"Crypto’s detractors have long argued that it is useless—unless you are a money-launderer or con-artist—and predicted its demise."
What a piece of opinion. So not overgeneralizing and down to earth.
The cryptocurrency sell-off has exposed those swimming naked
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Re: The cryptocurrency sell-off has exposed those swimming naked
#22,,The crypto slump has been brutal’’ I’ve been holding Bitcoin since 2013, and this 50-60% retracement from the all time high was nothing compared to what I (and other people) were living through. I advise people to look at past volatility of Bitcoin before making an investment decision.
Also bitcoin != crypto, those are not even subset/superset for the most part. Bitcoin solves one single problem of "digital cash" with the most robust and boring mechanism (known to mankind so far). While the "cryptos" aim at satisfying demand for all sorts of p2p apps and moneymaking schemes that can be funded with the digital cash to avoid getting regulated out of existence.
bitcoin != crypto
Right, e-banking is crypto.
The field of Speculative Blockchain solutions is a tiny part of crypto. But your examples sound like they either are or anchor to speculative Blockchains so Bitcoin is the leading implementation of infrastructure for your examples.
Re: The cryptocurrency sell-off has exposed those swimming naked
#23There's been a huge sell offon the stock market too. FUD spreading about crypto!
Re: The cryptocurrency sell-off has exposed those swimming naked
#24Re: The cryptocurrency sell-off has exposed those swimming naked
#25"Crypto’s detractors have long argued that it is useless—unless you are a money-launderer or con-artist—and predicted its demise." What a piece of opinion. So not overgeneralizing and down to earth.
Totally fails to mention other uses, like ransomware payments.
Re: The cryptocurrency sell-off has exposed those swimming naked
#26If tether manages to make people believe that its demise would derail the regular economy, and get bailed to keep their peg, then they’ve definitely screwed everyone over.
Re: The cryptocurrency sell-off has exposed those swimming naked
#27Re: The cryptocurrency sell-off has exposed those swimming naked
#28This is a particularly bad time to trade crypto if you don't know what you're doing. Even if you think you do, it's dangerous in a bear market.
Lol, what does "knowing what you're doing mean?"
Knowing that you’re literally gambling. Don’t put the money in unless you’re okay with the possibility of it being wiped out.
Re: The cryptocurrency sell-off has exposed those swimming naked
#29,,The crypto slump has been brutal’’ I’ve been holding Bitcoin since 2013, and this 50-60% retracement from the all time high was nothing compared to what I (and other people) were living through. I advise people to look at past volatility of Bitcoin before making an investment decision.
Do you have a strategy of selling on the peaks (possibly even buying on the lows with some of the proceeds) to eventually exit while ahead or are you just holding because you have a strong belief that it can only rise in future and it's not worth following the day to day drama (as many do with stocks)? Either way, you personally benefit from belief in Bitcoin and crypto being generally positive, which has implication…
If there would be a huge peak, like $200k, I would sell, but generally I don’t believe I can compete with the hedge funds trading Bitcoin, so it’s the second. The only exception was the Bitcoin Cash hard fork, that I strongly opposed as it was being pushed by companies so aggressively even though there was no rough consensus reached, while segregated witness fork contained several critical bug fixes for Bitcoin. I sold all my Bitcoin Cash instantly for about 0.13 BCH/BTC exchange rate.
Re: The cryptocurrency sell-off has exposed those swimming naked
#30This is a particularly bad time to trade crypto if you don't know what you're doing. Even if you think you do, it's dangerous in a bear market.
Lol, what does "knowing what you're doing mean?"
For most purposes, it's enough to know that the money you put there could go to zero. Which means that you shouldn't invest in crypto anything whose losing would take a psychological toll if you lose (let alone investing money that you need for mortgage, etc. as seen in the Luna subreddit).
Then beyond that, the more information, the better, but the rest is not essential.