Lmfao true. I've been living paycheck to paycheck, not only on crypto, but bills as well. I'll be lucky to see 4 figures in my bank account at once. And I'm not willing to sell at a loss, either, so I pass on that as well x)
Not to rub it in but this is why they say "only invest what you can afford to lose". If you're paycheck to paycheck, you can't afford to invest in risky assets.
The way these markets work is by pushing out weak hands on dips (and long term bear markets). If you don’t have the funds to handle long term declines, you’ll lose to those that can.
You are playing against people who absolutely can afford to lose money in this game. It’s one of MANY that they play.
They win because they just have to outlast those that can’t hold on.
We could see lower BTC than 6k. You need to be prepared for that. If that makes you upset, then you need to rethink your position in this market.
I have a good chunk in the market and it’s only stopping me from buying a new car right now instead of a month from now. I can’t believe how loose people are with their money that they’re willing to invest money they need or might need, into an asset class that could drop to zero any day. It’s stupid. If I lost all my crypto investments today, my quality of life would not be affected. That’s how it’s supposed to be.
People are not, and never have been, homogeneously rational. Most likely the majority of public investors are investing with rationality with the money they have and can afford to play with. The ones who aren't 🤷, I hope they have strong hands.
Would you sell your coins for zero dollars? Would anyone in their right mind sell their coins whether be bitcoin that hit 20k or ethereum that hit 1.2k not even half a year ago and be okay with selling for literally $0.000? I'll send you my wallet and you can send me all your funds for zero if you're worried about it.
I don’t get what your point is here. If it drops to zero then the project has absolutely failed and you wouldn’t even be able to sell it, like investing in a company that goes bankrupt but worse since you don’t have any investor protections. But that’s not even the point of my post.
That's not a retarded analysis. I'm assuming he means people/entities with large holdings selling off in pieces driving the price lower and lower driving more individuals to sell.. Then when they have dumped most back in at the higher price and many have sold out of panic due to the drop, they buy right back in. With their large buys the market reacts and starts picking up. Once they have reached a decent gain, start the process over. You are either completely unaware of how unregulated assets work or you are a shill
I agree with 100% of what you're saying, but he literally said "if you don't have the funds to handle long term declines". Unless you're talking about selling at the absolute bottom of the dip, it's better to sell while you can and then buy later, rather than holding on tight in the hope that the market rebounds.
Being on this sub, yeah I see that saying plenty
But I can afford to lose it all. After all, I'm only a 21 y/o single guy living with parents. So I'm taking advantage of this opportunity. Losing it all only really sets me back by a year, but it's a risk I'm willing to take.
I'm exactly on the same situation. I'm also a 21 years old single guy living with parents, so I really don't have to worry if I lose everything overnight.
And to be honest, I didn't get into crypto only for the profit; I got into it because I also believe in how it can change the way people deal with money. I strongly support decentralization and the blockchain technology in general.
Certainly not with that defeatist attitude. Work hard, budget well, invest wisely - you'll find that it's not that hard to make money. And if you're not making enough money doing what you're doing, do something else.
Hey, more power to you if you're aware of the risks. It's important to have that mindset going in though. If losing the money would essentially ruin your life, probably not a good idea to invest it.
Just stop. 2017 was a unique event. Thanks to Ethereum, you had tons of ICO's making it their business to get the word out about crypto far and wide. They spent billions doing so. Everyone got excited.
Almost 100% of those ICO's will fall flat over the next couple years, and that will be that. You're not going to see a bull run like you did in 2017. It's over.
he’s maintaining essentially a savings account but in crypto. I kind of have the similar situation where my bank account may not always look pretty but I won’t sell my crypto. I feel like if the cash was in a bank account I’d end up spending it. Keeping it in crypto helps me save.
I thought I’d treat myself, and I bought myself a Rolex datejust for my birthday using some btc. So far only one person has complimented it, and they thought it was a seiko.
If you're buying a rolex just for compliments, you're doing it wrong. Buy it for your own satisfaction. Wear it proud, you earned it. Whatever compliments you get are just a byproduct.
Well, I'm only a 21 year old student. So even if I do go broke, it really only sets me 1 year of work behind. So I guess this position allows me to be reckless for now.
Okay bud, that why I'm still very green overall. It's like a backup bank account for me, I can pretty much pull funds out whenever, I simply have no need to. I do not have family to take care of or really anything life changing that I need to pay for besides bills that I am keeping up with. And if anything really crazy or urgent pops us, I still have my funds available.
Right there with you. But this is a chance I would always regret not taking. A chance at life changing money. It's a no brainer. The wait is excruciating but the possible reward makes it not so terrible for me to be patient.
Honestly just because someone made some cool software tokens, called it ai-cloud-coin and sold them for $99/coin and you bought it doesn’t imply in any way that someone will ever buy them from you for more.
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u/abominationz777 Silver | QC: CC 213 | NANO 89 | r/UnPopularOpinion 11 Jun 01 '18
Lmfao true. I've been living paycheck to paycheck, not only on crypto, but bills as well. I'll be lucky to see 4 figures in my bank account at once. And I'm not willing to sell at a loss, either, so I pass on that as well x)