Crypto investors panic during market bloodbath

[TC94]

I just want to interject here that crypto is far more than just bitcoin as a currency or store of value.

Head to YouTube and search for Kevin O’Leary and Mark Cuban videos discussing the utility tokens, logistics blockchains, authentication protocols and more.

Cryptocurrency is a misnomer. Bitcoin can actually be used as a programming base. Ethereum even more so. I’ve posted this before here, but now the big players are starting to understand these things.

That said, as I’ve also posted here, 98% of crypto is pure junk. Scams, disappearing projects, token sales that are never used as advertised to build out, etc.

But there will be a few really big hitters in the space over the next 5 years. BTC and ETH are my best guesses, along with about 3 others I own tiny amounts of. They could become the next Amazon or Google for web3, or it could all fall apart and become MySpace and Pets.com.

Time will tell. But the technology is profound, and using it requires a cryptocurrency in most use cases. So some will survive and thrive.

[huncho]

Originally Posted by TC94

I just want to interject here that crypto is far more than just bitcoin as a currency or store of value.

Head to YouTube and search for Kevin O’Leary and Mark Cuban videos discussing the utility tokens, logistics blockchains, authentication protocols and more.

Cryptocurrency is a misnomer. Bitcoin can actually be used as a programming base. Ethereum even more so. I’ve posted this before here, but now the big players are starting to understand these things.

That said, as I’ve also posted here, 98% of crypto is pure junk. Scams, disappearing projects, token sales that are never used as advertised to build out, etc.

But there will be a few really big hitters in the space over the next 5 years. BTC and ETH are my best guesses, along with about 3 others I own tiny amounts of. They could become the next Amazon or Google for web3, or it could all fall apart and become MySpace and Pets.com.

Time will tell. But the technology is profound, and using it requires a cryptocurrency in most use cases. So some will survive and thrive.

agreed, btc and eth are here to stay but i think eth is actually the one that has the uncertain future because everyone is out to dethrone it or create an L1 that works better (has less fees). also no one knows if the switch to PoS/eth 2.0 will even work. the problem is none of the others have ever had the kinds of stress tests as eth so even though they all claim to solve the gas fees, it remains to be seen. the best one so far seems to be avalanche, but in bear markets it doesn't matter because everything becomes useless for now. i mean who besides crypto nerds is actually staking or using these platforms in their day to day lives?

btc on the other hand has no competition, whether it be to move large sums of money around or as a store of value, because there won't be any more deflationary PoW cryptos and it already has 10 years of history to show that it works. no one is trying to create the next btc because it's accepted that there will only ever be one and the real money is in the innovation of web3 now

i do think eventually there will be something very revolutionary that will come in crypto, for now i think the most interesting concept to come from smart contracts is the decentralized exchange which uses liquidity pools to do trades instead of order books. all the tech talent is flooding into this space so time will tell

[HHIslander]

Originally Posted by huncho

very easy to short it but it's also a dangerous game because as i'm sure you know, the MMs in crypto have the same priority as in equities which is to screw over both sides. i've been in it since 3-8k so i'm just sitting on it for however long i need at this point because i had no intention of selling at 60k, so no regrets there

Heck, you're golden. I pulled up a BTC stream for the first time at about 3am yesterday when the drama was unfolding, was fun to watch. Strongly agree about the MMs. It was some crazy action and the spreads were all over the place.

[Moondoggy]

Originally Posted by joa

ok so what is it then what you want to invest in right now..

Dirt. Pretty simple really.

[beshannon]

Originally Posted by TC94

Cryptocurrency is a misnomer. Bitcoin can actually be used as a programming base. Ethereum even more so. I’ve posted this before here, but now the big players are starting to understand these things.

Every single person that tells me about crypto currency cannot ever explain the blockchain technology behind it.

That is the real danger here and we are seeing the results

[GradyPhilpott]

Originally Posted by rolexandlange

For some reason AP and crypto seem to go together moreso. The 15202 was almost 200k now can be had closer to 100k, which is more in line with bitcoin's performance.

Rolex appeal is truly universal, not just a handful of cryto folks. Anyway, bitcoin is down like 50% from a year ago and the ceramic Daytona is maybe 25% higher than a year ago. I don't mess with crypto but watches have been a decent store of value in the recent volatility. Just like anything though you could lose your shirt if you paid top dollar for a brief period of irrational Rolex exuberance in early 2022.

Thanks for all the information, guys.

Rolexandlang drove to the heart of my original question, so extra thanks for that.

[Gab27]

I am floored by the amount of people who invested their life savings into crypto, and especially those that put it into some of the highest risk altcoins such as Luna. I am even more floored by the people who took bank loans to do this.

I think this will probably reduce secondary market Rolex demand (and price) as it seems likely that massive crypto profits were a contributing factor to the widespread willingness to pay secondary market prices for some of the highest demand pieces.

I'd love to know what percent of Daytonas were bought with crypto profits.

[Uggi]

Originally Posted by Gab27

I am floored by the amount of people who invested their life savings into crypto, and especially those that put it into some of the highest risk altcoins such as Luna. I am even more floored by the people who took bank loans to do this.

I think this will probably reduce secondary market Rolex demand (and price) as it seems likely that massive crypto profits were a contributing factor to the widespread willingness to pay secondary market prices for some of the highest demand pieces.

I'd love to know what percent of Daytonas were bought with crypto profits.

How many people do you know who “invested their life savings into crypto”??
I don’t know any.
All their life savings? Literally everything they have?

[Star Ferry]

Originally Posted by Uggi

How many people do you know who “invested their life savings into crypto”??
I don’t know any.
All their life savings? Literally everything they have?

Many younger people did this. I was just talking to a guy this morning in my apartment building, who looks to be late 20s, asking him if he can not leave trash in the hallway when he has parties. He said he was just getting blasted because he had everything in crypto, and that he’s drinking away his woes. He says same case for many of his friends. I’m not personally close with anyone that dumb, but it seems many were all-in.

[Uggi]

Originally Posted by Star Ferry

Many younger people did this. I was just talking to a guy this morning in my apartment building, who looks to be late 20s, asking him if he can not leave trash in the hallway when he has parties. He said he was just getting blasted because he had everything in crypto, and that he’s drinking away his woes. He says same case for many of his friends. I’m not personally close with anyone that dumb, but it seems many were all-in.

Wow. Didn’t know there were people in this world who would be so dim.
I wouldn’t go “all in” on anything.

[GradyPhilpott]

Originally Posted by Star Ferry

Many younger people did this. I was just talking to a guy this morning in my apartment building, who looks to be late 20s, asking him if he can not leave trash in the hallway when he has parties. He said he was just getting blasted because he had everything in crypto, and that he’s drinking away his woes. He says same case for many of his friends. I’m not personally close with anyone that dumb, but it seems many were all-in.

This is what I had in mind when I asked the question. Lots of new money in the hands of the young who live by bling at any cost.

Now, the young fellow is spending what he has left on a splitting headache and a dire case of cotton-mouth.

[Onikage]

Well. I've tried to understand these nothing coinages.. I went back listening to Peter Schiff. I am pure alpha.

[huncho]

Originally Posted by Star Ferry

Many younger people did this. I was just talking to a guy this morning in my apartment building, who looks to be late 20s, asking him if he can not leave trash in the hallway when he has parties. He said he was just getting blasted because he had everything in crypto, and that he’s drinking away his woes. He says same case for many of his friends. I’m not personally close with anyone that dumb, but it seems many were all-in.

people who got into crypto in 2021 are gonna get a hard learned lesson on why to never all in altcoins. unfortunately there's a lot of clowns on youtube and twitter giving unrealistic price targets that end up making people go bankrupt without being held accountable

[subtona]

First time I heard about bitcoin & crypto Was on these boards. If I had threw a small amount of cash toward it at the time I would be very happy.

I didn’t.

but I did listen to the Guys talking about fp journe. Can’t win them all

[Star Ferry]

Originally Posted by GradyPhilpott

This is what I had in mind when I asked the question. Lots of new money in the hands of the young who live by bling at any cost.

Now, the young fellow is spending what he has left on a splitting headache and a dire case of cotton-mouth.

He does wear an AP Royal Oak Offshore most days, so I guess he could sell that to make next month's rent. And I can guarantee if I lived downtown, e.g. West Village, East Village, Nolita, Noho, Soho, Tribeca, there would be far more devastated Crypto Kings draining bottles of booze. Cool Kids love living downtown, and as we all know, there's nothing cooler than crypto.

[Gab27]

Originally Posted by Uggi

How many people do you know who “invested their life savings into crypto”??
I don’t know any.
All their life savings? Literally everything they have?

I did not believe it myself and thought it was sensationalist. But I went through a variety of Reddit and Twitter threads, and there were quite a few people who dumped most or all of their money into crypto, and are now in complete financial ruin (some of who were going as far to discuss suicide.)

Originally Posted by Star Ferry

Many younger people did this. I was just talking to a guy this morning in my apartment building, who looks to be late 20s, asking him if he can not leave trash in the hallway when he has parties. He said he was just getting blasted because he had everything in crypto, and that he’s drinking away his woes. He says same case for many of his friends. I’m not personally close with anyone that dumb, but it seems many were all-in.

The number of people in that situation...it is just shocking and it does seem to be a lot of younger folks.

I have noticed quite a few are also posting messages asking things like how they can get their money back or why their money isn't protected by the government. The level of ignorance is just astounding, especially when considering that many of these individuals placed so much of their wealth into something so risky that they had less understanding of than I do (and my understanding is rudimentary to say the least).

Obviously, people are responsible for their own actions, but I think those 'Gram and 'Tube influencers likely play a significant role in selling the idea of crypto investments as an easy way to the 'glamorous' lifestyle that they depict through their content.

[Moondoggy]

Originally Posted by Uggi

How many people do you know who “invested their life savings into crypto”??
I don’t know any.
All their life savings? Literally everything they have?

Two young couples who have bar their car and personal possessions.

[michaelodonnell123]

Originally Posted by Star Ferry

On an unrelated note, the last two times I tried to watch Netflix the video would not start, so I rented a movie from Amazon Prime Video instead. Crazy how they can spend so much on consultants and highly paid strategists, yet not even stay on top of technical performance. You could have the best content in the world, but with that performance it’s meaningless. How many people are making over 500K at Netflix right now to cook up fancy strategies, when the bare minimum (videos can actually be watched) is spotty.

I had to cancel my Netflix account because their server got hacked and the hacker changed my username & my password (but kept my CC info on file). Netflix couldn't fix it so I had to cancel. Good riddance.

[pickettt]

Originally Posted by Uggi

I wouldn’t go “all in” on anything.

Right?

[Db7566]

Originally Posted by Uggi

Wow. Didn’t know there were people in this world who would be so dim.
I wouldn’t go “all in” on anything.

Never go “all in”
-tropic thunder


Sent from my iPhone using Tapatalk

[Speedbird-1]

Always thought this was all... "the Kings New Clothes".

Reading the headlines, I'm hearing Mozart's Lacrimosa.

[Star Ferry]

Also spoke to a biglaw partner last night who deals with a good number of crypto clients (investors, wallets, consultants, experts, research houses, etc.). They want to know if equity grants to employees can be cancelled, whether capital can be called from investors now, etc. Some of them even think the basic reality of crypto's volatility could be an "Act of God" or MAE that voids their contractual obligations. But the volatility was a good thing on the way up... and every trade has a counterparty! They have all kinds of questions that a real institutional client would never ever ask us. We both laughed our asses off throughout

Sounds like the knives are out across the city. These guys are like a lame street gang that makes a blood oath, but sells out their whole crew at the first sign of trouble. This could be a popcorn-worthy bloodbath of epic proportions.

[Mifune]

Look at this 'LONG' chart...



It's massive and has NEVER been as high or as parabolic.

[Star Ferry]

Originally Posted by Mifune

Look at this 'LONG' chart...



It's massive and has NEVER been as high or as parabolic.

BTC and crypto may do great. I’m not a genie. What I can say, is the human players in this industry are ringing certain lawyers’ phones off the hook this week. Unfortunately for them, large law firms only accept cash. We don’t take options, stock, credit or IOUs. And we reserve the right to halt work until your wire hits.

[BroncoOne]

Originally Posted by Uggi

How many people do you know who “invested their life savings into crypto”??
I don’t know any.
All their life savings? Literally everything they have?

Anthony Pompliano

[TC94]

Originally Posted by beshannon

Every single person that tells me about crypto currency cannot ever explain the blockchain technology behind it.

That is the real danger here and we are seeing the results

I can. In excruciating detail. And have written 90 articles on it geared towards beginners.

It’s just not possible to do it in a forum post. Plenty of people investing in the space know how it works. But a majority don’t, I’m sure.

And most people buying crypto are just jumping on hype and don’t have investing experience. They can’t spot scams or BS projects, and they don’t understand asset allocation.

Despite this asset-wide downturn, my 95% index fund and 5% bitcoin/ethereum allocation has still crushed it over the last 24 months.

Google VeChain Project and read a couple of the article to see the potential behind crypto. Or YT search Kevin O’Leary on crypto investing. He describes how several DeFi projects work.

The tech will be implemented in many sectors without customers or users even being aware of it.

Here’s a quick intro on O’Leary explaining these are software development platforms and not currencies.

https://youtu.be/vqkC_XcxxJg

[G23Guy]

Originally Posted by Uggi

How many people do you know who “invested their life savings into crypto”??
I don’t know any.
All their life savings? Literally everything they have?

My Uncle, 72, remortgaged his home and dumped everything he had after bills were paid into crypto. His words were " I am finally going to be rich ".

My Sister, 47, aside from sinking 200k into alt coins, she bought a laundromat in the metaverse for 40k and spent much more than that buying NFT's and digital baseball cards.

[superdog]

Originally Posted by Uggi

How many people do you know who “invested their life savings into crypto”??
I don’t know any.
All their life savings? Literally everything they have?

https://fortune.com/2022/05/11/bitco...rgin-call/amp/

It goes below $20k and this guys gets fubar.

[Star Ferry]

Originally Posted by TC94

I can. In excruciating detail. And have written 90 articles on it geared towards beginners.

It’s just not possible to do it in a forum post. Plenty of people investing in the space know how it works. But a majority don’t, I’m sure.

And most people buying crypto are just jumping on hype and don’t have investing experience. They can’t spot scams or BS projects, and they don’t understand asset allocation.

Despite this asset-wide downturn, my 95% index fund and 5% bitcoin/ethereum allocation has still crushed it over the last 24 months.

Google VeChain Project and read a couple of the article to see the potential behind crypto. Or YT search Kevin O’Leary on crypto investing. He describes how several DeFi projects work.

The tech will be implemented in many sectors without customers or users even being aware of it.

Here’s a quick intro on O’Leary explaining these are software development platforms and not currencies.

https://youtu.be/vqkC_XcxxJg

You can’t videoblog or article your way out of reality, though. Read the article Seth posted. You’ll see terms of significance, like “margin call” and “loan covenants.” Like any other highly levered bet on an asset, short-term volatility can wipe you out even if you would have ultimately been proven correct

[pickettt]

I'm not bothered by it...and I'm decently invested in it.