Anyone here day trade Cryptocurrency?

dodgechargerfan said:
I threw a tiny amount of money into a crypto trading account because they offered up a matching amount for opening the account.
I have traded a few things and basically broke even. Then put it all in ADA and it’s been all downhill since. LOL

View attachment 74412
Click to expand...

Just leave it in ADA for a few years and (I think that) you'll be happy.

Markets go up and down. All markets do. The next time that crypto markets go on an up cycle, it will likely be twice as crazy as anyone has ever experienced.

I have thousands of ADA and I am down a lot but I am not worried at all. Time heals wounds and time will definitely benefit markets.

But I get you...it's not optimism inspiring.

The really wild thing is that the people with money are buying now...or waiting for things to drop further before they buy.

My ADA is a hold for me so I have it 'staked' earning more ADA. I am waiting for things to go lower before I get my sideline money back in.
 
I've stayed away from crypto because I never wanted to take the time to understand it and it felt kind of shady. I saw this today with a bunch of tweets about some currencies imploding:

 
smorgdonkey said:
Just leave it in ADA for a few years and (I think that) you'll be happy.

Markets go up and down. All markets do. The next time that crypto markets go on an up cycle, it will likely be twice as crazy as anyone has ever experienced.

I have thousands of ADA and I am down a lot but I am not worried at all. Time heals wounds and time will definitely benefit markets.

But I get you...it's not optimism inspiring.

The really wild thing is that the people with money are buying now...or waiting for things to drop further before they buy.

My ADA is a hold for me so I have it 'staked' earning more ADA. I am waiting for things to go lower before I get my sideline money back in.
Click to expand...
Thanks for that.
My intent was to hold for quite a while, but I chose ADA purely based on the overall trend of it's performance at the time. It was one that had a chart that, in general, was climbing.
So, I was kinda hoping that trend would continue even if it wasn't a sharp rise.

I don't check it every day.
 
Mark Wein said:
I've stayed away from crypto because I never wanted to take the time to understand it and it felt kind of shady.
Click to expand...
Same.
I don't really understand it.
The company that I do my for-fun investments with offered up some cash to open and fund a new account.
To me, it just looks like I've invested in stocks - at least from the mechanics of buying and selling. I don't do the transfer to crypto wallet thing I don' try to spend the actual crypto.

All of this is with tens of dollars. So, if it goes *POOF* it's like I shared a case of beer with a stranger.
 
Mark Wein said:
I've stayed away from crypto because I never wanted to take the time to understand it and it felt kind of shady. I saw this today with a bunch of tweets about some currencies imploding:

Click to expand...


And that is not only a logical way to think about it but a common way that it is thought about.

Suffice to say that it is not independent of other financial influences and when the 'regular' stock markets are dumping, the crypto markets will too. Will it ever be completely autonomous from the normal money markets? I don't know.

I like a lot of the jokes that I see about crypto but that Tweet was merely amusing to me...and if it wasn't supposed to be a joke, it's too far off the mark. The 'one cryptocurrency' is not a fraud in any way. It was developed so that bankers couldn't take all of the money and leave regular people with the bill, like what happened in 2008.
 
dodgechargerfan said:
Thanks for that.
My intent was to hold for quite a while, but I chose ADA purely based on the overall trend of it's performance at the time. It was one that had a chart that, in general, was climbing.
So, I was kinda hoping that trend would continue even if it wasn't a sharp rise.

I don't check it every day.
Click to expand...

In general, the chart will still illustrate ADA in a climb, but it will have to get past this economic correction first. And a large correction it is. When financial markets suffer, crypto markets do tend to suffer more.

The DOW chart doesn't look very good. The NASDAQ chart doesn't either.

The crypto ones look worse because they are more volatile. As time goes on that volatility will decrease and the value will increase.

It's hard to not look every day but it's healthy not to.
 
Its was strange seeing Matt Damon in these ads for a crypto currency a few months ago. I think we saw one in a theater before a movie. I like the updated version:

 
smorgdonkey said:
It's not a pyramid scheme. A pyramid scheme takes money from the new people to distribute among the people who are already members.



Yes. You are right about that part.
Click to expand...
in a roundabout way though isn't that kinda what happens?Crypto is potential to get mega rich because we've seen the Elon Musks, etc do good and they talk about so perhaps it's too alluring to thos who don't know anything about trading let alone Crypto which by definition is "cryptic" it certainly attracts those with knowledge like yourself but it's also a giant shiny fish bait to get the same people who would take on a payday loan
 
DdBob said:
Crypto is potential to get mega rich because we've seen the Elon Musks, etc do good and they talk about so perhaps it's too alluring to thos who don't know anything about trading let alone Crypto which by definition is "cryptic" it certainly attracts those with knowledge like yourself but it's also a giant shiny fish bait to get the same people who would take on a payday loan
Click to expand...

It's definitely something that one needs to have some knowledge about but so does the act of purchasing anything in the stock market - if you just pick the companies whose names sound cool then you might not have much success. There are definitely people being taken in scams that are using crypto names and so on to get the payday loan people and even people who one wouldn't think would get caught in the schemes.

DdBob said:
in a roundabout way though isn't that kinda what happens?
Click to expand...

It does happen in any investment but a notable thing in crypto is that the people with the most BitCoin are buying every BitCoin that is becoming available by way of this dump and no ponzi or pyramid does that. Ever.
 
smorgdonkey said:
It does happen in any investment but a notable thing in crypto is that the people with the most BitCoin are buying every BitCoin that is becoming available by way of this dump and no ponzi or pyramid does that. Ever.
Click to expand...

Yes, BTC is down 60% since November because of a…checks notes…buying spree.

Good one!
 
Part of the issue so so many organizations spewing their own Crypto. Too many options and few with much underneath them. This will probably shake up the market, over half the currencies will inplode, and those that remain might gain more stability.

Personally I will not touch Crypto at all. What little I have to invest stays in boring investments with proven track records.
 
Bones McHorror said:
I haven't been follow this that closely.

But I assume crypto subreddit talking about hanging themselves means everything is going fine?
Click to expand...
See the article below regarding $7 Trillion lost in the 'regular' markets. It matters not what one is investing in, one must not invest money which one cannot afford to lose.

VoidTerraFirma said:
Yes, BTC is down 60% since November because of a…checks notes…buying spree.

Good one!
Click to expand...

I didn't say it was a buying spree. I won't repeat what I said, you can just go back and look at it.

However, if you don't understand it...
 
Last edited:
Denverdave said:
Part of the issue so so many organizations spewing their own Crypto. Too many options and few with much underneath them. This will probably shake up the market, over half the currencies will inplode, and those that remain might gain more stability.
Click to expand...

This is very accurate. Most would recall the DOT COM bubble. Everyone was getting into tech and people just put ".com" behind any company name to influence sales. Many of those companies don't exist anymore because of exactly what you said..."not much underneath them". It will completely shake up the market (once again, as you said) and shake out a lot of pretenders.

Denverdave said:
Personally I will not touch Crypto at all. What little I have to invest stays in boring investments with proven track records.
Click to expand...

Boring is good. Strong companies that pay dividends are often a good choice.

Meanwhile ...The meltdown of 2022 has wiped out more than $7 trillion in market value from the blue chip stocks in the S&P 500. The index is down nearly 18% since the end of December. The S&P 500 is now barely above bear market levels (i.e. a 20% decline from a recent closing high) following a 0.1% drop Thursday.
Article linked below.

https://www.cnn.com/2022/05/12/inve...wn of 2022 has,following a 0.1% drop Thursday.

And that is not a 'shot' at the tried tested and true, but the crypto market is tied to the financial markets so the parallels are stark.
 
You must log in or register to reply here.
Back
Top