Crypto Currency

[StuntMan12]

PSA: Make sure it's money you can afford (and expect) to lose.

I was looking to spend ~$500 CAD into a high risk high reward stock or cryptocurrency.

[Atomic Wedgy]

Personally, I dont think buying SHIB is the best idea. If you are going to buy SHIB, may as well take it to the casino. At least you'll know straight away if you win. 500 bucks worth of scratch tickets is also in the same arena.

Everything in the market is red right now. People have given up on the crypto space for now. Which can only mean one thing.... good time to buy. If the good bets are going for cheap, why go for an unlikely moonshot?

RUNE for example. It hit its ATH in May last year -$21. Its currently trading at $5.6. You should look for projects like that to put your money into rather than SHIB. That is just my opinion however. You could put it into SHIB and become a crypto millionaire. I just think that is highly unlikely, especially right now. There is no mania to drive the market right now. That wont happen again until after BTC hits a new all time high again.

[doulos]

Personally, I dont think buying SHIB is the best idea. If you are going to buy SHIB, may as well take it to the casino. At least you'll know straight away if you win. 500 bucks worth of scratch tickets is also in the same arena.

Everything in the market is red right now. People have given up on the crypto space for now. Which can only mean one thing.... good time to buy. If the good bets are going for cheap, why go for an unlikely moonshot?

RUNE for example. It hit its ATH in May last year -$21. Its currently trading at $5.6. You should look for projects like that to put your money into rather than SHIB. That is just my opinion however. You could put it into SHIB and become a crypto millionaire. I just think that is highly unlikely, especially right now. There is no mania to drive the market right now. That wont happen again until after BTC hits a new all time high again.

A lot of the speculation is in NFTs right now.

[Atomic Wedgy]

My advice for everyone is to not buy any BTC right now. I am going to buy some tonight which will trigger a price dump. /s

[chuckcouples]

Any truth to the rumor that Crypto.com (ie the "company" that bought the naming rights to the rink in LA) lost $15,000,000 worth of ETH to hackers?

That can't be a good sign for the crypto currency market.

[blayze]

Do you guys think the current decline has bottomed out? ETH looking reasonably priced again...

[Atomic Wedgy]

Any truth to the rumor that Crypto.com (ie the "company" that bought the naming rights to the rink in LA) lost $15,000,000 worth of ETH to hackers?

That can't be a good sign for the crypto currency market.

Its real. I dont think its a sign either way. Always gonna have thieves in every aspect in life. I suspect when everything washes out, crypto.com will make customers whole again. Not sure about them, but Binance actually has money set aside for this very thing.

When bank robberies happen, no one says its bad for fiat.

[Atomic Wedgy]

Do you guys think the current decline has bottomed out? ETH looking reasonably priced again...

No one can ever know when the bottom is. However, just as weather is not climate.... dips are not the overall market.

[doulos]

Any truth to the rumor that Crypto.com (ie the "company" that bought the naming rights to the rink in LA) lost $15,000,000 worth of ETH to hackers?

That can't be a good sign for the crypto currency market.

Chump change in crypto. I thought I read 2021 had like 10 Billion+ gone form this stuff. It's unregulated, wild west, full of scammers, and relies on trusting auditors to check over your code. Auditors who may or may not be that great at their jobs. That's the trade off that people are willing to take to also make absurd amounts of money. Most are probably not willing, or able, to risk that.

[doulos]

No one knows.

Personally I expect a pretty big drop in 2021 again to liquidate a whole hell of a lot of people, and then a final big push up to some pretty big numbers by the Spring. But really, no one knows. At all. We're all full of crap when it comes to this stuff, and if country A invades country B, or Variant Xenocromelta hits and nukes the markets, or Evergrande actually does what preppers think it's going to or etc etc etc, then all bets are off.

[blayze]

No one knows.

Personally I expect a pretty big drop in 2021 again to liquidate a whole hell of a lot of people, and then a final big push up to some pretty big numbers by the Spring. But really, no one knows. At all. We're all full of crap when it comes to this stuff, and if country A invades country B, or Variant Xenocromelta hits and nukes the markets, or Evergrande actually does what preppers think it's going to or etc etc etc, then all bets are off.

Yah I felt pretty silly after posing the question. Like asking if you guys think it will be black or red next lol

I think I will wait for it to approach last year's low and at that point I may take the plunge

[blayze]

Ether down another 15% since my last post!

Who's calling bottom? Would u guys wait a bit more?

[forumname]

Ether down another 15% since my last post!

Who's calling bottom? Would u guys wait a bit more?

Serious question for the people who are into this - how could you know where the bottom is? What indicators or metrics are there to help you make buying/selling decisions other than just pure speculation?

[doulos]

Ether down another 15% since my last post!

Who's calling bottom? Would u guys wait a bit more?

No idea!

I've seen some interesting arguments that this is the start of a really long bear market again.
I've seen some interesting arguments that this is the start of a final big shakeout before ripping.

Personally I would be awfully surprised not to see Ethereum have some sort of upwards movement with 2.0 coming out this year, but then is the current price already factoring that in? Who knows.

[doulos]

Serious question for the people who are into this - how could you know where the bottom is? What indicators or metrics are there to help you make buying/selling decisions other than just pure speculation?

I don't believe in the ability to time any of this. I like to make guesses for fun, but this year I made only one large buy but I only did it because I had an injection of cash right at that exact moment. I don't believe in technical analysis, and with crypto so much of it is just rampant speculation and narrative. Add in that so much of it is unregulated, and has VC backing and influence going on behind the scenes, and it's even harder to really know what's going on. Impossible really.