Cryptocurrency

Siboatguy

Siboatguy

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Mar 28, 2016
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Hey everyone would love to hear thoughts on the crypto market... Dodge coin, Lite coin, Shib... Its too late to own enough bitcoin to make some real money off of it...
 
Siboatguy said:
Hey everyone would love to hear thoughts on the crypto market... Dodge coin, Lite coin, Shib... Its too late to own enough bitcoin to make some real money off of it...
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This discussion comes up occasionally around here. Some people think it’s a joke, some have made some real money

I paid off my student loans years ago with mining profits. If I still held I’d probably have a much bigger boat, but I can’t regret paying off debt.

i liken btc, eth ,etc., to the blue chip stocks while the newer coins are much like weekly way OTM options trading - you might hit one big but you’re more likely to lose the investment.
 
I put a good chunk of change in ETH earlier this year and it's quadrupled. Enough so I could buy 2 of my boats with it. While I did invest a healthy amount, I knew I could afford to lose it ...and who knows, maybe I will. Plan is to hang on to it for 5 years and see what happens.
 
All I'm in is the 3 - Dodge coin, Lite coin, Shib.... I'm gonna do the long haul as well... Maybe 5/10 years see what happens if I lose I lose....
 
I bought some BTC at about 14,000 then more at about 25,000. Also bought some ADA (Cardano) and sold 1/2 of it when I was up about 150%. Sold 1/2 of BTC at about 50,000 so everything I hold now is basically 'free'. Recently bought some Shib and will hold it for awhile to see what happens.
I'm an active day trader trading options using thinkorswim but can't view crypto charts on that platform. Recently signed up for tradingview and they have all cryptos on there so I set up alerts on it to watch for entries.
 
I am staying away. They are Securities with no underlying true value. There is liquidity but there is no rational way to determine what they should be worth. Just pure speculation and what some other believes it should be worth when they buy or sell. Some would say that is what the stock market is too. I am on not one of those people. Maybe the Chinese stock market is the same but not the US or Canadian markets.

it’s no different from trading in a volatile currency future. It’s pure gambling IMO.
 
Oh yeah. You also will only hear people bragging about how much they “made” on crypto. Those that lost money don’t talk that up. But with all the volatility about the same number of people lost as gained after the initial run up happened. There is a buyer and a seller on every transaction.
 
That I do believe is there will be a digital dollar that is coming.... The paper dollar will be worthless....
 
All of my dollars are digital. They’ve been that way for years. Nothing new there. But once the world loses confidence in the dollar and it loses its reserve currency status, you’ll wish you owned bitcoin. Anyone who asks, you don’t have to buy bitcoin now, but you will have to own it in the future. Don’t know if that makes any sense to anyone but that’s my strategy.

I’ve bought bitcoin and haven’t sold a single satoshi. I don’t plan to. If I need to spend some money I’ll take a loan against it.

You cannot continue to inflate a currency and expect people to trust it. That’s the difference between dollars and bitcoin. Bitcoin is trustless, it adheres to a set of rules. Dollars do not. Bitcoin does not need to be a true form of currency for it to be successful. It just needs to be a store of wealth, digital gold. Try getting on an airplane with $100,000 in gold in your luggage and see if it makes it to your destination. I can hop on an airplane with 14 words memorized in my head and carry $1 trillion worth of bitcoin to wherever I need to go.
 
HardRockin said:
All of my dollars are digital. They’ve been that way for years. Nothing new there. But once the world loses confidence in the dollar and it loses its reserve currency status, you’ll wish you owned bitcoin. Anyone who asks, you don’t have to buy bitcoin now, but you will have to own it in the future. Don’t know if that makes any sense to anyone but that’s my strategy.

I’ve bought bitcoin and haven’t sold a single satoshi. I don’t plan to. If I need to spend some money I’ll take a loan against it.

You cannot continue to inflate a currency and expect people to trust it. That’s the difference between dollars and bitcoin. Bitcoin is trustless, it adheres to a set of rules. Dollars do not. Bitcoin does not need to be a true form of currency for it to be successful. It just needs to be a store of wealth, digital gold. Try getting on an airplane with $100,000 in gold in your luggage and see if it makes it to your destination. I can hop on an airplane with 14 words memorized in my head and carry $1 trillion worth of bitcoin to wherever I need to go.
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Your problem is if the dollar goes to crap, how are you going to value your bit coin? Or you Gold or whatever? It's going to be worth X dollars.
 
Siboatguy said:
Hey everyone would love to hear thoughts on the crypto market... Dodge coin, Lite coin, Shib... Its too late to own enough bitcoin to make some real money off of it...
Click to expand...
Shib is unlimited, it will never be worth anything. BTC is the right play.
 
Golfman25 said:
Your problem is if the dollar goes to crap, how are you going to value your bit coin? Or you Gold or whatever? It's going to be worth X dollars.
Click to expand...
IMO the dollar going to crap is a given. Just do the math however you want...

That nice boat is $500k. Or, that nice boat is 8.06451613 BTC.
A year from now....That nice boat is $600k. Or, that nice boat is 4.61538462 BTC.
5 years from now...That nice boat is $1,200k. Or, that nice boat is 1.2 BTC.

I still plan on using dollars for the foreseeable future. And that's fine with me. I think we will transact in dollars but save in BTC. Instead of selling BTC and incurring capital gains, I will borrow against it and write off the interest.....
If BTC lost half its value today, I'm still ahead. This is a long term strategy, And if I had to I can sell it all, 24/7 365 it takes me a few keystrokes. Life is a gamble.
 
I'd be both embarrassed and ashamed to admit how much money I've lost in the last 2 months chasing stocks. Crypto has me interested, mostly Shiba and Doge because it's what I see most people talking about. My issue is my the time I hear about it I have perfected the art of buying at the peak and losing a ton. Got burned years ago with stop loss because I'd set it to 8%, it would drop 9% and rebound like hell.

The size and year of boat I have next year in my slip will be directly proportional I do in the market from here till February or so. I'm already down a ton....CEI, ATER, BBIG and up a bit on PROG.
 
Creekwood said:
it’s no different from trading in a volatile currency future. It’s pure gambling IMO.
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I do agree with the fact that there is no tangible asset to be held but there is money to be made. I'm not an expert on crypto and avoid 'day trading' it due to the volatility but I disagree with the statement that it is pure gambling. Trading is based on statistical probabilities. I day trade options and am right about 75% of the time. That said, you can have a 90% win rate and still lose money or have a 30% win rate and make money. Look at wall street brokers. They are only right about 60% of the time but make a killing. It's all about rick management. If you have a 2:1 risk/reward you only need to be right 33% of the time to break even (I think...too late to actually calculate it...lol). I can have a 90% win rate with only a 1:25 R/R. I might win $1 9 of every 10 trades but lose $100 in 1 of those 10 trades. I know a couple of traders that make a living trading crypto and know a bunch that make a living day trading options.
I have been doing this for years and can say that learning to read a chart is easy. Mastering your emotions is the hard part. I plan to retire in about 3 years (at 55 years old) and trade full time
 
With 550T SHIB in existence it could absorb all the wealth in the world and still be less than $1
 
jmauld said:
With 550T SHIB in existence it could absorb all the wealth in the world and still be less than $1
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And that’s why it makes no economic sense. There is no value. Can you make or lose money on that musical chair. Yes. I am just not interested.
 
Something limited like BTC is one thing but an unlimited coin like SHIB or DOGE. Nah. That’s a fool’s game. No way around it.

Of course than there’s Tesla, that shows just how irrational the current market is.
 
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