@OldBastard
OMG!! WTF is going on with the crypto markets? A 10% drop overnight? Yikes!! Thursday, May 4th is not shaping up to be a happy day for us crypto investors. I guess a silver lining, (although I would say the lining is more like rusty iron), on this cloud of bad news is that the stock market is going down too, at least in the USA. But a stock market decline, (or even collapse), was kinda expected. Did anyone expect crypto to belly flop like it just did? So what do we do now? Cash everything out, take our losses, and look for more stable investments in the future? Do nothing, and hope that the crypto market returns to sanity sooner or later? Or close our eyes, hold our nose, and gathering up any spare change we can find, buy more crypto at its current discount price, increasing our exposure to the whims of this crazy market. Contrarian and general nut job that I am, I suppose it should be no surprise what I just did. (Look at the second pic. Yes, I'm still on Coinbitch.)
11 comments
The big, BIG difference for me is that we know the stock market has only direction—up. Ultimately the stock market always returns and always goes higher than before the dips. Crypto has neither the history nor the track record to say this, and because crypto also does not produce anything unlike the stock market, we have no proof of sustainability. To my mind the ONLY thing that even makes crypto real is faith. If everyone loses faith, crypto could very well become a story we tell our grandchildren. Not something we pass down to them.
Right now, I agree with you. A few days ago I would have argued with you, saying that I am using a crypto arbitrage platform that will make me a great return, using USDT (Tether). Unfortunately, that site has just turned evil, and is beginning to rug pull.
The volatility of crypto, if it sustains, is what will kill it. IF it wants to be a currency, that is. This kind of volatility, which crypto is currently experiencing, is not at all conducive to any reasonable or rational currency application. So, what does it want to be? A currency or a store of value? If it wants to be a currency it fails on the volatility. If it wants to be store of vlaue it might stand a better chance if it can prove that despite the volatility it can still produce more value long term.
I just gave you 1% of a whole Btc that you just purchased if you wait a week or so. Ha ha.
Ha ha indeed! Sir, I sincerely hope you are wrong, that this collapse was just an anomaly, and that the crypto markets return to "normalcy", (whatever that is!), ASAP.
You say normalcy, I say normality. I am British sir.
It is a bloodbath out there. Time to buy the dip. Hopefully, it doesn't dip more.
I agree. Unfortunately another project I was hoping on giving me some nice cash flow just turned evil and seems ready to rug pull.
Sorry to hear that.
Yeah, it's a shame, because I thought it, (cotps.com), was a solid project, and I really enjoyed messing around with every day.
That's too bad.