News Forum - Flip a coin – bumpy ride for the crypto-faithful

[Thaiger]

The following is a news opinion and NOT financial advice. If you’re into trading or investing in cryptocurrencies you already know it’s been a rocky ride. Just one roller coaster crypto-ride – Bitcoin – stands out since it hit a peak on November 8 last year. And has tanked 70% of its perceived value since. Today the online crypto-gurus are still promoting the narrative that the good times are still ahead, that crypto currencies will recover and eventually exceed their past highs, etc, etc. Like the religious faithful, it’s in their best interests to gather more followers (investors) to the […]

The story Flip a coin – bumpy ride for the crypto-faithful as seen on Thaiger News.

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[Fanta]

1 hour ago, Thaiger said:

one roller coaster crypto-ride

Roller coasters are fine in a fun park but have no place in a financial market or one’s portfolio.

 

[Nat]

Those who doubt the potential future of bitcoin and crypto are those who are either naive, ignorant, or just uneducated. They seem to just believe the doom and gloom headlines and the endless skeptics like Peter Schiff, etc.. The fact is - Bitcoin has been by far the best long term investment over the last 12 years:

https://www.lookintobitcoin.com/charts/bitcoin-price-prediction/

Institutional / worldwide adoption and the network effect predicts price to increase over time.

Many large bitcoin holders from 2017 and before are now millionaires and billionaires.  Yes it is volatile and requires extreme patience to invest in successfully - best method being to dollar cost average over the long term. Investors need to understand the 4 year bitcoin cycles and halvings which also affect prices.

We are currently in the bear market stage of the bitcoin cycle. I am fully confident that after the next halving in 2024 - Bitcoin will get a new all time high and go over $100,000 a coin by 2025.

Currently all assets - not just crypto - are being crushed in the markets. And all keeping large amounts of their holdings in fiat currencies are being killed by inflation.

Right now and over the next year or so is actually a fantastic buying opportunity just like 2009 was for equities.

I would suggest to all you crypto skeptics and doubters - educate yourself and hopefully you will see that crypto and Web 3.0 is the future. I regrettably was once one of you. But it is not too late as we are still early.

My best advice to anyone is buy as much Bitcoin as you can and especially if it dips to 10k or below.

Come back to this post in 2025 and we will see how well it ages.

 

[Cabra]

39 minutes ago, Nat said:

Those who doubt the potential future of bitcoin and crypto are those who are either naive, ignorant, or just uneducated. They seem to just believe the doom and gloom headlines and the endless skeptics like Peter Schiff, etc.. The fact is - Bitcoin has been by far the best long term investment over the last 12 years:

https://www.lookintobitcoin.com/charts/bitcoin-price-prediction/

Institutional / worldwide adoption and the network effect predicts price to increase over time.

Many large bitcoin holders from 2017 and before are now millionaires and billionaires.  Yes it is volatile and requires extreme patience to invest in successfully - best method being to dollar cost average over the long term. Investors need to understand the 4 year bitcoin cycles and halvings which also affect prices.

We are currently in the bear market stage of the bitcoin cycle. I am fully confident that after the next halving in 2024 - Bitcoin will get a new all time high and go over $100,000 a coin by 2025.

Currently all assets - not just crypto - are being crushed in the markets. And all keeping large amounts of their holdings in fiat currencies are being killed by inflation.

Right now and over the next year or so is actually a fantastic buying opportunity just like 2009 was for equities.

I would suggest to all you crypto skeptics and doubters - educate yourself and hopefully you will see that crypto and Web 3.0 is the future. I regrettably was once one of you. But it is not too late as we are still early.

My best advice to anyone is buy as much Bitcoin as you can and especially if it dips to 10k or below.

Come back to this post in 2025 and we will see how well it ages.

It's been 30 minutes and it already hasn't aged well

[RedBirdy]

Its so funny, people are complaining about monetary inflation, ticket and fuel prices and at the same time the want to bash Bitcoin...  something that is fixed supply, agreed upon, reliably transferred, and with no inflation possible. 

But to each his own

[Nat]

14 minutes ago, Cabra said:

It's been 30 minutes and it already hasn't aged well

I will then classify you in the ignorant category as I emphasized "long term"

[Cabra]

Just now, Nat said:

I will then classify you in the ignorant category as I emphasized "long term"

Now, now. No need for name calling we can be civil and entertaining without the vitriol. 

[palooka]

2 hours ago, Nat said:

Those who doubt the potential future of bitcoin and crypto are those who are either naive, ignorant, or just uneducated. 

You just bagged a few of the wealthiest people in the world of finance.

I wonder how they got to be so wealthy if they are naive, ignorant or just uneducated?

[Naanlaew]

What is the reason you are "confident" it will surpass 100k in a few years ?  why ?  

there is no intrinsic value there.

I have some tulip bulbs you might like to buy as they might bloom someday . 

[dbrenn]

Crypto trading is gambling. If it's money you can afford to lose, fine.

[dbrenn]

2 hours ago, Nat said:

Those who doubt the potential future of bitcoin and crypto are those who are either naive, ignorant, or just uneducated. They seem to just believe the doom and gloom headlines and the endless skeptics like Peter Schiff, etc.. The fact is - Bitcoin has been by far the best long term investment over the last 12 years:

https://www.lookintobitcoin.com/charts/bitcoin-price-prediction/

Institutional / worldwide adoption and the network effect predicts price to increase over time.

Many large bitcoin holders from 2017 and before are now millionaires and billionaires.  Yes it is volatile and requires extreme patience to invest in successfully - best method being to dollar cost average over the long term. Investors need to understand the 4 year bitcoin cycles and halvings which also affect prices.

We are currently in the bear market stage of the bitcoin cycle. I am fully confident that after the next halving in 2024 - Bitcoin will get a new all time high and go over $100,000 a coin by 2025.

Currently all assets - not just crypto - are being crushed in the markets. And all keeping large amounts of their holdings in fiat currencies are being killed by inflation.

Right now and over the next year or so is actually a fantastic buying opportunity just like 2009 was for equities.

I would suggest to all you crypto skeptics and doubters - educate yourself and hopefully you will see that crypto and Web 3.0 is the future. I regrettably was once one of you. But it is not too late as we are still early.

My best advice to anyone is buy as much Bitcoin as you can and especially if it dips to 10k or below.

Come back to this post in 2025 and we will see how well it ages.

Well you're quite right that crypto appreciated in value a great deal, but that assumes you bought at the right time and sold at the right time. 

Most people take profit too early and chase losses, all the while using borrowed money to trade that forces them into rash and hurried decisions. They end up losing everything. 

I know a bloke who manages a forex retail trading house. He told me that only 5% of customers stay in the game, usually those with very deep pockets who can ride out bad trading decisions and aren't reliant on leverage to trade. Crypto is like that too - it's the whales who make the profits. 

[Benroon]

16 minutes ago, Naanlaew said:

What is the reason you are "confident" it will surpass 100k in a few years ?  why ?  

there is no intrinsic value there.

I have some tulip bulbs you might like to buy as they might bloom someday . 

The moment you mentioned ‘tulip bulbs’ you a) confirmed you have no understanding of the subject and b) failed to understand the global desire to unleash themselves from the US dollar. 

But the ‘intrinsic value’ you mention is that other people want what you have at the price you’re willing to give them it because they think they can make a profit, errrr a bit like equities right ? and how well are they doing right now ? 

Diversification is the key here 

[Benroon]

7 minutes ago, dbrenn said:

Well you're quite right that crypto appreciated in value a great deal, but that assumes you bought at the right time and sold at the right time. 

Most people take profit too early and chase losses, all the while using borrowed money to trade that forces them into rash and hurried decisions. They end up losing everything. 

I know a bloke who manages a forex retail trading house. He told me that only 5% of customers stay in the game, usually those with very deep pockets who can ride out bad trading decisions and aren't reliant on leverage to trade. Crypto is like that too - it's the whales who make the profits. 

Anyone who checks their holdings more than once a month shouldn’t be in the game so your blokes clients are idiots or have been mis-sold. Of course anyone who puts their house on a 3 month hope is a clown. 

Over the long term, any discipline, from property to equity and beyond, even the most clueless will make money. 

The one place you WILL lose is keeping it in cash and yet those people will gloat from the sidelines how smart they were not to invest, as inflation surges past 10%, sadly many of them don’t realise the erosion going on. 

[dbrenn]

7 minutes ago, Benroon said:

Anyone who checks their holdings more than once a month shouldn’t be in the game so your blokes clients are idiots or have been mis-sold. Of course anyone who puts their house on a 3 month hope is a clown. 

Over the long term, any discipline, from property to equity and beyond, even the most clueless will make money. 

The one place you WILL lose is keeping it in cash and yet those people will gloat from the sidelines how smart they were not to invest, as inflation surges past 10%, sadly many of them don’t realise the erosion going on. 

Most people trade too often and make the wrong decisions at the wrong times, with too little capital to ride out their mistakes. The risks are clearly laid out in product disclosure statements but people always think they'll get rich regardless. 

Good for you if you're one of the 5%. What kind of car do you drive?

[Naanlaew]

Equities have an actual book value derived from the assets of the corporation. 

I notice you are quick to criticize yet offer no explanation to why bitcoin will be over 100k in a few years.

Since I don't understand, could you please explain what makes a bitcoin worth more than Zero  ?

[Benroon]

35 minutes ago, dbrenn said:

Most people trade too often and make the wrong decisions at the wrong times, with too little capital to ride out their mistakes. The risks are clearly laid out in product disclosure statements but people always think they'll get rich regardless. 

Good for you if you're one of the 5%. What kind of car do you drive?

5% my arse. That would apply if you're into day trading with a hastily bought software package from Amazon offering you riches. I'm confident you cannot show me one graphic that tells me I'm wrong over the long term. 

Nissan GTR in the UK but had to downgrade to a C53 due to absurd Thai prices. 

[Benroon]

34 minutes ago, Naanlaew said:

Equities have an actual book value derived from the assets of the corporation. 

I notice you are quick to criticize yet offer no explanation to why bitcoin will be over 100k in a few years.

Since I don't understand, could you please explain what makes a bitcoin worth more than Zero  ?

It's already been explained but to put it more simply - supply and demand (and again a desire to unseat the dollar as the worlds lynchpin - though personally I think that's a fools errand)

btw I don't hold any but the rationale behind it is quite simple.

[TiT]

4 hours ago, Nat said:

Those who doubt the potential future of bitcoin and crypto are those who are either naive, ignorant, or just uneducated.

I love when BTC bulls shell out this line.  You are the only one who truly understands it, you are that smart, we are all ignorant.  Actually, we've already looked into it and realized it's stupid.

[BigHewer]

“Crypto-faithful” is a good term. I like that. 

I will nail my colors to the mast and say that I dislike crypto because it is a distraction from conventional stock trading and a market for victimization of the uninformed.

”Idiot investors” in crypto (for want of a better term) buy on peaks and sell on dips. Meanwhile, the “smarties” do the opposite and take advantage of the morons.

I feel bad for all the first time investors pinning their hopes on crypto. Because the negative effects of any global dip in the market will affect them more simply due to inexperience and psychology.

[dbrenn]

6 hours ago, Benroon said:

5% my arse. That would apply if you're into day trading with a hastily bought software package from Amazon offering you riches. I'm confident you cannot show me one graphic that tells me I'm wrong over the long term. 

Nissan GTR in the UK but had to downgrade to a C53 due to absurd Thai prices. 

Your posts are always so rudely written, so I'm not particularly interested in talking to you. Do you talk to people like this in real life?

All I'm doing here is sharing first hand statistical information from someone who actually runs a trading company. Frankly I'd believe him before a boorish and shouty person like you.

Go and learn some manners.

[HiuMak]

Not all crypto are made equal.

Just take a look what happened to Terra Luna.

Warren Buffett once said: "Only when the tide goes out do you discover who's been swimming naked ".

[Cabra]

15 hours ago, Benroon said:

The moment you mentioned ‘tulip bulbs’ you a) confirmed you have no understanding of the subject

Tulipmania is the classic model for the cycle of any financial bubble. From the irrational group mentalities that drive up prices to unsustainable levels, to eventual collapse. Couldn't be more on point. 

[Cabra]

15 hours ago, Benroon said:

But the ‘intrinsic value’ you mention is that other people want what you have at the price you’re willing to give them it because they think they can make a profit, errrr a bit like equities right

Not at all. Equity values are based on actual hard assets and real revenues. Bitcoin is more like a pyramid scheme where the current participants (coin owners) attempt to make money solely by recruiting new participants (based on irrational biases and group mentalities) to give up their fiat currencies for a promise to own a Bitcoin. Some of these new participants have no idea what their even getting themselves into... that they probably don't actually own Bitcoin (their simply being sold/buying a promise to own Bitcoin). Many have no idea who (or how to determine) the real custodian of the coin they where promised. It's the tulip of the twenty first century. It's all hocus pocus based on public/private key encryption and large prime numbers/digits stores on a Blockchain ledger. Could just as well be an Excel spreadsheet

[Benroon]

On 6/22/2022 at 8:27 PM, dbrenn said:

Your posts are always so rudely written, so I'm not particularly interested in talking to you. Do you talk to people like this in real life?

All I'm doing here is sharing first hand statistical information from someone who actually runs a trading company. Frankly I'd believe him before a boorish and shouty person like you.

Go and learn some manners.

hmmmm from Mr Intolerant himself that believes people should only be allowed to enter a loving relationship if it confers to your boundaries yes ? I'll accept your manners challenge if you take up tolerance. I can confirm when I meet people that wish to suppress others happiness, I absolutely talk the same.

Your 'friend' - what's the name of his company ? Presumably he's bigger than Goldman Sachs ? who have a significant bitcoin holding - does he own Tesla ? maybe Ruffer a major UK investment house that has half a billion in it ? So what's his companies name please ? 

[Benroon]

On 6/23/2022 at 4:54 AM, Cabra said:

Not at all. Equity values are based on actual hard assets and real revenues. Bitcoin is more like a pyramid scheme where the current participants (coin owners) attempt to make money solely by recruiting new participants (based on irrational biases and group mentalities) to give up their fiat currencies for a promise to own a Bitcoin. Some of these new participants have no idea what their even getting themselves into... that they probably don't actually own Bitcoin (their simply being sold/buying a promise to own Bitcoin). Many have no idea who (or how to determine) the real custodian of the coin they where promised. It's the tulip of the twenty first century. It's all hocus pocus based on public/private key encryption and large prime numbers/digits stores on a Blockchain ledger. Could just as well be an Excel spreadsheet

You're just wrong. It's supply and demand. If you think you can buy something from me and make a profit it immediately has a value. It is not about recruitment, you're aware you can purchase products with it right ? 

Gazillions of stuff has been purchased using bitcoin and to date I think 2 nations have adopted it as their currency. Again a probably fruitless exercise in undermining the all dominant dollar. To claim it is aligned to a Ponzi scheme is plain naive at best and probably believed by people that are gutted they didn't get in at 0.00000000001 to the dollar. Again I don't own any, and not likely to, but to dismiss it as a fad is probably spouted by the trackers currently licking their wounds.