Bitcoin

...and here's the slow drip that occurs with every bubble burst. Everyone thinks it will bounce back, but in reality it slowly sucks the life out of them. USA year 2,000 rings a bell.

Dow also tumbling as deep as 600 points!

Cannabis stocks melting too,

"Tis but a temporary dip,

Remember, it's a weed.

Everything is down this week except rhodium.

The volatility is painful but not new in crypto. Keep in mind we had a run up from $1,950 to $19,800 in just a few months. This is a longterm "bet" with many people hoping to "get rich quick" getting burned by the reality that the short term is currently unpredictable.

winkyincanada posted:

Pretty grim out there right now. Even ETH which had been fairly resilient is now getting hammered.

ETH is still well above the 2017 high price. 

count.d posted:

...and here's the slow drip that occurs with every bubble burst. Everyone thinks it will bounce back, but in reality it slowly sucks the life out of them. USA year 2,000 rings a bell.

NASDAQ did bounce back to eventually set new ATH.

The crypto world is evolving and growing which shows it’s healthy  ... and the stronger cryptocurrencies  with smarter technologies are emerging and evolving too .. crypto is still one of the more interesting  albeit riskier tech  investments out there in my opinion ... but do your research .. there is a lot of rubbish out there and hype to attract the gullible such as ripple, alas I suspect a lot poorly informed people have lost a lot of money on that.. ... in my opinion the better tech is less volatile but has the best longer term growth and utility outside of currency ... ethereum is an example of this...

I think we are starting to see the founder first generation cryptos wane in influence and make way for second generation cryptos... Bitcoin for example I suspect will becomes less prominent  albeit I suspect it will be with us for many years yet... 

Kevin Richardson posted:

count.d posted:

...and here's the slow drip that occurs with every bubble burst. Everyone thinks it will bounce back, but in reality it slowly sucks the life out of them. USA year 2,000 rings a bell.

NASDAQ did bounce back to eventually set new ATH.

You're comparing Bitcoin with the whole Nasdaq market? I could list numerous huge companies which I followed around the 2000 era that ceased to exist within a couple of years.

Also, I'm just stating facts about investing, so there's no need to be so defensive about Bitcoin. I'm on the sidelines watching and don't have a preference either way atm. I don't get emotionally involved and certainly don't defend performance of investments.

Always buy low sell high regardless which markets are you investing.

However, it is easy said than done - I made my own mistakes when the market crashed around 2002, and it was a good lesson.

The thing with crypto if you are trading it is to be patient, the dips, sometimes severe ones, are relatively short lived. The converse is true, the peaks are also relatively short... such as the early December peak that much of the media woke up to (and yes I personally took advantage of).. if you are in the longer term these average out and there has been steady increase in value over the months and years for many of the cryptos  ... of course this doesn’t pander to the more sensationalist get rich quick and tulip bubble narrative from some of the populist media and those observers that don’t really understand the ecosystem... 

Kevin Richardson posted:

winkyincanada posted:

Pretty grim out there right now. Even ETH which had been fairly resilient is now getting hammered.

ETH is still well above the 2017 high price. 

Not any more.

Is the worst behind us? Volatility a bit lower in past 36 hours.

Dunno. But the Dow slid another 1000 pt. today.

Kevin Richardson posted:

Is the worst behind us? Volatility a bit lower in past 36 hours.

 

I think so, all rising again in crypto land.. at least for time being..

the recent little dip in BTC is my fault. whenever I buy BTC, it goes down and I added more coins during the last few weeks. sincerest apologies

Things are looking better from my POV. LTC has recovered quite a bit and ETC is back in mid 30's. This is a bumpy road but worth the trip.

I am just going to keep hodling the "big 3", NEO, and ETC. VTC has been in the dumps but I'm also going to hodl that to da moon. STRAT, however, has been nothing but a pain to own. Probably going to dump that into ETC on the next pump (if that ever happens.)

Yes BTC has made quite a climb recently... I have done a bit of day trading recently to grow my ethereum to recover slowly from a bad trade I did in the last dip...

ETC still on fire. LTC looking better almost daily. BTC trading in a semi stable $1,500 range. Let us just hope we don't get some more FUD news from the Far East.

ETC may be the big play for 2018.

Today is my wife's birthday and GBTC has treated me well, I bought loads of it @ $9.60 on Feb 5th and now it is $19.99 at the close today, a jump of more than 100 % in less than 2 weeks.

Frank Yang posted:

Today is my wife's birthday and GBTC has treated me well, I bought loads of it @ $9.60 on Feb 5th and now it is $19.99 at the close today, a jump of more than 100 % in less than 2 weeks.

And it will be a correction day tomorrow!!!

Frank Yang posted:

Today is my wife's birthday and GBTC has treated me well, I bought loads of it @ $9.60 on Feb 5th and now it is $19.99 at the close today, a jump of more than 100 % in less than 2 weeks.

My friend is range trading GBTC and has been very happy. (He actually sold at $20.20!) Personally GBTC is too risky for me since it trades at a huge premium over NAV. That premium can dissipate much faster than BTC can crash.

Anyhoo... Congratulations!

Frank Yang posted:

Today is my wife's birthday and GBTC has treated me well, I bought loads of it @ $9.60 on Feb 5th and now it is $19.99 at the close today, a jump of more than 100 % in less than 2 weeks.

BTW.... my friend is a professional technical analyst and his new entry point is $10.50.

Kevin Richardson posted:

Frank Yang posted:

Today is my wife's birthday and GBTC has treated me well, I bought loads of it @ $9.60 on Feb 5th and now it is $19.99 at the close today, a jump of more than 100 % in less than 2 weeks.

BTW.... my friend is a professional technical analyst and his new entry point is $10.50.

What on earth does he base that on? Is he a "chartist" that looks for the patterns in the price movements?

Kevin Richardson posted:

Frank Yang posted:

Today is my wife's birthday and GBTC has treated me well, I bought loads of it @ $9.60 on Feb 5th and now it is $19.99 at the close today, a jump of more than 100 % in less than 2 weeks.

My friend is range trading GBTC and has been very happy. (He actually sold at $20.20!) Personally GBTC is too risky for me since it trades at a huge premium over NAV. That premium can dissipate much faster than BTC can crash.

Anyhoo... Congratulations!

NAV? There is no underlying NAV for these things.

I've been trading cryptos for the past 3 months. It is not my intention to boast or advocate others to follow my example, but let's just say that I made more money in one day than I made in a month from what could be considered a good salary. People often talk of their gains but not of their losses. Fortunately for me I haven't lost any money yet, but it's advisable to never say never.

For those thinking of entering the market it is a risky proposition but if you know the rules of the game, understand her moods and sentiments it is possible to make a huge amount of money in a very short period of time. For example, where else can you flip an investment within 24 hours for 20% profit? By compounding the returns the funds can accumulate quickly. However, a sizeable investment is required otherwise it could take months to see a reasonable return.

There is a big difference between having £500 invested and seeing the value drop 15% as opposed to having £50,000 and seeing its value depreciate. This game is not for everyone. In essence it is an enormous ponzi scheme: for the value of a coin to go up in value people must be willing to pay a higher price and increase the market cap. 

To the fellow traders out there: I hope you have a good day at market!