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It isn't just Bitcoin that is volatile. Every last one of the cryptocurrencies, they are volatile. Dogecoin went from less than a penny to 0.75 in 3 months. It dropped like a brick last week. I lost over $14,000 in DOGE. Now I'm trying to rebuild what I lost. Of course, everything else in the stock market has run aground too.
I lost over $14,000 in DOGE. Now I'm trying to rebuild what I lost. Of course, everything else in the stock market has run aground too.
You didn’t lose until you sold. You should’ve held.
Quote:
Originally Posted by BentBow
No one is selling their Bitcoin, in bulk, for it to tank.
This didn’t age well. Whales and institutions are absolutely selling their Bitcoin right now, so they can buy it far cheaper latter. It’s literally 35K right now.
Like the last bubble pop in early 2018, this one will result in 90-95% losses in many altcoins. Selling the DOGE now was the right move. Buy it back lower in a year. I'm hoping global governments shut off their central bank's faucets and we get a deflation in all asset prices but I'm not counting on it.
Everybody seems to be on the inflation bandwagon but when everyone says something at the same time, history shows that's the time to do the opposite. Time will tell.
Like the last bubble pop in early 2018, this one will result in 90-95% losses in many altcoins. Selling the DOGE now was the right move. Buy it back lower in a year.
I wouldn’t wait a year, I’m buying all the top 10 coins as soon as the exchanges are no longer freezing up.
Yeah my portfolio is destroyed right now but I’m still buying and holding.
I do everything through Robinhood. Crypto has gone wild, and certain crypto I don't get on Robinhood. I'm doing this for money, not as an actual currency.
Neither does the internet or video games, yet you still pay for it.
People don’t invest in crypto for its value, they invest to make money.
Like Mark Cuban said, “it’s better than a lottery ticket.”
That's why I posted the last message. A "virtual currency" isn't worth much of anything besides to a "collector." Believe it or not, not everyone is online all the time. In fact, some don't even have computers. "Currency" is something that everyone can put in their pocket and barter for services and goods.
There are a few businesses around here who now take gold and silver as currency (and the recent "goldback" paper money development). That is the direction I would like to see currency going, not in the "non-existent" direction farther than it already is.
I got into crypto at the exact wrong moment a few weeks ago, but since I am generally pretty risk-averse, I didn't put too much in. What having a little skin in the game did was help me learn to read the markets and develop a working knowledge of some of the coins I decided to invest in, like BTC, ETH, MATIC, ADA, ALGO, and XLM, as well as those that I didn't, like DOGE.
I'm not sure if I'll ever be a big investor after watching my very small portfolio swing +/- $100 in a 12 hour period - I don't have the guts for it - but I do plan to set up a regular investment in a few coins once we find the bottom. And I don't really think we're close yet. I don't think the bear market will be as bad as one a few years ago since I feel like adoption is higher now (but I could be wrong), but I definitely think there is opportunity in the near future. Sudden millionaire opportunity? Doubtful. But I'd just like to be able to round out my first house down payment in a market that is unlikely to cool off much even in a downturn.
But it's a gambler's "investment," not a store of currency for most of us. I think the latter may be more of a gamechanger for people in developing nations with severe unrest, like Venezuela, where easily investing in stablecoins may be a safer bet than the local banks.
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