IMO DCAing in a rising market is like being on a train,just sitting in the last carriage.DCAing whilst the market is declining is like youre slowly making your way to that front first class carriage. When its rising youre just keeping up,when its falling youre slowly advancing your position. This thinking also helped me mentally during the dips,including the little one we're having right now.
A couple things: If you are an investor, and you thought something was going to zero, but instead in quadrupled, guess what: you were wrong you insist on calling it a Ponzi scheme and a bubble but I challenge you to this: Please try to find another bubble that has lasted for 15 years, that has had five declines of over 80% and come back every time and has had the kind of performance that bitcoin has had over the long run. This is an asset that has 80% volatility in an sharpe ratio over 1 for over a decade+. I honestly didn’t even think a sharpe ratio of 1+ from buying and holding a volatile asset like this was even possible for such a long period. The performance is the performance, you can’t change that. Now I know you think this is all of a flimsy premise/ponzi/bubble etc, but the market obviously disagrees with you. At what point do you just think “wow maybe I’m missing something here” or does that just never happen?
The market always disagrees until it doesn't. But, yeah, I certainly can't time a bubble burst when it is still raging. Why? What would that prove? As for the legs that crypto has had, and continues to have, let's not lose sight of the fact that it is regularly being talked up in evangelical-like gatherings telling everyone to hang in there and hodl. I don't recall such a concerted effort to keep the faith for any of the other bubbles. So I suppose that may have some bearing on its duration. But why do you care? Just buy the dip and keep buying the dipping when it occurs. And then you can post a shit-eating grin with your orange Lambo.
I don’t want a lambo. I hate the “save fun staying poor” bullshit. You will never hear me say that stuff. I guess the core of my question was: can the market speak loud enough for you to listen/rethink/have a more open mind. I think I have my answer: absolutely not.
It’s not the market. The market clearly loves the stuff. It’s the premise. I just don’t buy into the premise. And herd mentality will not convince me. Listen, I am not being argumentative for its own sake. The very premise of crypto in its present form just strikes me as utter bullshit. No amount of market nosebleed will change that. Clearly I have missed out. But that’s okay; I have other stuff to keep me busy. Crypto is not the only game in town.
Ever heard of Bernie Madoff? His ponzi scheme lasted for 18 years, possibly even much longer. It grew to about 65B$ in size - about the same as the Tethers marketcap is these days if you account for inflation. Whoever called it "wrong" might be just wrong on the timing. The whole purpose of a ponzi scheme is to lure in new investors on the premise of legitimacy. In a traditional ponzi scheme, people ARE getting paid out and the scheme is working, luring in new participants. In cryptocurrencies, there is no promise of APY, but people buy because the price is going up. And the reason why price is going up is possibly because of Tether. They might be de-facto counterfeiting the US dollar. How do you think that is going to end up? The whole premise behind the Bitcoin ponzi scheme is the "number go up" in order to attract new investors. This is one of the problem of people calling for the demise because you are wrong no timing, you lose the credibility, people will laugh at your "failed predictions" and then in the end everyone gets rekt.
A year ago, the whining nocoiner bitches of ET could have bought 10 bitcoins for a total of $150,000 investment When bitcoin goes to $1,000,000 each in the next 5 years, they would have $10,000,000 and could sell 1 bitcoin for $1,000,000 and hodl the rest It's so fucking simple, but the whining nocoiner bitches are too stupid to understand simple math