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Are members invested in Bitcoin/crypto?

ReturnOfUltraman
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sgrenald sgrenald
I was talking with a buddy yesterday. He sort of fell into crypto a few years ago when he had some sports bets that he couldn't cash out, but they put into bitcoin for him. He was up a few thousand bucks as of yesterday. He was asking what I knew about crypto and I told him to run, not walk away from it. Then I told him I had been trying to buy some DOGE a few months back (but couldn't for reasons that aren't important here) and he started jumping all over me: "You said to not do it and yet you wanted to drop some money into it!" So I reiterated that he should treat it like going to the casino. Assume that he's going to lose it all, so invest what he can afford to lose.
That's a smart way to look at it, but I will say other projects will be safer bets because of better fundamentals and real world usage. Doge was created in two hours as a meme. In my opinion, coins like ETH, ADA, MATIC, etc. are here to stay in the long run. Does it mean the possibility of a crash is 0%? Absolutely not. It could go down to that as quick as it rose. Will it? I don't think so.
 
Observer
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ReturnOfUltraman ReturnOfUltraman
That's a smart way to look at it, but I will say other projects will be safer bets because of better fundamentals and real world usage. Doge was created in two hours as a meme. In my opinion, coins like ETH, ADA, MATIC, etc. are here to stay in the long run. Does it mean the possibility of a crash is 0%? Absolutely not. It could go down to that as quick as it rose. Will it? I don't think so.
It's also a good idea to remember that the possibility of a crash in the USD isn't zero, either. In fact, history suggests that it's an eventual certainty. Crypto and other dollar hedges start to look pretty good in that light.
 
fibonacci
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Observer Observer
It's also a good idea to remember that the possibility of a crash in the USD isn't zero, either. In fact, history suggests that it's an eventual certainty. Crypto and other dollar hedges start to look pretty good in that light.
Well, yeah, for some value of "eventual". How many times has a dominant world power's currency crashed? I don't think the British pound ever did. There's the Soviet ruble but that could be considered a special case. Spanish real? Honest question.
 
Observer
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fibonacci fibonacci
Well, yeah, for some value of "eventual". How many times has a dominant world power's currency crashed? I don't think the British pound ever did. There's the Soviet ruble but that could be considered a special case. Spanish real? Honest question.
The British Pound crashed in 2008. See Black Wednesday. World reserve currencies tend to be replaced every 80-100 years, and the USD is coming up on that. Some people think BTC will be the next, but, that's just, like, their opinion, man. Time will tell.
 
fibonacci
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Observer Observer
The British Pound crashed in 2008. See Black Wednesday.
The pound fell by 25% against the dollar, back to where it had been earlier in the decade. More like a correction than a crash I'd say. Currency crash makes me think Argentina, Zimbabe, Weimar Germany...

Observer Observer
World reserve currencies tend to be replaced every 80-100 years, and the USD is coming up on that.
But that doesn't necessarily mean they crash.
 
Stripey
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Observer Observer
The British Pound crashed in 2008. See Black Wednesday. World reserve currencies tend to be replaced every 80-100 years, and the USD is coming up on that. Some people think BTC will be the next, but, that's just, like, their opinion, man. Time will tell.
I’m not sure the UK was a dominant world power by then ...
 
Walrus
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Observer Observer
The British Pound crashed in 2008. See Black Wednesday. World reserve currencies tend to be replaced every 80-100 years, and the USD is coming up on that. Some people think BTC will be the next, but, that's just, like, their opinion, man. Time will tell.
There was also the time one of the richest men around broke the pound. Cant recall if that was 2008 but world currencies are prone to manipulation like anything else. I don’t even know about the US being the most dominant power anymore. We probably are but with no cyber treaties on the books it’s like we are playing a different game now. I had a busy day didn’t even get to look at crypto to just a few minutes ago. I was a bit surprised at all the green I saw. Damn dips and trying to stock up they just don’t wait around for you. Watch in two months everything will sonic boom again. Gotta admit i really liked the crash memes you gotta find humor in this stuff.
 
Walrus
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Stripey Stripey
It was Soros in 1992.
Ya I didn’t want to mention the whole thing as it can create political rancor which I wanted to avoid just wanted to make a point about manipulation in all forms of assets and currencies
 
sgrenald
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Observer Observer
The British Pound crashed in 2008. See Black Wednesday. World reserve currencies tend to be replaced every 80-100 years, and the USD is coming up on that. Some people think BTC will be the next, but, that's just, like, their opinion, man. Time will tell.

The US dollar has been the world reserve currency since WWII. Before that, it was the British pound, for about a century. Before that, the concept didn't really mean anything. And the USD replaced the GBP due to the fact that the British empire ended in the 1940s, and the US had been the world's largest economy for most of the century at that point, with an intact manufacturing base. There's nothing analogous to that kind of a thing today. The Chinese Yuan might replace the dollar eventually, but it's not going to happen overnight, unless there's some sort of catastrophe (Giant Meteor 2022!).

Cryptocurrencies have a long way to go before they can displace traditional currencies.
 
wristpirate
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sgrenald sgrenald
I was talking with a buddy yesterday. He sort of fell into crypto a few years ago when he had some sports bets that he couldn't cash out, but they put into bitcoin for him. He was up a few thousand bucks as of yesterday. He was asking what I knew about crypto and I told him to run, not walk away from it. Then I told him I had been trying to buy some DOGE a few months back (but couldn't for reasons that aren't important here) and he started jumping all over me: "You said to not do it and yet you wanted to drop some money into it!" So I reiterated that he should treat it like going to the casino. Assume that he's going to lose it all, so invest what he can afford to lose.

The problem with giving people sound advice like this is that they are suspicious you are hiding the truth and all the profits from them and still go head first into it!
 
ReturnOfUltraman
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wristpirate wristpirate
The problem with giving people sound advice like this is that they are suspicious you are hiding the truth and all the profits from them and still go head first into it!
I never give friends or family financial advice or nudge them in either direction. Because when things are good, they don’t say anything, but as soon as there’s a downturn (like the last few days), they all come running back! 🙄
 
S
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I have been holding some LTC, XRP and XLM since 2017. Almost sold a week or so ago at pretty good points, decided to hold longer and got burned by the big dump. Hoping it isn't a 3 year rebound on these again!
 
A
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reverbtime reverbtime
For now I am a gold and silver bug. However, I might get into Bitcoin.
You should get into Bitcoin at this point.
 
Tony C.
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A Absin2
You should get into Bitcoin at this point.

Few things inspire greater confidence than a recommendation - in the very first post by a new member, no less - to "get into" a volatile asset that has fallen ~40% in value over the past two weeks. 👍
Edited:
 
Observer
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Tony C. Tony C.
Few things inspire greater confidence than a recommendation - in the very first post by a new member, no less - to "get into" a volatile asset that has fallen ~40% in value over the past two weeks. 👍
He’s up 1% so far. Same as gold over the last 6 months. 😁
 
Tony C.
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He’s up 1% so far. Same as gold over the last 6 months.

If he continues to outperform gold for another three weeks, I'll jump onboard whatever he advises in his second post! 😁
 
Aquariusmatic
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I'm into Staking and DeFi... Volatility of the marked helped some investments and negated some other investments. What i profit in a week of DeFi i exchange from BNB to either ETH or BTC and deposit to my Ledger wallet.
Lots of scams and rug pulls happening at the moment with sht*coins and some promising tokens but I'm consistently at + 30% during the week, I've stopped doing any swapping or liquidity providing or buying into positions of LP tokens during the weekends as the last few weeks the volatility was insane.
 
Walrus
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I think we shook out the paper hands although there could be more to come. I remain calm during crashes I just rely on my diamond hands and do some mindfulness exercises until I have achieved diamond cat like status, my wife took this picture of me during this most recent crash
AB7AE6C9-8B84-4FE7-A369-58DE10069DE6.jpeg
 
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