Crypto

[Veritate Duce Progredi]

So whats everybody doing these days? Have most of you sold off or looking to stay long and ride this thing out with hopes that we’re just looking at another dip on a macro level?

I never followed through with dipping my toe in. I've been a spectator so I'm also interested in hearing how people have succeeded and failed in this thing.

 

[IrishLax]

I got out awhile ago (only had a little Chainlink). I did it because I had a baby on the way and was also buying a house and I wanted as much cash on hand as possible. Ended up being great timing.

I will likely dip my toe back in the pool sometime soonish. But I think the days of “to the moon” shut coins and NFTs might be mostly over.

 

[pumpdog20]

Never understood it, so never got into it. Still don't understand how it exactly works.

 

[Te'o4Heisman]

I got out awhile ago (only had a little Chainlink). I did it because I had a baby on the way and was also buying a house and I wanted as much cash on hand as possible. Ended up being great timing.

I will likely dip my toe back in the pool sometime soonish. But I think the days of “to the moon” shut coins and NFTs might be mostly over.

I agree with this. I think there probably are some real world utility coins that will see large jumps, but i feel like you mostly have to look at it like the stock market now….when looking at large macro timelines zoomed out it will increase, but not nearly as many huge green candles as there have been up until point. The major unknowns at this point being if major companies ban crypto and it becomes worthless, or what every day acceptance if it got to that point would do to supply/demand and how it would impact pricing.

 

[Veritate Duce Progredi]

So what are the actual wins/losses in this thing? Everyone acts like they have the scoop or made great picks and I've asked people how they did it and I never got a full answer. Did any of you make life changing money with this?

I don't know how someone "value" invests in this market. It all seems based on public frenzy, randomness and Tulips....which is why it's been so hard for me to have confidence in a direction.

There's no shortage of people who opine about how they're making moves in this market so I'd love some real world but anonymized data on this.

 

[NDdomer2]

I've just assumed it's some glorified money laundering/ponzi scheme

 

[notredomer23]

Bought over a million of wrapped luna this morning (cost me like $110). Was worth over $100 per a month ago, it's since crashed with all the stuff going on with UST. They're working on a solution, allegedly. It's probably finished but worth throwing a few dollars at it in case it bounces back to even $0.10.

 

[Some Irish Bloke]

So what are the actual wins/losses in this thing? Everyone acts like they have the scoop or made great picks and I've asked people how they did it and I never got a full answer. Did any of you make life changing money with this?

I don't know how someone "value" invests in this market. It all seems based on public frenzy, randomness and Tulips....which is why it's been so hard for me to have confidence in a direction.

There's no shortage of people who opine about how they're making moves in this market so I'd love some real world but anonymized data on this.

I have a buddy who lives in NYC, is 31 years old, and made over $1M in Bitcoin alone, but he got in on the ground floor. He is now out of his investments gig that was causing him to burn the candle at both ends and is basically enjoying a sabbatical until he figures out what to do next.

I share similar thoughts as you; even he, who made it big with this stuff the past decade, can't REALLY explain to me what the value of cryptocurrency is. He just got sold on the idea while ago and happened to make it. People will tell you "even the dollar is just a symbol, there's nothing backing it anymore." that's the best answer you can give me? That's how you're trying to get me to spend my hard earned dollars, because crytpo is "also made up?"

Fast forward to last summer when he and I were golfing, he asked me if I "hopped on the Bitcoin train yet." I told him no, and he said you have to invest, soon. This was when Bitcoin was trading around $65k.

Fast forward to today, it is at $29k. I would've lost half my investment in less than 12 months. It's insanely volatile, and for the big ones, it feels like the ship has already come and gone unless you're already pretty darn well off and can afford more than a fraction of this stuff.

I'm sure plenty of people have reliable sources or have insider scoops, but I just don't trust this space.

Maybe that makes me a dinosaur, idk, I'll just keep investing in my 401k heavily. Call me old school

 

[Rizzophil]

I had a buddy who lives in NYC, is 31 years old, and made over $1M in Bitcoin alone, but he got in on the ground floor. He is now out of his investments gig that was causing him to burn the candle at both ends and is basically enjoying a sabbatical until he figures out what to do next.

I share similar thoughts as you; even he, who made it big with this stuff the past decade, can't REALLY explain to me what the value of cryptocurrency is. He just got sold on the idea while ago and happened to make it. People will tell you "even the dollar is just a symbol, there's nothing backing it anymore." that's the best answer you can give me? That's how you're trying to get me to spend my hard earned dollars, because crytpo is "also made up?"

Fast forward to last summer when he and I were golfing, he asked me if I "hopped on the Bitcoin train yet." I told him no, and he said you have to invest, soon. This was when Bitcoin was trading around $65k.

Fast forward to today, it is at $29k. I would've lost half my investment in less than 12 months. It's insanely volatile, and for the big ones, it feels like the ship has already come and gone unless you're already filthy rich and can afford more than a fraction of this stuff.

I'm sure plenty of people have their ears to the ground and are listening to reliable sources or have insider scoops, but I just don't trust this space.

Maybe that makes me a dinosaur, idk, I'll just keep investing in my 401k heavily. Call me old school

That all makes sense. However, stock market is down 15% and continues to lose. I expect the slide to continue.

So the question is - where is a safe place to invest your money?

 

[notredomer23]

That all makes sense. However, stock market is down 15% and continues to lose. I expect the slide to continue.

So the question is - where is a safe place to invest your money?

Right now? I Bonds. Yielding like 9.6% or something absurd.

 

[Some Irish Bloke]

That all makes sense. However, stock market is down 15% and continues to lose. I expect the slide to continue.

So the question is - where is a safe place to invest your money?

The stock market is at least a little more predictable. There are swings, sure, and anyone with common sense saw this course correction coming a mile away when we were printing trillions of dollars back in 2020 (not saying it wasn't necessary to do so, those were strange times).

But, sound, diversified investment strategies are tried and true. I'm sure you can include crypto in that formula, no doubt, but I just don't trust the space to take all of my savings and bet the farm.

Investing is never "safe," it's a gamble. I have a little side account that I like to put some money in on WeBull/Robinhood, but for the most part I leave my actual investment accounts to the professionals who do it for a living.

I feel really bad for anyone trying to retire right now, it has to be scary seeing your accounts drop so rapidly unless you had enough saved already and were smart and switched to much safer investments like T-bills or bonds, basically just clutching your retirement account.

However, if you're on the younger side like me, you just have to keep the course and realize that this free fall will end, and the dollars you're putting in now are going into cheaper stocks and investments that will very likely, if not inevitably, increase again. Dollar cost averaging.

 

[Veritate Duce Progredi]

That all makes sense. However, stock market is down 15% and continues to lose. I expect the slide to continue.

So the question is - where is a safe place to invest your money?

What is safe? A place that never loses? Put it in a shoe box.

But to answer the question more practically: In the stock market, historically. If you are looking at limited time spans or narrow windows, caveat emptor.

I'm a buy and hold guy. I don't do anything fancy. Broad market exposure with a few moonshots for fun.

If 100 years of market data isn't enough of a track record, I can partially understand but I believe it's shortsighted. Anything can fail but the market has shown to be reliable over large swaths of time. I'll ride this out, just like I did the 2001 bubble burst (barely had anything in the market), the 2008/2009 housing crash and now this great reset.

Safety is an illusion. Minimal risk, increasing chance of minimal reward. Greater risk, increasingly less chance of greater reward.

 

[tussin]

Bought over a million of wrapped luna this morning (cost me like $110). Was worth over $100 per a month ago, it's since crashed with all the stuff going on with UST. They're working on a solution, allegedly. It's probably finished but worth throwing a few dollars at it in case it bounces back to even $0.10.

Hope you hit it big but suspect you just burnt $110 to a crisp.

 

[Veritate Duce Progredi]

Right now? I Bonds. Yielding like 9.6% or something absurd.

But that's a limited view, right? I Bonds are a roller coaster in valuation. While they are "safe" the likelihood you see 9.6% for even 5 years is highly unlikely. Of course, I'm just some fool on the internet so who knows.

 

[Rizzophil]

Right now? I Bonds. Yielding like 9.6% or something absurd.

Those i bonds are the best in my opinion!

 

[Whiskeyjack]

Those i bonds are the best in my opinion!

They're not an alternative to the market, though, because you're limited to $10k/ year. Better to think of it like an inflation-protected savings account.

 

[NDdomer2]

I've just assumed it's some glorified money laundering/ponzi scheme

Lol this has sherm mad mad

 

[arahop]

That all makes sense. However, stock market is down 15% and continues to lose. I expect the slide to continue.

So the question is - where is a safe place to invest your money?

For me I've been in a cash position for the last 2 months in my Roths and retirement account.
Waiting for the SPY to show strength to get back in at a discount.

Day trading the last month has been easy to sell short on stocks.

To answer your question, I don't feel that the market has found a bottom and wouldn't sell anything off at this point if you haven't already.

Just glad I got my Dad who just retired, to get into a cash position as well. Now his retirement account will have a fairly simple double up when the market recovers.

 

[arahop]

IMO crypto like Bitcoin and Ethereum will weather this storm just like the market.
It would be a fantastic time to get back in when it does recover.
I don't hold any Crypto but will get in if/once we see a recovery.

I don't buy stocks for the long term as I swing trade my retirement and Day and swing trade my individual accounts. I've never been a pay a brokerage to put my money in American funds kind of guy. Nothing wrong with that, but I'm trying to retire at 45

 

[Veritate Duce Progredi]

IMO crypto like Bitcoin and Ethereum will weather this storm just like the market.
It would be a fantastic time to get back in when it does recover.
I don't hold any Crypto but will get in if/once we see a recovery.

I don't buy stocks for the long term as I swing trade my retirement and Day and swing trade my individual accounts. I've never been a pay a brokerage to put my money in American funds kind of guy. Nothing wrong with that, but I'm trying to retire at 45

So you time the market and you succeed? Good luck!

 

[chisea03]

I have a buddy who lives in NYC, is 31 years old, and made over $1M in Bitcoin alone, but he got in on the ground floor. He is now out of his investments gig that was causing him to burn the candle at both ends and is basically enjoying a sabbatical until he figures out what to do next.

I share similar thoughts as you; even he, who made it big with this stuff the past decade, can't REALLY explain to me what the value of cryptocurrency is. He just got sold on the idea while ago and happened to make it. People will tell you "even the dollar is just a symbol, there's nothing backing it anymore." that's the best answer you can give me? That's how you're trying to get me to spend my hard earned dollars, because crytpo is "also made up?"

Fast forward to last summer when he and I were golfing, he asked me if I "hopped on the Bitcoin train yet." I told him no, and he said you have to invest, soon. This was when Bitcoin was trading around $65k.

Fast forward to today, it is at $29k. I would've lost half my investment in less than 12 months. It's insanely volatile, and for the big ones, it feels like the ship has already come and gone unless you're already pretty darn well off and can afford more than a fraction of this stuff.

I'm sure plenty of people have reliable sources or have insider scoops, but I just don't trust this space.

Maybe that makes me a dinosaur, idk, I'll just keep investing in my 401k heavily. Call me old school

If the market re-stabilizes itself again, I'd recommend a good API for your investments. They'll save you a lot of headaches.

 

[arahop]

So you time the market and you succeed? Good luck!

It's not timing the market, as much as it's reading previous levels of support and resistance in say an index fund like SPY or QQQ. Keeping track of moving average such as 20,50,200 EMA, VWAP, and overall sentiment/guidance in a particular stock.
Trading catalysts and forming my best thesis.

It's what I do as a full time career, if you want to call it that. Paid off my house at 37 and have no debt. I trade the market every day from the open until about 12 at the latest. Somedays I don't make any trades if I don't find a set up. Not so much luck, a lot of hard work, discipline, learning from mistakes. I've actually been more profitable in this Bear market this last calendar year than I have the past 3 years. I'm rooting for the market to turn around, it's a whole lot easier to trade when the trend is steadily rising.

 

[Whiskeyjack]

 

[GATTACA!]

 

[Veritate Duce Progredi]

It's not timing the market, as much as it's reading previous levels of support and resistance in say an index fund like SPY or QQQ. Keeping track of moving average such as 20,50,200 EMA, VWAP, and overall sentiment/guidance in a particular stock.
Trading catalysts and forming my best thesis.

It's what I do as a full time career, if you want to call it that. Paid off my house at 37 and have no debt. I trade the market every day from the open until about 12 at the latest. Somedays I don't make any trades if I don't find a set up. Not so much luck, a lot of hard work, discipline, learning from mistakes. I've actually been more profitable in this Bear market this last calendar year than I have the past 3 years. I'm rooting for the market to turn around, it's a whole lot easier to trade when the trend is steadily rising.

Sounds like you've been very successful at it. I seriously wish you nothing but the best.