Why I am quitting Crypto Currency
This is the most stupid waste of time I have ever been involved in . Obviously there are a few low lives out there with billions of dollars working off arbitrage to suck the money right out of the people who are just trying to get started. In the last hour I have seen the total market cap of all coins go from 91,445,000,000 to 93,092,000,000 and now its on its way back down. Like its Friday night FFS, don't these whales have a life ? Or is this it? Are they so angry they couldn't get laid as kids this is how they are getting back at the world? How do you compete with people with billions of dollar when you only have thousands ? Decentralization is a great concept, but it also leads to abuse and furthermore, huge swings like today. Its just strange how tens of billions of dollars can evaporate in the blink of an eye. Once again this is why normal banks institute substantial transaction fees, to make idiots like this consider every move they make. To prevent them for buying and selling simply to manipulate the market in their favor. Not trying to come off as angry, but I can see why they call it the wild west of finance. Sadly this is no place for someone who isn't an autistic savant or a brilliant mind. If you are the common folk, you will be eaten alive.
There are also a plethora of low life day traders who suck the life out of the market as the day goes by. Any little drop in they are in there like a dirty shirt trying to rape all the new money. Not good for business guys... In actuality you can take your candle stick charts and shove them up your corn holes. That is all I have to say on this matter. I have set some stop loss trades, if they go below them, I am taking my dolly and my money and going home still up when I have the chance. It is just a matter of time before the SEC shut this all down anyway.
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You're not cut for cryptos. Go back to the big board stock exchange where things goes up and down 2% or trade sideways for months.
That money has not evaporated by the way. When someone loses money, someone else is on the opposite side of the trade,,,,making money.
It evaporates into fiat
Not all of it. Some of it goes to someone else's crypto holdings.
Don't give up tomorrow it swings your way again Happy Trading
Thanks
man did you hit the nail on the head or what, i have always said i love a good pyramid scheme but only if i am one of the first ones in, and i missed this one by a mile.
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STOPhold on! buy steem instead! =) Congratulations with the new badge.
Can you handle just shutting down your PC, walking away, enjoy life and check back in over about 3 years? Because that's the game you're playing.
But nobody will prevent you from dumping your cryptos in the markets today.
In three years it will all be illegal. I do not see this industry lasting much longer. I think I enteted the game far too late
it will NEVER be illegal.. that is one thing for certain
So that means that you are going to leave just trading or also Steemit?
Unfortunately this is how the world works, not only the crypto market. Some propagandists claim that holding Bitcoin make you free from government and banks tyranny but it only let you be ruled by other dictators.
Whales are not 24/7 looking at markets, many have bots that work for them.
And all this red day is just because China declared that Bitcoin is not a currency. Which means nothing, because they did not say anynthing about how they will regulate cryptocoins.
Hmm. You really have to be lucky and have a good head on your shoulders to be good at this game. After loosing $10,000 since monday night I know when I am beat. Sadly my gambling addiction issues were reignited by this. I kept investing back into eos and it just kept falling. Today I saw a post where someone pumped and dumped $6,000,000 in eos. So the rich get richer and eos continues to fall. Thanks @dan for not limiting the amount of your token one person could buy. Ill remember this lesson for a lifetime
Crytocurrencies should be treated as asymmetric bets. The upside can be huge, so you don't need to make big bets. Also, don't put too much into any one. Spread it over 10 or 20. And... don't randomly pick them. Pick the ones that have platforms. I have a total of $10k invested long term in 10 cryptos. I filled the buckets in March and I'm not going to monitor them more than once a week. I also have another 16 that are trades that may end up in my long term investment catagory. I get my information on what to buy because I spend money to buy the best education I can. I hate to be ignorant. I subscribe to The Palm Beach Confidential newsletter. I suggest you also subscribe and get some guidance so you aren't randomly buying and gambling.
Finally, when you buy them, do not look at them often. They are volatile. In one year the total market cap of cryptos will go from $80B to over $300B. Buy them and forget them and do not trade in and out of them because you won't win that game. If you have a gambling issue, only allow yourself to follow these rules:
-Set a maximum you will use for investment in cryptos
-Only buy the platform cryptos
-Only put a maximum of 10% of the total amount you allowed for this category of investments into any single crypto.
-Wait to buy any of them until Bitcoin takes a big down day. This will happen between July 21st and August 1st. This is when BTC will be testing out a doubling of the size of each block.
-Fill each of your 10 buckets and forget about them. Look at them in one year and you will no longer be so angry. In fact, you should be delighted.
-Subscribe to Palm Beach Confidential. They have one crypto that was as high as 6600%.
P.S.: My long term investments of $10K turned into about $75K last month (I built the positions in March and April). The are down about 1/2. I couldn't care less. In one year my portfolio will be 4x what it is today. Trust me on this one.
Some people just can't handle the pressure of trading and investing know your own risk tolerance and never invest more then you can afford to lose.
I can handle investing, I cant handle gambling I guess
Loosing 10,000 in 4 days isnt investing, its something else. Id understant a 10 percent swing , not 30 or 40 percent thats just silly.
Just sell before Friday, and buy before Sunday
ez-pz
That or just close your eyes and dont look back at it for a year. Lol. Thanks for the advice
It's not too late. Just buy a bit today or tomorrow and see if you turn a profit in a couple days :)
Sorry in advance if the market crashes 50%
Seems to be the trend. Good call!
Just buy and hold.... forget trading, move your fiat in cryptos, get a cryptos debit card, and that's it. SEC will not take down it, because they cannot from a total technology point of view... and even if it will be illegal in US countries like Japan and Australia already made BTC legal....