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RE: Calm Down! A Few Thoughts about Investing and the Ups and Downs of the Cryptocurrency Markets
On the one hand I fully agree, but on the other hand I think Bitcoin is a dinosaur - I've made a lot on it and gotten out before this crash.
And although I might buy it back cheap, I don't expect to ever go big on it again - right now I've moved on to potentially far bigger returns.
In cryptos you are either ahead of the trend or about to be played by the bankers.
I'm a long term investor - two to six months - but always ready to jump ship - if I turn out to be wrong about Bitcoin I can buy it back for a hell of a lot less than I sold it for a week ago, trading cryptos is fast and easy.
Long term in crypto 2-6 months, long term in the fiat world 10+ years lol. I still don't think I'd call long term 2-6 months, at least in the US if you sell in that period, you're getting taxed to death on those short term gains. I think long term is still at least a year in crypto - some of my biggest gains have come from cryptos I purchased circa 2014/2015 (then imagine, the guys who got in "WAY BACK" in 2009!).
Agree on BTC though - it has the first mover advantage, but very little practical use (exorbitant fees, long transfer times, a pain for the avg person to change into fiat or visa versa). That said, I feel like in the "future" (1 year? 5 years? 6 months? lol) BTC will retain value as digital memorabilia. Since it was the first of its kind, it will have value to collectors. (ok there were failed attempts at bitcoin-esque things in the 1990's, but damned if I - or many people -know their names without googling)
I happen to agree. 2-6 months is short to midterm at best. With that said I have many short to mid goals that exceed a year’s timeframe. While scale of time is important and bitcoin really is not that old a part in my shivers at the idea of long term just being a month or two
Until majority of large exchanges adapt better. Bitcoin will have a fair bit of use in its life. Everything is still too tied down to btc. What I find most interesting are some retailers who were accepting btc as payment are pulling their support sighting “exorbitant fees.” I hope they are able to address that issue before getting to greedy and it toppling over like a pile of dominoes taking out everything that didn’t adapt in time.
100% ! Those fees are seriously killers....
There are several points in your comment that have gotten me thinking.
In NZ we have no capital gains tax, and anyway we are not putting any crypto profits into banks - even gold bullion can be purchased here using a range of cryptos.
When I was doing share trading I was thinking in terms of a year or two, but cryptos are much faster - the longest I've ever held a crypto is 7 months.
For some reason a lot of people are really attached to Bitcoin - I use it sometimes when I have to, but would rather use Dash or Litecoin for example, for a convenient cash coin.
And I don't leave much $ in Bitcoin because I now expect it to crash (fully crash down to about $5000) any day now - it's being played.
You've probably been following a lot longer than most. Most of those rushing to BTC now just heard about it ;-) I guarantee you go up and ask someone on the street what Dash is, and they'll tell you it's a condiment (again, in America lol) or look at you like you have 10 heads.
If you then ask them - ok, you've heard of Bitcoin, right? Then they will probably start reciting headlines to you and assume DASH is the same thing lol. I'm going to maintain that BTC will always retain value as digital memorabilia. And since I picked one up when it was $400...I really have nothing to lose lol.
(NZ sounds like paradise...)
Yep, and the view is OK too :)
Sure enough, Bitcoin is a bit of a dinosaur... it keeps going because of its "legacy status." Last time I sent some BTC, the confirmations took almost three hours, and the fee was the equivalent of 18 USD. Hardly fast and cheap.
I'm hoping 2018 will be the year where alt. coins develop an identity of their own.
I bet it will be, and unless BTC forks again or the existing version gets a complete overhaul (I read something about lightening technology...) - I doubt BTC will be the most practical. (when it comes to talking tech aspects, I admittedly know...not much lol. Enough to grasp a concept - no more)
These days I only use it as a medium to exchange between coins. It’s to slow and costly otherwise for the amounts I use. I fear if they do not get that issue resolved more places that are currently accepting only bitcoin will view all of cryptocurrency like it and just not accept any of it at all.
Watching it yesterday take two hours to do something that should take less than two seconds, reminded me that Bitcoin is a total dog! And Monero for example, as well as being fast, is also free.
https://getmonero.org/
Bitcoin is a bankers scam now: