New Deal - Crypto Is Half Price Today!

fratzhaus on 20/05/2021 - 08:31
Last edited 20/05/2021 - 17:01

I'm taking the hit and buying the dip - you only lose money if you sell the coins!!!

Fun questions while we cry together:

  • How are all our Crypto Investments going?
  • Did you sell before the crash?
  • What platform do you use?
  • What controls your decision making in the markets? (indicators/trading bots/hodl)

I have the below coins with my profit/loss, and mostly rely on buying and holding. I was up 40% overall 2 days ago, I am now only up 7%.

  • ADA (-4%)
  • ALGO (-28%)
  • MATIC (+48%)

I use swyfx, and my decision making is based on a few people around me who are very smart and much more successful in crypto investing.

Please appreciate the joke title, though now would be a good time to buy in - especially ADA imo. It'll go way up real quick. Anything under $2 is smart. Not a financial advisor.

EDIT: Picture of the day right here: https://imgur.com/a/jWpqkO9

Financial Cryptocurrency

Comments

    • EightImmortals on 20/05/2021 - 17:08

      That's the question at the moment with bitcoin transactions being allegedly trackable (haven't looked into it too much though) by government crooks there may be a move towards privacy coins in the near future. Bitcoin has first mover advantage though and brand name recognition…but then so did Ansett. :)

  • superuser on 20/05/2021 - 17:01
    +1

    it was around $15k this month last year…

  • rektrading on 20/05/2021 - 17:25

    BTC W on the 1h coming up.

  • Ash SA on 20/05/2021 - 18:00

    95% down, liquidated and out :| haha

    • Ash SA on 20/05/2021 - 18:00

      it was a margin call so i knew the risk.

      • fratzhaus on 20/05/2021 - 18:24

        Rough :(

        • Ash SA on 21/05/2021 - 11:32
          +3

          I made like 5000% over 3 years using trading coins and lost all of that in single day with future margins.

          Yep, rough.

  • baskinghobo on 20/05/2021 - 18:03
    +3

    I am hodling myself in the fetal position.

  • chakkz on 20/05/2021 - 18:28
    +4

    Buy High Sell Low. Works all the time.

    • MontyMacaw on 21/05/2021 - 11:39

      Of course it does if you know when that is going to be. How do YOU know btw?

  • kiwimex on 20/05/2021 - 18:32

    Im holding and buying this dip

    A mates buddy is down $600K on his Bitcoin, so I feel blessed to still be in the Green with most of my Crypto.

  • imcold on 20/05/2021 - 18:47
    +1

    Went from +40% profit in cyrpto to 5% profit, however my other trades some with ties with crypto was -8%.

    So lost 3% in 1.5 month of trading.

    Closed out on all cyrpto, even a small sell position on bitcoin which I bought 6 hours before China's announcement.

  • Ononono on 20/05/2021 - 18:54
    +3

    Already took profits and sold about 2/3 of my wallet from when Elon first tweeted, I didn't care about what he said but I just couldn't see the market responding favourably. Anyway I bought ETH last night thinking the worst was over, only for it to drop another 20% ish in the space of two hours.
    That serves me right for trying to time the market lol. Still think ETH is severely undervalued, I just feel dumb for not being more patient. I'll be more cautious from now and be DCA'ing over the next month to buy back what I sold off. The market is in a tricky place, people have low confidence but at the same time there is huge demand and developments going on, personally I just don't see crypto going anywhere but up in the long term.

    • BuDWiZe on 20/05/2021 - 21:32

      yeah i wish after his tweet i pulled all out and then went back in earlier today. but hey it would have added prolly 10-20% based on luck of doing it.
      im still about back on par from a few days ago now

  • diddy50 on 20/05/2021 - 20:05

    I bought some more $HAPPY coin.

    A charity based coin/token that makes weekly donations to mental health charities.

    I don't like all the to the moon and Lambos talk, but this coin has real value and a purpose. Not just a shitcoin.

    Buy $happy! Be $happy!

    • serpserpserp on 22/05/2021 - 18:32

      Not sure why someone would downvote this unless it is a scam coin.

  • StalkingIbis on 20/05/2021 - 20:15
    +1

    There are less players entering the bottom of the pyramid scheme, the current coins aren't really useful as a currency and the future coins will be so hard to get that they won't be worth mining?

    What's going to drive the price back up?

    • fratzhaus on 20/05/2021 - 20:20
      +3

      ADA is getting smart contracts in October - which should boost the value.

      As with anything, it's worth whatever anyone is willing to pay, and when it starts to be used for a number of applications, it will survive through that.

      You can always read up on a coin online - there's plenty of articles covering them and their use cases.

      • serpserpserp on 22/05/2021 - 18:33
        +1

        and when it starts to be used for a number of applications, it will survive through that.

        Actually has to get used for something first.

  • JelIyfish on 20/05/2021 - 20:53

    BTC hasn’t changed in the last 12 months.
    Why is it worth 4x the price from 12 months ago?

    • AncientWisdom on 21/05/2021 - 03:18

      Because people are buying it more, it's simple supply and demand.

      • JelIyfish on 21/05/2021 - 06:50
        +2

        You missed my point.
        The product hasn’t changed.
        The increased demand is just speculation

        • tomleonhart on 21/05/2021 - 07:27
          +1

          more like FIAT just got cheaper. I'd argue that the product did change when more institutions accept it as a form of payment and then they don't.

        • EightImmortals on 21/05/2021 - 08:20
          +2

          The BTC hasn't changed but the govt has been printing TRILLIONS of 'dollars' globally to keep their ponzi scheme afloat for a bit longer which means there are more dollars around chasing the same amount of BTC and other cryptos that are largely immune from government devaluation (but not, unfortunately from government troublemakers…)

          • JelIyfish on 21/05/2021 - 11:49

            @EightImmortals: Yes but not 4x in the past 12 months.
            Using that argument why haven’t house prices increase 4x, gold prices, commodity prices?
            The money supply hasn’t increase 4x in the past 12 months.

            • EightImmortals on 21/05/2021 - 11:57

              @JelIyfish: House prices are way OTT and overdue for a correction.
              Gold price? Good question, manipulation probably or people's perception of gold's value aint what it used to be?

              As someone said, supply and demand, why would you invest in those other things when crypto is the market that is moving at the moment (for whatever reason)? Maybe people perception is that cryptos are of more current and future value than those other things? Maybe they are concerned about the state of traditional economy and can see the writing on the wall? Maybe they know that the global crooks will be doing their annual cyberpolygon event in July and are trying to protect themselves (look what happened shortly after they did event 201).

              Could be lots of reason, I'm only guessing, but the old saying come to mind…'The Market is never wrong'. :)

              • JelIyfish on 21/05/2021 - 12:35

                @EightImmortals: House prices are due for a correction after a 20% increase, yet btc has increase 400% for no specific reason, provides no utility and no return.

                As I said - speculation.

                Good luck!

                • EightImmortals on 21/05/2021 - 12:42

                  @JelIyfish: I wouldn't call 400% 'no return'. :)
                  And while it isn't the best crypto for purchasing stuff (due to fees) it has the same utility as the paper or plastic in your wallet, albeit to a lesser degree for now.

                • serpserpserp on 22/05/2021 - 18:35

                  @JelIyfish:

                  yet btc has increase 400% for no specific reason, provides no utility and no return.

                  Yet people believe it should just keep going up. There is never a correction on the horizon for BTC.

        • bobolo on 21/05/2021 - 12:34
          -1

          houses don't change either - yet the same ones are selling for more than just 12 months ago? WhY iS iT WoRtH MoRe?!??!!1

          • JelIyfish on 21/05/2021 - 12:38
            -1

            @bobolo: They have moved relative to the cost of money. BTC hasn’t.

            • EightImmortals on 21/05/2021 - 13:22

              @JelIyfish: So because the fiat currency is worth less it takes more of it to buy the house?
              Pity wages aren't increasing at the same rate as the money supply is being diluted. :)

          • djmm on 22/05/2021 - 10:24
            +1

            @bobolo: People need house to live in

          • serpserpserp on 22/05/2021 - 18:36

            @bobolo: I can't live in a pile of virtual bitcoin.

            • bobolo on 22/05/2021 - 19:02

              @serpserpserp: All the more reason why houses shouldn't be increasing above affordability - so why are they???

              • serpserpserp on 22/05/2021 - 19:04

                @bobolo:

                All the more reason why houses shouldn't be increasing above affordability - so why are they???

                They are affordable to nearly everyone. not a high level of defaults out there.

                Not sure how everyones crypto margin loans are going tho.

  • BuDWiZe on 20/05/2021 - 21:30
    +1

    well it dropped a lot more after your post lol.
    i put in more money when things were lower and ada is starting to come back up so i picked up more at 1.65 usd
    a cpl of the others still lagging behind so ill just leave the money in there. they will eventually be back up

  • striker5950 on 20/05/2021 - 21:54

    How are all our Crypto Investments going?

    doge coin, had tron trx from 2017 sold it and got in with 3k usd on doge 2 weeks ago, now my doge worth is its 2.2k usd, aint even worried at all i dont even think about it. i had tron trx sitting from 10k in 2018 to where it dropped and stayed, so i was hopnig to recoup my initial money so i went with doge (coz it gets pumped by elon and it has the best chance of getting me my money back. so im gonna set and forget, check it it in a year or two.

    Did you sell before the crash? nope

    What platform do you use? binance

    What controls your decision making in the markets? (indicators/trading bots/hodl) you only loose if you sell. been holding since 2017, sure tron trx price dropped and i was stuck, but when it started making movement i sold it to move the money into doge in hopes that it will go up due to elon tweets so i can recoup the losses. he is still tweeting about it here and there that effects the price.

  • No ONE on 20/05/2021 - 22:45

    I got $20 from sign up and another $20 from referral, swapped the Bitcoin to ETH, it went up all the way to $140.
    Then swapped it for meme coin 'SHIB' now worth $40 and keeps falling. 😅 I still didn't lose anything since I never paid for them. HODL for life.

    • AncientWisdom on 21/05/2021 - 03:20
      +1

      That's not what HODL mean…

      • BuDWiZe on 21/05/2021 - 09:27

        ahah i put 100 on shib. will wait 5 years and see what happens ;P

      • No ONE on 21/05/2021 - 09:47

        That's not what HODL mean…

        yes it does. SHIB is now a bag and I'm not freaking selling. May be you didn't get I was saying.

        • serpserpserp on 22/05/2021 - 19:07

          HODL for life.

          Hold On for Dear Life for life. Yeah I can see how it doesn't make sense.

    • Skinnerr on 24/05/2021 - 08:32

      I got $20 from sign up and another $20 from referral, swapped the Bitcoin to ETH,

      Referral to what exactly?

      • No ONE on 24/05/2021 - 09:53

        Coinspot.

  • Blargman2001 on 20/05/2021 - 23:16
    +2

    Most of the underlying technology of the various crypto's don't actually need the attached cryptocurrency for that tech to be useful. Think about that.

    • Ghost47 on 22/05/2021 - 14:10
      +3

      Think and crypto don’t really belong in the same sentence.

  • AncientWisdom on 21/05/2021 - 03:35

    How are all our Crypto Investments going?

    Down $2k (gaining now). My timing wasn't great thinking the $49k US was a good time to pick up some BTC…
    But I'm loving all the bargains to be had, I've transferred $3k from the offset to try and maximize the dip.

    Did you sell before the crash?

    Quite the opposite..

    What platform do you use?

    Ftx and Swyftx

    What controls your decision making in the markets? (indicators/trading bots/hodl)

    I'm HODL on the bigger cap stuff, especially BTC and ETH. The medium stuff I'll probably stake and wait. The alt/shit I'll just monitor with the view to convert it to ETH/BTC towards the end of the run if I can foresee it. I'm also planning to take profit on these when it's there so any losses are minimised.

    • Lucille Bluth on 21/05/2021 - 06:52
      +1

      I've transferred $3k from the offset to try and maximize the dip.

      Similar to what I did yesterday. Bought some real bargains. MATIC offset most of my losses and today after buying AU1.7X during the biggest dip is above AU2.5. I am now back in green plus some

    • serpserpserp on 22/05/2021 - 19:09
      +1

      I'm also planning to take profit on these when it's there

      Yeah that is usually what people do….

  • tomleonhart on 21/05/2021 - 06:15
    +1

    How are all our Crypto Investments going?

    VERY GOOD. Down a bit on BTC but ADA and XRP are up massively.

    Did you sell before the crash?

    Yes

    What platform do you use?

    Binance

    What controls your decision making in the markets? (indicators/trading bots/hodl)

    Here's my though process. Had ADA accumulate at 15c and XRP accumulate avg 40c. Sold out the capital and free riding when I saw the mass posts about crypto popping up everywhere, OzBargain Included. So now I'm free riding.

  • Ashbargin on 21/05/2021 - 08:10
    -1

    Anyone want to buy any Tulips off me?

    • EightImmortals on 21/05/2021 - 08:25
      +2

      Dude, that's getting as old as saying 'the first rule of usenet is that you don't talk about usenet'. Been hearing it for over 10 years now and if cryptocurrencies are just a fad why are the most of the world governments working on their own?.

  • mrmachine on 21/05/2021 - 08:32
    +1

    After the dip I am still up 168,000%. Was up 235,000% last week.

  • Myone888 on 21/05/2021 - 08:55

    For newbie you will have to pay tuition fees in investing Bitcoin. It’s very volatile, subject to China, Korea and the big wigs yapping and price drop. When going is good with fomo everybody buy in. So it’s like walking on fire.

    • fratzhaus on 21/05/2021 - 08:59

      Just don't invest in Bitcoin? There are plenty of free platforms that let you chuck $50 at it and play. You can also use referral codes for some to grab a $10 credit for free also.

  • Illyria on 21/05/2021 - 09:02

    Rarely has there been a Ponzi scheme that is as blatant as crypto. This is just another sign of the extreme bubble in all asset classes at the moment.

    • fratzhaus on 21/05/2021 - 09:08

      It's hard to discern for sure, there are definitely coins that are Ponzi schemes, and PLENTY that are not.

      Coins like Safemoon and Scamcoin (yeah..) are pretty open about literally being a Ponzi scheme, but I see them as attempting to educate people that these exist in a satirical way - and aren't going to always be as blatantly obvious.

      That's why everyone screams "DYOR" because if you just watch hype youtubers, you will get burnt by a pump and dump or - well - invest in a Ponzi scheme.

      • Illyria on 21/05/2021 - 09:20

        The fact that there are people buying even the open scam coins should send red flags about the entire crypto space being in bubble territory right now.

      • Trying2SaveABuck on 21/05/2021 - 14:52
        -4

        Safemoon isnt a scam the creators have Q&A every Sunday, they are promoting the coin, they are looking at applications - it is barely a few months old. I thought initially it was very Ponzi scheme(esq) but when BTC started everyone said it was a scam too…. now everyone is saying "i wish i brought it when it was under xyz"

        Safemoon may not go anywhere but to outright say it is a scam when the coin has had independent auditors look into where the burn coins go is a bit harsh.

        I wouldnt throw my life savings into it but imho it is a better coin the Doge which was literally made for 'a laugh' - It is however a 'long shot' the idea may not fly but if it does like BTC a small investment in it early on could make you a multi-millionaire in a decade - imho it is better then playing lotto

        Crypto has a lot of doubters (i was one of them) but as i've learnt more about it im starting to believe in it more and more - so much so i have pulled away from traditional investments like shares/ETFs to focus more on Crypto and in 6 months even after this crash it has not let me down.

        Crypto has too many people that believe in it now and back it to ever go away it will only grow

        • Illyria on 21/05/2021 - 22:26
          -1

          LOL

    • Blargman2001 on 21/05/2021 - 10:41
      +1

      True, a tweet from a guy who owns a car company with hardly anything to do with the fundamentals of crypto can either send your market in to meltdown or to the moon. Wth?? Crypto investors degrade fiat as being a Ponzi scheme, yet the governments who back fiat raise taxes. Last time I checked 99% of all working adults on Earth pay some form of tax to the government's who back their currencies. That money is never going to go away. "But the technology backing them is revolutionary!" The technology is not 'backing' it. Most crypto's don't actually need the attached crypto for that technology to be useful to society. You can still use blockchain without Bitcoin etc. There's money to be made in crypto for sure, someone still makes money in a bubble, but it's purely a speculative instrument.

      • Trying2SaveABuck on 21/05/2021 - 22:42

        Im not saying that isnt true but COVID19 has shown how 'irresponsible' governments are -The biggest issue with modern democracy right now is Politicians literally only look at the 'short' term so they get re-elected.

        The US Government printed 50% of the current circulating fiat in the last 12 months! - We dont know what impact that will have on generations to come but it cant be good. - hyper-inflation keeps getting thrown around…

        Australias national debt is sitting around 1 TRILLION AUD - that is almost our ENTIRE national GDP

        Im not some Crypto evangelist - i hold some crypto in the hope that ill make a tidy profit but i also hold shares and property.

        Crypto is a 'zero sum' game - it is unstable and high risk anyone investing should be aware of that.

        but the way the governments and central banks of the world handle monetary policy has to have you concerned?

      • ProlapsedHeinous on 21/05/2021 - 23:15
        +1

        You can still use blockchain without Bitcoin etc

        Incorrect. you need a financial reward to secure a blockchain. Miners don't work for free. But crypto is just one of many uses of the underlying blockchain.

    • Ghost47 on 22/05/2021 - 14:11
      +2

      It’s also a sign of massive amounts of stupidity and greed perpetuating throughout the planet.

  • MontyMacaw on 21/05/2021 - 11:33
    +3

    I started trading shares in 1987 AFTER the crash. I was young dumb and full of….. as the saying went in those days. I’ve seen times when people were too scared to invest their hard earned money in anything and I’ve seen people throw money away on collectables like phone cards with pretty pictures and Vanity plates they hoped somebody would buy off them for more than they paid for them. The current market of everything is full of overconfident adrenalised people from all walks of life thinking they are going to get rich by speculating rather than investing. Warren Buffet would never buy crypto and neither would I. But enjoy yourself while you are young enough to recover financially should things not go the way you planned. Make sure you are not that last fool that paid somebody else more than they paid for whatever it is you think will make you money. I have a jar of air that I could let you have at a bargain price 😉

    • ProlapsedHeinous on 21/05/2021 - 23:36

      Warren buffet is 3000 years old. He was probably trading with the Egyptians. the reason he doesn't touch crypto is because his bank account is $999,999,999,999,999,999. He doesn't need to care about crypto because he's already made more money than he'll ever need. All the new kids on the block however, are bypassing the old stocks and moving direct to crypto, just like people in developing countries bypassed PC's and went straight to smart phones. The whole stock market is rigged, and the smart ones are bypassing it altogether. you can ignore the giant asteroid that's heading towards earth and get rekt by it, or you can start learning some new skills now and maybe you won't go broke. Maybe you are already set, and thats fine, but Crypto is only going to hasten the downfall of fiat one way or another. The US are already shitting their pants scrambling for a CBDC to stem the bleeding, but it will all be for nothing. It's game over for traditional finance unless they adapt, because new money isn't going to prop up the old stock market. And you know what happens when there's no greater fool to buy in. The clock is ticking, the longer you wait, the worse your position will be. The only question, is how long that transition is going to take. IMHO, 10-15 years, less if there's another 2008 style event. but the last bit of panic will be less than a month.

      • MontyMacaw on 22/05/2021 - 10:08
        +1

        You should screenshot your post. Then look back on it later in life. Sure there are sharks on Wall Street and they suck up all the excess money fools throw about. They are already setting crypto trading companies because that is a real thing. Blockchain is a real thing and will have real world productive uses. Btw if shares are so out of date how do you explain everybody’s Superannuation funds and 401ks?? Is that just part of some old fart’s scam?

  • Trioboy on 21/05/2021 - 11:38

    Still procrastinating. lol

  • mdavant on 21/05/2021 - 12:01
    +1

    Sorry is this the theead where I post about all my gains….. Or all my losses.

    Not sure.

    I like real investments in businesses who make and sell real things to real people who actually need the stuff.

    Speculation is fun while it lasts.

    • MontyMacaw on 22/05/2021 - 10:10

      NAILED IT. I go to the casino for that kind of fun. It’s VERY exciting when my investments go up but sadly that isn’t always the case. Who knew? 🤷‍♂️

  • tonaye-aye on 21/05/2021 - 12:14
    +2

    This is not half price, the market is steal very inflated, I don't think you could name one coin that is a good buy right now.

    • fratzhaus on 21/05/2021 - 12:39

      I could have, and did at the time of posting.

      ADA is currently recovered to $2.30AUD from 1.85AUD at time of post

      • tonaye-aye on 21/05/2021 - 15:18

        Again, why does that make it a good price? I think ADA will be less than 1 dollar (USD) in about 12-24 months once this bull rush slows down. Maybe a lot lower.
        My point anyways is that the market is inflated.

        • fratzhaus on 21/05/2021 - 15:39

          Back to a previous comment I made - ADA will release smart contracts in October, making it more valuable and applicable to many use cases.

          Your treating a single coin as if it is the entire market. Yes the entire market is inflated with sh*tcoins and memecoins and all of the above, that does not mean there are not genuine coins that will increase in value over time.

          Current projections for ADA is ~$10 by end of year, though might be middle of next if anything else happens really.

          • Toffees on 21/05/2021 - 15:45

            @fratzhaus: I'd be cautious with Ada. Make sure you get your info from reputable sources. Most of the smart people I know think Ada is very overvalued. Not saying sell it but make sure you fully understand why you think it will appreciate in value

          • [Deactivated] on 21/05/2021 - 15:47
            +3

            @fratzhaus: Until crypto is adopted as a whole. Yes I agree with @tonaye-aye.

            Everything more or less is pinged back to BTC. Any experienced crypto trader knows this.

            "Current predictions says $10" I still remember in 2017 Mcafee said he would eat his own d*ck if BTC wasn't 50k USD by 2018. Banks can't even predict the housing markets accurately and yet some internet site can predict crypto?

            You do know alot of development of Defi tokens were done in 2019 and 2020? It's not about development, its about market perception, fact you have people like yourself and OP giving value to these coins without understanding is proof the market is over valued.

            Come at me down votes.

          • tonaye-aye on 21/05/2021 - 15:50
            +3

            @fratzhaus: No I get that, and I know they hype about ADA introducing smart contracts. Cardano is a solid coin, it's why I bought a bag a few years ago, average price $0.22USD. It is a good project but I don't think smart contracts will change a lot for them unfortunately…also they have the slowest team compared to some crypto communities its painful to follow sometimes, but I continue to hold that investment. Also, its current price is pushed up by the market's surge…I am not confident that it will be $10 at the end of the year, stranger things have happened, but that's a very optimistic perspective.

            I just gave you the example of ADA btw because you brought it up. The entire market is very overvalued right now - which was my original point. There are plenty of genuine coins but I think the market is way too hot right now. I plan on topping up my bags at the end of the year when everything slows down and staggering investments over months.

            • [Deactivated] on 21/05/2021 - 16:33
              +1

              @tonaye-aye: Nicesu. I have more confidence in you, now that you use USD to track your coins(I do too).

              But like @NigelTufnel said, its public knowledge it probably is already priced in.
              We need to understand that half of its market cap currently could be made up of people like OP "anything under $2 is smart".

              I give you credit that you know what you're talking about, but I still think you are extremely optimistic. If I'm wrong and you make a tonne more money than I'll be happy for you but I am in the opinion that there is too many people uneducated in crypto buying blindly for the market to be accurately valued.

          • NigelTufnel on 21/05/2021 - 16:17
            +2

            @fratzhaus:

            ADA will release smart contracts in October, making it more valuable and applicable to many use cases.

            If that's public knowledge, why do you consider that value is not already priced into their current market value?

            • fratzhaus on 21/05/2021 - 19:15

              @NigelTufnel: Just wanna note that all previous comments have given me a good perspective - and I appreciate that @tonaye-aye and @Mr Boshingles.

              @NigelTufnel I guess for me, it's precedent is where coins will go up after being released on certain exchanges, rather than before. I would only really class it as people waiting to "see it to believe it".

              Happy to lose my investment on it if it goes pear shaped, but I'm still confident that it will only grow in the near future. I trust my sources for my knowledge on ADA - referencing my OP - that's people smarter and more successful in this space than I. I've of course looked at it prom a pessimistic perspective - but I have not seen anything that has considerably concerned me.

              • NigelTufnel on 22/05/2021 - 07:44

                @fratzhaus: Yeah, I'm not necessarily pro or anti crypto. I just don't really understand it, and hence don't feel I can invest.

                I do feel it is a bit like a pyramid scheme, as it's not really producing anything useful (I get that blockchain is useful, just don't see why that relies on coins). But the stock market can also be a bit of a pyramid scheme, people talking up a stock to get more people to buy it, bumping up the value. It just seems easier to value stocks for their risk reward profile…

                • Castcore on 22/05/2021 - 10:47
                  +1

                  @NigelTufnel: Coins come in to play because in order for the blockchain to have blocks added people need to literally do calculations on their computers (miners/mining). Their reward for being the first person to find/create the next block on the chain is a few coin. If there was no reward, no one would want to use up their PC resources to do the hashing/calculations/mining.

                  I'm the same as you, I really do not understand it and it does kinda seem like a pyramid scheme and I feel like I can't invest because of my lack of understanding.

                  Last night I did a bunch of research into what a blockchain actually is though and it's a pretty interesting thing but nothing super cool tbh.
                  It's basically literally a chain of these blocks that contain some form of information/data, a hash (kinda like a unique identifier but calculated from the blocks contents, so it can be recalculated/verified in future), and then the hash of the previous block it's linked to. Over time it forms this long chain with info and makes it hard for past blocks to be modified because in order for them to be modified they need to have their hash recalculated and then each following block also needs their hash recalculated because each following block contained the previous blocks hash (which got changed).

                  There's a lot more thought in the entire system than just that but it certainly made me realise how useless Bitcoin is haha. It's blockchain contains all the Bitcoin transaction (about 2-2.5k transactions per block), and miners create the blocks containing the transactions (which kinda sets them in stone) and get rewarded Bitcoin for doing so. And the whole thing goes on, it feeds and fuels itself and there seems to be no inherent value other than its the biggest crypto and everyone loves it.

                  • AncientWisdom on 28/05/2021 - 01:39
                    +1

                    @Castcore: It's value comes from it's immutable nature, once it's attached to money that means you can store value on it. And you can keep it safe all by yourself, don't need no fancy bank or anything such. Mobile phone and internet access and you're good to go.
                    It took me a long time to understand why is a game changer and why it is (probably) not a pyramid scheme.

    • NigelTufnel on 21/05/2021 - 14:30

      How do you know it's inflated, how do you even go about valuing these coins?

      I mostly understand the general principles of valuing stocks and other investments, but I don't even know where to start with crypto…

      • tonaye-aye on 21/05/2021 - 15:25

        After every 210,000 blocks are mined on the bitcoin network (which takes about 4 years) the reward to miners halves. Every time this happens we see a bull rush in the market. This leads to posts like we have here from OP where during a bull rush they make claims that it is a good time to invest.

  • ozbargainer88 on 21/05/2021 - 12:17

    Where my $ULTRA bros at

  • ericm11 on 21/05/2021 - 12:30
    +4

    here's some advice:
    Been in the space since 2013, check my past post, its a dead-cat bounce, get out while you still can. NFA.

    • [Deactivated] on 21/05/2021 - 16:35
      +1

      Finally another person agreeing with me that it's a dead cat bounce.

      The negative votes feel bad. Just reddit normies that don't want to know the truth.

    • tunzafun001 on 21/05/2021 - 21:27

      Hi mate. Just wondering your reasoning / data for the dead cat bounce? I was comparing the total liquidity of a few projects vs Marketcap, and around Feb/ March these were just about 1:1 for many, then the spike put some 20+:1, then this dip brought it all close to that level 1:1 again, then occasional swelling back up to 1.2 :1.

      Might have nothing to do with it, but seems to correlate reasonably well.

      • ericm11 on 21/05/2021 - 21:38

        Well its not hard to see, just have a look at this thread. Everyone is still super bullish and every youtuber is saying buy the dip.
        This is not a technical play, rather than cycles. Everyone and their grandma is already buying crypto.

        • tunzafun001 on 22/05/2021 - 01:45
          +1

          I like this graph, and if you look at the 2018 peak, it's very similar to the.dotcom bubble.

          https://coinmarketcap.com/charts/

          Probably a similar 'buy in audience' in 2018. But now in 2021 the accessibility is much broader.
          Plus there is so much more arguable 'fluff data' in today's chart with many Ponzi coins, scams, startups in 2021 etc it's much harder to make comparisons.
          The Etherium 90 day chart is probably a good example of a 'clean' chart to see where we are at.

          https://www.coingecko.com/en/coins/ethereum

          So if we go off that, there is more falling to come and history does show rapid ups make for rapid downs. But as you say, if the world is bullish on crypto, then surely it must be a bull (but is the uptake of the bull faster than the minting of many tokenomics)?

          Would be good to see a chart of people actively trading in crypto over time (numbers registered in exchanges perhaps).

    • pipe on 23/05/2021 - 18:50

      Yep so many bagholders in denial here. If you missed the chance to sell at the top, now is not too late. Buying the dip is suicide.

  • Toffees on 21/05/2021 - 12:42

    A solid pick right now is sushi - a very undervalued defi coin.

    If you refuse to learn about defi, it's going to be a tough century for you.

    Couple interesting sushi threads:
    https://twitter.com/jdorman81/status/1393243213905887232?s=1…
    https://twitter.com/CroissantEth/status/1394820837522432000?…

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