I’m curious, how do you deal with the situation when you see incredibly dumb people getting incredibly rich? Just looking at what happens with doge and xrp makes me sick. I have to realise that we are incredibly far from becoming a mature market. (Not that the stock market would be a mature market either.) And even further from becoming real, accepted money.
From the top ten practically only BTC and LTC that has some crypto mentality and value. (Not counting USDT.)
All the rest are jokes or centralized ethereum-killers or what. I stopped caring about them. Most of them won’t be around in 5 years. Or if they are, they are centralized to the max.
I will never invest in things that are dumb just for a quick buck. But maybe this conviction is stupid…
I want to hear what other people do. Maybe you can also vent out the market stress here.
Do you expect a major market correction very soon? I do. I’m ready to BTFD.
I would probably just ignore the behavior of whatever “dumb” crypto traders are out there. However dumb they seem, they were in the right place at the right time, took a chance and it paid off. Knocking their good fortune only comes off as petty. This whole crypto/decentralized finance game is just that. A game. Try some new things. Don’t invest any more money than you are willing to lose. Have fun! That’s how you keep your head straight in it.
I diversified into all coins on Flare; LTC, XRP, Doge, XLM, and BTC. Flare brings very diverse coins-communities together to create a wealth-building powerhouse; defi, smart contracts, etc.
I don’t know, the dumb Elon believers buying Doge because of his tweet now being like on 5-10x is just dumb in my opinion.
On the other hand, that money probably will flow into LTC later. Maybe in the next cycle, when LTC will be the best money and doge remains what it is now.
I think @coblee said somewhere around the first Elon pumps, that what is happening with doge is good for crypto in general and LTC, too.
Thinking about it, he is probably right. These people are now introduced to the concept. The problem is that they will see crypto not as protecting your wealth, but multiplying it 10x. The next bear market will be harsh…
And I don’t see this decentralized finance thing as a game. I want to protect my money and want control over it. BTC＆ LTC . That’s it.
Your first post made me laugh… It’s hilarious… I think a lot of people think similarly…
I don’t know how much time you’ve been in this crazy world but from my years of experience involved in it I can only recommend staying humble. Nobody knows everything about every coin, is impossible… And value perceived are based on subjective beliefs… Despite all of that I think this market is full of bubbles because, as you mentioned, there are huge amounts of money in projects which are been inflated on pure hype. From my point of view, in the long term all of this money will flow into the coins/projects that have true value. (unique, solve an economic problem, are useful, etc… )
If you want to protect your money, and you want control, what on earth are you doing in the crypto-market? Buy a government bond. Put it in a money market account. There is serious risk involved here, and the risk is MUCH greater, as there is absolutely no real regulation.
Haha, government bonds as a way to protect and have control over my money… Control is when I can decide to go anywhere, and I can take my money with me at any time. Also, if my government inflates its currency, I want my money to keep its value relative to it. And no, inflation-indexed bonds don’t do that as the official inflation numbers are a joke.
The thing is, that I see a much lower risk in BTC and LTC than in my government of a rather small country.
There is regulation in this space. It’s called consensus rules. I can read them any time and I can trust them. My government changes the laws as often as I change my socks…
Yeah, I agree. I had a bad day and I acted too quickly. But I’m glad you had a laugh. I had a good sleep and I reconsidered many things. As you can see in one of my comments, I agree, I also think this money will flow into the reasonable projects. Not soon, but it will.
One thing is sure, I should never get back to trading. It’s easy to believe in such a bull market, that one is a good trader. I have been in the space for enough years to learn, I’m horrible. So many bad decisions… Just hodling is enough for me.
I think that loosing money on trading is normal and even more when you are a rookie. I went through the same process myself and probably most of the people in the industry. I don’t like Warren Buffet that much but there is one thing about the way he invest that is effective, super simple to understand but difficult to apply and that is investing in things you understand deeply at the right time (when they are undervalued) and then just forget about it.
I see this current situation as an opportunity to DCA on strong projects that have a high chance of succeeding in the long term. Eventually the market will have a correction and most of the dumb money as you said will go to these projects. So don’t allow yourself for the market to make you sick. This is a big moment to be in crypto.
Yes Doge is hard to wrap your head around. Fundamentals seem not to apply in the crypto market. Or apparently the stock market either anymore. The following article states 11 addresses hold 46% of doge. Seems there will be some pain ahead if buyers dry up. obviously everyone can’t get out at the top. Every seller needs a buyer not to mention 13,877,079 Doge are added every 24 hrs according to bitinfocharts. Anyway I will continue to accumulate Ltc. Happy to buy in the $250-260 zone. I was beginning to think that opportunity had past. To think only one out of 4 people in the US could own just one Ltc makes me happy I have more than one.
Here are some Doge stats I lifted from bitinfocharts. It’s staggering I had no idea
Just hodling is enough for me.