General Crypto, HODLing, and Taking Profits (1 Viewer)

As people who are excellent at valuing things most undervalue (clay disks), can someone help me understand what’s going on with LUNA? If you have this, would now be a time to get out or add?

Pondering an analogy…

Clay disks : plastic disks with dice
Crypto : fiat
 
"can someone help me understand what’s going on with LUNA?" - THAT IS A MASSIVE DROP, WOW! @khp

Uh to be honest, I don't have LUNA, but I haven't jumped out of anything as far as crypto goes. As I tell myself & others, I'm in it for the long run.
I myself just bought more BTC, ETH and ADA Sunday night when BTC hit $34k thinking that was a perfect time to jump in where it was at a support level.

Seeing -50% in a day is hard to say, not sure if that has to do with all of crypto and stocks taking a dump?! I did find why it's taking a massive dump.

"Terra peg mechanism in doubt as UST crashes to 67 cents" UST should stay at $1 similar to USDC, USDT, Dai and so on. Seeing it drop below a $1 TWICE in 48 hrs isn't good, hence making LUNA drop massively because Terra USD (UST) is backed by LUNA.

Some would say that now is a good time to buy more. I wouldn't necessarily jump out because it's taking a massive dump now. If the team at Terra can get this situated and get UST back to $1 and staying there for a long time then you'll probably see LUNA go back over time back to highs once everything starts to get better in the world. Of course, none of what I said is financial advice and should be taken with a grain of salt. If you are looking for financial advice I'd consider reaching out to a financial advisor and talking with them about what would be the best course of action.

Screenshot 2022-05-09 193603.png
 
Pretty fascinating. LUNA is now $10 and UST still hasn’t recovered to $1, despite LFG’s efforts, which ironically is helping the attacker profit.

The knock on effects for other coins/tokens look alarming.
 
Well that question has yet to be resolved. Could be the Dollar, Euro, Yen and GBP are on their last legs and are soon to be lost to history. Could be Crypto is on the verge of finding the last sucker. We will see.

Me? I don't own any form or crypto. Even so, I can still conduct business with ease. Go figure -=- DrStrange
 
I don’t know which Cryptos will win and which will go to dust, but I am certain this intersection and finance and technology is going to disrupt major players including but not limited to payment processors, banks, investment companies, and many others.

Decentralized finance is a wild and interesting world, full of risk for sure, and quite immature with high barriers to entry for the uninformed. And yet having explored it I can say it is only a matter of time.

In 2000 you could live well without ever going Online. We were only scratching the surface of the internets capabilities. The world still existed in analogue. That is no longer true. Shut the internet down today and you’d have zombie accopolypse in a matter of weeks, if not days.

Adoption rates for crypto mirror those of the internet and are at a similar rate of the internet in 2000. If you extrapolate usage and maturity of these products it’s not hard to imagine where this is going. Then we can go back to laugh at late night hosts making fun of technology they didn’t understand.

Just because you don’t see the utility yet doesn’t mean it doesn’t exist.
 
Highli99 said:
I don’t know which Cryptos will win and which will go to dust, but I am certain this intersection and finance and technology is going to disrupt major players including but not limited to payment processors, banks, investment companies, and many others.

Decentralized finance is a wild and interesting world, full of risk for sure, and quite immature with high barriers to entry for the uninformed. And yet having explored it I can say it is only a matter of time.

In 2000 you could live well without ever going Online. We were only scratching the surface of the internets capabilities. The world still existed in analogue. That is no longer true. Shut the internet down today and you’d have zombie accopolypse in a matter of weeks, if not days.

Adoption rates for crypto mirror those of the internet and are at a similar rate of the internet in 2000. If you extrapolate usage and maturity of these products it’s not hard to imagine where this is going. Then we can go back to laugh at late night hosts making fun of technology they didn’t understand.

Just because you don’t see the utility yet doesn’t mean it doesn’t exist.
Click to expand...
40% of The World doesn’t have access nor use the internet - at all. I’m not making that up it’s the latest estimate from Statistica. We continually go places in the world that don’t even have phone service, much less an integrated digital financial system. Lots of places don’t care much about the flavor of your money either, they will take whatever fiat they can buy bread with later, and barter is very much alive.

Public transportation isn’t available everywhere either, but if you extrapolate out the gains from it it seems like we don’t need cars anymore.
 
ekricket said:
40% of The World doesn’t have access nor use the internet - at all. I’m not making that up it’s the latest estimate from Statistica. We continually go places in the world that don’t even have phone service, much less an integrated digital financial system. Lots of places don’t care much about the flavor of your money either, they will take whatever fiat they can buy bread with later, and barter is very much alive.

Public transportation isn’t available everywhere either, but if you extrapolate out the gains from it it seems like we don’t need cars anymore.
Click to expand...
Take away the internet and the US would quickly degenerate into something a lot closer to those places than what we have now, and the transition would not be smooth. Going back to a barter economy is kind of my point. I’d rather not trade .22 bullets for squirrels if possible.
 
Highli99 said:
Take away the internet and the US would quickly degenerate into something a lot closer to those places than what we have now, and the transition would not be smooth. Going back to a barter economy is kind of my point. I’d rather not trade .22 bullets for squirrels if possible.
Click to expand...
So your points are for the US and not for humanity in general? It’s an easy trap, “the whole world is like my neighborhood” but it really isn’t. A large portion of the world is just now living in 70’s standards. I’m continually struck by how much other developing countries feel like I’ve stepped back to 1973, even in Europe, Asia, and South America.

And don’t waste bullets on squirrels or rabbits, sticks, rocks, or arrows are just as effective. The lead/protein ratio just isnt there.
 
ekricket said:
So your points are for the US and not for humanity in general? It’s an easy trap, “the whole world is like my neighborhood” but it really isn’t. A large portion of the world is just now living in 70’s standards. I’m continually struck by how much other developing countries feel like I’ve stepped back to 1973, even in Europe, Asia, and South America.

And don’t waste bullets on squirrels or rabbits, sticks, rocks, or arrows are just as effective. The lead/protein ratio just isnt there.
Click to expand...
Says the man from the country that is still using paper checks..... :ROFL: :ROFLMAO:
 
Highli99 said:
I don’t know which Cryptos will win and which will go to dust, but I am certain this intersection and finance and technology is going to disrupt major players including but not limited to payment processors, banks, investment companies, and many others.

Decentralized finance is a wild and interesting world, full of risk for sure, and quite immature with high barriers to entry for the uninformed. And yet having explored it I can say it is only a matter of time.

In 2000 you could live well without ever going Online. We were only scratching the surface of the internets capabilities. The world still existed in analogue. That is no longer true. Shut the internet down today and you’d have zombie accopolypse in a matter of weeks, if not days.

Adoption rates for crypto mirror those of the internet and are at a similar rate of the internet in 2000. If you extrapolate usage and maturity of these products it’s not hard to imagine where this is going. Then we can go back to laugh at late night hosts making fun of technology they didn’t understand.

Just because you don’t see the utility yet doesn’t mean it doesn’t exist.
Click to expand...

This just isn’t close to comparable to the internet and the question has never been whether it has a use, it’s the issue of price. And if we want to use the internet as a proxy in that respect, the tech bubble is a great example of irrational investor exuberance getting popped. And no the analogy here is not that you should be backing the right horse and you’ll be safe, the whole market plummeted. The markets were propped up by casual investors thinking they’re smart enough to put endless money into the newest coolest shit, but because they had no clue how to price it, over bought to a massive extent.

No idea what price it settled at personally. I only speculate on bulls flooding the market following events and then exit shortly after. But even if the long term price is higher than what it currently trades at, it will take many many years to mature where people actually want to maintain a trillion dollar market cap for actual use value. Porn subscriptions and online gambling are big business but lol at anyone who thinks any more than a small fraction of crypto is being held at the moment by people to actually use it vs lambo spec moneys.
 
Stufflymcstuff said:
The markets were propped up by casual investors thinking they’re smart enough to put endless money into the newest coolest shit, but because they had no clue how to price it, over bought to a massive extent.
Click to expand...
Sounds exactly what we went through in 2020-2021 and now everyone that wanted to "get rich quick" jumped out as soon as things started to drop just a little bit... Now the real warriors are in the markets. Those that can handle this will do well in the long run.
 
Marius L said:
Says the man from the country that is still using paper checks..... :ROFL: :ROFLMAO:
Click to expand...
But hey we are ready for internet based only currency……

I don’t get your point though. We are so backward we can’t handle electronic payments? Pretty sure that’s my point as well. But thanks for letting your bias show, it’s refreshing to see honesty in the world.
 
ekricket said:
But hey we are ready for internet based only currency……

I don’t get your point though. We are so backward we can’t handle electronic payments? Pretty sure that’s my point as well. But thanks for letting your bias show, it’s refreshing to see honesty in the world.
Click to expand...
My point was just to poke some fun at paper checks and the US being backwards. Lol, not very productive I know.

But on a serious note, I think you are underestimating the value of the Internet if you say only 60% of the world is using it and therefore its not as valuable as people think. That's almost 5 billion people. And if only a few percent of those people somehow start relying on crypto in a few years time, that's still a whole lot of people.

I'm not surprised the crypto sphere is crashing though. It's shown a big correlation to other equities earlier as well, and it's also no big surprise that the alt coins and shitcoins are doing worse than bitcoin. It all happened in the last crash in 2019(?) as well. What will be interesting to see is if and when it will go back up, and where it will settle next time around.
 
Marius L said:
But on a serious note, I think you are underestimating the value of the Internet if you say only 60% of the world is using it and therefore its not as valuable as people think.
Click to expand...
No, that’s not what I said at all. The OP was wondering about the dollars and other paper currencies disappearing because everybody could just use digital currency. I pointed that not everyone can use digital technology currently.
You twist that to mean the internet is useless? Great argument.
 
In today's business press: "Coinbase said its users' crypto assets could become company property if it went bankrupt."

This isn't how normal financial assets work. I don't lose my money if the bank goes broke. I don't lose my portfolio if my brokerage firm fails. There is insurance for that.

It is hard to have your financial life tied to a medium of payment dependent on the intermediaries not going bankrupt. I also wonder if Coinbase could decide to close up shop and just keep everyone's crypto assets. Of maybe if they are sloppy, hackers can take all the coins and leave the previous owners with nothing but a claim against the brokerage.

Just another bit of evidence that we are a long ways from wide spread acceptance and usage. Seems more like banking in 1875 where they stacked gold and silver coins in a big vault and you hoped no one robbed the bank or embezzled all your money. Basic stuff yet to be figured out in 2022.

Do you still lose everything you owned if you forget your password / user name?

No problem. Give them another twenty years, fifty tops, and the crypto folks will figure this all out. It could happen . . . .
 
Okku said:
Sounds exactly what we went through in 2020-2021 and now everyone that wanted to "get rich quick" jumped out as soon as things started to drop just a little bit... Now the real warriors are in the markets. Those that can handle this will do well in the long run.
Click to expand...

When you describe people who are speculating on currency as warriors you might want to consider whether you’re being objective here.

The half of the market cap that hasn’t been wiped out is still overwhelmingly speculative money. You believing they’ll do well over the long run is because you’re bullish on crypto. I don’t think they will be. I think this is quickly becoming a game of who will be left holding the bag.
 
ekricket said:
No, that’s not what I said at all. The OP was wondering about the dollars and other paper currencies disappearing because everybody could just use digital currency. I pointed that not everyone can use digital technology currently.
You twist that to mean the internet is useless? Great argument.
Click to expand...

I dont think fiat will go away. That doeant mean there won't be other options going forward. Maybe i misunderstood you, but to make my point clearer: 40% of the world can't use digital currency. Well so be it, that still means 60% of the world can.
 
DrStrange said:
In today's business press: "Coinbase said its users' crypto assets could become company property if it went bankrupt."

This isn't how normal financial assets work. I don't lose my money if the bank goes broke. I don't lose my portfolio if my brokerage firm fails. There is insurance for that.

It is hard to have your financial life tied to a medium of payment dependent on the intermediaries not going bankrupt. I also wonder if Coinbase could decide to close up shop and just keep everyone's crypto assets. Of maybe if they are sloppy, hackers can take all the coins and leave the previous owners with nothing but a claim against the brokerage.

Just another bit of evidence that we are a long ways from wide spread acceptance and usage. Seems more like banking in 1875 where they stacked gold and silver coins in a big vault and you hoped no one robbed the bank or embezzled all your money. Basic stuff yet to be figured out in 2022.

Do you still lose everything you owned if you forget your password / user name?

No problem. Give them another twenty years, fifty tops, and the crypto folks will figure this all out. It could happen . . . .
Click to expand...
Don't you loose your money (or some portion of it) if your bank goes bankrupt in the US?
 
ekricket said:
Public transportation isn’t available everywhere either, but if you extrapolate out the gains from it it seems like we don’t need cars anymore.
Click to expand...
I'm not sure the point being made here but I agree let's get rid of cars
 

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