New Deal - Crypto Is Half Price Today!

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

Comments

  • +56 votes

    Ok

  • +3 votes

    I am trying to get in and the dip kinda scared me

    • +11 votes

      Got to be in it to lose win it :)

      • +1 vote

        Need to take a plunge, legs shaking like Mr. Bean :)
        Same feeling as my first bungee jump :)

        •  

          Just wait for the dead-cat bounce ^-^

    • +8 votes

      the dip kinda scared me

      Good. It should scare you.

      • +15 votes

        Nope, the dip doesn't scare me at all. It excites me.

        The last major dip was March 2020, Bitcoin dropped from $8000 to $3800. If you bought at any point at that time, you'd be way ahead.

        This dip is nothing. I bought the dip last night, it was amazing.

        • +35 votes

          The recommendation is "buy the dip" not "buy the start of the dip".

          • +11 votes

            @ItsMeAgro: The trick is knowing when the dip has hit the bottom, but if I knew when that was I'd be a billionaire by now.

            • +4 votes

              @onetwothreefour: Don't try to pick the bottom, just take small bites when it dips. When the dip takes a dip, then buy more.

              • +5 votes

                @techlead: Until the falling knife hits the floor….

              • +19 votes

                @techlead: "Man who tries to pick bottom gets smelly finger" - old saying

              • +1 vote

                @techlead: So are you condoning double dipping?

              • +6 votes

                @techlead:

                When the dip takes a dip, then buy more.

                Keep buying that dip until you run out of money. Then watch it dip more.

                •  

                  @serpserpserp: That's why you don't use up all your money.

                  I've been buying the dip since 2013.

            •  

              @onetwothreefour: that's a lie.

              you would be a Centillionaire

        • +2 votes

          Diamond Hands all the way

  • +2 votes

    What controls your decision making in the markets?

    Whatever other people ( elon musk) says. Lol

    • +1 vote

      hehe, spot on. The crypto market is starting to act like the traditional market in that respect. :)

      • +1 vote

        The traditional market would follow Buffets advice and his money.
        PS, he is short crypto

        • +7 votes

          Yep most of the rich dinosaurs are negative on crypto as it's a new thing encroaching on their turf. What I meant though was that a lot of investors in the traditional markets will watch what someone else does or says and take their cues from that. I wonder if Elongated Muskrat will be buying the dip he helped create?

          •  

            @EightImmortals:

            Yep most of the rich dinosaurs are negative on crypto as it's a new thing encroaching on their turf

            I dont understand the (age) discrimination given to someone like buffet. I mean, what does encroaching on his turf even mean?

            What I meant though was that a lot of investors in the traditional markets will watch what someone else does or says and take their cues from that

            No serious investor in traditional market is watching someone like Elon and taking cues other than algos. And by the way, unless your a algo, you're a patsy, and most people I would say are patsys.

            •  

              @cloudy: What it means is that those guys made their money out of the old system, they have their methods and their contacts and their knowledge is based around traditional markets, gold, sliver, commodities etc which are all, as you say, manipulated by the algos and the people who control them (i.e. the same rich guys who are complaining about cryptos :) ). And then comes this new fangled 'electronic' 'money' that they don't understand and can't control (yet) so they react the only way they know how. I guess the buggy-whip makers did the same thing when cars started to come onto the market?

              As for the traditional markets taking their cues from talking heads, you better believe it. I've lost count of the amount of times the markets goes one or the other because some rich person or government employee said this or that. I've even seen the aussie markets simply follow the U.S. markets even though nothing occurs locally. Here's a recent vid on how corrupt and/or controlled things are.

              https://www.corbettreport.com/markets/

              •  

                @EightImmortals: You can arguably manipulate crypto a lot easier by spreading Reddit and YouTube misinformation and via a bunch of pump and dump groups.

                That would be a lot easier than manipulating the stock market surely..

                •  

                  @ankor: No argument there, I mean look what they did last week by scaring people about the Bank of China, which wasn't news but just a reiteration of what they've done all along. My spidey-senses are saying this is the instos smashing the price to get their clients in cheap as they've been promising to do for a while now. But whether it's the cryptos or the traditional markets, IMO the little guys like us just just learn to swim with the sharks and not against them and try not to get eaten in the meantime. FTR I've lost way more in traditional investments that I have in cryptos. And my cryptos are still about 400% up from January so I'm not too concerned. But the future for ALL markets is going to rough before it gets better. Watch out for the 'cyberpolygon' event around July as that could be an indicator of the rest of the year might bring.

      • +2 votes

        Agreed. I think some people are turning bitcoin back into money. It's like as if money is widely used and accepted or something.

        • -1 vote

          Yep. But that's the same with everything isn't it? Even if you hold precious metals or real estate or stocks your plan is to turn them back into fiat at some point.

    • +1 vote

      Elon is the 2nd GREATEST troll ( 1st is the FED ). BTC goes down to the level that when he first twit about Tesla's purchased worth 1.5b of BTC.
      https://s3.tradingview.com/snapshots/i/ISD7vrLv.png. If weelky closed below 50k, it will goes down LOWER. BTC did the same thing in the past, now yet still got new ATH …
      It's realdy bounce 40%+ from that dump ( 2nd BIGGEST volume in 1 day on Binance ).

      https://s3.tradingview.com/snapshots/v/VCSCd2Ln.png.
      It just fail the 42ish retest, going down making a higher-low, then test higher 43k-44k https://s3.tradingview.com/snapshots/t/TMT0IYB2.png

      TLDR; trade your plan, not the news, least the troll … trolls you LUL

      EDIT: Im riding the short down to w/e the new floor is. These are all opinions, not financial advice.

  • +19 votes

    I'm down quite a bit at the moment :( Oh well diamond hands, to the moon and all that I suppose.

    • +6 votes

      Did you buy because of all the wonderful gains you hear others making?

      • +3 votes

        Yep, and at one stage I was up $2k on my investment. Then Elon Musk started going on tv and tweeting, then China then $2k down. Should have sold early and got out, greedy me.

        • +1 vote

          You're not alone! :(

          • +1 vote

            @Caped Baldy: I'm sure there's a lot of people nervous right now. I'm counting on it coming back up again.

        • +3 votes

          This is my exact sentiment as well.. Elon's tweets + China's ban on using Crypto for retail purchases were obvious signs as the news dropped, but I mulled over it all for far too long! Thought about selling after it dropped after the news, but I didn't…
          Now I'm $20K down over 20hours (however still a few $K up overall)..
          Unfortunately, I decided to bail out of all crypto on the bounce just before 10am. Simply to save those last few $K gains.
          NOW I REGRET GETTING OUT!!! ARGHHHHHH.

        •  

          Mate, I was up $15k. Last night I was down $45k, frozen in fear. If only I bought the dip, I'd be back to zero if I did lol. Now it's just too scary to buy but OK to HODL, don't sell at a loss!!!! I haven't sold one crypto at a loss yet. The only time I'll sell at a loss is 11:58PM on June 30th to make sure the ATO doesn't steal my gains when I could just lose it all in the next financial year but they conveniently won't offer any tax deductions against my income tax.

          • +5 votes

            @supersabroso: @Tricky83 and @supersabroso - this is what I meant by "You only lose money if you sell the coins" - a loss is only a loss once you cash it out. This is only temporary and the value will come back.

            • +1 vote

              @fratzhaus: Coming back a bit today, wish I had some more spare cash to have bought the dip.

            • +1 vote

              @fratzhaus: Yeah I entered back in once things were on the way back up. But my portfolio is far less diversified now, which has its good and bad points.
              Lost about $5-$7k on the bounce and in fees. But oh well.. at least I got to feel what it is like to cash out… It's quiet, and lonely, and I didn't like it.. hahaha

    • +4 votes

      You don't lost until you sell. Diamond hands.

      • +2 votes

        You lost the opportunity cost of investing in something that is making good gains while you’re just waiting to recoup your losses.

        •  

          Sure if you know when whales gonna dump, let us know. Thanks.

          • +3 votes

            @Scythic: Sunday 10pm, thank me later

  •  

    I didn't sell before the current correction and have lost about 50% profit….but am still up around 450% since January. Am watching the charts and last nights dip hit (and bounced off )the 200MA on the daily which (in hindsight) looks to be a classic head and shoulders. On another thread someone noted that the SP crossed the 21 MA on the weekly chart but it hasn't closed yet. If it does close below it might linger for a bit OR it might head back to test the weekly 200 MA at around 13K USD but I'm not convinced the market today is the same as it was in 2018 when the last big correction happened. Was a pretty hard rejection spike so hopefully things will bottom out here for a bit b4 heading back up. Some great coins on sale today ARRR, XMR (if you like privacy coins), BNB, NEO, ENJ, WAXP. Will keep an eye out and maybe top up a couple in the next couple of days.

    (DYOR this is just my opinion only)

    •  

      Personally I like BNB and will add few more if prices go south …

      •  

        Crazy right? I bought some at around $2 back in 2018…as usual, should have bought more.

      •  

        How does the Chinese ban on all exchanges two days ago impact BNB?

        • +7 votes

          It doesn't? They already banned them half a decade ago.

          •  

            @supersabroso: Like your parents telling you off when you did something 'naughty' but they actually liked it …"I mean it this time your banned ". …snigger snigger

        • +4 votes

          Recycled news. BS to drive the price down

  • +6 votes

    I think Homer Simpson said it best:

    I am so smart
    I am so smart
    S M R T
    .. I mean S M A R T

  • +58 votes

    'crypto investing'. Also known as gambling.

    • +10 votes

      What isn't?

      I know a guy who lost his life savings when the Building Society he had it in went down. It's ALL gambling, it's just that the risk ratios are different.

      • -10 votes

        It's ALL gambling

        I completely agree. Getting wealthier isn't about being smart, or clever. It's entirely down to luck. Luck and power. If you have power you can create your own luck by grossly manipulating an overheated property bubble into a superheated property bubble. But it's still luck - and even with diamond hands the Americans might decide to raise interest rates rapidly and it all comes crumbling down.

        • +11 votes

          This is really far from the truth and completely removes the individual's role in saving. It's a bad attitude to have.

          Luck helps for sure, but if you think anyone with money just got there from 100% luck/power then you're just giving up on yourself.

          I'd say if you're wise then you will generally make money regardless of your situation. People on $1 a day are able to save for example in other countries.

          • -1 vote

            @DingoBilly: You can save without luck, yes. But you cannot profit from investment without luck, no.

            if you think anyone with money just got there from 100% luck/power then you're just giving up on yourself

            But you look at those making bank, they're either lucky, or corrupt/criminal. Very, very few people made the "right" investment decisions and ended up wealthy. It may appear that way due to "survivorship bias".

            • +1 vote

              @DisabledUser205979: There are very basic rules you can follow with wealth which will almost certainly make you money in long term without luck. Also depends on your definition of wealth. I feel quite wealthy despite not having millions to my name or making 1000% returns on crypto. I put away money into long term investments from 10 years ago and now they're delivering good returns…. as expected. And pretty much anyone can do that, it's not overly hard.

              You argue as if its all random chance and make believe. Sure, maybe the market will collapse and everything goes to hell. But in that scenario everyone loses/irrelevant how much money you have. Investing in low to medium risk ventures will make you money on average, thats how risk and investing works.

              Crypto here is very much based on luck though as it is very hish risk. You'll make a lot or lose a lot. It's why it's a poor investment because you dont know long term how it goes. But as a gamble, sure - you could be set for life. A LOT of luck involved.

              •  

                @DingoBilly: Survivorship bias. You claim to have personally made good returns, lucky for you. That you tell yourself it wasn't luck is one thing, but telling others it isn't luck is completely another.

                • +2 votes

                  @DisabledUser205979: Look at the long term average returns on property or the stock market…. if you invest long term in an index fund or property you take most of the luck factor out.

            •  

              @DisabledUser205979: @infy

              You're wrong.

              I have built an ethical business and bought numerous investments which all came from hard work, research, continuing to educate myself and constantly backing myself.

              I've never stolen or done anything dishonest and it was most certainly not luck.

              In fact, I've had some substantially awful luck on the way but I don't cry about it or let it defeat me, I keep fighting and get past it.

          •  

            @DingoBilly: Are you able to offer an example of someone saving anything consequential on $1/day?

            Even if only comparing against the CPI, they are losing money doing this.

            Note: Compound interest on a saving of $1 per day is at best $180 over 10 years, assuming no tax and you're lucky enough to get 1% interest on your savings account paid annually.

            If put under the mattress there'd only be $3,751, which would likely be worth 20% less when spent. So the only way to make this work would be to save up to buy a minor asset that would have a bigger return, so spending years slaving and saving is just a start, and for everyone who succeeds many will fail and be sent back to square one- or worse.

      • +6 votes

        Actually losing your money in a building society collapse is not gambling.
        Gambling involves the risk of something on an event involving chance, with the incentive of winning more. Depositing your money in a building society doesn't really register on the risk element, and certainly doesn't include the prize element.
        There are risks in everything - that doesn't make everything gambling.

        •  

          Ever heard of 'interest'?

          You risk you assets on the promise of a 'prize' at the end. :)

          You say potato…….

          • +1 vote

            @EightImmortals: Ups and downs, double your money in a day, lose half your money in a day.

            Kinda sounds like gambling no?

            Long term growth at a slow pace with a small but definitely there risk of losing your money. Hmm… sounds more like an investment.

            Now pick which one crypto is and which one a standard investment is. Hint, even the name gives it away.

      •  

        Exactly, what about all those investors and owners of Mascot towers. Its all gone, those people will lose everything.

        • -1 vote

          Funny, I have multiple properties and none of them have any issues like Mascot towers.

          I'd say 1 shoddily built building with red flags all over it vs millions and millions with no issues are pretty good odds, especially against certain ponzi schemes.

          There's also insurance to mitigate property risk as well.

          Your comment is probably the best cherrypicking comment I've ever seen and holds no water.

      •  

        Was that pyramid building society?

        • +1 vote

          It was…ironically. :)

          Had another mate who got a phone call a day before and managed to get his money out in time.

    • +10 votes

      'Hopping in a car'. Also known as gambling.

      • +7 votes

        Take a breathe of air - that's a gamble, who knows what could be in that lungful

      • +7 votes

        Hopping in a car maybe necessary to get into work.

        Going to the casino is optional.

        • +6 votes

          Unless you work in a casino.

          •  

            @McSquintus: If you work there it isn't a gamble. Certain pay out.

            •  

              @netjock: But…but…the house always wins

    • +1 vote

      not really; stop order a price under what you bought at say 900$ bought at 1000$ and you only ever risking 100$ [10%]. name one gambling game where you can enter it and know you will only lose 10% [if it existed everybody would do it]. i know you are semi-joking but its worth noting its extremely easy to minimise risk in crypto. its virtually the same as day-trading which some i suppose also call gambling

      •  

        Why would you set a stop loss on something so volatile.

        •  

          Because it would guarantee to make you lose money. Suckers really bought it at ATHs. Going to HODL(ifetime).

        •  

          Risk management

          • +1 vote

            @Toffees: You are gambling with crypto. If you aren't prepares to lose it, you shouldn't do it. Having a stop loss set only 10% below what you bought at is a great way to crystallise losses, that may have recovered in an hour.

            •  

              @brendanm: Stop losses are a trader's best friend.

              If he's a trader he'll have targets, limit sell orders/trailing stops to capture gains.

              It's just a tool.

              •  

                @Toffees: Crypto isn't trading. Stop losses would have cemented a loss in the dip that's just happened, when everything is nearly back to pre dip already.

                •  

                  @brendanm: But there are traders who have made billions from trading crypto?

                  • -1 vote

                    @Toffees: Yes, bit it's more like gambling than traditional investing.

                    •  

                      @brendanm: If you have an edge in this market it's much less like gambling and more like investing (or trading for that matter) on steroids.

                      •  

                        @Toffees: How does one get said edge?

                        • +2 votes

                          @kcbworth: Can really come from anywhere.
                          Tech expertise - Building/understanding the technology can allow you to make decisions which will outperform the market.
                          Analysis - using data analysis to monitor exchange/wallet/on-chain activity, can allow you to identify trends and undervalued projects in the space
                          Networking - building a network of people who are well connected/value providing people can also give you an edge. Lots of ways to get insider info, even from sites like Twitter and the toilet of the internet, 4chan
                          There are many ways to get an edge, just have to use your own strengths to develop it

      •  

        Stop losses only work in a liquid market. A few of the crypto nose dives have shown some very poor liquidity.

    •  

      Nobody really understands it.

      Bitcoin: digital gold. You won't invest in gold when what you would invest in digital version.

    •  

      Same can be said of property investment. There are risks in any investment, if you don't want risk, get a term deposit or a government bond.

    • +5 votes

      It it gambling? I was thinking more so ponzi scheme.

      • +2 votes

        It is indeed a ponzi scheme

    • +1 vote

      i would say gambling much safe than crypto

      • +2 votes

        at least you know, or can usually work out the odds in gambling.

        All these nutters in here being like, everythings a risk, therefore go all in on crypto. Like all risks are equal…

        What's the rationale explanation for the surges in value of DOGE?

        What COIN is going to succeed and why? I dont think more people even understand the differences between the coins they hold than buzz words about the supposed features of that coin. Smart Contracts, elon likes it, etc.

        Crypto is a complete gamble. Lot's of problem gamblers will tell you about the big wins they had… not so much the losses.

    • +1 vote

      Urgh. Here we go again. Any form of investing is gambling. Buying shares, gambling. Investment property, gambling. Buying a business, gambling. You can't guarantee a set return on any of these so it's all a gamble.

    •  

      It’s not entirely gambling, it’s essentially the modern day equivalent to the Stock Exchange.