I dunno but I’ve been loading up on alt coins the last few months so I hope not. I’m really starting to come round to @Forever’s way of thinking that crypto is only going to go up. I’m not going to invest the entirety of my savings into crypto buy I like throwing the odd £100 gamble into them from time to time especially if you can get solid entry points.
Obviously they’re insanely volatile and will make you go crazy but I think when you look long term and objectively there’s money to be made on them.
I never said it is only going up, I actually said it is wise to start selling before it peaks come Summer.
Alt coins and bitcoin will crash eventually and the cycle will repeat itself in the next 3 years with the next Bitcoin halving.
I have invested a lot of money in different crypto projects and at good entry points so if it drops now here and there I am not too fussed about it.
But, if you are in it to make a quick buck, I would be wary to enter the market now. Do I think it can still go up from here? Yes. But not 5x or 10x anymore as we have seen since last year until now happen. Maybe a 2x, 3x here and there.
In the long run, yes, I believe most projects will go up, but it doesn’t just go up. Like stocks, crypto too goes up and down and traditionally more violently than stocks (although nowadays stocks behave like crypto).
I just want to make clear: I do not think it is only going up. On the contrary I advise people on here and elsewhere to be not greedy and pull out profits before the consesus of when the bullmarket ends takes place. Just to be safe.
If you can miss the money and can wait 5 years, then yes, buying now is an option. If you want to trade and make quick bucks, be cautious.
Ah fair play, I do remember you mentioning the sell before the next cycle I was strictly speaking in the long term ideology that you mention here.
Apologies, I should have been clearer on that. I just assume anyone dealing in crypto understands the volatility and the fact that they can essentially go bust but then again that’s just trading 101. I have to remember that this WSB has brought about a lot of new traders who are getting wrecked before they even understand the market. Day trading and especially leveraging is an absolute black hole for new investors so I wasn’t including it in my post at all.
As for crypto I really see it as a growth market, I do even wonder if the crash from 3 years ago will even be repeated. FIAT currencies will be here for a while but we’re moving away from them with cryto, PayPal and Google pay etc have already began to digitise the economy. Covid will only hasten the demise of paper and coin.
There are some genuinely interesting alt coins still at reasonable prices, only a few months ago ADA was .4 and XRP around the same- obviously Ripple badly affected by the court case and some people still holding at 3 dollars from years ago. Overall though I can see these being a success and really good investments for 3-5 year HODL. Some people are already making bank on ADA as they bought @ pennies. I’m also interested in NEO as China are a force to be reckoned with in any market, I nearly bought in at 40 and it was 120 the other week.
Obviously a big crash might come some day soon but I’d be really surprised to see crypto and all the major alt coins lose the entirety of their worth any time soon. the next decade will be huge for the market, the older generation are starting to see the value, the volatility will always be there but that’s just the market in general.
Not to mention you’ve got that tool Musk constantly bringing attention to alt coins with his boarderline market manipulation.
Well, I rather clarify that nothing only goes up. Don’t want anyone to get hurt thinking this is some riskless way to get rich quick scheme, so I hammer on the potential negatives. Always, everyone, should do their due diligence and research.
ADA, Ripple, NEO, they all went up, as did 98% of all other coins. Some did 10x, some 4x, matter of fact is, almost anything you would have held from the last 2 years would have been up by now at least 2x and most likely 4-5x and some outliers 10x (BNB Coin). If you go back in time even further, some have done 100x, Kusama being one of them.
The crash from 3 years ago will be repeated. There was a crash 6/7 years ago as well, and before that as well. You can’t see it properly in the graphs, because as the market rises, those crashes seem small on the graph, but they were as volatile and violent as the one 3 years ago.
I am highly confident we will enter a bear market again and a lot of coins will significantly correct. It will be a fantastic buying opportunity to load up for the next cycle.
Of course with additional institutional money the crash might be different and play out differently, but it will crash. More or less, we will see.
As for Musk. I love the guy, I hope he tweets much more about crypto!
No you’re right, I always feel like that caveat should go without saying but I spend enough time on WSB’s to know this isn’t true lol.
Do you still think it will line up with the end of summer? Or do you think with the fact it’s ingrained itself in popular culture this market might continue a little longer, people seem as bullish on it as ever right now. I always get greedy and want to sell up at profit and then wait for the dip to buy in again but you’re as likely to get burned by that as anything so I think I’m just going to hold for dear life during it and reinvest in the coins I believe in. It sucks and it’s depressing but long term I do believe that the trajectory will be on the up or else I wouldn’t be in, in the first place. 7-10 years ago I hated crypto and nearly put myself of it for life but in hindsight I’ve really came around to understanding and appreciating it’s place in the market.
Have to disagree about Musk my man, love his companies but can’t stand the person. Though that might change if he’d shut up about Doge and promote something I have money in lol.
I don’t know when it will end. I just know that the general consensus is around September. My advice is simple: sell before that. Yes, you might not sell at the peak. But it is better to take home profit then wait for the zenith of this bull market, realise you missed it because greed made you wait even longer and you see your holdings evaporate in the weeks after, as you still hold onto them hoping the crash will bounce back up - and you make yourself promise to really sell this time around. But we all know greed will take over again and the same mistake will be made… again.**
So, best is to set solid target, don’t get greedy and sell. If it goes up higher, don’t fret, you still made (good) profit. If it goes down, excellent for you as you sit safely on your money like Scrooge McDuck swims in his. So, I personally, will be selling before the bullmarket ends. Just to lock in pofits and not get hurt by greediness.
When massive dips occur, I will be buying again. Rinse… and repeat!
Long term of course it is fine to hold and go through dips if you don’t want to actively monitor your money and sell and buy. Then just buy, delete the app and come back in 5 years, you will most likely be richer than you were before with what you are holding.
I love Elon Musk. I love his sci-fi name, I love that he is South African, I love he is a geek, I love he tweets about dogecon and that dogecoin did a 10x till now, I love the man’s passion for tech and innovation. I listen to him talk on Joe Rogan podcast and in other interviews and I think he sounds very reasonable. Yes, at times he is a troll. But, why not. I admire that too in him.
He might be a an asshole in private, towards his colleagues, I don’t know. But, I do think he got his heart in the right place and has got flaws like any one of us.
Haha thanks for the advice man I’ll certainly take it on board. As of now I’m still in the HODL mentality. I don’t mind sitting through minor dips as I’m confident and usually buy more but I’m not sure how I’d cope with something like 3 or 6/7 years ago as you mentioned. That’s an entirely different ball game and reinvesting at that point when your profits are gone and the assets look dead takes real balls.
So what you say is certainly food for thought. At the very least I might try and take at least my entry point investment out from a few coins and let the rest ride the waves.
Pltr isn’t bothering me too much because i bought in low and I bought a little more today but Jesus there’s no shortages of buy in times for it at the moment.
I’m getting absolutely fucked by BB though I bought into it far too high @ 11.5 and I’m dieing to get out of it at this point but won’t sell while I’m in red.
NOK peaked a little other day and it gave me the opportunity to get out of some of my higher averages with profit while keeping my lower ones. I still do believe in its 5g infrastructure but Christ I’m so done with memestocks.
Can one of you guys help me with how to withdraw to my actual bank account from binance please? I’ve made a few hundred with Chainlink and while I’m gonna see if it’ll keep growing for now, I’d like to know how to actually withdraw in future, as I have no fucking clue right now.
I’ve read the step by step guide on the website and it’s just confusing in all honesty.
Haha my lowest today was 19.91. It went up for a bit now it’s fucking 19.84.
Though I’m happy enough, I think we’ve done well and it’s a long term hold anyway. But I’m sure you know yourself timing the dip is massive for the mental strain of Hodl’n.
Even if it’s just a little green it’s so much nicer than looking at Carrie on prom night for years.
Been looking at chain link I’m not sure if I want in but I’ll keep checking and maybe jump in on a down turn. I regret not getting anything on Tuesday when the market was down
