Got the willies so I sold half my holding to cover all costs. I remain with 30 units of the tracker at reltively no net cost to myself given previous trading gains. I'll probably keep for the long term now.
That sounds like a plan. No point in being in an investment that is making you stress. Now you can observe and enjoy the potential for profit without the worry about loss. I hope you make a few beans out of it.
There's a continuing FUD storm, which has really been in place since the ATHs of last December, combined with a natural correction from a ridiculous pump up to those prices we saw. A lot of the new money coming into the market will have been scared off. Either they bought at $14000 or more and now panicked and sold, or they have been frighted by the pile of stories about regulation, advertising bans, hacks or experts poohpoohing the market. This and the dumping of a huge number of coins by the Mt. Gox Trustees. It's a bit of a ****** time, but if you follow the history of BTC then you'll see there have been storms like this before. The market has recovered, in weeks, months or even years. My strategy has had to change to a more long term view, but I still am bullish in the long term.
I do wish I had more FIAT available though, buying at these prices is how people get rich. Unfortunately I don't.
No stress just annoying at the "Look at what you could have won" attitude. I got greedy. I normally sell on for a modest profit, but then again last time I did that it kept rising with no end in sight so I bought back in. Textbook newbie behaviour from someone who's worked in finance for 15 odd years. I am a moron.
Likewise. I'm probably going to have to sell a majority of my crypto in the coming weeks as i'm likely going to have to move and crypto is essentially my life savings Hopefully see a bull run in that time!
There's been a bit of green today. Hopefully we've reached bottom and the bulls will run again and it's not just a dead cat bounce. Like you I need to cash in some chips, at the worst possible time.
Do you guys think it's worth cashing half of your requirement now, just incase it continues to fall? You don't want to leave it too late if you need the cash and find it's dropped again or there's a delay in payment? In the same way that investing over time evens out volatility, disinvesting will likewise.
Alts are very likely to bleed further when the bull run starts, since historically when BTC starts to surge people sell alts to buy into it. BTC is actually a decent safe haven when the market is down because until it recovers, nothing else will, and it doesn't tend to plunge as much as alts in bear markets. Even if you bought in at 20k BTC you'd only be down 66% right now, compared to some alts which have had absolutely enormous comparative losses.
I definitely thought about it a lot. There's a strong chance I'll be moving to Sweden in the next month or so. I'll need to pay rent, for a load of stuff to be moved over along with kitting my new place out. No idea how much that will cost but will hopefully get to keep some of it. Was giving it the most thought yesterday and then it all made a huge bounce upwards and I put it to the back of my head. I agree with moog though that I think (hope) we've seen the worst of it for the time being.
STH may have hit the bottom and starting to come back up. Still lower than I sold half my holding for. Buy back in? Hmmmmmmm
Two more recent developments in the wunnerful, wunnerful make-believe world of cryptocurrencies 1. Firstly, it turns out the blockchain used is also a very useful location for child pornographers to conceal their awful images and videos away from the authorities. If you use cryptocurrencies, this therefore means that you have kiddie porn on your computer. https://www.theguardian.com/technol...se-imagery-bitcoin-blockchain-illegal-content 2. Secondly, a hardware wallet designed to store crypto-currencies, and touted by its manufacturer as tamper-proof, has been hacked by a British 15-year-old. (guffawing smiley). Also, a few weeks ago, Ledger confirmed that a separate flaw made its wallets susceptible to another attack in which malware could trick users into unknowingly sending their crypto-currency to hackers. http://www.bbc.co.uk/news/technology-43489404 Hopeful claims about this crypto tomfoolery being the liberation of the masses are looking thinner and thinner.
1) people buy illegal guns with cash. Let's ban cash. The fact that the problem has been detected means that whilst secure, they can detect the problem. Don't see the issue there. 2) It's a security flaw with the wallet not the Crypto and it's already been fixed. Pockets are not considered a bad place to notes just because pickpockets exist. As usual sensationalist reporting to sell copy with a complete lack of understanding of the technology. I don't pretend to fully understand the tech, but I know that passing judgement on something without full knowledge and facts is poor journalism.
While I think that Clive is being sensationalist I don't think thats a good comparison. The person using the cash never actually has a gun in their possession. I think a better analogy, but still woefully inaccurate, would be to consider a co-operatively run post service, where a community takes it in turns to deliver each-other's post. In taking your turn to collect the post and deliver it, you may be 'in possession' of illegal material someone else is sending. You may be utterly oblivious to what's inside the letter, but technically you've come into contact with it. In the digital age this is very different because the binary data that represents an image may be stored in a way that you would never consume as an image. I could, in theory, construct a piece of text that when viewed as an image depicts something horrific. If I were to post that text on this forum, then anyone that viewed it would download those bits that encode the image. Are they in possession? I think not.
I've been hiding hardcore images in my forum posts for years and no-one has ever complained or infact thanked me. * the above is posted in jest. no porn has been posted by me. My porn collection is too exclusive for you lot.
1: Utter rubbish. Whoever wrote that article clearly doesn't have a clue what they're talking about. Anyone who thinks the act of owning crypto puts the entire blockchain on your computer has no place to be writing an article about blockchain. 2. Security vulnerability that was already patched AND required the person exploiting it to physically have your hardware wallet in their possession. Know what else has security flaws? Computers. You know, the thing every single person viewing this thread has to be using in order to post on this thread. Next.
Technically speaking can you not write an ethereum smart contract containing byte literals for an image, which is then persisted in the block chain?
This question is directed towards Reids: Been an avid reader of this thread and admired your approach to cryptocurrency in general. Obviously after the ATHs across the market at the turn of the year, there has been a big slump. The possible control measures being talked about with crypto have certainly damaged the market. Hindsight is a great thing, and I'm sure looking at it now you would have sold at the ATH if you could. My question is about the motivation of holding at such an inflated price. You made a post up above about having your life savings invested in crypto? I'm presuming that your initial investment has been recouped over time by the selling of some of your units. Am I right in thinking that therefore as your effectively playing with house money, the idea is just to hold until you need the cash in real life?
True, but then over the past year, most of the top ALTS have massively outperformed BTC. Short term pain for long term gain. I've given up trying to trade the market. I think it's an all or nothing pastime. I believe it's entirely possible to trade within the big swings, taking good, but not overly greedy profits from the wild volatility of currencies. Using Technical Analysis combined with sensible stop losses will ensure you win a lot more than you lose. However, you can't be working in a full time job, not looking at your phone when a major announcement causes markets to run or crash, only for you to find out too late to do anything about it (and you admit to yourself you didn't set the stop losses after all). The fact remains, If I'd held the coins I owned in August until now, I'd be 5 times better off or more than I am now.
Pretty much, I find it really hard to save fiat and always end up spending money. Combined with the promise of untold riches crypto was an enticing way of saving. It's worked well and turned my £600 investment into around £13k (at current prices) in almost 2 years. The plan has always been to cash out at some point, but I didn't really put a limit on it - it was either when ethereum: A) hit a price point that would be a life-changing amount of money B) I felt it wouldn't rise much anymore C) I needed the money for something that I couldn't otherwise do. A small part of me is always nagging to cash it all and take my absurd profits. Part of me is always fighting that part as it could easily go up 25% in a the space of 24 hours. Therefore I always end up just holding it and seeing where the journey takes me.
Thanks that’s a good response. Do you find it hard to save fiat because it’s just there in your account? Bit like me money tends to burn a hole in my pocket, although I have vastly improved in recent years. Can I ask what made you not cash out when the ATHs were reached earlier in the year? Is it literally the idea that it could go up more?
Yup, a pound will always be a pound so I'll be like "**** it, I wanna go to the pub" etc and end up with nothing left at the end of the month. With crypto it's "I could cash out 0.1 eth and go to the pub with it, but that could be worth £300 one day.. I was very tempted to cash out (at the ATH my portfolio was worth 35k, now dipped to under 13k...) but thought it Would rise higher as it looked unstoppable. We'll be back to those levels, I have no doubts about that. Just hope it happens before I have to cash it out!
I hope you are right. It'll take those in the media and in business to actually understand it and give rational comments. though and I'm absolutely convinced half of the news about "Bitcoin" is deliberate market manipulation. Eg Release bad story, price dips, buy a wedge. Release story praising the technology, sell. If you keep doing that making 10% a time you're laughing. Rinse & repeat
This is my story also. If I'd held my NEO until over £100 I'd have had £18k or if I'd kept my my 2 bitcoin and sold at peak I'd have had over 26k. Unfortunately I didn't and I don't have the knowhow to predict these turns in the market yet. The lesson, once we go on another bull run again, will be to lock those profits in by setting stop losses. I have learned a lot from the kicking I've taken so far in 2018. I am sure, like me, Reids looks back on last autumn, winter as a beautiful era for Crypto and can't wait for the good times to return.
I suspect you'll still be looking back on that time and waiting (in vain) for the good times to return in several decades time. Give it up would be my advice. The bubble's burst.
