Cryptocurrencies Part III - We ran as if to meet the Moon

[M.C.G. 31]

Honestly I only put $250 in but this still annoys me. This stuff can kiss my ass atm lol

f***ing bitcoin cash

 

[Gardner McKay]

And now the Bitcoin Cash war is causing all of crypto to dump.

Crypto is shooting itself in the foot and this is all the more reason I am so happy I made the moves I did earlier this year.

Honestly I only put $250 in but this still annoys me. This stuff can kiss my ass atm lol

****ing bitcoin cash

I feel you. Whether you have $250 or $25,000, it sucks when you see this stuff happen. I'm finding it harder and harder to believe that it will eventually recover (crypto in general).

 

[M.C.G. 31]

Crypto is shooting itself in the foot and this is all the more reason I am so happy I made the moves I did earlier this year.


I feel you. Whether you have $250 or $25,000, it sucks when you see this stuff happen. I'm finding it harder and harder to believe that it will eventually recover (crypto in general).

I was always skeptical. $250 is really not much, but I'm soooo happy I didn't put any more in when I thought about it a couple months ago.

This shit is annoying lol

 

[phisherman]

I feel you. Whether you have $250 or $25,000, it sucks when you see this stuff happen. I'm finding it harder and harder to believe that it will eventually recover (crypto in general).

Don't let the market trick you. You feeling this way means you should actually buy.

Though I think it's going to go down further. I'm waiting for the right price to buy.

I was always skeptical. $250 is really not much, but I'm soooo happy I didn't put any more in when I thought about it a couple months ago.

This **** is annoying lol

Patience. We're still early.

 

[ScottishCanuck]

Don't let the market trick you. You feeling this way means you should actually buy.

Though I think it's going to go down further. I'm waiting for the right price to buy.

Patience. We're still early.

It doesn't really though. People have been saying that for months and we're almost a year since the last major bull run.

It's essentially gambling at this stage. If you can afford the loss but want a chance at significant, potentially huge, returns then go for it. That's the way people should be looking at things right now, rather than thinking that another December 2017 is an inevitability.

 

[The Crypto Guy]

This was ALWAYS a long term investment unless you bought and sold during that huge hype last year for the 6 months.

Not sure why people and freaking out. I don't plan on touching my stuff for years. Slow but surely it is becoming more mainstream. Be patient, you will be rewarded.

 

[ScottishCanuck]

This was ALWAYS a long term investment unless you bought and sold during that huge hype last year for the 6 months.

Not sure why people and freaking out. I don't plan on touching my stuff for years. Slow but surely it is becoming more mainstream. Be patient, you will be rewarded.

This is precisely my point. Depending on what you choose to put your money into there's a significant chance that you might not be rewarded and come out of this with a loss. Such is the unpredictable and volatile nature of the industry. Enough talk of returns being an inevitability. It would be fantastic if that was the case but then everyone would be pouring money into it.

You have to be comfortable with the idea that you could lose everything before you invest. I'm not freaking out because I accepted this before I invested. I was lucky enough to take profits at that right time in January. Could have cashed out a hell of a lot more if I'd been more patient last year, but that's the way it goes.

 

[Gardner McKay]

Don't let the market trick you. You feeling this way means you should actually buy.

Though I think it's going to go down further. I'm waiting for the right price to buy.



Patience. We're still early.

Oh I have no intentions on buying. I can't justify it. I see all these forks happening that just further devalue some coins and I think, how can this sector ever accomplish its goal when so many act so childish? The way I feel right now is a complete 180 to the way I felt this time last year.

It doesn't really though. People have been saying that for months and we're almost a year since the last major bull run.

It's essentially gambling at this stage. If you can afford the loss but want a chance at significant, potentially huge, returns then go for it. That's the way people should be looking at things right now, rather than thinking that another December 2017 is an inevitability.

Precisely. During our bull run last year, almost every post I had reminded people to take profits. It is no different than being up in a casino and thinking your hot streak will run forever. It doesn't happen that way. I am thrilled at the moves I made earlier this year I just wish more people took profit.

This was ALWAYS a long term investment unless you bought and sold during that huge hype last year for the 6 months.

Not sure why people and freaking out. I don't plan on touching my stuff for years. Slow but surely it is becoming more mainstream. Be patient, you will be rewarded.

I'm not freaking out. I've done phenomenally well. Just saying I don't really see a long term path for the sector at the moment. Crypto's continue to fork and devalue. Companies are investing in their own blockchain solutions. Many coins have no real use and were simply means of funding a project.

I get the whole long term investment piece. I'm saying I don't like the direction crypto is heading. Just my own 2c.

 

[phisherman]

Crypto has always been gambling. I don't see what's different now vs what happened in the past with Mt. Gox, China ban, etc.

In fact there is an even better long term path mapped out with:
1)Bakkt
2)SEC cleaning up on ICOs
3)The emergence of STOs.

I mean if you believed in the potential of this asset class before why would you change now when it's so close to being legitimized?

The stock market is tanking but you don't see people saying stocks are scams.

 

[ScottishCanuck]

I still believe in its potential - but that's what it is. Potential. I personally don't think crypto in general is any closer to being legitimized than it was a year ago. If anything there's even more uncertainty than there was. People are cautious and rightfully so.

 

[phisherman]

I still believe in its potential - but that's what it is. Potential. I personally don't think crypto in general is any closer to being legitimized than it was a year ago. If anything there's even more uncertainty than there was. People are cautious and rightfully so.

How is there more uncertainty when all the big institutions are getting involved? Europe just launched crypto ETFs.

The SEC is already going after ICOs and setting guidelines and regulations for them.

Compare this to China outright banning Bitcoin and crypto only used in the dark web and you will find it's way more legitimate now.

 

[CokenoPepsi]

Crypto has always been gambling. I don't see what's different now vs what happened in the past with Mt. Gox, China ban, etc.

In fact there is an even better long term path mapped out with:
1)Bakkt
2)SEC cleaning up on ICOs
3)The emergence of STOs.

I mean if you believed in the potential of this asset class before why would you change now when it's so close to being legitimized?

The stock market is tanking but you don't see people saying stocks are scams.

Stocks are not tanking

 

[Gardner McKay]

Crypto has always been gambling. I don't see what's different now vs what happened in the past with Mt. Gox, China ban, etc.

In fact there is an even better long term path mapped out with:
1)Bakkt
2)SEC cleaning up on ICOs
3)The emergence of STOs.

I mean if you believed in the potential of this asset class before why would you change now when it's so close to being legitimized?

The stock market is tanking but you don't see people saying stocks are scams.

Regarding the bold - it is wise to constantly be evaluating your investments.

I think the fundamental difference is what you and I believe is "legitimized". For example, the SEC cracking down on ICO's doesn't mean that 1,500 worthless currencies will suddenly have value. Most tokens out there inherently have no value. They were nothing more than means of fundraising. I also don't believe that legitimacy necessarily correlates to a need for crypto. There are plenty of legitimate projects outside of crypto that solve a problem that doesn't need to be solved.

Moral of the story, at the moment I am not all that enthusiastic about what I see in the crypto sector. I am not completely cashed out but I have not and will not be putting any cash in any time soon. I do believe there are some good projects. Always have. But, the bullshit going on with BCH, other currencies (such as monero) continuing to fork, the sector isn't mature enough to take the leap it needs.

 

[phisherman]

Regarding the bold - it is wise to constantly be evaluating your investments.

I think the fundamental difference is what you and I believe is "legitimized". For example, the SEC cracking down on ICO's doesn't mean that 1,500 worthless currencies will suddenly have value. Most tokens out there inherently have no value. They were nothing more than means of fundraising. I also don't believe that legitimacy necessarily correlates to a need for crypto. There are plenty of legitimate projects outside of crypto that solve a problem that doesn't need to be solved.

Moral of the story, at the moment I am not all that enthusiastic about what I see in the crypto sector. I am not completely cashed out but I have not and will not be putting any cash in any time soon. I do believe there are some good projects. Always have. But, the bull**** going on with BCH, other currencies (such as monero) continuing to fork, the sector isn't mature enough to take the leap it needs.

So it's safe to say that you are just waiting for the sector to mature before considering investing again instead of saying you're out for good cryptos are scams.

If so then that is a very sound way of investing.

I initially interpreted it as the latter which surprised me.

As for the legitimization I wasn't referring to it suddenly giving value to the worthless currencies but it would purge those out and legitimize the good projects that are still left.

As for forks not all forks are bad. It fosters innovation and really the BCH mess shows how important decentralization really is.

 

[Pinball Wizard]

This is precisely my point. Depending on what you choose to put your money into there's a significant chance that you might not be rewarded and come out of this with a loss. Such is the unpredictable and volatile nature of the industry. Enough talk of returns being an inevitability. It would be fantastic if that was the case but then everyone would be pouring money into it.

You have to be comfortable with the idea that you could lose everything before you invest. I'm not freaking out because I accepted this before I invested. I was lucky enough to take profits at that right time in January. Could have cashed out a hell of a lot more if I'd been more patient last year, but that's the way it goes.

 

[Gardner McKay]

So it's safe to say that you are just waiting for the sector to mature before considering investing again instead of saying you're out for good cryptos are scams.

If so then that is a very sound way of investing.

I initially interpreted it as the latter which surprised me.

As for the legitimization I wasn't referring to it suddenly giving value to the worthless currencies but it would purge those out and legitimize the good projects that are still left.

As for forks not all forks are bad. It fosters innovation and really the BCH mess shows how important decentralization really is.

I mean... don't take this the wrong way but you and I have conversed enough to where I don't know how you could have interpreted it as the latter. Of course I don't believe crypto's are scams. Well, most of them are not scams.

I was hoping the sector would be a bit more mature by this point - hence why I can't justify investing. Even though on a large scale, crypto has been very good to me, there is still too much uncertainty. I still have some crypto that I am not touching. But for the time being, I see no reason to put any additional cash in the market.

 

[ScottishCanuck]

How is there more uncertainty when all the big institutions are getting involved? Europe just launched crypto ETFs.

The SEC is already going after ICOs and setting guidelines and regulations for them.

Compare this to China outright banning Bitcoin and crypto only used in the dark web and you will find it's way more legitimate now.

All the big institutions aren't getting involved. That's just not true. There are some who have reacted positively to blockchain technology and some cryptocurrencies, but the big institutional money isn't there (at the moment, anyway) and you're kidding yourself if you think it is. ETF's in Europe are a positive step, but that doesn't detract from the overall uncertainty and bearish market sentiment.

There's a huge amount of uncertainty surrounding the SEC as well. I think it's great that they're clamping down on scammy ICOs - separating the scams from the legitimate projects will be great for the industry. But I also know of a couple of completely legitimate projects that are so adversely affected by SEC scrutiny in terms of promotion and marketing that they're considering abandoning the US altogether.

 

[ScottishCanuck]

Bakkt pushed back to 24 January "subject to regulatory approval".

So probably even longer.

 

[ScottishCanuck]

Things getting ugly.

 

[The Crypto Guy]

Closing in the the bottom, getting ready for the juicy bounce...time to load up on the cheap crypto!

 

[Do Make Say Think]

Is a rebound even likely?

Seems that people are finally catching on that blockchain is the value, not the coins.

 

[PositiveCashFlow]

I’ve actually been arbitraging different exchanges, so as long as there’s volatility (good or bad) I’m making a profit (in US$)

 

[Ben Grimm]

Bitcoin is under $3500. It's a scam.

 

[M.C.G. 31]

Is a rebound even likely?

Seems that people are finally catching on that blockchain is the value, not the coins.

I’ve actually thought the same thing in regards to the value being in blockchain and not the coins themselves.

Thankfully I put in a very small amount, and while it’d be nice to recoup it eventually, I won’t hold my breath.

 

[phisherman]

I’ve actually thought the same thing in regards to the value being in blockchain and not the coins themselves.

Thankfully I put in a very small amount, and while it’d be nice to recoup it eventually, I won’t hold my breath.

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