A lot of people ask me what makes me such a good crypto investor. I have a small amount of Luna at avg cost basis of ~$54.
At the current value of ~$16, I'd rather ride it into the jaws of $0 than sell at that kind of a loss. Yeeeehaw!


Also, no one asks me why I'm such a "good" crypto investor.

agsalaska said:

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Man. What to do what to do.

I can get out now down just a few grand on my year long adventure. I own one full bitcoin and have been up, down, up, down. Bought sold bought sold.

But man I have a BAAAD feeling about this. Id hate to hold on right now and see it crash.

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It's only money.

Not sure I can recall a blue chip project imploding faster than Luna. This is historic

TxAG#2011 said:

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Not sure I can recall a blue chip project imploding faster than Luna. This is historic

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F'n stablecoins man.

I guess when the dollar is your peg and it's being artificially propped up and manipulated every which way conceivable, the algorithms can't tolerate that type of….inaccuracy?

TxAG#2011 said:

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Not sure I can recall a blue chip project imploding faster than Luna. This is historic

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Should have sold when it was up just a short while ago. Learned my lesson. Luckily I don't have serious dollars invested in any alt coin (no more than a few hundred), but it's crazy to watch this today.

Saw this posted over on Zero Hedge:

"Coinbase updated their 10-Q to say that crypto held in private accounts at the exchange could be considered Coinbase's property granted by "the company's unsecured creditors" (aka customers) and therefor subject to bankruptcy proceedings.

So, if Coinbase goes bankrupt, you lose any coins you have in their wallets."

1) $COIN included new language in latest 10-Q warning crypto investors what might happen to their coins should the company file for bankruptcy

— Nick Winkler (@TheWinklerGroup) May 10, 2022

CM Trump Voter said:

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agsalaska said:

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Man. What to do what to do.

I can get out now down just a few grand on my year long adventure. I own one full bitcoin and have been up, down, up, down. Bought sold bought sold.

But man I have a BAAAD feeling about this. Id hate to hold on right now and see it crash.

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It's only money.

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if you are up and have made money then you should take your profits

Pendragon12 said:

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TxAG#2011 said:

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Not sure I can recall a blue chip project imploding faster than Luna. This is historic

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Should have sold when it was up just a short while ago. Learned my lesson. Luckily I don't have serious dollars invested in any alt coin (no more than a few hundred), but it's crazy to watch this today.

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Damn taxes got me friggin huge. Just wanted to hold a month or two longer to get past the short term tax hits. Had over 40 grand in profit just in Luna.

If I stick with this crap that's the lesson I'm taking away. Once you get a gain that seems unreal just sell and go ahead sand set aside the money uncle sam wants.

Damn!

LMCane said:

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Saw this posted over on Zero Hedge:

"Coinbase updated their 10-Q to say that crypto held in private accounts at the exchange could be considered Coinbase's property granted by "the company's unsecured creditors" (aka customers) and therefor subject to bankruptcy proceedings.

So, if Coinbase goes bankrupt, you lose any coins you have in their wallets."

1) $COIN included new language in latest 10-Q warning crypto investors what might happen to their coins should the company file for bankruptcy

— Nick Winkler (@TheWinklerGroup) May 10, 2022

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I cannot imagine this would actually be the case. Is this non US? Is there something in the user agreement where depositors are deemed to have loaned their coin to Coinbase??

jr15aggie said:

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Pendragon12 said:

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TxAG#2011 said:

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Not sure I can recall a blue chip project imploding faster than Luna. This is historic

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Should have sold when it was up just a short while ago. Learned my lesson. Luckily I don't have serious dollars invested in any alt coin (no more than a few hundred), but it's crazy to watch this today.

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Damn taxes got me friggin huge. Just wanted to hold a month or two longer to get past the short term tax hits. Had over 40 grand in profit just in Luna.

If I stick with this crap that's the lesson I'm taking away. Once you get a gain that seems unreal just sell and go ahead sand set aside the money uncle sam wants.

Damn!

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Yeah. My gain was small. Maybe $100 on Luna. But honestly just wishing I unloaded my crypto portfolio a month or two ago when things were on the way up and I had a few hundred profit overall. At least downsized if quite a bit, including BTC and ETH.

I don't need this money luckily. And I never put in more than I was comfortable losing, at least on the alt coin side. On the whole crypto space though, this is maybe 2% of my overall portfolio. So while it hurts a ton (mostly because I haven't truly experienced a bear market yet), it can just be an expensive lesson learned. Just wondering now if I don't want to be in this space at all anymore and just take my lumps.

Oh that's the case alright. This is part of the downside to no regulations. Gift and a curse.

Another chapter in the book titled, "Not your keys, not your coins"

Bitcoin will be fine. The rest? Don't count on it.

Oooo, is coinbase the next sacrifice at the altar of Sats before the next bull run?

Market collapses all the way to 15k, the experienced stack like crazy, the newbies who "believe coinbase is a God to be worshipped" get shaken out of their reverie and buy at higher points they sold at losses prior whining the whole way, new adopters get in at low price points and see the market quintuple putting all their dry powder at the top of the cycle and we repeat.

TxAG#2011 said:

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2002reb said:

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Bitcoin will be fine. The rest? Don't count on it.

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The ones that do is where the big money will be made

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#FiatLyfe4Eva

agsalaska said:

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Man. What to do what to do.

I can get out now down just a few grand on my year long adventure. I own one full bitcoin and have been up, down, up, down. Bought sold bought sold.

But man I have a BAAAD feeling about this. Id hate to hold on right now and see it crash.

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It's going to crash, that's a given. It's just a matter of how much. The global economy is tanking and cryptocurrencies are are not exempt from that.

PSA: Coinbase added an address whitelisting feature some time back that offers an additional level of protection against fraud and unwanted transactions. If you are security focused, you (as did I) likely enabled the feature when they prompted.

Be advised however that by default there is a 48 hour hold on when adding a new address in attempt to send coins. So basically if you have this feature enabled, if you have not already added your external addresses you will have to wait 48 hours. This is true whether you want to disable whitelisting altogether or add any number of external whitelisted addresses.

I regularly move my primary long coins such as BTC but I had not done so for a few other coins I would like to hold. So now I wait until Friday morning for those...

BAP Enthusiast said:

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agsalaska said:

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Man. What to do what to do.

I can get out now down just a few grand on my year long adventure. I own one full bitcoin and have been up, down, up, down. Bought sold bought sold.

But man I have a BAAAD feeling about this. Id hate to hold on right now and see it crash.

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It's going to crash, that's a given. It's just a matter of how much. The global economy is tanking and cryptocurrencies are are not exempt from that.

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I decided to sell the coin.

I got out down a few grand but not the end of the world. All investments outside of real estate are down. My biggest concern was security for the coin. I never took it off of the exchange. Second biggest concern is how intertwined all of this is and how little I really understand how the domino effect could play out.

I will buy it again.

TxAG#2011 said:

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2002reb said:

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Bitcoin will be fine. The rest? Don't count on it.

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The ones that do is where the big money will be made

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Correct. This is the type of market that shows traders/investors whether their belief/principles for investing were fully fleshed out and worth their weight.
This will be good to clean out a large swath of altcoin poo pots and consolidate dev & funding resources to surviving projects/new projects which should bode well for both parties gaining additional brainpower & resources.

And yes, there will be buying opportunities for rebounding survivors and new entrants. Keep your powder dry and ear to the ground. Good time to be DYOR/DD.

I am on Coinbase and it seems that I can only trade when my Bank is actually open to transfer funds to buy.

Is that correct?

also, how many of you keep your coins on coinbase versus in a digital wallet?

how do you see your portfolio if you are not keeping the coins on coinbase?

learned about "converting" from one coin to another so just bought another $500 BTC from bank account and converted my Algorand and luna

now holding .383 of a BTC

I only buy when it is at 30K or below

I'm legging into BTC, ETH, and SOL daily. Not trying to time the bottom, just hoping I can have a low average entry. My belief is that this is just getting started, and the next few months will be very ugly.

LatinAggie1997 said:

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I posted my opinion a year ago that this was coming sooner or later. My prediction was for around 2025/2026 but the big/smart money has altered somewhat.
I predicted most ecosystems would fail, be absorbed, or combine together, and that 6-10 would survive. Is that what's about to happen now? I don't know but I'm fairly certain it will.

Many reasons I like Cardano and believe it will be a winner. Their tech, plan, phliosophy, and treasury (over $700 million) helped me see long term potential. Development will not stop during down cycles and now with big money buying behind the scenes, I feel stronger about it.

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I guess I'll drink the koolaid with you. If we get into the $.30 cent range I might throw another $1k at it and double down on stupid.

AggieAL1 said:

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Quote:

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Bitcoin will be fine. The rest? Don't count on it.

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Why would bitcoin be fine? It's an illusion, a mind game.

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I agree with this sentiment.

Bitcoin price is supported only by demand for it, and the primary driver is fear. Specifically two forms, fear of inflation, and fear of missing out. It's not sustainable, fear may go away, or might reverse. And Bitcoin in general is not unique, all cryptocurrencies share the same demand drivers, and more cryptos inflate all of the blockchain currencies as money gets spreads between an ever increasing supply of blockchains.

I'll use the restaurant analogy. A town has no restaurants, and an Italian one opens, call it R1. R1 demand is high, there are no other restaurants, the Italian food is good, it's reservation only and always booked. Another restaurant opens, R2, it's a Mexican restaurant. R2 gets some business and the demand for R1 drops because people cannot eat at two restaurants at the same time. And now R3 opens, a streak house, and now people only eating at R1 and R2, now have some meals at R3. And more restaurants continue to open, demand for any individual one declines, and R1 now can take walk in on Friday at 7 pm. R1 still was the ONLY Italian restaurant in town, but people don't only eat Italian food, the supply of food is every restaurant, not just Italian restaurants. The Italian food maximalists may only eat at R1, but not everyone in town is an Italian food maximalist. And then there was an e-coli outbreak in the lettuce at R7… and this caused the towns people to fear eating out, and R7 closed its doors and went out of business, but the fear caused the towns people to eat out less, and business for all of the town's restaurants declined, and some more went out of business, and R1 remained open, but demand never returned but slowly declined until eventually R1 closed too.



USD demand is driven by the threat of violence if you cannot caught it up to the federal and state governments for taxes. That's a more solid motivator and basis for demand of a currency than FOMO.

Restaurants would reopen...perhaps a Chili's -esqe so there is a variety for all. Perhaps that "Chili's" owner has cattle and sells beef and a liquor distribution company.

Perhaps?? Who knows.

What year was the last one?

Still long term optimistic, but as a reminder that bc of payments to miners, BTC needs inflows of 189 million a week to maintain a price of 30k. (6.25BTC every 10 minute block).

ag009 said:

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What year was the last one?

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2020. Btc was down 40% in a day.

Think I nabbed some $5 LINK that day... almost back!

There was a pretty bad one in 2021 also