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re: Why is crypto crashing?
Posted on 6/2/22 at 3:18 pm to TigerTatorTots
Posted on 6/2/22 at 3:18 pm to TigerTatorTots
It's almost if crypto can have multiple functions.
1
Posted on 6/2/22 at 3:24 pm to TigerTatorTots
quote:TBH, digital ecosystems aside, I don't get why the reference to specific crypto coins as currency/cryptocurrency gets folks so riled.
Then anything with value is a currency
"Cryptocurrency" is common terminology. Seems like it's arguing just to argue.
Posted on 6/2/22 at 3:27 pm to tenderfoot tigah
quote:Indeed. Is there an argument to the contrary?
crypto can have multiple functions.
Posted on 6/2/22 at 3:41 pm to NC_Tigah
quote:
"Cryptocurrency" is common terminology. Seems like it's arguing just to argue.
Yep. There isn't any cryptography anymore except for the old tokens.
Posted on 6/2/22 at 3:42 pm to NC_Tigah
quote:
Indeed. Is there an argument to the contrary?
Slidel can't seem to grasp any other utility besides using a token at the grocery store.
This post was edited on 6/2/22 at 4:10 pm
Posted on 6/2/22 at 3:59 pm to NC_Tigah
quote:I completely agree and this statement right here is why Slidell keeps going round and round in circles
"Cryptocurrency" is common terminology. Seems like it's arguing just to argue.
Posted on 6/2/22 at 5:18 pm to tenderfoot tigah
(no message)
This post was edited on 6/3/22 at 5:14 am
Posted on 6/2/22 at 7:19 pm to Jjdoc
quote:
So please explain what you have done, or are doing, when the crypto market takes a downturn.
quote:
I would think he is doing what we doin the market. Continue to buy and expect a nice check when it bounces back. Like the market.
He could being using the bots to trade for him on the ups and downs...
Thanks for replying for him. He could have explained it in the same way, instead of the snarky comment.
You and I have discussed various options strategies before, like “the wheel”. My overall portfolio hasn’t really seen a downturn this year, simply because the option trading accounts have been profitable enough to offset the paper losses in the equity accounts. So that was the basis of my question to that fellow. I was curious if people are using futures, options on futures, arbitrage strategies or something else to weather the storm in crypto.
You have your crypto “farms”, where you generate income, right? That’s a bit like what I do in selling option contracts. Correct?
Posted on 6/3/22 at 6:15 am to SlidellCajun
quote:I missed this. No, crypto is not "more like art" to me, but it might be for art traders.
Is crypto more like art to you?
You had said "crypto does not seem to have any measurable value," which is a misstatement. I was simply responding by laying out similarly conceptual terms of value.
With regard to Viavant and Anderson, to each his own obviously. But valuing art in part d/t an artist's story (which many of us have done as well) is certainly more whimsical than attributing value to crypto d/t its operational ecosystem.
Posted on 6/3/22 at 6:22 am to Jag_Warrior
quote:There are means available ( Seven Ways to Short Bitcoin). I'd have nowhere near the sector confidence to go there though.
I was curious if people are using futures, options on futures, arbitrage strategies or something else
Posted on 6/6/22 at 8:55 am to NC_Tigah
quote:
You had said "crypto does not seem to have any measurable value," which is a misstatement. I was simply responding by laying out similarly conceptual terms of value.
How do you go about evaluating whether a particular coin ie bitcoin is over valued, under valued or properly valued?
Posted on 6/6/22 at 2:52 pm to SlidellCajun
quote:
How do you go about evaluating whether a particular coin ie bitcoin is over valued, under valued or properly valued?
It's much harder to do vs a traditional asset. Supply and demand ultimately dictates the price like anything else.
Technical analysis is the easiest way to tell if it's oversold or overbought. Market cap comparisons for like tokens are another tool for comparisons and are on virtually every crypto website. The amount of network users is another tool for comparisons. There is a direct correlation between the amout of users on a network and the value of the network token.
Posted on 6/6/22 at 2:53 pm to SlidellCajun
quote:
How do you go about evaluating whether a particular coin ie bitcoin is over valued, under valued or properly valued?
When my coworkers start asking about crypto that is usually my sell signal.
Posted on 6/6/22 at 3:12 pm to SlidellCajun
quote:You'd assess value the same way you (presumably) did when you purchased or traded a Walter Anderson piece.
How do you go about evaluating whether a particular coin ie bitcoin is over valued, under valued or properly valued?
Value is what a buyer will pay. Today that's $30-$31.5K/BTC. What's the marketprice going to be in 6mos? 12mos? 5yrs? IDK.
If an original Anderson sells for $10K today, what will its value be in 6mos? 12mos? 5yrs? IDK.
This post was edited on 6/6/22 at 3:13 pm
Posted on 6/6/22 at 6:22 pm to NC_Tigah
quote:
There are means available ( Seven Ways to Short Bitcoin). I'd have nowhere near the sector confidence to go there though.
Thanks for the link.
Quite often, my option strategies are delta neutral. I haven’t looked into the pricing structure for options on crypto related futures, but I assume that’s possible on those contracts.
I’ve made a fair number of options trades on crypto related equities, like MARA, BLOK and RIOT. But I’d need to do a lot more research on the underlying tokens before delving into them directly (or even using derivatives).
Posted on 6/6/22 at 7:39 pm to NC_Tigah
quote:
piece. Value is what a buyer will pay. Today that's $30-$31.5K/BTC. What's the marketprice going to be in 6mos? 12mos? 5yrs? IDK.
really not that surprising an answer since I’ve said all along that it has no intrinsic value. If artwork is the best comparison to evaluating the fair value of a crypto currency then it’s just as I figured. Highly subjective and dependent on the whims of a market.
So when bitcoin was trading at 68,000 , did you think it fairly valued?
How about at today’s value?
This post was edited on 6/6/22 at 7:49 pm
Posted on 6/6/22 at 8:14 pm to SlidellCajun
quote:How about when it was $330?
So when bitcoin was trading at 68,000 , did you think it fairly valued?
How about at today’s value?
Van Gogh sold paintings for the equivalent of $2500. Were they fairly valued?
Posted on 6/6/22 at 9:08 pm to NC_Tigah
quote:
Van Gogh sold paintings for the equivalent of $2500. Were they fairly valued?
Y'all really comparing a single bitcoin to a one of a kind Van Gogh?
There's a bunch of bitcoins. And a bunch of other alt coins.
This post was edited on 6/6/22 at 9:09 pm
Posted on 6/7/22 at 6:37 am to Grievous Angel
quote:Is that honestly your read? Really?
Y'all really comparing a single bitcoin to a one of a kind Van Gogh?
No. The comparative analogy relates to valuation, not the comparison of an actual painting to a bit of blockchain code. The poster is struggling with conceptual BTC value. He's traded art. Seems like a decent way of pointing out value is simply what the market will bare at a given time, for a given instrument.
However, if you really did suppose the comparison to be of a physical painting itself, colored oils on canvas, to a digital currency comprised of binary code, I guess there's a related comparison of you, as a one of a kind poster, to this parrot ...
Posted on 6/7/22 at 7:50 am to NC_Tigah
quote:
How about when it was $330?
Exactly. This is a question for you and others, not me.
What about when it was 330?
I have no idea how to evaluate the WORTH of a coin like bitcoin. Do you?
What is its intrinsic worth versus the MARKET worth?
The answers so far lead me to believe that “no” is the answer.
The comparison to Van Gogh or other art is not helping to provide the answer I had hoped I was missing but suspected all along was the case.
As explained, Art is about as subjective as it gets. Seems to to be same with crypto currency.
So it’s becoming clearer that Crypto currency is like art. It’s value is in the eye of the beholder. It’s subject to the whims of the market. A market that is filled with hope and little more. A relatively immature market at that.
Art, for all its subjective value though, clearly has a use.
In my case, as I explained, I tend to not care what the monetary value of my art.
I like it for various reasons. I hold it and would not sell for any reason. I suppose that’s the care for millions of others.
Certainly not the case for crypto holders.
Art also has a more established trading platform with hundreds or even thousands of years of trade in some cases. The big risk with art is Authenticity unlike crypto which can be digitally tracked.
Seems to me like a lot crypto currency folk just trade it for the sake of trading without regard to its intrinsic value. I guess that can work out okay at least for a while. It’ll be curious to see if that changes. I suspect there’ll be some growth in the actual usage of some coins to give it real value. Legislative influence is coming though and they have one objective- hinder its usage.
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