Bitcoin crash coming (14 Viewers)

[Marius L]

I'm just saying, you can lose 100% of whatever you put in. Just as your gains are a function of whatever you put in.

The idea of Bitcoin headed to $1,000,000 is about as good as the AMC Hodlers planning on selling their shares at a floor of $100,000. It's a fairly retarded prospect. So using the term "limitless" as it pertains to potential valuation is not within the confines of reality.

You are probably right, but lets see in 10-15 years time... lol. However my point is simply that the potential upside in the crytosphere is still higher than for many other assets. Obviously there are plenty of shitty pyramid scheme ish crypto coins made these days, but if you pick some of the solid ones like BTC, ETH, cardano, IOTA or whatever, then - yes it is a risky play, but it also has a very big upside.

If you buy goverment bonds, then yes, probably a very safe investment and a gain of what %2 anually? but the potential upside is actually limited to those 2%. You can not make more than that.

Its all a matter of risk management. IMO taking a small post of crypto is the right play. If you have 2% of your networth in it and it goes down 20% in a day, you only lost 0,4% of your net worth and its not the end of the world, and if it keeps tanking you will still not loose more than you can afford. If you have 100% of your net worth in crypto, you will be in really bad shape after a -20% day, and if it keeps crashing (asuming you arent panick selling already) you might loose it all.

If your 2% crypto portfolio suddenly grows 10x it actually increases your net worth by a substantial amount.


Now again, its a matter of risk management. I dont know if you guys usually own homes in the US or simply rent, but for me at least, most of my net worth is bound up in our home that we own and live in. The housing market could tank or keep going up like it has over here in the last 10-20 years, but regardless I would want to try to diversify a little bit by also having some money invested elsewhere. owning a good amount of cheap global index funds, maybe a sector fund for sectors i believe in, maybe some reasonably risky crowdfunding bonds but with a good interest rate, and lastly a small post in BTC and ETH or other crypto just incase society suddenly decides it is actually the way to go and it explodes like it has done a couple of times already and goes 10x or even more.

Just as an example if your net worth is $100k usd with most of it in a home. you bought 2k worth of eth anytime in 2019 (eth prices up and down between 100-200 in that periodish). If it goes to zero, fine it sucks but you can still make it just fine without those $2k. If it suddenly goes to 2k, or 4k like it did in 2021 you would have made anywhere from $10k to $40k based on entry and out, at which point that money is actually getting pretty substantial compared to your net worth, and would certainly make a difference in your life.

 

[justsomedude]

You are probably right, but lets see in 10-15 years time... lol. However my point is simply that the potential upside in the crytosphere is still higher than for many other assets.

Hey man... I get it... I've been watching gold bugs screaming "GOLD IS UNDERVALUED - IT'S EASILY $25,000 AN OUNCE!" for the last 25 years. Literally.

Peter Schiff is still out there doin' it.

Every.
Single.
Day.

Dude is like a broken clock... still right twice a day.

He was right about the 2008 crash (only took him 20 years)... and hopefully for him he'll be right about gold someday too.

We've all got our "thing."

 

[Anthony Martino]

Crypto assets are controlled and manipulated by a minority who are going to make their profits off all the get-rich-quick dreamers out there who will be left holding the bag

 

[Darson]

If your 2% crypto portfolio suddenly grows 10x it actually increases your net worth by a substantial amount.

Exactly. One of my buddies put 5% of his assets in crypto in 2018. It's now 50% of his net worth.

Is it still a nascent asset class that hasn't achieved mass adoption? Definitely.
Are institutions paying more attention to it? Yes
Have we missed the boat? Maybe.

I was a nay-sayer. When my friends were buying Bitcoin at $20k I was warning them of their exposure.

I think we're in the Chasm now...

 

[PlayerADK]

Crypto assets are controlled and manipulated by a minority who are going to make their profits off all the get-rich-quick dreamers out there who will be left holding the bag

Rough argument considering there are very few months in BTCs lifetime where you could have bought + lost money.

E/ All crypto is a long term play. There are some scams for sure, but to say all crypto are pump and dumps is just wrong.

As a PLO pro you know better than anyone. It's all about the long term, if you can't handle the variance, don't play the game.

 

[Marius L]

Hey man... I get it... I've been watching gold bugs screaming "GOLD IS UNDERVALUED - IT'S EASILY $25,000 AN OUNCE!" for the last 25 years. Literally.

Peter Schiff is still out there doin' it.

Every.
Single.
Day.

Dude is like a broken clock... still right twice a day.

He was right about the 2008 crash (only took him 20 years)... and hopefully for him he'll be right about gold someday too.

We've all got our "thing."

Crypto is not my "thing", and I honestly don't think your reference to a guy yelling about gold for 25 years is very comparable considering BTCs price growth in the last 10 years, but it's alright.

Feel free to not pay attention to crypto, but I think it is a no brainer to have a small amount of it at least just in case something crazy happens.

As with @Darsons friend. Crypto has the potential to make you real big money and have a real impact, at a pretty low cost/risk if you buy and forget about it for a few years.

 

[Silver_Fiend]

meh, diamonds are worthless rocks. False value only because dubeers holds virtually the entire world supply and controls the release to artificially inflate the price. Just try to sell a diamond to a jewelry store. If its not at least 1 near colorless/flawless in excess of 1ct they will laugh at you.

 

[Josh]

WHOA! Old-ass thread. Good to see a dinosaur like me still alive. I’m 85% in cash right now (have been since about BTC $50k) and I have some low bids in for mostly ETH & SOL. Is there an active crypto community on this forum?

 

[Darson]

My crypto evangelism is starting to look like a dumbass move at the moment.

Although by all accounts, the whales are loading up...

Time to HODL.

PS, it's purely anecdotal but it seems that my stock portfolio grows gangbusters when crypto is being trashed and vice versa.

 

[DrStrange]

Observing that bitcoin has fallen from ~$63,000 to ~$32,000 in two months, I think it might be safer to say the whales aren't loading up. If anything, they are selling.

No telling if this is a good or bad time to buy bitcoin. You can get a 50% discount from April's price at the moment. How things will look by Labor Day is pretty hard to know.

Be careful out there -=- DrStrange

PS Anyone still HODLing Beanie Babies? In 1990s some of them were selling in excess of $5,000 each up from the original price of about $5. To the moon!??

 

[Lemonzest]

My crypto evangelism is starting to look like a dumbass move at the moment.

It all depends what a person's goals are. My read on crypto is that it is a long term sure thing. I don't see BTC or ETH being losers over the 2 year, 5 year, or 10 year horizon. Year over year ETH and BTC both trend upward despite being volatile in the short term.

I like buying crypto because I believe the technology will prevail and has unique attributes not available in other traditional investment instruments. The daily price is less important than the global culture of adoption which seems to be taking place slowly but surely.

 

[khp]

Crypto is like religion and politics. Most (not all) people start the discussion with a bias and won’t change their view.

 

[mipevi]

Here comes the big one!

 

[dajebriza]

I'll start jumping in at around $25,000 and buy as it goes lower if it gets there.

 

[Darson]

I guess it's important to document the downs as well as the ups! My $60 now, down from an all time high of $177.

 

[Lemonzest]

Crypto is like religion and politics. Most (not all) people start the discussion with a bias and won’t change their view.

Nah. I don't really agree with this. Smart people are used to gaining new information and then updating their point of view.

Lots of people are just lazy and can't be bothered to actually dig into something and learn about it. The lazy crowd just reads a couple headlines and thinks they know about it.

I don't know anyone that has taken the time to learn about bitcoin in an in depth way and then decided they think its dumb. The traffic is one way with more and more people getting into bitcoin because it is sound money.

 

[Lemonzest]

Observing that bitcoin has fallen from ~$63,000 to ~$32,000 in two months, I think it might be safer to say the whales aren't loading up. If anything, they are selling.

No telling if this is a good or bad time to buy bitcoin. You can get a 50% discount from April's price at the moment. How things will look by Labor Day is pretty hard to know.

Be careful out there -=- DrStrange

PS Anyone still HODLing Beanie Babies? In 1990s some of them were selling in excess of $5,000 each up from the original price of about $5. To the moon!??

I would like to hear your opinion on this interview with Michael Saylor. He is an institutional investor with holdings in the billions.

 

[Geremie]

Picked up some Tiger King Coin (TCOIN) at 0.00003055

Let’s gooooooooo

 

[Lemonzest]

Cash is trash.

https://www.reddit.com/r/Bitcoin/comments/orzk12

 

[Darson]

My $60 today. Incredible ride - up to nearly $180 then down to below $80 and now nearly $120. It really defines why the HODL acronym applies to this stuff.

Incidentally, with some spare cash, I bought a significantly larger holding after the crash. I didn't get close to the low so watched in anguish while it dropped -25% but HODLed like I'm supposed to and it's now back up to +25% from my starting position.

 

[PlayerADK]

Any Terra enthusiasts here? I've recently become a LUNAtic, not quite a Luna maximalist but certainly a Terra ecosystem maximalist.

@HaRDHouSeiNC @steam ?

Better fees, fully functional payment system - Chai, cheap swapping, and new projects weekly. I see it as a top 10 over the next year for sure.

 

[HaRDHouSeiNC]

Any Terra enthusiasts here? I've recently become a LUNAtic, not quite a Luna maximalist but certainly a Terra ecosystem maximalist.

@HaRDHouSeiNC @steam ?

Better fees, fully functional payment system - Chai, cheap swapping, and new projects weekly. I see it as a top 10 over the next year for sure.

Nope have not researched it
I’m into ADA and ETH for the long haul
100k potential BTC pump maybe incoming here I’m seeing some rumblings

 

[HaRDHouSeiNC]

Exactly. One of my buddies put 5% of his assets in crypto in 2018. It's now 50% of his net worth.

Without my house I’d be at almost the same spot
My ROTH and Rollover IRAs are maybe 5x Gains in 20 years doing well with apple and a couple others now majority funds 30% apple

crypto is say less than 10 years I’ve done 80x and I think give it four more years crypto Will 5x or more from this years highs

 

[HaRDHouSeiNC]

Stupid omnibus bill
INFRASTRUCTURE

 

[johnjohn]

 

[Lemonzest]

I dont understand the bull run while shitty laws are being passed. Makes me want to sit out

 

[HaRDHouSeiNC]

I dont understand the bull run while shitty laws are being passed. Makes me want to sit out

It’s exactly why people want decentralized finance
RIGHT THERE
Shitty laws drives me more to crypto while they attempt to print us into prosperity

 

[nightbird]

I

I dont understand the bull run while shitty laws are being passed. Makes me want to sit out

think that the discussion around the laws was more positive than anticipated. We also saw the emergence of a crypto lobby which is starting to have a sway on US politicians. Maybe this explains some of the bullish sentiment and market movements.

 

[PlayerADK]

Any Terra enthusiasts here? I've recently become a LUNAtic, not quite a Luna maximalist but certainly a Terra ecosystem maximalist.

@HaRDHouSeiNC @steam ?

Better fees, fully functional payment system - Chai, cheap swapping, and new projects weekly. I see it as a top 10 over the next year for sure.

Almost top 10 already

Loving it

 

[mipevi]

Daddy wants a new set of Matsuis, let’s gooooo!