Still licking my wounds and healing my PTSD, here's a thoughtful thread on the subject of Crypto Cults; I am admittedly a bagholder and still have my bags, they are filled with tokens and tears... and a sense of humor
Many months back, I had posted on the absolute stupidity and euphoria on shit-coins like SafeMoon, SafeMars, etc. (and of course the Millennials new to crypto came out to defend themselves, and bitched at me for 'spreading negativity') Those were 99.9% guaranteed shorts that would win out in the end. That's the good news. The bad news, is trying to HOLD YOUR MARGIN when something very realistically can spike many thousands of a percent in value in 48 hours. You may be right in your end-game assessment, but it's being able to hold the margins that's the problem. Burry wasn't the only smart one shorting the housing markets in 2007. There were others, but they didn't make the movie-cut with Eisman and the others in the Big Short; we don't talk about the too early-to-short gurus on CNBC. Because they wrekt their hedge funds and ran out of margin too soon. Not only did you have to hold margin, but you had to get the timing right as well... Dr. Burry almost became another failed hedge fund manager as well. It was getting close.
Always follow the herd. If the herd is going north, be the first few to go north. If the herd is going south, be the first few to go south. If the herd is going nowhere, then sit on your hands.
Speculation is indeed - wonderful. Too many folks here and elsewhere commingled the "making money" part with the "change the world forever" pipe dream. If you want to master the ability to get rich while pushing a narrative that can last forever, study the climate activists.
I've got a wallet of memecoins; safemoon, pinkmoon, all kinda's of moon, dog and cat coins in that. I can only laugh at my foolishness.
I bought SoL just so I could laugh at it with the expectation of a loss... the irony is I made money. Doh!
Ive tried to stay with ETH and BTC but have wound up with a couple of high spec coins. SOL is an interesting one though. Is it a bet against ETH or just an alternative?
It was the be-all of all Ethereum-Killers. That was BEFORE the merge... and then it went downhill after SBF was discredited. He had pumped it up... and important services on SoL had to be done through one of SBF's companies. Which... has been discontinued. Doh! At least owning part of Solana is like owning part of history now