How far will bitcoin and other cryptos fall?
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@IRJ said in How far will bitcoin and other cryptos fall?:
@jmoore said in How far will bitcoin and other cryptos fall?:
@IRJ I can only think about this guy I read about who invested a 100k in mining equipment and was doing it full time
When everyone is doing something like they were one year ago...it is usually time to do the opposite. Following the herd always leads to the slaughter.
Yeah, leading the crowd can make money. Bucking the trends can make money. Following the herd always results in plunging over a cliff.
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@scottalanmiller Wow. It was $600 or so last time I looked. I'll stick with real businesses to invest in, someone that does something and makes money.
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@jmoore said in How far will bitcoin and other cryptos fall?:
@scottalanmiller Wow. It was $600 or so last time I looked. I'll stick with real businesses to invest in, someone that does something and makes money.
Remember... currencies are not investments. It's just different cash. You'd never say that you were "investing in Canadian dollars" or "investing in pesos". In some ways, everything is an investment, I get it. But nothing is "less" investment than cash and Etherium is a form of cash. It's the farthest thing from an investment that you can do with money.
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@scottalanmiller Your right, I just hear a lot of people say they are investing in these currencies. I have heard people say they are investing in some currencies though so people do use that language. I just don't think its a good idea regardless of what you call it. I looked into it briefly because of all the news about it but quickly decided against it.
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@jmoore said in How far will bitcoin and other cryptos fall?:
@scottalanmiller Your right, I just hear a lot of people say they are investing in these currencies. I have heard people say they are investing in some currencies though so people do use that language. I just don't think its a good idea regardless of what you call it. I looked into it briefly because of all the news about it but quickly decided against it.
People "invest" in currencies all the time.
I'll leave the draconian definition crap to @scottalanmiller this time.
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@jmoore said in How far will bitcoin and other cryptos fall?:
@scottalanmiller Wow. It was $600 or so last time I looked. I'll stick with real businesses to invest in, someone that does something and makes money.
Crypto is not for people who want to invest. It is for traders and if you know trading it is more profitable percentage wise than most businesses. If you dont know what you're doing then stay out. It is impossible to make 100% gains in a day with other ventures. I know many people that have lost over 95% as well.
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Buying and Trading are two different things.
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@JaredBusch Haha got it!
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As far as I am concern, ALL cryptocurrency fails as currency.
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@JaredBusch said in How far will bitcoin and other cryptos fall?:
@jmoore said in How far will bitcoin and other cryptos fall?:
@scottalanmiller Your right, I just hear a lot of people say they are investing in these currencies. I have heard people say they are investing in some currencies though so people do use that language. I just don't think its a good idea regardless of what you call it. I looked into it briefly because of all the news about it but quickly decided against it.
People "invest" in currencies all the time.
I'll leave the draconian definition crap to @scottalanmiller this time.
They do, but it's like "investing" in not investing. Like I said, everything is investing depending on how you look at it. But currencies are the absolute limits, the "approaching zero" of investing. If there is something that is a real investment and something that isn't, currency is the farthest thing from it. But in the real world, we generally consider literally everything to be an investment, and that makes sense.
The thing about currencies is that they are the one and only thing that is the alternative to investing.
Think about the way people talk about investing.
"Oh, you just have cash in your wallet? You should invest that." People always talk about holding cash as the opposite of investing. What would "not investing" look like? Currency. That's the one thing that people consider not investing.
That was my point.
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@scottalanmiller I think of it in car terms. It's like you use your car to buy an equal value car, and then pray the value of your new car goes up. They are both cars. Just like dollars and bitcoin are both currencies. It's just that your new car value is now way more volitile than your old one.
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It seems to me that everything will get better, as there are always some deviations for a while. Everything is not forever and everything changes. If you are very worried about the safety of your cryptocurrency, do as I transfer through the redacted to another currency and not lose anything
