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Number go up?
Anyone interested in hosting a Helium hotspot for a decent share?
Squeaky-bum time! 😬🤣💰
the-muffin-man
Squeaky-bum time!
Ha ha! Certainly frustrating but given I've only been putting spare cash in, I'm am not too bothered by these fluctuations.
I've currently got money in Bitcoin, Ethereum, Cardano, Ripple, Solana & Chainlink.
If the market stays low or continues to drop I will keep my current holdings (not really looking for short term gains) and put the money I would be investing into more crypto aside to see how things pan out.
If the market stays low or continues to drop I will keep my current holdings (not really looking for short term gains) and put the money I would be investing into more crypto aside to see how things pan out.
Eh. Does not compute... you have crypto, you were planning to invest in more crypto, but just at the point your new investments will buy you shit loads more crypto than your previous investments...
You stop buying crypto. 🤔
i got drunk and bought £850 worth or crypto (etherium).
It's now worth nearly £300 less.
That was fun.. sigh..
DrP
Can anyone explain to me (an idiot) why all the cryptos seem to be tanking? I tried to read a couple of articles but they all used a bunch of finance jargon that I don't have the energy to translate.
Crypto is great if you'd bought for peanuts but at its current price...I don't know, it needs to come lower for me..
Can anyone explain to me (an idiot) why all the cryptos seem to be tanking? I tried to read a couple of articles but they all used a bunch of finance jargon that I don’t have the energy to translate.
A number of reasons. Mostly because countries like China & Russia are moving to ban it & the FCA are moving closer to regulating it IMHO.
Can anyone explain to me (an idiot) why all the cryptos seem to be tanking? I tried to read a couple of articles but they all used a bunch of finance jargon that I don’t have the energy to translate.
I think when Bitcoin and Ethereum move, maybe a couple of other largish ones, the rest go in the same direction.
Unlike shares there's much less in the way of fundamentals to make judgements on, it's much more about market sentiment. But as with shares one big one goes down rapidly and the whole stock market crashes.
Now why Bitcoin and Ethereum and maybe a couple of other largish ones, are dropping so rapidly is another question
market sentiment
In a nutshell.
From what I understand it's not unusual for this time of year. Just like with other industries to experience lulls this time of year too.
The other theory is that crypto is used by some whales as a large depository for a cash-like currency that probably has better returns than USD - a bit like gold.
In a bullish stock market, the price of gold typically goes down. This is sort of happening with most stock markets seemingly going up in spite of everything. BUT there are fears of a crash, and when the stock market requires large injections of cash (to prevent liquidations?), they sell gold (or perhaps now crypto) to raise some capital.
So basically, crypto volatility is either to do with the crypto sentiment, or the stock markets. If it's related to stock market movements, it can be either a bullish or bearish sign depending on what information sources you subscribe to. I.E. Trying to predict these things is a dark art.
The other theory is that crypto is used by some whales as a large depository for a cash-like currency that probably has better returns than USD – a bit like gold.
Indeed. The presence of these whales means that they can very easily affect the price, even more so given the lack of regulation. clarity & presence of more than a few scam artists masquerading as legit trading platforms.
@mrlebowski Isn't the lack of regulation a key element though? If it was regulated then we end up in the same position as normal currency? I might have read your post as pro regulation with absolutely nothing to suggest it was, so sorry if I did this 🙂
I just bought some Litecoin purely because this thread popped up and said the price had dropped. I am so easily led.
Ok, thanks for the input. Can't say I really undersand it yet but I'm going to go with 'some people have decided to do their online gambling* differently because they're worried about some other bits of the economy'.
I was hoping for something easier to put your finger on like 'China has banned logarithms' or 'Jeff Bezos deleted 5% of the blockchain'.
*or as some prefer, 'investing'.
I've stuck some more into BTC, ETH & Tether today.
Chinese new year always seems to bring about a drop albeit not quite like what we've just seen!
Isn’t the lack of regulation a key element though? If it was regulated then we end up in the same position as normal currency? I might have read your post as pro regulation with absolutely nothing to suggest it was, so sorry if I did this
I'm neither for or against TBH. I suppose I might be more for as it would grant investors some protection - as currently there's none. More pointing out a weakness in terms of how 'safe' your investment is.
super bubbles?!?
but i would be nervous investing in crypto or anything currently, might need that money soon. feels like a crash is on its way? though i have no information of knowledge or skill on the subject, so what do i know!
thegeneralist
Eh. Does not compute… you have crypto, you were planning to invest in more crypto, but just at the point your new investments will buy you shit loads more crypto than your previous investments…
You stop buying crypto.
Yeah, I probably didn't explain very well.
I have been basically taking a bit of spare money at the end of the month and almost immediately buying whatever coin I wanted to, based on a bit of research. There were certain coins I was keen to get some money into and because of this, I was perhaps a bit rash.
With the current situation I will keep money aside and move it onto the exchange account so its ready to be used. But, I will probably be a bit more wary about when I actually buy more crypto, rather than just buying when the money becomes available.
Hopefully I will still be buying at these lower prices, just doing it with a bit more thought and care.
I invested around £900 , mostly in Cardano after a friend that makes good money from it convinced me to give it a go .... seems like I bought when it was at its highest and now its worth less than half ! ... I've decided to just leave it where it is for now , as I've already lost over 50% of its value and see what happens ? ..... Just thought it would buy me a nice new shiny bike this year ... guessing not anymore 🙁
a friend that makes good money from it convinced me to give it a go
You can console yourself with the thought that its people like you that have enabled your friend to "make good money from it", assuming they cashed out in time. That's what friends are for.
Anyone using dexs and liquidity pools?
I've been playing with Osmosis over the past month. Fees are tiny and rewards come in daily. Much more interactive than just staking, probably addictive... Counting those pennies!
Cardano's dex, Sundae Swap has only just launched in the past few days, currently suffering a few teething problems, could be worth keeping an eye on.
Anyone using dexs and liquidity pools?
I prefer Paddy Power and Bet365 for my gambling habit
Can anyone explain to me (an idiot) why all the cryptos seem to be tanking? I tried to read a couple of articles but they all used a bunch of finance jargon that I don’t have the energy to translate.
🤦♂️
The crypto space is tanking becuase there are more sellers than buyers.
Why are there more sellers than buyers? Because crypto is a risk asset (a high risk asset) with no fundamental value. Investment appetite is currently largely risk off because of central bank tapering and rising interest rates. Investors are taking profits and looking for value and defensive plays as the economic landscape changes.
BTC's price rise was fueled only by speculators, fools, criminals and reflexivity - aka it was a bubble. The bubble has run out of fuel and so it is popping...
So no one is buying in the current dip?
If you can't explain why a crypto shouldn't be tanking then that's the one you should buy. And if you can't then you're basically gambling
If you xxx coins and noone wants them what are you going to do with them?
So no one is buying in the current dip?
Is like saying "why is no one selling at this peak".
a) you don't absolutely know this is the dip
b) there's no intrinsic value, there isn't some sort of regression to the mean. It's not like "buying the dip" in steel prices when you could invest in a mix of mining, smelting companies, futures, or ETF's knowing that those companies or materials have* some intrinsic value.
*well, you could have been left with oil during 2020 when it went negative, but in general, you'd be safer buying oil futures when it's low because it will eventually go back to the same sort of ~$75/barrel it always does.
It's interesting to watch because as they said up there, it's almost purely sentiment-driven, some influencer posts saying this is the dip, it's going up, people on forums "doing their own research" read that, buy it, influencer cashes out, and you get this:
I invested around £900 , mostly in Cardano after a friend that makes good money from it convinced me to give it a go …. seems like I bought when it was at its highest and now its worth less than half ! … I’ve decided to just leave it where it is for now , as I’ve already lost over 50% of its value and see what happens ? ….. Just thought it would buy me a nice new shiny bike this year … guessing not anymore 🙁
There's no more research to it than guessing at the market sentiment. And that's really a coin toss, with survivor bias ensuring you read more stories of new bikes being bought than the people who only bet what they could afford to lose, and lost.
Oops. Well I bought a load of crypto last night. Put a buy order in ages ago at a silly low price and forgot about it. Well, I thought it was a silly low price but its even lower now!
Some of the NFT stuff appears to have hit peak lunacy, but as has been said, the peak is only visible after the market has crashed.
Thanks for the breakdown nobody asked for.
You forgot to mention ponzi scheme and climate change however.
Still trying to separate crypto from tulip bulbs, though tulips can look pretty when planted.
Thanks for the breakdown nobody asked for.
You forgot to mention ponzi scheme and climate change however.
To be fair he doesn't need to. They are a given
Thanks for the breakdown nobody asked for.
You forgot to mention ponzi scheme and climate change however.
Can't knock a man for savouring this belated victory of common sense after having to put up with the evangelical codswallop spouted by crypto fanatics for the past 14 months.
Seeing as finishing a sentence properly seems too much effort, you're clearly tiring of repeating yourselves, why don't you take a break from your mission?
I crystallised
Is this crypto talk?
Mate of mine was telling me a few months back how his investment of 8k was now worth 15k.
Today he told me it was worth 5. We looked again and it was 4k.
And i thought being 18% down on. My investments was painful.
Decide how much you want to spend then use that money to book a holiday for the family and forget you ever thought about crypto. Unless your a Russian oligarch? If you are then go bitcoin.
Thanks for the breakdown nobody asked for.
To be fair, I did ask for a breakdown.
****in 'eck! Glad i didn't invest in the end. However, now it's so low, maybe it's time to start buying..
****in ‘eck! Glad i didn’t invest in the end. However, now it’s so low, maybe it’s time to start buying..
It is a shame because in theory the underlying idea does seem appealing but just like communism or anarchism it doesnt really seem to translate into the real world that well.
In this case the fundamental flaw is shown in the OP. It has been turned from an alternative currency into purely a speculation/trading option.
Whilst there will be always a market in whether a specific currency is doing well against another once everyone starts purchasing it due to hoping to make a profit rather than go on hols there it seems to fail the basic idea of a currency for me. Admittedly we have been spoiled somewhat with recent trends but the idea of thinking well I could buy lunch but if I wait two days I could buy a house doesnt really match my idea of what a currency is about.
It has been turned from an alternative currency into purely a speculation/trading option.
I've followed this thread with interest and came to this conclusion pretty quickly. The volatility also completely undermines any practical use as currency - if it was the huge swings in price inflation in goods would be wholly unsustainable
In terms of falling prices - I had an inkling there would be a downward trend as we move out of covid restrictions globally with small investors cashing in/just not investing to spend on stuff in the real world. The more price falls the greater momentum to sell something which in essence has no intrinsic value
A lot of people are in it with a longer term view and this dip isn't going to surprise or phase them at all.
Sure it would be less risky to put my money in a 'savings account' but gaining 10p 1p for holding £1000 over a year is a joke.
I'm not expecting to get rich from holding crypto, just a little bit of extra pocket money.
Definitely scams going on though, just like every other aspect of life.
I prefer Sovereigns.
longer term view and this dip isn’t going to surprise or phase them at all.
Funnily enough, that's not the impression I get when looking at it.
less risky to put my money in a ‘savings account’ but gaining 10p 1p for holding £1000 over a year is a joke.
So it's either savings account or crypto. Right.
doesnt really match my idea of what a currency is about.
@dissonance +1
Of all those folks who have invested /speculated with crypto, how many have used the crypto to actually buy something?