So this is just like my fucking opinion, dude

submitted by [deleted] from self.cryptocurrency

This is exactly what the crypto market looks like before a major dip. Everyone is excited because it's like we're printing money and it attracts a bunch of noobs.

But people like me are thinking I been through this before. A few times. It's gotten to be more than I'd like to admit.

But finally I'm thinking maybe we should be dollar cost averaging in reverse. Is there a name for that?

I don't know how these ridiculous returns are going to go on, but depending on when you jumped in -- this is still a recovery.

And the last time this happened....

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newinsightfulfun

[–][deleted] 3 insightful - 2 fun3 insightful - 1 fun4 insightful - 2 fun -  (13 children)

I rode out the last BTC dip in USDC. I didn't track things very well, but I think I came out ahead. You could certainly make a transition like this in stages, like dollar cost averaging. I'll be watching for the next top.

[–][deleted] 3 insightful - 2 fun3 insightful - 1 fun4 insightful - 2 fun -  (12 children)

I got laughed at on the crypto discord for saying this, but I think ETH is the new BTC. It's superior in every way. And it's not perfect which is where alt coins come in.

I got out of btc a while ago.

[–][deleted] 3 insightful - 2 fun3 insightful - 1 fun4 insightful - 2 fun -  (9 children)

I get confused and stuck because they seem to all rise and fall together.

[–][deleted] 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (0 children)

Yeah, they're all based on USD. I don't think anyone actually acknowledges that. And there's a legacy link to btc that's dying as that coin becomes even more irrelevant but it's still there.

But I can't explain all the market moves. It's like a monster, it does what it wants. It's fun when it's not costing me money.

[–][deleted]  (5 children)

[deleted]

    [–][deleted] 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (4 children)

    shh, the profitable traders are talking.

    [–]PastorJohnny 1 insightful - 2 fun1 insightful - 1 fun2 insightful - 2 fun -  (2 children)

    this is what the problem is with this assmonkey admin..

    he is not a profitable trader.. as a trader, his head is shoved up his ass.

    he doesnt have a clue.. he thinks haskell is a legit programming language.

    douche.

    stay the fuck away from me, you douche fucking faggot.

    when you die, send me an email alert so i can bake a cake.

    [–][deleted] 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (1 child)

    im way too dumb for functional programming, duh. im a scripter.

    [–]PastorJohnny 1 insightful - 2 fun1 insightful - 1 fun2 insightful - 2 fun -  (0 children)

    no, you are way too dumb to take off the diaper and engage me in an intelligent conversation.

    [–][deleted] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (1 child)

    I was on the r/Cryptocurrency discord channel and I mentioned eth was the new BTC. Kinda figured that was just like saying "nice weather." It's stupid and obvious. Oh no... They got mad. I can't imagine being invested in btc right now, or really ever again. It's just a figure head, it doesn't do anything. Eth has serious problems but it has problems because people are trying to do things with it. Nobody cares about btc. It doesn't do anything.

    [–]UnexpectedTransmissi 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (1 child)

    I wouldn't underestimate the power of Bitcoins brand.

    That, and layer 2 solutions can do what Ethereum does... Plus Ethereum gas fees are insane. Layer 2/sidechains may be the only way to scale effectively.

    [–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

    Really because BTC doesn't do anything. It's just a figure head. If you like that codebase for some particular reason there's ltc for a fraction of the price.

    Plus Ethereum gas fees are insane.

    That is incredibly true. Eth2 might fix that.

    Layer 2/sidechains may be the only way to scale effectively

    And that's why things like matic have any value.

    But it's not better for btc, just nobody needs to actually do anything with btc so it doesn't matter. That's not a good thing imo.

    [–][deleted] 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (14 children)

    Good things are given on free will. Not payed for.

    You still don't get it, do you now ?

    You can buy shit. But you never can buy anything that is of use for you. This requires these goods to be given .

    Because "use" directly relates with "intent".

    [–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (13 children)

    Hah, how do you feel now?

    [–][deleted] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (12 children)

    I just gave my personal sword to a person with tree chromosomes.

    You really think i ever need more than a knife ?

    I am poisonous. You mostly are a joke,

    [–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (11 children)

    You mostly are a joke,

    Don't be mean Eli, I'm sensitive.

    [–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (10 children)

    Its called truthful, nigga.

    [–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (9 children)

    I'm asking you nicely.

    [–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (8 children)

    So what do you do if i don't play nice ? Shoot me ? I mean like i get that curveballs aren't exactly your strong suit.

    But i was in artillery. So https://en.wikipedia.org/wiki/Shell_shock doesn't quite apply to me.

    [–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (7 children)

    I know you're having a hard time right now. I don't want to kick a man when he's down. I'm not going to do anything besides ask you nicely to treat me well as you should do for every person.

    If you want to talk, I'm here dude.

    [–][deleted] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (6 children)

    i know you are. That is why am still here. Mostly for you. So far did i kick so hard ?

    I mean like: Did i ?

    I am sry anyways even when i can't feel this. Take this: https://www.youtube.com/watch?v=y4bTi8mpWpI

    And this one: https://www.youtube.com/watch?v=ghb6eDopW8I .

    I do Haskell in fact. Did you know ?

    [–][deleted] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (5 children)

    Oh wow, I really like that song. You're giving me suicide vibes, or maybe it's the song, or maybe it's just all this goddamned vodka. You ok?

    You're stayed here for me? That's really touching if you're not fucking with me.

    I didn't know Haskell was a language until I googled it. Looks like C. I taught myself Pascal then C and assembly. I have an idiot savant talent for diagnosing complex systems. I'm good at figuring out what's wrong with cars, although I'm otherwise mechanically inept (thank god for yt vids), people's medical problems, and bugs in hundreds of thousands of lines of code. I guess that's how I predicted this crypto crash.

    Anyways, I got burned out in college. I haven't touched a compiler in well over a decade.

    How's your situation going if you don't mind me asking? I am legally a reverend in case that's relevant to any potential ongoing legal situation, I'd think clergy privilege would apply.

    [–][deleted] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (1 child)

    A really good question.

    IMHO: look as much as possible at websites and analyst groups that do not appear to be biased. Much of the crypto news is from heavily biased sources. I'd want to know about advisors who are critical of crypto at the moment.

    Bloomberg LOVES crypto at the moment, which is worrying, given their connections and what they should know about this volitile investment.

    There's this: https://inews.co.uk/news/business/bitcoin-cryptocurrency-price-value-high-milestone-future-prospects-latest-874925

    The FT recently addressed this question: https://www.ft.com/content/54769cac-0a8f-4482-9c5f-0c78a1eb4e7b

    The Wall Street Journal hasn't been trustworthy since the time Murdoch bought it.

    Forbes is clickbait, much like the Guardian (newspaper) of the financial world.

    These are supposedly the best resources on Crypto news (but biased?): https://medium.com/@cryptoresearch/top-5-best-crypto-news-websites-you-should-be-reading-ac7168988a3f

    My view is - if you're in the US - to follow what the US Federal Reserve is doing. The pace of US inflation has picked up, but the Fed hasn't done anything about it (yet). More here: https://www.ft.com/content/234a9b90-e4f6-4b59-9e39-c6e34ac78276 My view is that crypto volitility developes when the Fed has to make adjustments to the market. Because the consumer price index had jumped to 5.4%, we should see a market correction unless prices drop. Any necessity for market corrections will have an impact on confidence in crypto. There will be more bubbles. The only question is: when. A: most likely when confidence in the crypto market drops, due to any number of market variables that would make the exchange for crypto more difficult. Personally, I wouldn't invest much in it, and especially not an amount that I would miss if I lost it. Before Biden leaves office, I'd sell, if not sooner, IMHO.

    [–][deleted] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

    IMHO: look as much as possible at websites and analyst groups that do not appear to be biased

    There really aren't any. It took me a while to notice, but they're basically ads. That resource on medium you listed, I read a few of those like coindesk and coin telegraph. Even those you have to view with a critical eye. And it pains me to say, but reddit is probably the best source you can find. You have to separate the chaff from the wheat though and that's not something a beginner knows how to do. Discord is one they didn't mention, but same problem.

    Any necessity for market corrections will have an impact on confidence in crypto.

    I've been thinking about that recently. In one way people might want to move to crypto to avoid inflation in USD, but... More than confidence, all cryptos are essentially tied to USD indirectly.

    Personally, I wouldn't invest much in it, and especially not an amount that I would miss if I lost it.

    I think that's smart. I'm not playing with much myself but what I'm trying to do is the same thing you do in poker when you're short stacked. Hold your money till you have the best odds as far as you can tell and just go for it. In poker you lose all your money on a bad bet, here you only lose a %. But you take your wins and try to build them up into something that is considerable.

    I'm basically just playing with the stimulus money.

    And what better way to do that, and scratch my gambling itch, than a insanely highly volatile market.

    [–][deleted] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (2 children)

    i got a machete. You surely liked that better now, aint you ?

    My money is well invested. And since i know there is an idiot or "chad"-gene, i have profited ever since.

    If you are an idiot don't invest. That easy it is. Thanks, Chad.

    [–][deleted] 1 insightful - 2 fun1 insightful - 1 fun2 insightful - 2 fun -  (1 child)

    I don't really understand this but it's Eli so upvoted.

    [–][deleted] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

    Thanks. I was wed with an "Ginnifer" ever since.

    Men who understand are quite seldom. Women even more. Linguistics like math: isn't made to be disputed.

    What you did is trust. I can respect that.

    [–]Ponderer 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (6 children)

    Aside from Ethereum, what else has been pumping?

    [–][deleted] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (5 children)

    Xlm,ltc, link, eos, SOL are some of my notable investment.

    [–]Ponderer 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (4 children)

    Thanks. SOL seems to have gone up a ton, is there any particular reason why? Also do you think most of those still have a lot of potential?

    [–]UnexpectedTransmissi 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (2 children)

    Sol does "proof of history" and as a result has many more transactions per sec... As far as I understand

    [–]Ponderer 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

    Thanks, do you see it as still going up a lot from here?

    [–]UnexpectedTransmissi 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

    I'd say it has a 5-10% chance of being the commonly used chain

    [–][deleted] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

    Sol's stellar rise is pretty inexplicable to me. I don't know what's driving it. I'm just happy I bought some.