in 2021. 

 
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Tether (USDT) wobbling on their peg to USD a little bit too. It doesn't have the same fundamental flaw as UST, but I've always felt it wasn't as safe/transparent as USDC.

 
Just listened to what I thought was a fantastic and interesting podcast about Bitcoin and various economic beliefs/dynamics. I’m sure that it’s probably very basic knowledge for Bitcoin experts—but for somebody like me that is long term bullish on it—but is admittedly far from an expert—I found it great. It’s the Lex Fridman podcast and his guest is Saifedean Ammous.    I think that even if you are a bitcoin skeptic that you should listen to it solely for some of the economic theories being discussed. It’s a long podcast—but I found that it went relatively quickly. 

https://m.youtube.com/watch?v=gp4U5aH_T6A&t=2575s

 
SFBayDuck said:
I’m in for a small percentage of my portfolio and have been for a couple of years now, so I think I’m about even or slightly up at this point. But I’m starting to think it’s all bull####. I mean someone puts out a white paper and m(b)illions of dollars pour in, even though there’s no there there?  Is there a real use case or app in existence yet, something that matters irl?  Every time I try and buy an NFT or transfer between wallets it’s a huge pain in the ###, and way less convenient and way more expensive than the non-chain/fiat world. 

Not denying people have made real money here, but people can make real money off all sorts of pyramid schemes as long as they’re in early or identify opportunities around the edges. Seems like the religion of crypto has been driving most of this but has started to run out of steam, and without real world utility, where does this go from here?
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agree, but I also think the stock market is a pyramid scheme.  only goes up if new peoplebuy

 
Nathan R. Jessep said:
I don't have much skin in the crypto game, but have been dabbling small amounts for several years, so I'm just looking at this like a big casino essentially. 

That said, a lot of reputable companies have sunk a TON of investment into the metaverse, so I am kind of shifting my focus over to metaverse-related projects. I think that's where the real retirement opportunities lie at this point if there will be any. 
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I think it will be thunderdome.

2 men enter , 1 man leave.  and maybe 0 men leave.

Personally I think except for a few, nft and metaverse is bust.  too early.

but, not saying dont throw a few hundy in it

 
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