Don’t read headlines from skeptics. Read actual facts about Blockchain technology and the companies that are building themselves on that platform. We can’t do the research for you.
I meant within the various cryptocurrencies themselves. From what I understand, the base foundation for those cryptos can’t really change.
As in- Not much has changed for Bitcoin from last year to this year. Yet the price has increased dramatically.
I do understand the basic point that many of the newer cryptocurrencies are very different in how they do things and what they’re meant for.
I still don’t know what makes Bitcoin worth 13k now when it was worth 800 around this time last year.
Awareness, brand recognition, adoption, hype and fairy dust.
And greed.
All that and the bolded.
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On that note-
I just read up on Ethereum, BitcoinCash, and Monero.
Those three do things differently from one another.
Now, the question I have to ask myself and try to solve is- What kind of research do I have to do to figure out the real world applicability of these various cryptocurrencies and determine some sort of value to them.
The trouble is that I don’t expect the general public to do this. In fact,I’m willing to bet a good deal of my money on that most of the people who have recently started investing into cryptocurrencies don’t even know a thing about the difference between between Bitcoin and Bitcoin Cash.
So, I’m not even sure if the research I do is worthwhile. I can choose what I feel is a solid technology and back it by investing it. The trouble is that I don’t actually know what is driving this year’s spike.
Dt79 just posted something while I’m typing this, and I have to trust that he has done a lot more research into cryptocurrencies since he’s been hinting at their amazing potential since YEARS ago.
And he’s saying that Bitcoin prices right now are largely based on nothing.
So, at this point in time I believe that the prices are based on nothing but fascination in the whole cryptocurrency stuff as a way to make a quick buck and nothing else.
This frustrates me. I tend to work by not doing anything until I understand something. This is seriously biting me in the ass right now.
The worst part is that I wouldn’t even care about this, but my brother is really into cryptocurrencies and he has 0 liquid capital. I have some liquid capital.
And, fuck, in the span of time it took me to write this (a good 5-10 min I think?), Bitcoin has recovered like 3%
WHAT
Ok, let me put it this way.
Where are the real world results from Starting Strength? Have you seen any? When you look at even the coaches at their seminars, do they look like they train? Does Rippetoe look like he trains?
Why do people still do it?
Why do people listen to noobs when people who actually look like they lift tell them otherwise?
Why do noobs fear missing out on beginner gainz when it’s not logically nor physiologically possible for that to happen?
Because lots of noobs are hyping it and…
FOMO. Fear of Missing Out. That’s an extremely strong driving factor.
At least bitcoin offers immense value to online steroid dealers.
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Ever hear of the 2/3rds game? Do that… without career investors in the pool, look for indicators. it’s a bunch of irrational nerds throwing their twinkie money around. What is enough of a quick indicator that will cause biffy_dog_slayer and all his emo friends to throw some money at ADA?
It’s kinda like when Call of Duty first comes out and everyone resorts to run and gun. Then give it a few weeks and people have found the good places to hide and developed strategies. Crypto isn’t to that point yet. Be smarter and newb tube people. bahahah
It’s a mixture of gambling, fundamentals and luck.
The indicators told me that last night the plane was crashing. I slept easy knowing my money was in USD and I wouldn’t lose or make money.
Have a quick plan of how you’ll move out of a position and don’t have any money that you’d think twice about losing. I’m just betting with the house’s money at this point.
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No, seriously, ask yourself this. Now you’re afraid the price is going to rebound and you’re going to miss out on buying it. It may just drop again to 8k. Even if it goes up, it will probably correct again to similar levels. You don’t know what justifies it’s value. What is driving you to make the purchase?
FOMO
Now I get why people get super stressed if they got into the stock market without knowing jack shit.
And I have nothing better to do cause I’m on holiday break.
Fuck. I want to be working right now.
Exactly. If you get into it without knowing why, you are going to dump it and lose money when a massive correction happens and the media is screaming, “BUBBLE!”. Look what they’re doing now. You go on a bitcoin forum now and shorters and people who want the price to drop so they can get in cheap will be giving you all kinds of compelling reasons to doubt your investment and sell.
I’m now amazed by how rapidly it appears to be recovering.
In reality it probably never belonged at 18+ so this is just the other side of a price correction.
What you’ll also see is when sites like coinbase go down (even temporarily) you see a pretty nasty spike down which has a bad habit of snowballing before recovering. All a byproduct of people trading that don’t have the stomach to hold what they have.
I didn’t write anything about bitcoin until this year lol. I was referring to Ethereum. That’s why I used the words crypto technology and not currency.
Bitcoin was a lot different at that time. A fast cross border payment method with low fees. Hedging by Chinese stock market players. Anonymous transfer of wealth across borders. Potential to be adopted as a fiat alternative in everyday life. Scarcity. The halving(check this out) was coming up which would have a direct impact on the price.
That’s why I just held it and decided to avoid the news. I never expected the price of cryptos to explode to this kind of proportions or I would have held on to my ethereum.
What does this mean?
Having a modest holding of Cannabis Science, should I get ready for an early retirement?
Is your modest holding of Cannabis stock? or their new cryptocurrency?
Its of the stock, but I may call them to try to find out when the ICO will take place. Then I’ll try to set aside a little cash to put into the thingy (which I still don’t quite get, but I’ll be talking to my bro about, who is very smart about these things. He got into BTC and ETH about the same time as I threw down on the weed last fall, and understands tech way better than me.)
Stock you should still make a good bit. Every company that’s even sniffed near cryptos so far has seen a huge spike.
I don’t really know anything about the structure of the coin/system they’re planning on building it on. Main things to look at are maximum supply, the eventual utilization of the coin, and the quality of the company leadership.
Your brother will want to look at things like the structure of the coin, the fees on exchanges, whether it can be relied on or will be erratic, etc
Hopefully someone else snagged some. Currently it’s sitting at $2.16.
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In that exact quoted instance I was referring to your earlier post about Bitcoin itself.
That being said… I did think you were referring to Bitcoin when you posted in that 100k to million thread.
But you’re right. I misread!
The prices are screwy, and seeing that all of the “coins” spiked roughly the same time when Bitcoin spiked suggests to me that people are just investing in everything without really paying attention to what each technology/“coin” is supposed to do different.
As you wrote- FOMO I guess
[quote=“dchris, post:47, topic:237003, full:true”]
Have a quick plan of how you’ll move out of a position and don’t have any money that you’d think twice about losing. I’m just betting with the house’s money at this point.[/quote]
I now have some liquid capital that I can lose tomorrow and have virtually no impact on my life. Ya, I’d be pissed for losing that amount of cash, but it would be an emotional thing and mean nothing in any practical terms.
That’s really why I’m interested in this stuff now.
The research is getting tiresome for a newbie like me. Too many “coins” and most of them seem to be more about enthusiasts who are trying to do something different more than develop anything that looks like a real game changer. It’s like EE or CS PHD students studying something really arcane rather than spending time figuring out how this can be made into an actual useful product for everyday use.
And, again, I keep wondering just how useful this really is when it appears that the increase in value as of now has little to do with the strength of the “coin” itself.