How Are Your Nerves Bitcoin Fans?

Bitcoin has had a technical death cross are you ready for a drop below US$20,000? This has been coming for awhile now. Are you cashed up to buy in when the dip comes or too stressed out and want to jump ship? Maybe you’re like a deer in the headlights and just can’t do anything? And what about Doge? Come on I know all you bulls out there think you’re bulletproof. Tell us all your strategy going forward.

Comments

  •  

    I cashed out my capital. Free carry so don't really care what price bitcoin/ada/xrp/bnb will go to. If it drops to $6k/20c/20c/$50, I'll buy in again. What about you? What is your strategy?

    • +5 votes

      crypto people are the only ones that make a good justification for breaking even.

      I cashed out my capital. Free carry so don't really care what price bitcoin/ada/xrp/bnb will go to.

      Imagine if your super fund told you here is your capital at 60, rest is free carry so we took it in fees / lost it.

      • +1 vote

        Imagine if your super fund told you here is your capital at 60, rest is free carry so we took it in fees / lost it.

        Isn't that what super funds do? I heard during the GFC, the low performers even "ate" through the capital - they were basically getting paid to lose your money.

        •  

          Point is: if you don't tolerate you super (investment) fund doing that then why do you tolerate your crypto investment doing the same thing?

      •  

        Well crypto is a gamble and I treat it as such. My super and stock portfolio aren't gambling and I intended to treat it as such.

    • +5 votes

      My strategy is to be a spectator.

      •  

        Oh right. Are you planning on participating on the crypto market ? Is that why you're asking for other strategy ?

        • +1 vote

          I have followed crypto for years and never wanted to buy. However I have watched and listened to many happy investors who turn into frightened turtles when things go south. This particular point in Bitcoin has been expected for some time and I’m curious how the day traders and the long term investors are looking at this. Are they seeing it as a buying opportunity or have they got stains in their undies? It’s not about slamming anybody either way. I used to be a day trader of shares many years ago and got burnt very badly. Comments on OzBargain have been very bold when the crypto market was rising so I’m interested how those commenters are strategising this particular situation. Nobody has mentioned Dogecoin yet which is interesting.

          •  

            @MontyMacaw: Right. I've got a mate who sank US 800k into BTC at 60k, doubled down at 50. Added more 400k for a cool 2 mil bag. I'll ask him for his strategy the next time we drink.

  •  

    I'm just waiting on XRP to drop back to under $0.30 and just keep riding the 10~20% swings while waiting for the next frenzied FOMO event and it goes over $2 again.

  • +1 vote

    Don't stir them up. You ae asking for trouble.

    I do like the excuses though. Latest and best is bitcoin is backed by infrastructure and electricity. Well bitcoin has no infrastructure to sell on liquidation and it isn't a battery so I can't get the electricity back out. At best it is a very expensive and long bank statement of transactions.

    • +1 vote

      At best it is a very expensive and long bank statement of transactions

      The ole' write-only database we're still trying to think of a good use for.

      I'm mostly convinced BTC is dumb and won't have any real value eventually.

      But because of that, I didn't buy the dip last time and lost out on making much money from all the greedy naive sheep pushing it over $80k.

      So now I'm not sure how to proceed.

      •  

        Do what Wall St does. Setup an exchange / custodian services and make money regardless. Best money ever is being funds manager. Up / down you win.

        • +1 vote

          The bottom feeder principle. Like owning an ATM. You get to clip the ticket on every transaction.

  • +4 votes

    OG's see it as a buying opportunity

    In the meantime DCA

  • +2 votes

    Buy the dips

    HODL 🤪

    • +1 vote

      💎🤲🤪

      • +1 vote

        🏎🚀🌙🌘

        When lambo?

    • +2 votes

      Honest question, is the dip when it went from 60k to 50k? Or 50k to 40k? Or 40k to 30k? Shall I continue? Coz I’m running out of money now…

      •  

        keep entering..
        at best, it brings down your average cost..
        so when u lose, it's feels like u lose less per coin

        •  

          I’m not a endless pit of money

      • +1 vote

        Never use your savings money to invest (crypto/shares/etc)

        As “squidz” down below said, bring the cost average down when dip and Hodl as long as you can and don’t expect to get fortune overnight.

      • +2 votes

        The saying goes you can’t catch a falling dagger. Investing should be a long term venture on assets that traditionally go up in value over time. Not a trip to the casino and hoping for the best. And for the record they were all dips.

    •  

      Saw a Tesla with hodl plates yesterday.

      •  

        If they're Victorian, let them know their rego expired on 9 June and they're currently driving around unregistered.

  •  

    Creating news to drop crypto prices and then buying the dip is so typical of big fishes.
    Its crazy nobody asks the question that what will happen to the markets with so much liquidity ..Where will that go ?

    •  

      All of the decentralised finance, democratisation of banking and banking the unbanked. All BS to try to drive up prices.

      Decentralised finance = no regulation, wild west where like of Elon can say stuff and won't get slapped down by regulators like SEC.

      Democratisation of banking = seriously who in corruption free democratic countries is using crypto as means of exchange? Only broken economies like El Salvador is giving it a try. Trying to solve their underlying economic problems with bitcoin. They tried that with USD too.

  • +1 vote

    Nerves of steel….

  •  

    When crypto will drop everyone will start rush and since there are no buyers it will keep going down till it hit a floor where someone will think its worth buying and they some increase in price and every one will think now price is going up so hold. Remember this currency is not backed up with some assets or instrinct value to support alternate use other then hold and wait and take loss. This is pure emotional FOMO and that is making the Crypto float.

    • +2 votes

      Look on Twitter. There are these guys (PlanB) who puts up all these technical analysis. Best part is if the long term charts look bad they start focusing on like 4hr and 2hr charts. Drumming up buyers.

  •  

    Apologies if this was asked countless times here but which providers are charging nominal fee for trading bitcoins these days. Coinbase seems expensive and has restriction on trading amount.

  • +6 votes

    Nobody says anything about the crazy bull run we've been experiencing over the past 9 months, with prices going absolutely nuts… Na, it's when there's a down turn all the trolls come out.

    Crypto prices were so over inflated that a massive correction (and what looks like a transition to a bear market) was always coming, if you thought prices were going to keep pumping like that forever then you're in the wrong investment.

    I sold all my crypto during the mid April dip and made a pretty awesome profit, I'll sit on the sidelines for now and see what the market is doing for the next few months.

    •  

      "Crypto sure is volatile, this latest fall is concerning"
      "TROLL my feEliNgS"

    • +2 votes

      Congrats on the profit. I’m sure the ATO is getting pretty excited about all the capital gains tax from crypto this year.

  • +3 votes

    wife: if you're going to the shop make sure to remember to buy some dip for the chips

    me: buy the dip… * *war sounds, explosions, shooting, men dying

  • +4 votes

    History has already taught us that all of this technical analysis is nonsense. Been proven time and time again with stocks, it's exactly the same thing with crypto.

    If you want steady returns, diversify your portfolio. If you want to take risks to generate huge returns, try and find new opportunities, don't jump into whatever it is that just happens to be doing well on a given day.

    I hold a lot of crypto, so the situation is obviously not great, but that's part of being in the game. You have to take the downswings with the upswings and if you don't have the tolerance for that then you're either investing in too much in too risky assets for what your net worth is, or you just need to open a term deposit and get on with your life.

    If +/- 10 % of your investment is making you excited or losing you sleep, then you've invested too much relative to how much money you have.

  •  

    Why? What's happening?

  •  

    Down by -50% after a 600% rally in 2020. It's not ideal, not complaining.

    DCA is much easier to stomach than lump sump buys or active trading.

  • +1 vote

    Had taken out my initial capital and free-rode up until now. Put some $ into ETH this week, first time I've considered allocating $ as an investment (despite a past history of mining here and there since 2012). DeFi is fascinating. I can obtain credit with no intermediaries, at rates as good or even better than our local mortgages. Could be $1, or $1million, it's all the same, and scales.

    Not too fussed on where the market heads form here, treating ETH like I would treat index funds, an investment which doubles as collateral, when needed

  • +3 votes

    I’m a long term investor so this is an exciting buying opportunity. I’m going to probably invest an additional $10k as the prices keep dropping and I’m pretty much 100% in alt coins I don’t own any bit coin. I would say it’s the third crash I have witnessed so I’m not concerned. I learnt about crypto after I think the 16 crash then I was invested in the 18 crash and also invested in this crash. I’ll most likely just put transfer most of my holding to my cold wallet and take it off the exchanges due to risk, and then just sit out the long haul till the next bull run.

  • +3 votes

    Long term crypto investor here, will be buying the dips and HODL!

    • +1 vote

      #goodforyou #steelballs 👍

  • +1 vote

    Have $10K in bitcoin will hold for long term, so not lost a cent yet.

  • +3 votes

    Put $8k in bitcoin since the dip started. Will slowly DCA more through $2k orders over the next couple of weeks.