Cryptocurrency Crash

Gains said:
Why are you making things up?
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Nov 10 Bitcoin 68901 $
right now 34344 $
loss = 50.15 %


or do you think I made that fact up ?

dont call me co*k sonny


jan 20 43437 $

right now 34344 $

loss = 20.9 %

or do you think I made that fact up ?

dont call me co*k sonny

and those 2 facts explain the codswallop remark
 
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Gains said:
It's gambling, not investment. The poor house? What are you on about? Seriously, are you drunk?

The fact you've decided to pick on what I say tells me something that has zero to do with you has got you rattled, why I don't know. Maybe it's spilled over from some other thread at some point, but as I said earlier, any need to be such a c**k?
And how likely do you think I am to do anything you say? See you in the poor house big lad, you and your risk management 😆
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What rattles me is that people posting incorrect information about easy money to be made trading crypto is that some people will believe you and lose money that they can not afford to lose. Your last 3 posts are just name calling insults which is good because it exposes what you are.
 
HundredRoom said:
Nov 10 Bitcoin 68901 $
right now 34344 $
loss = 50.15 %


or do you think I made that fact up ?

dont call me co*k sonny


jan 20 43437 $

right now 34344 $

loss = 20.9 %

or do you think I made that fact up ?

dont call me co*k sonny

and those 2 facts explain the codswallop remark
Click to expand...

I don’t own any Bitcoin. But you’re acting like one.
 
HundredRoom said:
What rattles me is that people posting incorrect information about easy money to be made trading crypto is that some people will believe you and lose money that they can not afford to lose. Your last 3 posts are just name calling insults which is good because it exposes what you are.
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As I said, you’re acting like that so I stated you were, you had already exposed yourself for what you are, a quite angry man.

I commented on a thread because I have an interest in what’s being discussed, that’s what it’s about here isn’t it? Or do you approve everything posted? I didn’t expect to upset anyone but some people are easily offended, and as I posted originally, I would only use disposable money like some people bet on horses or go to the casino.
From that you think somebody will read my post on a footy board and go out and spend money they can’t afford??

Come on mate, take it easy, can’t be pleasant being on such a short fuse.
 
B-Man said:
You only make a loss if you sell is one of the most stupid things I’ve ever heard 😂
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Really?
i bought £1000 of shares on Monday they went up 20% on Tuesday
they went down 20% on Wednesday
how much did I lose?
 
Ash88 said:
I totally agree, it wasn't a mistake to pull out, and I actually made a lot more than 7x as I didn't invest in BTC itself, I just use the BTC price as an indicator because the overall marketcap follows the BTC price.
A little bit gutted I didn't jump back in at 3k, but hindsight is a wonderful thing. I now only own 1 ETH (and have for the past 4 years, since it was ~£200 haha).

1. Every time throughout the history of Bitcoin, every time there is a major rise like what has just occurred, it's followed by a 30% "correction". It's the same in the stock market.
Over the last couple of weeks it's been slightly more than 30%? but the rise has also been higher and faster than ever before too, so that's my reasoning behind my scenario #1.

2. I don't believe it will go up 2.3x within the next 9 months. My predictions, and it's all total opinion, are either #1: a short term rise back up to £45-50k, then continue on a steady path, or #2: another "crypto winter", the same as in 2018 where the price continues to fall, probably to the $10,000 region, everyone thinks it's dead for 2-3 years, while the rich traders stock up on more, before another media hype, new **** to base the hype off (like NFTs) and then a rise higher than ever before.

For your scenarios...
#3 - We are 100% in a tech bubble which will burst (possibly already has, my tech stocks have took an absolute battering this month)... but blockchain tech is growing beyond regular tech into pretty much every other market, so although it will be massively affected when the bubble bursts, I believe it'll just flatline and play into my scenario #2.
#4 - Over 90% of all BTC has already been mined, and it'll cost more to mine the final 10% than it will to mine the previous 90% around 10x over (totally made up figures but you get the idea).
It hasn't gone to the floor since China banned it, it's gone to the floor because people THOUGHT it was going to the floor when China banned, then they sold it, which in turn makes it go to the floor.
It's called "buying the rumour, selling the news". Mining has very little influence on the price, it's all media hype and has been since the early days.
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You seem to know what you're on about, but the below is more for the benefit of others too, as this needs to be considered both ways, not just like an easy get rich quick scheme with little risk.

I'd be careful calling it a correction, eventually one will likely be a realisation and it could well go to near zero, this is where it massively differs from stocks, the risk of zero with those is far less if people are sensible. Past performance isn't a predictor of the future etc, it needs something to back that up. Obviously tech stock is overvalued, but a lot of that is pricing in for the future which is relatively predictable.

Yeah, the price of crypto is what people are willing to pay and sell for, but it's hard to understand why one coin is 20,000 or 60,000 USD etc.

For every one winner there will be 10 losers, especially when major names do blatant pump and dumps.

I just read that there's 8,000 types of crypto now, the vast majority of those will of course fail, and the fact there's so many makes it less likely that any will be able to "make it".

I don't really see the point in Crypto, other than for crime, albeit that might be a reason to invest in it, but would be a bit wrong morally. Can't see how it can be used for transactions as aren't they very slow, with large fees? Putting loads of money in something unregulated seems extremely risky too.
 
HundredRoom said:
simple you lost 20% between tuesday and wed
does that need an explanaton
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cheers, we already established my shares went down in value, but I haven’t actually lost anything, my house has also gone down in value, lost nothing on that either 👍🏻
 
Andy_W said:
You seem to know what you're on about, but the below is more for the benefit of others too, as this needs to be considered both ways, not just like an easy get rich quick scheme with little risk.

I'd be careful calling it a correction, eventually one will likely be a realisation and it could well go to near zero, this is where it massively differs from stocks, the risk of zero with those is far less if people are sensible. Past performance isn't a predictor of the future etc, it needs something to back that up. Obviously tech stock is overvalued, but a lot of that is pricing in for the future which is relatively predictable.

Yeah, the price of crypto is what people are willing to pay and sell for, but it's hard to understand why one coin is 20,000 or 60,000 USD etc.

For every one winner there will be 10 losers, especially when major names do blatant pump and dumps.

I just read that there's 8,000 types of crypto now, the vast majority of those will of course fail, and the fact there's so many makes it less likely that any will be able to "make it".

I don't really see the point in Crypto, other than for crime, albeit that might be a reason to invest in it, but would be a bit wrong morally. Can't see how it can be used for transactions as aren't they very slow, with large fees? Putting loads of money in something unregulated seems extremely risky too.
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A lot of what you've written is of course correct - if things go to zero you lose your stake, one reason why people have a portfolio not just a basket of one egg (so to speak) and a great many crypto projects will fail - or will have been built to fail (rug pulls etc)

As for what a particular crypto coin or NFT etc is worth, like most things including fashion, cars, furniture etc some are seen as high profile or have something new that is being built that will be better then the competition. That leads me nicely to transactions, if you look at some of the older projects they definitely have issues with speed and cost - Ethereum is one such (they are trying to address it) and other projects have been built that work at different layers to speed up the transactions and they can be very cheap, I've used TRON to transfer funds to a central place to get then into a hardware wallet for as little as $1 per transaction.

The narrative that it is a huge crime dumpster has been checked a number of times and demonstrated a falsehood - it is used in some cases for sure, but then fiat is used for that purpose a great deal more - how many banks have been accused and fined for their money laundering?

As for the unregulated bit, that has largely been the attraction, once regulated it becomes like fiat whereby it is controlled, the returns in the bull times can (I stress can because it is always risky) be significant whilst unregulated and huge losses whilst the bear reigns are being seen now I think $1.5 trillion has been mentioned.

I am not an advocate of crypto being for everyone, I put a lot of time and effort into making not a lot of money out of it - though I don't know another way in the last year where I'd have gotten such a return - maybe stocks/shares but that is just as risky to a novice. Anyone adverse to it is probably right to have doubts about the foundation it is built on, but blockchain is here to stay and some of these projects will pay - like any sort of speculation, it's just finding the ones that will.

Here's a short Forbes article on crypto and crime with some figures if anyone is interested...

www.forbes.com

The False Narrative Of Bitcoin’s Role In Illicit Activity

The majority of cryptocurrency is not used for criminal activity. According to an excerpt from Chainalysis’ 2021 report, in 2020, criminal activity only represented .34% of all cryptocurrency transaction volume.
www.forbes.com www.forbes.com
 
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