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1
Posted on 7/14/22 at 10:31 am to baldona
quote:Things are most definitely not at the top currently if that is what you are suggesting.
Just to play devil's advocate, those are both signs that things are at the top and its probably time to take some winnings and diversify out.
Posted on 7/14/22 at 10:36 am to TigerTatorTots
quote:
Things are most definitely not at the top currently if that is what you are suggesting.
Ha, no. Did you not see what I was responding to? He was commenting on the size, growth, and capital investing of all the crypto companies at the time being immense. I was saying that's a good sign it may have been at the top AT THAT TIME. Its obviously down from that, now.
Posted on 7/14/22 at 10:38 am to TigerTatorTots
quote:
but it’s probably healthier for the crypto ecosystem long term that people learn the risks that come from yield earned from these centralized lending platforms
Bingo
How is it healthier for the risk of Crypto that was a threat the entire time to be exposed?
A HUGE portion of the Crypto investing was from "get rich quick" money. The insane returns was driving it, for the most part.
The portion of people that care about investing in a decentralized ecosystem is miniscule compared to those seeking the short term returns.
If anything, I'd think this current issue is going to keep more people away in the future.
Posted on 7/14/22 at 10:45 am to Jon Ham
quote:
Come back and join us. We’ve all stepped in shite a time or two, it’s life.
Aint this the frickin truth. I remember losing my arse years ago when 3D printing stocks were supposed to be the "next big thing." As well as doubling down on Spy puts during the pandemic crash and lost 15k two days. I've almost blown myself up countless times.
No investment is "risk free" and if it sounds too good to be true, it probably is.
Posted on 7/14/22 at 11:42 am to SlowFlowPro
quote:
RIP rocket31
quote:
this board would be millionaires if they listened to me about bitcoin
Precious
Posted on 7/14/22 at 11:51 am to Sput
We setting up a gofundme for rocket? Don't want him to end up like Ramone the cart guy
Posted on 7/14/22 at 12:00 pm to TheOcean
Hasn’t posted since 5/11 RIP in peace
Posted on 7/14/22 at 12:03 pm to baldona
quote:
A HUGE portion of the Crypto investing was from "get rich quick" money. The insane returns was driving it, for the most part.
The portion of people that care about investing in a decentralized ecosystem is miniscule compared to those seeking the short term returns.
If anything, I'd think this current issue is going to keep more people away in the future.
Somebody will still tell us we are early
When everyone has been given the get rich quick pitch from someone they knowPosted on 7/14/22 at 12:09 pm to TheOcean
quote:
Ramone the cart guy
Ramone is just frugal and didn’t want to waste money on a U-haul to move some of his valuables from his villa on the bay in Tampa to his cabin on an Alaskan mountaintop
Posted on 7/14/22 at 12:40 pm to UltimaParadox
quote:
Somebody will still tell us we are early When everyone has been given the get rich quick pitch from someone they know
I still read and listen to a lot of crypto bulls talking about the opportunity on the other side of this crisis. Hey, maybe so. Framing it like the dot com bubble and Amazon emerging afterwards might be the truth.
I just don't see the certainty that bitcoin or ethereum is really the Amazon. If that means I miss the opportunity the buy this dip then I will live with it.
Posted on 7/14/22 at 12:53 pm to TheOcean
(no message)
This post was edited on 7/14/22 at 12:59 pm
Posted on 7/14/22 at 1:18 pm to Sput
quote:
this board would be millionaires if they listened to me about bitcoin
Precious
You picked literally the one quote out of the dozens ridiculous comments he made that he was actually correct on. Dude was telling this board to buy bitcoin back when it was ~$1000
This post was edited on 7/14/22 at 1:19 pm
Posted on 7/14/22 at 1:28 pm to TigerTatorTots
You’re correct about bitcoin. And the ones who got in at that level are still doing very well. The problem is, he remained a perma bull and the ones who got in at higher prices have taken haircuts (or been scalped). And the people who took his bad advice on these high yield plays have either been wiped out or can’t get to their money anymore.
And as many of us have said, it was the guy’s arrogant approach and know-it-all attitude that was such a turn off.
As I said in another post, in my time in the markets, the most successful long term traders and investors are those who remain humble. I came of age in the “masters of the universe” era of the 80s. I’ve just seen so many flash in the pan types flame out after some initial success.
And as many of us have said, it was the guy’s arrogant approach and know-it-all attitude that was such a turn off.
As I said in another post, in my time in the markets, the most successful long term traders and investors are those who remain humble. I came of age in the “masters of the universe” era of the 80s. I’ve just seen so many flash in the pan types flame out after some initial success.
Posted on 7/14/22 at 1:36 pm to baldona
quote:
The portion of people that care about investing in a decentralized ecosystem is miniscule compared to those seeking the short term returns
I wouldnt call 1 trillion minuscule. DeFi is a major driver going forward.
I think some consolidation will be good and healthy and the cat is out of the bag. Western folks will be the slowest to adopt however, because many of the problems that deep crypto solve aren’t really an issue for most people here in the US.
As much as we bitch, people in the US love them some stupid proof systems, because it’s quite easy and care free.
Get up, go to work, eat, consume media, 401k, repeat. Oh look. I’m 65 now and can retire!!! Yay……..
This post was edited on 7/14/22 at 1:37 pm
Posted on 7/14/22 at 2:01 pm to dualed
If something is too good to be true...
Posted on 7/14/22 at 2:08 pm to Ross
quote:
but it’s probably healthier for the crypto ecosystem long term that people learn the risks that come from yield earned from these centralized lending platforms;
Meaning, fewer people will now be suckers? Isn't it the suckers who keep this--umm, err--"scheme" going?
Posted on 7/14/22 at 2:44 pm to Jag_Warrior
quote:Agreed, he brought the criticism onto himself because of that
And as many of us have said, it was the guy’s arrogant approach and know-it-all attitude that was such a turn off.
Posted on 7/14/22 at 3:00 pm to JayDeerTay84
quote:
Get up, go to work, eat, consume media, 401k, repeat. Oh look. I’m 65 now and can retire!!! Yay…
This might sum up the motivated reasoning I hear from a lot of crypto bros. The desire to find an end around of working for a living.
But the net ability to produce value has to be linked to net wealth accumulation for a system to be sustainable. If you are living in a mansion (off bitcoin profits) you really harvested the wealth of millions of other investors.
Working in order to receive wealth isn't fun but it should be sustainable. Tommy Vu taught a lot of people this lesson (the hard way) years ago.
Posted on 7/14/22 at 3:05 pm to molsusports
quote:
This might sum up the motivated reasoning I hear from a lot of crypto bros. The desire to find an end around of working for a living.
But the net ability to produce value has to be linked to net wealth accumulation for a system to be sustainable. If you are living in a mansion (off bitcoin profits) you really harvested the wealth of millions of other investors.
Working in order to receive wealth isn't fun but it should be sustainable. Tommy Vu taught a lot of people this lesson (the hard way) years ago.
Nailed it. Yeah some people will win the lottery. But most don't. For most people, there are no short cuts.
Economic laws didn't cease to exist just because the currency became cryptographic. There are no free lunches.
Queue the usual suspects who'll say "you just don't get it." I'm sure the Amway salesmen used say that in every recruiting pitch. They all seem cut from the same cloth.
This post was edited on 7/14/22 at 3:07 pm
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