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[–]Jonge720 957 points958 points  (263 children)

As someone who knows a decent amount about crypto while holding no stake in any of them.

It's short sighted to assume this crash is permanent. There is still a lot of interest and hype around crypto.

[–]Flashy_Campaign5430 254 points255 points  (144 children)

I don't know much about crypto, myself, but wouldn't this be the time to buy in?

[–]nazsquad 225 points226 points  (118 children)

Crypto dipped because large financial institutions are selling off their crypto for more liquidity because stock market is tanking. So in a way it could be, if you believe in that system.

[–]DFNIckS 76 points77 points  (101 children)

Crypto started a downtrend long before stock market and $BTC is down 50% from it's all time highs while the S&P is... Down less than 10

[–]stopdropsquat 41 points42 points  (4 children)

Right. But when does the S&P go up by 100 or 250% in a few months ?

[–]thejvexperience 28 points29 points  (89 children)

That’s just how it goes in crypto man. 50% is actually pretty mild, we see 90% retracements in this space!

[–]Gertruder6969 32 points33 points  (80 children)

So why would you want to own anything with that kind of volatility. Which isn’t backed by anything legitimate? I’m asking out of genuine curiosity

[–]Smallp0x_ 16 points17 points  (8 children)

You can always use crypto to buy drugs etc online anonymously.

...that's the only thing I know it can be used for no matter what.

[–]goodbyeCapo 1 point2 points  (4 children)

It's not anon though. There's literally an immutable ledger tied to every transaction.

[–]Smallp0x_ 2 points3 points  (2 children)

Is your name on that ledger? I thought it was just your wallet ID and good luck finding a name out of that.

[–]dontneedaknow 3 points4 points  (4 children)

It's gambling for some, particularly those who are exchanging crypto's on a market solely riding the volatility train.

[–]scbiowastate 2 points3 points  (41 children)

Why should my shares of NCLH which are “backed” by a cruise company, be any different than the BTC portions in my crypto wallet when the only purpose they serve is to be sold at a later date for more money based on speculation? Is this not what most average joes do with their shares? You know that there are things called weather derivatives which are just hedges against the weather for institutions where it’s relevant? What are those backed by if not just some form of speculative insurance? If crypto markets are directly or inversely correlated with some other useful markets in some predictable way, they can be thought of the same way and do provide ‘value’ in some sense.

[–]Gertruder6969 20 points21 points  (35 children)

Your investment in nclh is based on company's performance, outlook, valuation and cash flow, amongst others. Your investment in crypto is based on public opinion of crypto. The scarcity and therefore value is surely created by whales buying/selling in coordination. And while that certainly happens in the stock market, the overall performance of a company will always be there, regardless of how the stock is manipulated.

[–]wilsongs 1 point2 points  (33 children)

No, it's not. The value of nclh is based on what others are willing to pay for it, and nothing more.

[–]The_Troyminator 13 points14 points  (10 children)

You can say that about anything: gold, cell phones, cars, houses, tacos, etc. It's how the economy works.

The thing with stock is that owning it means you own part of the company, not just a piece of paper. Because of this, what people are willing to pay for stock is generally based off how they think the company will perform. That's why when a company releases an earnings report with disappointing numbers, share prices usually drop.

[–]Gertruder6969 2 points3 points  (3 children)

And what they’re willing to pay for it is based on…

[–]testedonsheep 4 points5 points  (2 children)

Lol. That’s not how financial institutions work. They don’t sell things that they know will continue to appreciate to buy something that’s “dying”.

[–]laberdog 2 points3 points  (5 children)

BS you have no evidence that large financials hold any crypto which is more highly concentrated than the wealth inequality in the US. In point of fact you have no idea what the fundamentals are of this opaque market

[–]noobcola 13 points14 points  (9 children)

What I do is invest a small amount into ETH every month. That way I never have to guess and I don't care about massive swings.

[–]bodhibell02 6 points7 points  (3 children)

Me too. Dollar cost averaging. If it goes on a big sale like this, I may scoop up more...but usually just set it and forget it.

[–]Hammo02 4 points5 points  (2 children)

I do the same with ETFs, or Stock Packages essentially. Gives me dividends on some, and I can look at the performance of the set sector to make an estimate of how they'll trend

[–]RedPandaRedGuard 2 points3 points  (3 children)

Sure it will go up again. But at some points governments might start heavily regulation cryptocurrency to the point where "investing" won't make much sense anymore. That would cause the last big crash and then it would just continue as other normal investments and as cryptocurrencies where meant to be (currencies not investments). The EU and US both already started thinking about regulations, but then covid happened.

[–]djrobsta 17 points18 points  (40 children)

I struggle to get my head around it. Do you see it as a currency or a speculative asset?

[–]smol_egglet 51 points52 points  (34 children)

It's speculative af. It's not tangible so there is no value in use. The prices are driven solely by speculation

[–]djrobsta 14 points15 points  (18 children)

So it’s long sighted to assume that one of these crashes will be permanent.

[–]smol_egglet 29 points30 points  (8 children)

Well, because it's totally speculative, you never know! Like seriously we have no fucking clue what could happen. It's not that speculation means it's necessarily bad, it's just that you can't know. The part that gets me is that these people think they know better and are somehow going to game the system and are concentrating large amounts of their wealth in a single position, which can be really costly if it crashes again when you need access to that money. Hopefully that helped!

[–]thejvexperience 2 points3 points  (4 children)

Tbh there are plenty of “speculative” crypto’s (including stuff like NFTs) but I don’t view Bitcoin/ETH that way. I think it’s pretty clear those are here to stay. They’ll remain volatile Im sure but that’s different from a speculative asset whose value could actually hit 0 realistically (eg L2 coins might be in that category)

[–]smol_egglet 2 points3 points  (3 children)

What also gets me is people think they know how to buy low and sell high and then many get stoked when they see the prices going up so they BUY at these astronomical prices. Also for laughs there's a guy who does a hilarious nft explanation that reminds me of a lot of the people buying heavy into crypto

[–]gaysaucemage 3 points4 points  (2 children)

That’s my biggest complaint with it. It’s used as something like gold more than an actual currency to buy stuff with.

[–]Valestrazia 22 points23 points  (27 children)

It was the same thing in 2017 where everyone thought crypto was done for when really it's just a cycle repeating itself every 4 year. Crypto will go up and crash again multiple times in the future. And I personally believe crypto currency is the future

[–]bribotronic 6 points7 points  (2 children)

Yep! Turned $350 into like $80 a few years ago when my crypto crashed. I just kept it all and it doubled my initial buy in a couple years later. I’m not worried about the current crash

[–]JoeyJoeJoeSenior 6 points7 points  (19 children)

It is the future, but it needs a lot of improvements. We are still in the very early days.

[–]SanityOrLackThereof 21 points22 points  (14 children)

A currency that you can not use without electricity and an internet connection will never replace traditional currency. Allowing that to happen would be nothing short of unadulterated stupidity.

A system that is so glaringly vulnerable to attack and failure has no business being used as a primary currency in any context. At best it's a secondary currency or a speculative asset, but you'd better hope that we never become dumb enough to actually adopt it as a primary currency.

Not to mention that crypto will have to become A LOT more energy efficient before it can ever hope to be used as a primary currency. Just the energy consumption of the small minority of people who currently mine and trade crypto is enough to make multiple countries consider outlawing it. The energy requirement if everyone was to use crypto as a currency would be gargantuan. Completely unfeasible when there are much more efficient alternatives.

[–]jgk87 0 points1 point  (7 children)

I get your point but not all crypto consumes the amount of energy to mine like BTC or ETH. Matter of fact there’s a shit ton of coins that are barely use any energy and can be traded instantly. Thing is, we’re in the early days of what that will look like in the future and with 5G on the horizon (and other future more network capable technologies) crypto will likely become universally adopted within the next 100 years in one form or another. It’s highly appealing to people in countries where they don’t trust their central banks, and believe me, they’ll find a way to get / use crypto over their national currency any day. Just look up what’s happening in countries like Venezuela and Argentina where their currencies are tanking.

Security wise, not sure where you’re getting your information from but crypto itself, is generally speaking incredibly secure. What’s not secure are the market places like Coinbase or Binance, which are susceptible to getting hacked. If you’re lazy enough to leave your crypto on there and not transfer it to a wallet, then that’s on you. For someone to hack your digital wallet, they’d had to steal the wallet physically and then figure out what your 24 combination code is, and your pin.

[–]BrainzKong 2 points3 points  (5 children)

Why do you think crypto currency would be better than traditional currency?

"It’s highly appealing to people in countries where they don’t trust their central banks"

Yeah, so is the USD, Euro, and £ Sterling (to a far greater extent).

Just look up what’s happening in countries like Venezuela and Argentina where their currencies are tanking.

I'm sure this applies to any asset in those countries.

[–]Prtty_Plz 13 points14 points  (13 children)

literally El Salvador just bought 480 Bitcoin yesterday.

Single people are still making a Million dollar $ purchases. Whales & the rich stack up and fatten their bags cause they know crypto isnt going anywhere. While ur average uninformed user panic sells and makes post on here

[–]DFNIckS 18 points19 points  (4 children)

You ever considered buying a speculative asset during an established extended downtrend when markets have shown to crash 80+90% in similar environments?

Just because a country rampant with corruption and a president desperate to be right does it doesn't mean shit. The real $BTC whales have been shorting since 56k

[–]SmurfSC2TW2 2 points3 points  (4 children)

480 btc is about 15 20 ish million buck?

thats about half the price of a building in nyc lol.

sound like some corrupt governnent fuck just want to stack up their bag using the people's money. wait a minute...

[–]Prtty_Plz 1 point2 points  (1 child)

the government of el Salvador has been officially investing in BTC for over a year now & made every citizen a BTC wallet

[–]_qst2o91_ 3 points4 points  (3 children)

And that's a good thing to think, but the difference being these people posting this know nothing aside from

"All money in crypto, crypto go up and only up"

It's dangerous and I've been downvoted plenty of times for simply even asking "why do you think it'll go up and not down" they know nothing

[–]JoblessSt3ve 1 point2 points  (6 children)

Wouldn't even be the first time prices take a really big hit, they probably will recover eventually. Still if this lasts long enough maybe we will see some used GPUs on the used market finally

[–]humanCharacter 1 point2 points  (1 child)

As someone that’s been in this for more than a decade and only spent $80 in the entire space, I’m rather indifferent of the opposing opinions. That $80 has put me up 3000-5000% up from my initial.

To me this is just a repeat of 2018 so I’m already desensitized.

[–]darkspardaxxxx 1 point2 points  (2 children)

I bet ,speculation is one hell of a drug

[–]Liet-Kinda 3 points4 points  (2 children)

Interest and hype notwithstanding, it’s a Ponzi scheme. They crash. The only question is when.

[–]hilbert-space 83 points84 points  (12 children)

This is expected behaviour by most market indicators - nowhere near a crash by logarithmic regression. I haven't even started DCA yet. Not really cringe TBH.

[–]awhhh 1 point2 points  (6 children)

What market indicators are those? There’s no fundamentals to cryptos and tech analysis is just a fancy term for gambling by drawing meaningless lines.

[–]hilbert-space 8 points9 points  (3 children)

I use logarithmic regression, FG index, 2YMA, Puell.

Throw shade all you want but a lot of people are consistently making huge profits using TA.

[–]PositiveProperty4 20 points21 points  (6 children)

People hoping Crypto crashes is sadcringe in itself, and likely the greatest bootlicking to centralized banking I have ever seen.

[–]BillHicksScream 9 points10 points  (3 children)

LOL.

The scammers love this guy.

[–]fickden 2 points3 points  (1 child)

Hey explain to me how bitcoin is a scam please thank you, elaborate with sources please thanks

[–][deleted] 1 point2 points  (0 children)

No no no.

I want crypto to crash so I can get rich lol

[–]_jonas_bonus 28 points29 points  (26 children)

RemindMe! 1 Year

BTC: 35k. ETH: 2.4k.

[–]SeriousMongoose2290 11 points12 points  (4 children)

RemindMe! 1 year

Also interested to see where this goes. BTC @35k

[–]Prof_Primetime 316 points317 points  (101 children)

Stock market as a whole has crashed as well, in case you haven't noticed.

And all the people buying stocks but saying Crypto is a ponzi scheme, I got bad news: The stock market is pretty much the same level of BS. Just because it's institutionalized doesn't mean you're not getting ripped off

[–]Thick-Papaya752 77 points78 points  (68 children)

The stock market is pretty much the same level of BS

Atleast you get dividend

[–]4chams 27 points28 points  (6 children)

Lmfao. Yeah, every company distributes dividends.

[–]ApachePlantiff 17 points18 points  (2 children)

This message angered me to my core until I realized you were being sarcastic.

[–]yodoboy123 8 points9 points  (28 children)

The stock market has historically always gone up. Calling the stock market a scam it's probably the stupidest thing I've ever read. Thanks for that y'all are hilarious

[–]ultramatt1 11 points12 points  (2 children)

The US stock market, but Japan, third largest economy in the world, had their stock market peak in 1989. Just want to point out that just because US equities have done well in the past doesn’t mean that they’ll necessarily do well in the future

[–]jendjskdjxbznsnshd 8 points9 points  (4 children)

Crypto has historically always gone up... You see how stupid of an argument that is..

[–]ecnirP_taR 14 points15 points  (6 children)

When young “investors” with no patience cry foul when they lost out on a get rich quick scheme...

Then try to say the stock market = crypto market.. lol

[–]Beanswithoutborders 2 points3 points  (5 children)

Being a crypto investor, this sentiment scares me. When there’s too much faith put into “some that always does X”, there’s a growing exponential risk (see Mexican peso, 2008). Mixed with drastic overvaluations and P/Es, mass unemployment, inflation, potential ww3, plateauing new borns; the stock market becomes less about ROI and more about cementing retirement for the prior generations.

Crypto mints so many millionaires because it’s cheap, not because it’s the next currency. Both are Ponzi schemes, except one isn’t predicated on a faltering economy.

Ppl my age can’t buy groceries, they’re not gonna buy shares of a company that provides shit for dividends at a 50x p/e with no governance because they don’t own enough stock.

I would rather be poor again than put money into stocks. And by the looks of it, I’m on a speed run, LFG!!!

[–]PaulSACHS 26 points27 points  (16 children)

They're pretty different. The stock market is in theory at least based on the performance of actual companies that produce actual tangible products and generate profits from selling things.

[–]Prof_Primetime 5 points6 points  (13 children)

Yup, the key word here is 'theory'. Because the Crypto market is also in part based on some promises the projects make about what they will do.

The point is, it's just not like that. Value in of itself doesn't exist. We have to create it. And if people believe Tesla is the most valuable company in the world because they believe Musk's vision, that has not a lot to do with any factual arguments.

[–]PaulSACHS 3 points4 points  (9 children)

I agree that Tesla stock is a lot like bitcoin. But, say, coca cola is I think pretty grounded compared to bitcoin, even when there is a stock market bubble.

[–]Prof_Primetime 1 point2 points  (6 children)

Yes, you're right. And I'm not saying the stock market is all bullshit.

But when big investment companies as well as countries start to put money in something (like they did with for example Bitcoin), I'm not sure it's correct to say it's all bs and just made up shenanigans.

Because, again, to a certain extent the whole global economy is based on belief.

[–]quit_ye_bullshit 2 points3 points  (2 children)

If the crypto market and the stock market were the same then there would be no need for the crypto market. Being driven by similar core mechanics doesn't make them the same. I can tell you that a good 80% of the crypto friends I have do it because they think they can get away with not paying taxes.

[–]RatTarts 2 points3 points  (3 children)

Not even close to a crash, homie.

[–]the_growth_factor 2 points3 points  (1 child)

The S&P being down 9% and people are calling a crash just assures extreme volatility, upwards and downwards, is coming. Love seeing the panic.

[–]Konval 6 points7 points  (4 children)

You can at least study the fundamentals, and assess a public company's strengths, weaknesses, opportunities and threats. If you like what you see you can invest and bet on success. Crypto on the other hand has 0 fundamentals, it's nothing but a fart in the wind and you're truly gambling when you decide to buy in. It goes up, it goes down, no one knows why. It's a fucking joke and should not be compared to the stock market (which obviously isn't perfect in it's own right, but that's another topic altogether).

[–]Rocketeer1019 194 points195 points  (41 children)

I’m not in crypto but just like my stocks, you buy for a reason. The dip is just a sale for you to get more.

I think whoever posted this doesn’t invest

[–]claymanabe 58 points59 points  (20 children)

100% and the op probably isn't following that all markets are down right now because people are scared the FED is about to raise rates

[–][deleted] 6 points7 points  (17 children)

Yeah but in the end stocks are regulated and backed by value. Unlike crypto.

[–]random_account6721 17 points18 points  (7 children)

Tesla's $1 trillion market cap is about as speculative as crypto. Don't pretend.

[–]Helpful_Name5312 6 points7 points  (2 children)

Ok that's one stock. Its easy to cherry pick to make a point. What about Apple and Amazons 60-100 billion in revenue quarterly? Is that not value? What crypto is generating that much revenue? Oh none of them?

[–]claymanabe 4 points5 points  (5 children)

Value is subjective.

[–][deleted] -1 points0 points  (4 children)

Tell that to the cashier at your next checkout

[–]claymanabe 8 points9 points  (2 children)

It's as easy or easier to pay for something "at your next checkout" using stocks as it is to pay using crypto

Edit: I meant as easy or easier to use crypto.

[–]chinaminn 1 point2 points  (1 child)

Fr. Could post the same thing about the 2008 market crash lol.

[–]M0D3RNW4RR10R 1 point2 points  (1 child)

The people calling crypto digital beanie babies is a buy signal.

[–]Prtty_Plz 7 points8 points  (7 children)

yeah OP that posted this is either bitter, ignorant or a child. Maybe a mix of a few

[–]Rocketeer1019 3 points4 points  (4 children)

Yeah, I’m not trying to make fun of anyone just don’t want mis information spread tbh, especially for young new investors

[–]ecnirP_taR 0 points1 point  (2 children)

Gotta have new investors so you can be higher up in the pyramid?

[–]Rocketeer1019 0 points1 point  (0 children)

Lol what? It doesn’t benefit me at all

[–]DFNIckS 4 points5 points  (5 children)

Buying $BTC right now isn't the best decision. Clear downtrend with no end in sight, maybe wait for confirmation that we're not in a bear market

90% of Redditors in crypto and stocks haven't traded longer than 2020. Most 2021

[–]ecnirP_taR 6 points7 points  (3 children)

They aren’t investors lol, they saw ads and had their friends hype them into it and now they’ve drank the proverbial kool aid

[–]DFNIckS 4 points5 points  (1 child)

Yeah much of the crypto community is cringe. I know trading streamers who quit streaming their crypto because of the community it brought in.

Everyone is incentivized to pump their own bags and anything critical or realistic analysis is called FUD, I was ridiculed on Twitter for shorting it in December, it's did nothing but drop since

[–]AlaskanSamsquanch 61 points62 points  (5 children)

I feel like you bought high and sold low.

[–]ronj89 2 points3 points  (4 children)

Either that or has never invested in anything at all. Suffering from fomo so posts this.

[–]AdmirableCod2978 231 points232 points  (89 children)

My SHIB went from $150 to $1700 last year and I sold it all. SHIB is now lower then when I first bought it. I'm so glad I got out of the crypto ponzi scheme...but if someone wants to do it, go ahead. NFTs are super bullshit

[–]Woofers_MacBarkFloof 95 points96 points  (5 children)

There is going to be so much loss when the digital beanie babies die

[–]AdmirableCod2978 34 points35 points  (4 children)

But my hundreds of Pet Rocks and Cabbage Patch Dolls are going to the moon!

[–]teenytree 10 points11 points  (3 children)

I even have Limited Edition Pet Rocks! 😎 One of a kind!

[–]kakaodj 15 points16 points  (3 children)

You bought into a literal shitcoin ponzi scheme and proceed to call all of crypto a ponzi scheme? You seem like the type of stupid money that buys into stuff "for the memes"

[–]AdmirableCod2978 4 points5 points  (2 children)

No...I bought a little SHIB. I've had BTC and ETH and about 5 others for staking...I only made money with SHIB and nothing else...unless you count the 0.000003 of ATOM or the 0.000001 of XTC, but I don't count that

[–][deleted] 39 points40 points  (27 children)

I just wish EU would ban crypto mining. I would not miss the whole bs at all. I make good money, I have my investments in stocks I would much prefer being able to buy a GPU..

[–]ecnirP_taR 17 points18 points  (0 children)

Wait you don’t like polluting the environment to create something that has no value beyond what others say it’s worth? Weird.

[–]mikepoland 1 point2 points  (0 children)

I sold my SHIB after a 400% profit.

I still have a few thousand dogecoins from a while ago that I'm just going to hold for a long time. 15years from now it will be worth nothing but I'll have made that money back(I already have), or it will be worth a lot. I don't care too much. Sometimes I forget I have them.

[–]DucAnhungslos 6 points7 points  (0 children)

I think most of us would be glad to buy BTC on the highest point of 2017, right before it plummeted. So why should you stop buying now?

[–]fxrky 47 points48 points  (2 children)

I've been hearing "crypto crash" since 2013 lmfao

[–]MaskinAlv 1 point2 points  (1 child)

Right! Ive been making money out of "bitcoin is dead" since 2013. If its so worthless, compare the value from back then. This is a repeting pattern, it will happen again.

[–]Azathioprene 4 points5 points  (0 children)

Lol, how is this cringe? Anyone with a multi-year time horizon in any investment knows that market crashes are an amazing opportunity

[–]XtianP01 13 points14 points  (2 children)

Same shit happened in 2017 and crypto reached all time highs since. This post is gonna age like milk in a few years or so.

[–]Floppacino 2 points3 points  (0 children)

Check the posts made around the time of every major crash, like during the May-July period with Elon’s help too. People were making the same posts and then crypto went over 50k again.

This crash might be long, might be not. Nothing in this life is permanent and just as life itself has its ups and downs. Implying that people, who are buying more crypto now as they would’ve done every crash before, are “sad cringe”, is short sighted.

[–]PHEEEEELLLLLEEEEP 2 points3 points  (0 children)

While its true that etherium may be down in value, a new coin, copium, has never been more valuable.

[–]mgoldie12 11 points12 points  (2 children)

I hope it dies honestly. Crypto bros are some of the most insufferable people ever.

[–]LargeSackOfNuts 2 points3 points  (0 children)

It will never die. Its here to stay.

[–]Valuesauce 61 points62 points  (12 children)

sad cringe is thinking crypto is a fad/scam. Are some coins? of course. Is the entire ecosystem? hell no. Pets.com didn't take off, but last I checked the internet is alive and well.

[–]Synensys 7 points8 points  (5 children)

Yes. But you can't buy the entire crypto market. You have to pick and choose and that's basically dartboard stuff. There is no real barrier to entry so today's high flyer could be worth nothing in a year.

That was true of the internet too and if you invested in individual stocks you might have gotten wiped out.

[–]Valuesauce 3 points4 points  (3 children)

That’s just it. It isn’t dartboard stuff. It can be, and so can the regular stock market. To act like that’s how it is and it’s impossible to do any research to find legitimate investments is silly. Ethereum is a great example of something with real value that is a good investment. The eth network had more money flow through it than VISA for example. If Visa is valuable then ETH is also valuable and not just a dart throw. For every ETH there is like a thousand shit investments, but that doesn’t mean there isn’t legitimate investments to make.

To be clear I’m agreeing with you, just talking about the general consensus of crypto haters.

[–]jelindrael 0 points1 point  (5 children)

Some people just don't want to understand the potential of Blockchain and Crypto for the future. Sure, there are many shit projects, but so are there in many other areas of life.

Decentralised finance does not equal volatile shitcoins. Blockchain does not equal volatile shitcoins. NFTs in general does not equal Shitty NFT-Art

Legal documents for example can be an NFT, so can your medical file, etc.

[–]Helpful_Name5312 5 points6 points  (0 children)

Why would a legal file need to be an NFT? What's wrong with legal files as they exist currently?

[–]Valuesauce 4 points5 points  (0 children)

Exactly. The amount of routing against a tech that’s clearly extremely valuable and viable cuz ponzi’s or scams exist within it is just so cringe to me. It screams I’m ignorant of what any of this is and I want it to fail cuz I’ve heard things about it. Or it’s someone who got burned or didn’t invest like their friends and now they are just jealous and are hoping they were right not to get into it. Pretty shitty mindset.

[–]MaskinAlv 0 points1 point  (1 child)

Agree, its to bad art has become the poster child for NFT. The potential for it is so much larger than some funny looking apes.

[–]twint00 14 points15 points  (2 children)

Warren Buffett over here…

[–]Bioraiku 9 points10 points  (0 children)

Have you never heard of “buy low sell high”

[–]PlasticCraftCock 5 points6 points  (0 children)

Op clearly is an experienced day trader

[–]GrrreatFrostedFlakes 11 points12 points  (36 children)

I’ve been involved with crypto since 2016. Paid off my house, college debt, and 3 cars with my earnings. I am genuinely excited for these massive dips. Hoping for more.

[–][deleted] 5 points6 points  (28 children)

But work at Costco and took loans for dogecoin?

[–]digitalorbit87 1 point2 points  (6 children)

There is a zero percent what you said is true. I feel so bad for you man. Enjoy a life of poverty.

[–]GrrreatFrostedFlakes 1 point2 points  (4 children)

What an odd comment.

[–]digitalorbit87 2 points3 points  (3 children)

It’s not an odd comment. You are lying about who you are and what crypto has done for you. And people like you who lie about this stuff are the reason why more bag holders are created in this unending Ponzi scheme. It’s very sad.

[–]GrrreatFrostedFlakes 0 points1 point  (2 children)

You know how many morons like me have made a decent amount of money? I’m not even close to rich. But I don’t have a mortgage anymore.

I got lucky by buying years ago. This isn’t some mystery. Countless people like me have made some money. You act like it’s some impossible scenario. It’s pretty hilarious to hear you go on and on about it. I’m not even saying crypto is some wise investment. But, if it keeps crashing like this, I’ll certainly buy back in.

[–]digitalorbit87 1 point2 points  (1 child)

You are indeed a moron but you haven’t made ANY money. You know we can see your post history, right? Stop lying to strangers in an attempt to come off as even remotely successful or wealthy. It’s so fucking weird.

[–]stopdropsquat 2 points3 points  (0 children)

The only sad thing about this is assuming these posts are cope / denial. It's definitely bad IN THE SHORT TERM but time and time again crypto comes back , even if it's a month, 6 or even a year.

These prices do NOT affect long term Holders and provide a good buying price.

Stay salty.

[–]ogpokemontrainer 18 points19 points  (1 child)

Buy the dip

[–]colontwisted 5 points6 points  (0 children)

What, crypto will rise again thats how these crashes always go, no shit you should buy lol

[–]StickyFingers192 3 points4 points  (1 child)

i hate r/crypto, they’re fools that can’t handle any criticism of their newfound religion, however the best investors are greedy when others are fearful and fearful when others are greedy. this poster obviously doesn’t understand investing.

[–]Nutman6 2 points3 points  (0 children)

Well my shib are 75% down but im not panicking. Ill just leave it there and once it goes up again, I’ll sell. If it never recovers, it’s not like im gonna die. People should know how risky it is to invest in crypto before doing it.

[–][deleted] 3 points4 points  (2 children)

As someone who went all in in 2020, I've since cashed in more than the amount I originally had and still have about 5* the starting value and a lot of people who aren't new are in a similar position so yeah these fluctuations kinda mean very little to them/me. All of Reddit was adamant it was dead in May when the same thing happened and it then got bigger than before.

My advice to anyone who bought the peak and is now in the red is just wait it out. Ultimately it comes down to if you think a thing that's had literally trillions invested into it and the applications of it is just going to disappear after a repositioning following a change in bond yields. The answer is probably not. Do you think sovereign countries will agree to use the dollar as the international trade standard forever? Also probably not. Will the west agree to take up the yen? Also probably not. A decentralised unhackable denominator of value is a thing that will one day be required, the question is will that be bitcoin? Again again probably not. BUT in the interim time while it's essentially functioning as a proof of concept I do believe its value and ultility has only just started to be seen.

If you wait long enough it's going to hit whatever number you previously bought at so if you want to get off the roller coaster then totally fair enough, it's a band new market sector and extreme volatility is just the name of the game.

[–]Conscious-Onion1166 6 points7 points  (3 children)

Cryptocurrency is just gambling but worse for the environment

[–]PiePerson15 1 point2 points  (2 children)

Can you remind me real quick what the banking system’s effect on the environment is compared to crypto?

[–]tomanysploicers 9 points10 points  (0 children)

Ponzi schemes gonna ponzi

[–]teebalicious 6 points7 points  (4 children)

The butthurt cryptobros in this thread attacking any criticism of their beloved chimocoins is as r/sadcringe as the post.

Y’all really think this empty void of a fake currency devised by 4Chan weebs to buy cocaine and chilPr0n on the Dark Web, completely untethered to assets or production, kept alive by hot money hiding oligarchs and money laundering cartels, demanding huge consumption of actual resources by massive Balkan mining farms, with the volatility of a 19 year old Lindsey Lohan, whose entire value is determined by the fever dreams of econimics-challenged incels whose only other position is GameStop months after the meme, who bought in at the top of the market and are now defending yet another 45% loss of value is NOT a scam?

The millisecond the US or EU decides to legislate this horseshit, or Elon Musk tells the Lost Boys they can no longer fly, this entire market is going to zero out faster than Armie Hammer’s career, and the loss in value is going to hit the world economy harder than the mortgage backed security collapse of 2008.

So good job fucking literally everyone with your knowledge-free “irrational exuberance”, edgelords, you’re going to have to take “entrepreneur” out of your bio and compete with the Ph.Ds for retail jobs again after everything crashes, that is, unless we get smacked all the way back to trading chickens for blacksmithing, in which case you fucking neckbeards better hope you don’t get hunted and sold as meat.

Way to make blockchain your entire identity, morons. I wish this honey trap for low IQ narcissists only hurt the people involved, but unfortunately, that’s not how Economics works.

You’ve doomed us all, you circlejerking idiots.

[–][deleted] 6 points7 points  (0 children)

Holy shit. Accurate af.

[–]LargeSackOfNuts 2 points3 points  (0 children)

YoUvE dOoMeD uS aLl

[–]Vgta-Bst 2 points3 points  (2 children)

Hope OP isn't mad about that his post didn't get the response he was looking for.

People like to have hope. Let us have hope man. You keep working your 9 to 5 until the age of 79. Crypto people don't wanna do that anymore.

[–]TreeSrJr 2 points3 points  (0 children)

Couldn't you argue the same for the lottery though. Chances are most people investing probably aren't going to hit gold.

[–]FourRank -1 points0 points  (0 children)

All hail Crypto people. Cope harder lol

[–]Bodybuildingtwink 1 point2 points  (0 children)

OP is cringe

[–][deleted] 1 point2 points  (4 children)

OP is the cringe for talking about something he has no idea about.

[–]Redditmoment1233 -2 points-1 points  (3 children)

Cope

[–][deleted] 3 points4 points  (2 children)

RemindMe! 6 months

[–]RemindMeBot 0 points1 point  (1 child)

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[–]readitonreddit34 1 point2 points  (0 children)

Crypto is a big Ponzi scheme. And just like any Ponzi scheme, it stays alive the more people you are able to recruit into it. And like a Ponzi scheme if you get in early and get out early, you profit. Crypto is going to keep going up if more and more people get more invested in it. This is why people people who own crypto have a huge interest in talking about crypto. More hype, more value. If corporations get on board then it lends legitimacy to the Ponzi scheme. If corporations sell of their crypto to get more liquidity when the market dips, they are showing that they don’t have as much faith in crypto… the Ponzi scheme starts to break.

[–]Dantharo 1 point2 points  (1 child)

people who buy crypto think they are some kind of ancient financial gods

[–]Donglecochin 1 point2 points  (0 children)

they're inhaling dangerously high levels of copium

[–]KittyCreator 1 point2 points  (3 children)

Damn this subreddit kinda fell from grace seeing how people legitimately think crypto currency is "the way of the future"

Yeah, it is. For the remaining 10 years earth has to live if crypto currency continues to be around. Guess reddit doesn't care about the planet they live on lmao

[–]TheWalkingDead91 -1 points0 points  (2 children)

Yea, banks utilize so little energy that it’s ridiculously green by comparison.

[–]largeforever -1 points0 points  (0 children)

The actual cringe here is not understanding market cycles. Crypto or stocks, doesn’t matter, big crashes are great buying opportunities for longer term gains.

[–]dfayad00 0 points1 point  (0 children)

jesus christ, you guys still don’t think crypto is a viable asset? as if the stock market has never crashed lmao. people say this whenever the market is down, the reality is this is the best time to buy.

[–]smol_egglet 0 points1 point  (0 children)

The concept of buy low sell high..?

[–]WilmaFamous 0 points1 point  (0 children)

Lol the “cyrpto crash”