> After the Bitcoin Boom: Hard Lessons for Cryptocurrency Investors
After the Bitcoin Boom: Hard Lessons for Crypto"currency" gamblers.
FTFY.
After the Bitcoin Boom: Hard Lessons for Cryptocurrency Investors
51–60 of 143 posts
Re: After the Bitcoin Boom: Hard Lessons for Cryptocurrency Investors
#52I don't like that gambling (on an obviously ponzi like scheme) is called investing.
That started a long time ago. Buying stocks that pay no income is also referred to as investing, even though it is more accurately gambling as well. At least with stocks there is something with a more convincing value proposition.
Re: After the Bitcoin Boom: Hard Lessons for Cryptocurrency Investors
#53> Now, eight months later, the $23,000 he invested in several digital tokens is worth about $4,000, and he is clearheaded about what happened. > “I got too caught up in the fear of missing out and trying to make a quick buck,” he said last week. “The losses have pretty much left me financially ruined.” I think it's distasteful to criticize the decisions that lead to someone's downfall, but maybe someone will read thi…
Yep. Axiom 1: whatever you invest can disappear... So easily forgotten.
Re: After the Bitcoin Boom: Hard Lessons for Cryptocurrency Investors
#54Corrected title: After the Bitcoin Boom: Hard Lessons for n00b crypto Investors
That doesn't even make sense. Anyone that is attempting to invest in crypto is a noob, even the ones that claim to be 'experts'. Nobody had any type of signaling to predict a price deflation for any of the crypto assets. The hard lesson is about timing, not about expertise.
Not really. If you had experience trading other financial markets it was way easier. Because the crypto markets are still quite small, they are very inefficient, thus it's much easier to make money here than in the stock market for example.
Re: After the Bitcoin Boom: Hard Lessons for Cryptocurrency Investors
#55To be honest with bitcoin currently still over $6,000 there is a lot more pain to come.
Bitcoin has been through at least 3-4 major "run ups" already. Those who do not look at the log chart think that "this time it's different" and Bitcoin will surely die for good. Later it'll crash from $250K to $50K and then it will certainly be the end. 2011: $1->$30->$3. 2012: $5->$15->$10. 2013: $10->$270->$80. 2013-14: $100->$1100->$250. 2016-2018: $500->$20000->$6000 (so far).
Your data shows that it's reasonably possible for it to spike again.
However the sort of mockery of people who do think that it's different this time (and I see it all the time, it's not just you) is sort of funny. As if people who don't have faith in Bitcoin are somehow the naive ones. As if it's established wisdom by now, proven time and again through the ages, that Bitcoin always bounces back and outdoes itself by a factor of 10.
Again, it's quite possible that it will. I'll likely buy in when I get around to it. But this attitude is just a little silly.
Re: After the Bitcoin Boom: Hard Lessons for Cryptocurrency Investors
#56> Now, eight months later, the $23,000 he invested in several digital tokens is worth about $4,000, and he is clearheaded about what happened. > “I got too caught up in the fear of missing out and trying to make a quick buck,” he said last week. “The losses have pretty much left me financially ruined.” I think it's distasteful to criticize the decisions that lead to someone's downfall, but maybe someone will read thi…
Yep. Axiom 1: whatever you invest can disappear... So easily forgotten.
My personal take on that is: don’t invest money you can’t afford to lose.
Re: After the Bitcoin Boom: Hard Lessons for Cryptocurrency Investors
#57Corrected title: After the Bitcoin Boom: Hard Lessons for n00b crypto Investors
That doesn't even make sense. Anyone that is attempting to invest in crypto is a noob, even the ones that claim to be 'experts'. Nobody had any type of signaling to predict a price deflation for any of the crypto assets. The hard lesson is about timing, not about expertise.
> Anyone that is attempting to invest in crypto is a noob
Undoubtedly many are, probably even a majority. But what makes you say everyone is? To me the probability of that is close to zero.
Re: After the Bitcoin Boom: Hard Lessons for Cryptocurrency Investors
#58> Now, eight months later, the $23,000 he invested in several digital tokens is worth about $4,000, and he is clearheaded about what happened. > “I got too caught up in the fear of missing out and trying to make a quick buck,” he said last week. “The losses have pretty much left me financially ruined.” I think it's distasteful to criticize the decisions that lead to someone's downfall, but maybe someone will read thi…
I don't think any investor saw this as anything else than a bubble, they just wanted to enjoy the ride up. I would go all-in in a bubble if I had the confidence someone would tap on my shoulder to let me know when it's going to crash. Investing requires discipline.
someone would tap on my shoulder to let me know when it's going to crash
You don't need this; just sell a little at each ATH and you shouldn't have much to regret.
Re: After the Bitcoin Boom: Hard Lessons for Cryptocurrency Investors
#59Earlier quoted context omitted.
Bitcoin has been through at least 3-4 major "run ups" already. Those who do not look at the log chart think that "this time it's different" and Bitcoin will surely die for good. Later it'll crash from $250K to $50K and then it will certainly be the end. 2011: $1->$30->$3. 2012: $5->$15->$10. 2013: $10->$270->$80. 2013-14: $100->$1100->$250. 2016-2018: $500->$20000->$6000 (so far).
That looks like skillful manipulation to me. There is an important difference with the most recent bubble -- now bitcoin is a household name. Where is the next pool of gamblers coming from?
Greater fool theory works great until you run out of fools! With the amount of attention that bitcoin got, I feel we are close to tapping into the last of the fools.
Re: After the Bitcoin Boom: Hard Lessons for Cryptocurrency Investors
#60Earlier quoted context omitted.
Bitcoin has been through at least 3-4 major "run ups" already. Those who do not look at the log chart think that "this time it's different" and Bitcoin will surely die for good. Later it'll crash from $250K to $50K and then it will certainly be the end. 2011: $1->$30->$3. 2012: $5->$15->$10. 2013: $10->$270->$80. 2013-14: $100->$1100->$250. 2016-2018: $500->$20000->$6000 (so far).
Past performance is not indicative of future results.
Past performance doesn't guarantee similar future results.
If you think it's not indicative, then you're rejecting induction, the cornerstone of learning.