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Ren's old crypto thread || we know how to buy this stuff now (1 Viewer)

Wow.  This is a volatile market.  I've not paid attention and of course missed out on the 4000% increase already but thought about starting to dabble.  

China is such a major player (mining, crypto "marketshare") that it can cause this flash crash or is ANY bad news enough to set this type of tumble? 

 
Sputnikv8 said:
Wow.  This is a volatile market.  I've not paid attention and of course missed out on the 4000% increase already but thought about starting to dabble.  

China is such a major player (mining, crypto "marketshare") that it can cause this flash crash or is ANY bad news enough to set this type of tumble? 
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Probably best to wait until China releases some sort of official position on crypto.  If they do ban exchanges in China as heavily rumored it will be a golden opportunity to buy in after the crash.  In the meantime I'd make sure you're verified/funded on an exchange so you can jump in.  

Once the spaghetti handed brainlets jump ship it'll be ours for the taking.  To the moon!  

 
Tempted to jump out and wait for a crash.  Surprise it hasn't cratered more in light of the China news?

 
ren hoek said:
Me too.  The impression I get is that an ETF would make it a tradeable stock on traditional exchanges tied to the price of ethereum, so boomers and the investment class can put money in index funds that dabble in ethereum.  It'd open up a lot of old money and exposure for ethereum, which to this point has really only had exposure to tech nerds.  
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This is my entry point as well.  :blackdot:
Hoping for an EFT before it gets too crazy, but after all the foreign government approval stuff settles.

 
Sputnikv8 said:
Wow.  This is a volatile market.  I've not paid attention and of course missed out on the 4000% increase already but thought about starting to dabble.  

China is such a major player (mining, crypto "marketshare") that it can cause this flash crash or is ANY bad news enough to set this type of tumble? 
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Either you believe in the long term success of BTC or you don't.  I'm not smart enough to short term trade and my cost basis is so low that none of this "news" worries me.

Figure in 5 years it will either be worth a ton or close to nothing.  I'm fine with the gamble either way.

 
Charlie Harper said:
I'm curious...we're ICOs the main driver in price escalation the past year?
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They were definitely a big factor, particularly for ethereum.  But there was also a lot of investment from industry players in eth and speculation on bitcoin.  Being seen with legitimacy, Japan recognizing bitcoin as a currency and the adoption of bitcoin ATMs also spurred the price.  The whole industry seems tied to the price of bitcoin more than anything else.  I don't think it'll stay that way once people realize btc is a dinosaur coin whose fate appears to be largely centralized now, but who knows what will happen if/when segwit2x/LN are applied.

 
What's encouraging is despite this terrible news, people keep buying and floating the price.  The bottom isn't dropping out.  Encouraging to see enough believers out there.

 
Anyone who isn't locking in profits at this point is bat-#### insane. 

You've been at the blackjack table on an incredible heater. The pit boss finally noticed and just brought out The Cooler. She pulled a 21 on her first hand. Take your pile of chips and happily walk away.

 
RUSF18 said:
Anyone who isn't locking in profits at this point is bat-#### insane. 

You've been at the blackjack table on an incredible heater. The pit boss finally noticed and just brought out The Cooler. She pulled a 21 on her first hand. Take your pile of chips and happily walk away.
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Buy high sell low!!

Pfft.

HODL 

 
RUSF18 said:
Anyone who isn't locking in profits at this point is bat-#### insane. 

You've been at the blackjack table on an incredible heater. The pit boss finally noticed and just brought out The Cooler. She pulled a 21 on her first hand. Take your pile of chips and happily walk away.
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Great analogy since this is pure speculation and gambling. Dealer is about to take everyone to the woodshed. 

 
Rick James said:
Nah 
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If you have profits, you should lock some in... Not just this, but anything, it is sound investing. Never let a winner turn into a loser. 

Maybe sell half so you can leave profits to ride with no risk, you're playing with fire if you don't.

 
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ren hoek said:
The only people locking in a loss right now are weakhanded chumps eating microwave tendies for dinner.  Stay poor nocoiner 
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The world's second largest economy is shunning cryptocurrency, the CEO of the one of the biggest banks in the world said anyone in his currency department that would speculate on this would be terminated.

Writing is on the wall. Maybe it succeeds long term, but right now it is in full collapse mode and has a long ways to go until that is over. 

 
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These brave takes now that the market is falling are pretty enjoyable.  Here's a few questions to ask yourself.

Do you think Jamie Dimon is calling bitcoin a fraud because he cares about investors all of a sudden?  Or is it because crypto markets pose a direct threat to the banking industry?  Was it so insiders could increase their position with market manipulation?  Rest assured, it is not lost on JP Morgan how valuable blockchain tech is.  Or other multi billion dollar corporations.  Or China for that matter.  It's here to stay.  

That the state of China, possibly the US, and the banking industry perceive it as such a grave threat should tell you everything you need to know.  If it gets banned somehow the capital will just move elsewhere.  This is only the beginning.  

 
fantasycurse42 said:
(1) The world's second largest economy is shunning cryptocurrency, the (2) CEO of the one of the biggest banks in the world said anyone in his currency department that would speculate on this would be terminated.

Writing is on the wall. Maybe it succeeds long term, but right now it is in full collapse mode and has a long ways to go until that is over. 
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1) China is manipulating the market to get cheap coins.

2) Shocker, CEO of centralized bank doesn't want people to get into cryptos.

 
FTR, anytime I have ever seen something tanking, I have always always always heard people screaming "IT'S BEING MANIPULATED SO THEY CAN BUY MORE SHARES CHEAPER!!!" - Rarely has that actually been the case. 

 
fantasycurse42 said:
Great analogy since this is pure speculation and gambling. Dealer is about to take everyone to the woodshed. 
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so stuff your chips into your pockets that are full of holes and walk up to the cashier or continue playing in till the next dealer change. Maybe you go bust but maybe you go on another hot streak 

 
fantasycurse42 said:
The world's second largest economy is shunning cryptocurrency, the CEO of the one of the biggest banks in the world said anyone in his currency department that would speculate on this would be terminated.

Writing is on the wall. Maybe it succeeds long term, but right now it is in full collapse mode and has a long ways to go until that is over. 
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The world's second largest economy banned facebook and google as well.  I'm drawing blank here a little bit but I think they turned out ok.  Taking a bailout CEO at face value, come on.

Remember, selling now basically guarantees capital gains tax next year and generally takes a week to turn around into your bank account, or at least it would for me. Panic-selling now on the off chance that I can buy back 2% better a week from now isn't worth it to me.  This isn't about daytrading.  

 
I'm super biased, because I'm pissed at myself for not listening to my friend who wouldn't shutup about bitcoin as far back as three years ago. He won't tell me how many he has, but he has a lot. I'm hoping it dips further down, even below $2,000 so I can scoop up a bunch of them.

 
fantasycurse42 said:
If you have profits, you should lock some in... Not just this, but anything, it is sound investing. Never let a winner turn into a loser. 

Maybe sell half so you can leave profits to ride with no risk, you're playing with fire if you don't.
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I did that a couple weeks ago.  Sold some to cash out my initial investment/gamble.  I'm on pure profit now with my remaining coins.

 
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Rick James said:
I'm super biased, because I'm pissed at myself for not listening to my friend who wouldn't shutup about bitcoin as far back as three years ago. He won't tell me how many he has, but he has a lot. I'm hoping it dips further down, even below $2,000 so I can scoop up a bunch of them.
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Why do you think it is worth $2K? 

 
ren hoek said:
The world's second largest economy banned facebook and google as well.  I'm drawing blank here a little bit but I think they turned out ok.  Taking a bailout CEO at face value, come on.

Remember, selling now basically guarantees capital gains tax next year and generally takes a week to turn around into your bank account, or at least it would for me. Panic-selling now on the off chance that I can buy back 2% better a week from now isn't worth it to me.  This isn't about daytrading.  
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I have no dog in this fight, but wat? These things have been moving 2% in an hour...

 
humpback said:
I have no dog in this fight, but wat? These things have been moving 2% in an hour...
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There's really no telling what it'll do in a week's time.  Could be up or down 20%.  Not really trying to play that game, unless it flattens at ATH for a couple days.  See u in 2018 

 
ren hoek said:
There's really no telling what it'll do in a week's time.  Could be up or down 20%.  Not really trying to play that game, unless it flattens at ATH for a couple days.  See u in 2018 
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Yeah, that's my point. You wrote "off chance" at 2% better.

 
humpback said:
Yeah, that's my point. You wrote "off chance" at 2% better.
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2%, 20%, doesn't matter.  I'm not smart enough to forecast where it'll be a week from now.  One downfall of keeping everything in a hardware wallet is that I can't just trade willynilly even if I wanted to.  There is some high-risk investment but there is also long-term store of value for me looking way beyond 2017.  

 
ren hoek said:
There's really no telling what it'll do in a week's time.  Could be up or down 20%.  Not really trying to play that game, unless it flattens at ATH for a couple days.  See u in 2018 
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At the intersection begging for change.

 
ren hoek said:
2%, 20%, doesn't matter.  I'm not smart enough to forecast where it'll be a week from now.  One downfall of keeping everything in a hardware wallet is that I can't just trade willynilly even if I wanted to.  There is some high-risk investment but there is also long-term store of value for me looking way beyond 2017.  
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Of course it matters, it completely changes your risk/reward. Taking a "gamble" if you think your upside is "an off chance" at 2% better prices doesn't make sense. 20% (or much more) potential upside is a very different story.

 
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