Arcticdude
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Don't trust it. I'll stick to what has always worked for me. I've done very good in real estate and the stock market. I don't do risky investment's anymore.
If you have cryptocurrencies in Binance, may want to move them out...
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Maverick
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Here is what looks like as of today.
This is what a "falling knife" looks like. If you bought in at the $12500 dip thinking you were catching it at the bottom, you would probably not have sold when it got up to near $17500. Instead of "catching it," it sliced right through your hand and kept falling. The support trend (red line), which was predictable before, has now collapsed, meaning there are no longer any reliable trends. There are no "fundamentals" like there are with precious metals or stocks. So the future of Bitcoin is now completely dependent on psychology instead of economics. Unlike gold, there is no base support level. When gold falls below the cost of mining and refining it, the mines close, choking off the supply. It would be virtually impossible for gold to go to zero.
Brent S
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I agree with liking more tangible assets like real estate and physical things you can hold and touch. I do think that any good portfolio should have a good mix of assets though. As the old saying goes, don’t put all all your eggs in one basket. I do know one thing, a lot of people have gotten rich with bitcoin. Even small investments early on made some people very rich.
Brent S
Top Poster
Even the stock market has its risks. The Dow has taken a beating in the last couple days. It dropped 1200 points just today, or almost 5%.
Maverick
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Though the Dow going down is actually a good thing, it need to head towards correction and back down to reality. Though I fear inflation may fallow all the good economic news. I am wondering what’s fueling the crypto currency spiraling down?
Squirtgunsquirter
Demi-God
Crypto went back up after the 3 PM market crash. Back to where they were before the dip.
BTFD? Seems dangerous...
BTFD? Seems dangerous...
Stock market people have known for a while that a correction had to occur in the stock market sooner or later. I saw this coming and converted all my stocks to a cash position a while back, and have been waiting for this before I jumped back in.
Don't listen to the analysts in the mainstream media, they have an axe to grind. I believe that what we are seeing is a return to a fundamentally sound stock market after years of a bull market that was disconnected from reality and being artificially propped up with "helicopter money." Years of plenty on Wall Street but pain and suffering on Main Street. Good economic news is what is driving down the overinflated stock market. The fundamentals are all good for the economy. Real wages are up, companies are hiring, quarterly profits are good. This leads to higher interest, higher inflation, and the end of the "helicopter money." I think what you are seeing are withdrawal symptoms of going cold turkey on the "helicopter money" they have been addicted to for so long.
Don't listen to the analysts in the mainstream media, they have an axe to grind. I believe that what we are seeing is a return to a fundamentally sound stock market after years of a bull market that was disconnected from reality and being artificially propped up with "helicopter money." Years of plenty on Wall Street but pain and suffering on Main Street. Good economic news is what is driving down the overinflated stock market. The fundamentals are all good for the economy. Real wages are up, companies are hiring, quarterly profits are good. This leads to higher interest, higher inflation, and the end of the "helicopter money." I think what you are seeing are withdrawal symptoms of going cold turkey on the "helicopter money" they have been addicted to for so long.
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Maverick
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Some Bitcoin slang:
1. HODL
Example: "Stay strong, HODL even when the price drops."
In early bitcoin forums, someone posted a message that spelled the word "hold" wrong, and readers interpreted it as an acronym "hold on for dear life," Saddington explains. "Now, it's become a meme of sorts, so that when the prices are highly volatile, bitcoin buyers say 'HODL!'" Saddington describes himself as "a long-term HODLER."
2. FUD
Example: "If someone tells you bitcoin is a bubble, they just have FUD."
This one is simple, Saddington says. FUD means "fear, uncertainty and doubt." Bitcoin followers advise to HODL your coins despite the FUD of those outside the community.
3. Sats
Example: "How many sats are you buying at this price?"
"Sats" is short for "satoshis," a term derived from the first name of bitcoin's mysterious creator, Satoshi Nakamoto. It refers to the smallest fraction of a bitcoin that can be sent, which is 0.00000001 of a bitcoin. Instead of looking at bitcoin in terms of a dollar value, "real traders look at sats, or satoshis," says Saddington.
4. Whale
Example: "There must be a whale behind this coin's movement."
"A whale is someone who owns a lot of cryptocurrency," Saddington says. "According to statistics and the addresses that you can find online — because bitcoin isn't truly anonymous; you can actually find the whales — these are the people who own a ton of bitcoin. We're talking about like hundreds of thousands of bitcoin or more."
If a "whale" sells a lot of their stake, it can cause the price of a cryptocurrency to dip by flooding supply, he explains.
5. Pump and dump
Example: "This coin's chart looks like it was a pump and dump."
"Pump and dumpers are people who often say, 'Hey, let's all of us together pump this coin,' which means buy the coin, create the demand in the market, the coin will go up in value," Saddington says. Then, everyone "dumps" the coin and sells.
These schemes are often orchestrated through apps like Slack or Telegram, he adds, and advises curious chatroom readers to beware of such gimmicks. An investigation into "pump and dump" schemes by Business Insider found the practice to be an "open secret among many cryptocurrency traders."
6. Bagholders
Example: "I think this coin is going to sell off, and someone's going to be left as the bagholder."
"A bagholder, essentially, is a very unfortunate soul who at the end of the day — maybe from a pump and dump — who got 'held with the bag,' which means they wanted to sell at a higher price, but the market moved too fast," Saddington says. Then, that person is left with "a coin they don't want at a price they can't sell it [at]."
7. Mooning
Example: "Ripple is mooning!"
If something is "mooning," that means a coin's price is experiencing a spike. "That is often what you'll see on Twitter, or social media sites," he says. "That is one term that I don't enjoy."
Crypto-watchers will often get excited about minor bumps in price and boast that their coin is headed "to the moon," Saddington says, sometimes only in an effort to inflate the price for their own gain.
"I think mooning is one of those terms I'd like to remove from the general vernacular," he says.
https://www.cnbc.com/2018/01/23/what-hodl-whale-and-other-cryptocurrency-slang-terms-mean.html
1. HODL
Example: "Stay strong, HODL even when the price drops."
In early bitcoin forums, someone posted a message that spelled the word "hold" wrong, and readers interpreted it as an acronym "hold on for dear life," Saddington explains. "Now, it's become a meme of sorts, so that when the prices are highly volatile, bitcoin buyers say 'HODL!'" Saddington describes himself as "a long-term HODLER."
2. FUD
Example: "If someone tells you bitcoin is a bubble, they just have FUD."
This one is simple, Saddington says. FUD means "fear, uncertainty and doubt." Bitcoin followers advise to HODL your coins despite the FUD of those outside the community.
3. Sats
Example: "How many sats are you buying at this price?"
"Sats" is short for "satoshis," a term derived from the first name of bitcoin's mysterious creator, Satoshi Nakamoto. It refers to the smallest fraction of a bitcoin that can be sent, which is 0.00000001 of a bitcoin. Instead of looking at bitcoin in terms of a dollar value, "real traders look at sats, or satoshis," says Saddington.
4. Whale
Example: "There must be a whale behind this coin's movement."
"A whale is someone who owns a lot of cryptocurrency," Saddington says. "According to statistics and the addresses that you can find online — because bitcoin isn't truly anonymous; you can actually find the whales — these are the people who own a ton of bitcoin. We're talking about like hundreds of thousands of bitcoin or more."
If a "whale" sells a lot of their stake, it can cause the price of a cryptocurrency to dip by flooding supply, he explains.
5. Pump and dump
Example: "This coin's chart looks like it was a pump and dump."
"Pump and dumpers are people who often say, 'Hey, let's all of us together pump this coin,' which means buy the coin, create the demand in the market, the coin will go up in value," Saddington says. Then, everyone "dumps" the coin and sells.
These schemes are often orchestrated through apps like Slack or Telegram, he adds, and advises curious chatroom readers to beware of such gimmicks. An investigation into "pump and dump" schemes by Business Insider found the practice to be an "open secret among many cryptocurrency traders."
6. Bagholders
Example: "I think this coin is going to sell off, and someone's going to be left as the bagholder."
"A bagholder, essentially, is a very unfortunate soul who at the end of the day — maybe from a pump and dump — who got 'held with the bag,' which means they wanted to sell at a higher price, but the market moved too fast," Saddington says. Then, that person is left with "a coin they don't want at a price they can't sell it [at]."
7. Mooning
Example: "Ripple is mooning!"
If something is "mooning," that means a coin's price is experiencing a spike. "That is often what you'll see on Twitter, or social media sites," he says. "That is one term that I don't enjoy."
Crypto-watchers will often get excited about minor bumps in price and boast that their coin is headed "to the moon," Saddington says, sometimes only in an effort to inflate the price for their own gain.
"I think mooning is one of those terms I'd like to remove from the general vernacular," he says.
https://www.cnbc.com/2018/01/23/what-hodl-whale-and-other-cryptocurrency-slang-terms-mean.html
Here is what that "recovery" looks like on a 3 month chart - that little uptick at the end. For it even to be the least bit encouraging, it would have to get back above the previous support trend (red line - which is going down itself)
Here is my prediction: The next few days will make or break Bitcoin. If it can't get a rising or even level support trend going soon, it's doomed. People are already predicting Bitcoin diehards will HODL all the way to zero, and that this will go down in history as the "Mother of all bubbles."
Squirtgunsquirter
Demi-God
Imagine that you bought at $18k. What else could you do but HODL?
I know on Zerohedge, a lot of the bitcoin guys are putting on a brave face. There was a narrow window to make a load of money off bitcoin, I missed it by never buying in. Would I have been smart enough to get out at the top? Unlikely.
I know on Zerohedge, a lot of the bitcoin guys are putting on a brave face. There was a narrow window to make a load of money off bitcoin, I missed it by never buying in. Would I have been smart enough to get out at the top? Unlikely.
I think the closest thing to the Bitcoin bubble is when the Hunt brothers tried to corner the silver market in 1980. Silver went from $6 an ounce to $50 an ounce in one year, then rapidly collapsed.
Gold, silver, and platinum went through a similar cycle a few years ago.
Gold, silver, and platinum went through a similar cycle a few years ago.
Brent S
Top Poster
I believe it’s all over China and India threatening delegitimization of it. I think japan and s Korea have an impact as well. Face it, governments are threatened by something they aren’t assured their cut from.
Arcticdude
Top Poster
In the late 90's I bought a large amount (for me anyway) of palladium at less than $200 oz. In a short time it shot up to over a thousand dollars per ounce. And just about as fast as it went up it dropped like a rock, lost almost $800 an oz. Today it's back up to around $1000 oz again. Any investment can be risky, but some are so risky that you better have a strong stomach before investing, and know when to sell.
I made a modest profit on palladium. Lost my shirt on platinum though. Good thing I only bought a little.
Y'all might want to read the Wikipedia article about the "Greater Fool Theory". It is still just a theory, but gaining acceptance as a model of how speculative bubbles happen. Notice one of the links at the bottom of the article is to the article about Bitcoin LMAO
https://en.wikipedia.org/wiki/Greater_fool_theory
Basically, people buy into a speculative bubble are fools, but hope to find a bigger fool to sell to. At some point, there aren't any bigger fools out there (usually due to some event that shakes investor confidence) and it collapses.
OH, and I might have been wrong about the Hunt brothers fiasco being the closest thing to what is happening with cryptocurrencies. We may be seeing a repeat of "Tulip Mania."
https://en.wikipedia.org/wiki/Tulip_mania
https://en.wikipedia.org/wiki/Greater_fool_theory
Basically, people buy into a speculative bubble are fools, but hope to find a bigger fool to sell to. At some point, there aren't any bigger fools out there (usually due to some event that shakes investor confidence) and it collapses.
OH, and I might have been wrong about the Hunt brothers fiasco being the closest thing to what is happening with cryptocurrencies. We may be seeing a repeat of "Tulip Mania."
https://en.wikipedia.org/wiki/Tulip_mania
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Gazrok
A True Doomsday Prepper
That's an easy one. Fear.
It's gaining more governmental attention, in the form of needing regulation, etc. However, many of us realize this is actually what is NEEDED for adoption and making it more legitimate.
Another fear factor is the recent spate of "pump and dump" on low trade volume coins. People don't want to be the proverbial "bagholders", so after the pump and dump, the coin may even disappear completely.
Note, this is typically only with a coin that was bogus to begin with, but for investors who just look at the numbers, vs. the tech, team, and goal behind a coin....they will get suckered in.
Crypto is going through a growth spurt right now, so it will be bumpy. It will go up, it will go down, and likely a LOT more than other investments typically do...so it can be scary for some.
It also reacts FAST to news that affects it, and typically, this is all while WE are asleep (as Asia is the hotbed for it)....
But, in the final analysis, we all simply hope that the coins we bought, a year from now, will be worth WAY more than we bought in for.
