Cryptocurrency Crash

I understand the point you’re trying to make. You’re saying if you buy 1 BTC for $50,000 and it crashes to $500 next week you’ve still got 1 BTC so you’ve lost nothing. My investment portfolio reports things slightly different to that (it reports P&L on the front page each quarter as it goes) but that’s fine, you keep on HODL’ing 👍
 
B-Man said:
I understand the point you’re trying to make. You’re saying if you buy 1 BTC for $50,000 and it crashes to $500 next week you’ve still got 1 BTC so you’ve lost nothing. My investment portfolio reports things slightly different to that (it reports P&L on the front page each quarter as it goes) but that’s fine, you keep on HODL’ing 👍
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Finally 👍🏻😀
my investment portfolio just has a green arrow pointing up with the amount.
individual shares transactions are logged the same, I have a few that are down, so waiting for them to go up more than what I bought them for.
sitting tight 😉
 
It does crack me up how angry people get about crypto, fair enough if you're offering advice like @Andy_W but if you're just here to mouth off then I don't really understand that. Plenty of stuff I'm not into on the board but I don't go in those threads giving it the biggun about something I know nothing about.

The point about not losing anything until you sell is absolutely correct, not sure why that is so difficult to understand. Your portfolio can be down in value but you haven't lost anything.
 
No luck needed, I’m leaving it for the kids so it doesn’t matter whether it goes up or down. Nobody loses a penny 😂
 
Take the lead from HMRC. You don't pay tax until you realise a gain so the same applies to a loss.

If you buy something with a 10 year timeframe then what happens day to day, week to week and even year to year is mostly irrelevant. You can try and time a market and get in and out at the right time which is notoriously difficult or you can hold until you hit your desired exit point.
 
I've often looked at it but never taken the plunge as I never felt I understood it well enough. To me as an outsider, it seems like the Dutch tulip investment all over again and I rank it (in my mildly understood way) alongside NFT's as something that isn't sustainable.

Having said that, I have taken an interest in Chia recently which is a bit different.
 
Nano said:
Take the lead from HMRC. You don't pay tax until you realise a gain so the same applies to a loss.

If you buy something with a 10 year timeframe then what happens day to day, week to week and even year to year is mostly irrelevant. You can try and time a market and get in and out at the right time which is notoriously difficult or you can hold until you hit your desired exit point.
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That’s about when you realise a gain or a loss. If you bought a load of Bitcoin on Thursday and still have it, you are worth less than you were then.
 
BaronSmoggie said:
I've often looked at it but never taken the plunge as I never felt I understood it well enough. To me as an outsider, it seems like the Dutch tulip investment all over again and I rank it (in my mildly understood way) alongside NFT's as something that isn't sustainable.

Having said that, I have taken an interest in Chia recently which is a bit different.
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NFT's could actually be super useful but seems to have turned into a meme/art thing at the moment which makes it a minefield to navigate. I've never bothered with it but it has a ton of use cases.
 
B-Man said:
That’s about when you realise a gain or a loss. If you bought a load of Bitcoin on Thursday and still have it, you are worth less than you were then.
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Not really. If you bought a car on Thursday would you say you have lost money? What about if you booked a holiday? You have a car/holiday. If you bought the Bitcoin and intended to use/sell it in 2023 then you have lost nothing yet. You wouldn't get your money back if you tried to sell it today but nothing has been lost.
 
Chappy112 said:
It does crack me up how angry people get about crypto, fair enough if you're offering advice like @Andy_W but if you're just here to mouth off then I don't really understand that. Plenty of stuff I'm not into on the board but I don't go in those threads giving it the biggun about something I know nothing about.

The point about not losing anything until you sell is absolutely correct, not sure why that is so difficult to understand. Your portfolio can be down in value but you haven't lost anything.
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Sirius

they lost it all in the end. But as you say they lost nothing at all until then.
 
HundredRoom said:
Sirius

they lost it all in the end. But as you say they lost nothing at all until then.
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Crypto isn't one coin. Sure, there are 100s of coin crypto coins/tokens that will go to 0 but crypto as a whole won't. Sirius is a single mine, you wouldn't dismiss mining as an industry.
 
Some will go to zero, but isn’t that the reason for researching the project before buying in?

I’ve been on this and the old forum since almost the beginning and it shouldn’t, but it still surprises me how many people think others that don’t agree with them are idiots. And come across as quite nasty at times, even when they’re clearly clueless on the subject.

Hundred room telling me I’ve lost 60% in the last 6 months when I didn’t start until August when I bought something for $12.50 which is this morning $66. And I’ve never even owned any Bitcoin. Having absolute digs at me without really reading my posts or he wouldn’t have made such a howler. Yet I post codswallop? 😊

It’s fun for me. Using my own money (as in not mine and my wife’s) so why he’s so upset about it is confusing. People eh?
 
Gains said:
Some will go to zero, but isn’t that the reason for researching the project before buying in?

I’ve been on this and the old forum since almost the beginning and it shouldn’t, but it still surprises me how many people think others that don’t agree with them are idiots. And come across as quite nasty at times, even when they’re clearly clueless on the subject.

Hundred room telling me I’ve lost 60% in the last 6 months when I didn’t start until August when I bought something for $12.50 which is this morning $66. And I’ve never even owned any Bitcoin. Having absolute digs at me without really reading my posts or he wouldn’t have made such a howler. Yet I post codswallop? 😊

It’s fun for me. Using my own money (as in not mine and my wife’s) so why he’s so upset about it is confusing. People eh?
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yes you are right the 50% loss number I quoted didnt happen in 6 months it actually only took 2 months.

My other mistake was to assume you might be playing with a bit more than 12.5 $

You started in August did you ? -
These boots are made for walking
 
HundredRoom said:
yes you are right the 50% loss number I quoted didnt happen in 6 months it actually only took 2 months.

My other mistake was to assume you might be playing with a bit more than 12.5 $

You started in August did you ? -
These boots are made for walking
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😆 More howlers. Give it up mate.
 
Gains said:
Some will go to zero, but isn’t that the reason for researching the project before buying in?

I’ve been on this and the old forum since almost the beginning and it shouldn’t, but it still surprises me how many people think others that don’t agree with them are idiots. And come across as quite nasty at times, even when they’re clearly clueless on the subject.

Hundred room telling me I’ve lost 60% in the last 6 months when I didn’t start until August when I bought something for $12.50 which is this morning $66. And I’ve never even owned any Bitcoin. Having absolute digs at me without really reading my posts or he wouldn’t have made such a howler. Yet I post codswallop? 😊

It’s fun for me. Using my own money (as in not mine and my wife’s) so why he’s so upset about it is confusing. People eh?
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HundredRoom said:
yes you are right the 50% loss number I quoted didnt happen in 6 months it actually only took 2 months.

My other mistake was to assume you might be playing with a bit more than 12.5 $

You started in August did you ? -
These boots are made for walking
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Never called you an idiot and not been nasty unless you would like to pint out to me where I did.
 
HundredRoom said:
Never called you an idiot and not been nasty unless you would like to pint out to me where I did.
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You said my first post on this thread was codswallop. You told me what I should learn. For some unknown reason you told me what I'd lost and ridiculed that I suggested I'd buy some more while the price is low. It all comes across as quite nasty and almost aggressive pal. Like you think people who are doing it are idiots, it's how it reads.

You don't agree and that's cool. Happy to chat about that if you want, that's what it's all about here isn't it? Not berating people you don't agree with.
 
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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I think the problem is confusing cryptocurrency with blockchain technology.

Cryptocurrency is not a get rich quick scheme anymore (it used to be), and there are well over 8,000 types of cryptocurrencies, 7,990 of them are probably absolute rubbish.
I agree that for every 1 winner there will be 10 losers, and if you don't know what you're doing you will 100% eventually become one of the losers.

I also agree that there's no real point in "crypto".

BLOCKCHAIN TECH however, is the future of secure transactions. It's already being used all over the world for the secure transmission of medical data, music royalties, voting systems, logistics tracking, "internet of things" systems, and probably hundreds of other things.
 
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