No, it's way more than 1 or 2 percent. More like 70%, so I think that would definitely put me in the camp of believer instead of bet hedger. So I'm not just some nerd trying to defend Bitcoin for the sake of arguing; I'm actually putting my money where my mouth is. Keep in mind that the account used for this Journal is exclusive to this Journal only, so it's not my only exposure to the market. I've been actively involved in the crypto space for a long time. The first account I ever had was 9 years ago at Mt. Gox back in 2013. So perhaps that's why the short-term volatility doesn't really bother me like it seems to bother others. I've seen big dips happen so many times before that now I'm just like, **yawn**. People like virtusa have literally been declaring Bitcoin a scam, or worthless, or dead since Bitcoin started. If you want to get some entertainment, go to https://www.bitcoinisdead.org/ and hover your cursor over some of the dots on the chart and you'll see that the same negative comments and FUD were said about Bitcoin when it was less than $1,000 back then just like they are today 8 years later with Bitcoin being $35k. The doom and gloomers have never stopped, and they've never stopped being proven wrong either, which is why I find the whole thing comical.
Sell into strength. Isn't that one of the advantages of crypto. Being able to keep a medium of exchange out of the hands of the big institutions, be it banks or government, and have it be able to be moved seamlessly across borders and accepted internationally. If you can buy a crypto currency that you pretty well know what the value will be tomorrow, that checks the above boxes and you don't have to worry about volatility.
Are you trading it at all? Hell the Tech wreck in 2001 changed me from an investor to a speculator as I couldn't stand to see my net worth plummet like it did.
Wouldn't work. Whale is attempting to force the mkt lower, and any social media talking of his book won't have any impact unless his name is Elon. I'll say that Federal stablecoins would bite into V and MA's business. I can't imagine they are looking into clearing Fed-stablecoins.
Do you think though that there is a good chance that after the dust settles, many coins will disappear? I see you are big on BTC and ETH, but also SOL and Matic. I am in all of these as well, in addition to FTM, ADA and Luna, but I think its quite possible that some of these will never reach their all time highs again. So I think its a bit more difficult now, unless of course you just stick with BTC and don't look at it for years.
So what is driving price right now? I know there are two sides to the market but when price declines it is usually because someone wants/has to sell so offers at a price that buyers are willing to pay. As price continues to drop you have trapped buyers who want to get out or at least get even. For some there will be a point of capitulation where the pain of loss becomes too much. As whale or someone who wants to attempt to manipulate the market all you have to do is put in a sell order at less than the going price. If you have that pocket full of bitcoin that you accumulated years ago you can now drive the price downward, let the selling feed on itself and buy back at a cheaper price. You end up with the same or more bitcoin in your pocket plus a little fiat for spending foolishly. All theory of course, but it's as good a story as the crypto fans can tell. I can use V and MA now. They are accepted internationally and works without to much hassle. I see it having a greater effect on the more volatile cryptos. Where I would make use of a crypto currency is the timely transfer of cash from country to country. As a Canadian who sometimes winters in Arizona I have to have an account at a US bank for chequing. Even though I have a US dollar account with a Canadian bank, US banks require that cheques be cleared manually. Usually take at least ten days. (apparently banks are still using pony express). Being able to make that transaction in minutes or seconds would certainly make my life easier. I imagine the process is even clunkier if the country involved doesn't have a stable currency
I sure hope many coins disappear. There's just way too many out there right now. I think if some regulation drops deeming most coins as securities, a lot of them will go **poof**. I just bought $70k worth of FTM yesterday in another account. After watching some videos on their use of Directed Acyclic Graphs instead of the standard blockchain setup, I was pretty impressed. And their uptake lately has been crazy. So I REALLY like FTM right now. I got tired of waiting on ADA so I dumped that one a while back. ADA has two speeds: Slow and Stop. Luna has never been on my radar for whatever reason.
I can appreciate your skin in the game. I don't believe in the utility of cryptos in western markets. But I respect someone who puts his money where his mouth is. Our diverse and sometimes opposing opinions is what makes a market. Most who hype cryptos here on this forum, however, are nothing but empty talk and hot air, imo.
Disagree, sell a few billions and the lemmings all follow along and get shaken out. Media jumps on the bandwagon, then wait and let the down side positive correlation with equities play out. Then reload the gun and start over on the opposite side. You can't tell me that you can't easily net a few dozen if not hundred millions with that.
ETH is probably the one that's in the most danger of never seeing an all-time high again. There's too many competitors with superior technology. First of all, it's looking pretty obvious that Ethereum will never be able to perform any decent level of scale without the Polygon bolt-on. So while the ETH motorcycle is speeding around the race track at a decent speed with the sidecar bolted on, others like SOL and FTM are putting their versions of Ducatis on the track to compete with, and with no sidecars! It's pretty much a no-brainer to see where the outcome of this race is headed.