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$7.6B in crypto long positions liquidated in 1 hour as Bitcoin plunges to $52k

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Re: $7.6B in crypto long positions liquidated in 1 hour as Bitcoin plunges to $52k

#31

Post by echelon »

polote wrote: post #11
patentatt wrote: post #4

What I hate about Bitcoin is that I have absolutely no idea if this is 1) a good dip to buy, or 2) the start of a much bigger crash. Everything I understand about the topic and the world at large tells me it should be #2, but in retrospect it always winds up being #1. Am I passing up free money today? Or am I smart not to gamble in such an obviously rigged game? Will I look back years from now longingly and wish that…

How is that different from the stock market ? Maybe you have 'more ideas' but that would not prevent you to be wrong. In both case nobody can predict what will happen next

You have a sense of a company's prognosis and the industries they operate in.

Bitcoin is a bunch of hope, hot air, and hubris. I suppose you could say it's an industry of its own, but I think it's harder to project than, say, the tech industry.

Re: $7.6B in crypto long positions liquidated in 1 hour as Bitcoin plunges to $52k

#32

Post by bradleyjg »

patentatt wrote: post #4

What I hate about Bitcoin is that I have absolutely no idea if this is 1) a good dip to buy, or 2) the start of a much bigger crash. Everything I understand about the topic and the world at large tells me it should be #2, but in retrospect it always winds up being #1. Am I passing up free money today? Or am I smart not to gamble in such an obviously rigged game? Will I look back years from now longingly and wish that…

If you don’t have any thesis beyond “hey, it could go up,” then you are gambling. That doesn’t mean you’ll lose, sometimes gambles pay off.

You should no more feel bad about not having won gambling on btc than you do about not having picked the winning lotto numbers last week.

Re: $7.6B in crypto long positions liquidated in 1 hour as Bitcoin plunges to $52k

#33

Post by LudwigNagasena »

netrus wrote: post #13
Avalaxy wrote: post #5

Earlier quoted context omitted.

Spread your chances. Buy some now, buy some again later when it crashes even further. If it doesnt crash further, at least you profited from the current dip.

You conveniently left out the scenario where it continues to crash, and OP looses money twice by following your recommendation. It's a casino.

Just like any forex market.

Re: $7.6B in crypto long positions liquidated in 1 hour as Bitcoin plunges to $52k

#34

Post by [deleted] »

paulryanrogers wrote: post #26
scsilver wrote: post #17

Earlier quoted context omitted.

Buy a ticket, dont put in much. Adjust over time. I think the foolish point of view is to look at it as black and white. And whatever you do, don't rob yourself of participation in a meme, fun is not a zero sum game. I regret every time I invest in being smug.

There are other considerations too. Like buying into a tech that's largely backed by dirty energy.

[deleted]

Re: $7.6B in crypto long positions liquidated in 1 hour as Bitcoin plunges to $52k

#37

Post by aent »

haolez wrote: post #35

I'm waiting for a Tether collapse to create my long position, but I'm starting to feel like Michael Burry in the Big Short: the market can remain irrational for a long time.

They have a deadline in about a month to reveal what exactly their "reserves" are comprised of, could be the moment.

Re: $7.6B in crypto long positions liquidated in 1 hour as Bitcoin plunges to $52k

#38

Post by amelius »

bradleyjg wrote: post #32
patentatt wrote: post #4

What I hate about Bitcoin is that I have absolutely no idea if this is 1) a good dip to buy, or 2) the start of a much bigger crash. Everything I understand about the topic and the world at large tells me it should be #2, but in retrospect it always winds up being #1. Am I passing up free money today? Or am I smart not to gamble in such an obviously rigged game? Will I look back years from now longingly and wish that…

If you don’t have any thesis beyond “hey, it could go up,” then you are gambling. That doesn’t mean you’ll lose, sometimes gambles pay off. You should no more feel bad about not having won gambling on btc than you do about not having picked the winning lotto numbers last week.

Old trading wisdom: there is more room for it to go up than down.

Re: $7.6B in crypto long positions liquidated in 1 hour as Bitcoin plunges to $52k

#39

Post by candiddevmike »

All crypto coins are fundamentally the same thing, easy to create or fork, and not backed by anything permanent like a government, so the value of them should approach zero over time. There's nothing supporting BTC's price, and I'm of the mindset there are shenanigans occurring to keep it afloat.

Re: $7.6B in crypto long positions liquidated in 1 hour as Bitcoin plunges to $52k

#40

Post by bradleyjg »

amelius wrote: post #38
bradleyjg wrote: post #32

Earlier quoted context omitted.

If you don’t have any thesis beyond “hey, it could go up,” then you are gambling. That doesn’t mean you’ll lose, sometimes gambles pay off. You should no more feel bad about not having won gambling on btc than you do about not having picked the winning lotto numbers last week.

Old trading wisdom: there is more room for it to go up than down.

That’s true of everything.
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