IS CRYPTO STILL WORTH IT????

I AM THINKING OF INVESTING IN CRYPTO BUT SOME OF MY FRIENDS TELL ITS NOT STILL WORTH INVESTING IN WHATS YOUR POINT OF VIEW ON THIS????????

Im sorry but crypto is honestly a waste of time now since the boom is over. Especially avoid mainstream ones like eth and bitcoin since they are unstable

Yeah... I think its just about reached peak, and honestly energy availability is going to be weird in the future and mining is too expensive already. I feel like its a good time to get out if you have it, bad time to get in.

23-08-2020, 02:00 AM

Baki Wrote: Im sorry but crypto is honestly a waste of time now since the boom is over. Especially avoid mainstream ones like eth and bitcoin since they are unstable

I foreshadow that BTC will increase greatly soon. Buying BTC directly is expensive if you don't want to reveal your ID or buy in small amounts. You can buy alt coins (XMR, Dogecoin, litecoin, etc) and efficiently trade those between other alt-coins & then into bitcoin once you've made some profit. The only issue is in order to sign up for efficient coin trading services, you have to reveal/verify your government ID. Cryptocurrency was designed around anonymity and its being pushed into a transparent currency, though, it is impossible for that to happen. (which is why a lot of people are hesitant to use cryptocurrency)

CRYPTO is worth. I invested in ethereum and i still have a profit of ~20 % from my money. The currencies are changing a little bit, but its worth.

It's worth trading yes, but don't buy when it's high is a main rule to respect.

I believe the bubble has definitely burst. I sold half my XRP just before the all time high price but HODL with the rest. Last time I checked it was around $0.2, I don't bother looking and haven't done for months.

I'm sure there are profits to be made but I can't ever seeing another boom.

It depends on how much money you can spend, but if you can't spend that much it isn't

Think about it this way - everyone knows how you are "supposed" to trade the stock market. Buy low, sell high...right?

Why doesn't anyone do it?

People don't buy low because
- They aren't informed on the company
- Don't know how to trade (Elliott Waves/Fibs/etc.)
- Don't have funds
- Don't see the value right now (i.e. everyone else isn't doing it so it must be wrong)
- The good times have already come and gone
- etc. etc

Why do people buy when it's high?
- Because they are buying into the euphoria stage of the cycle
- Chasing the crowd and following hype
- Don't know how to trade and aren't able to read where they are in the market cycle
- See perceived speculative value, but still don't know of the real market value
- Think the good times are here and don't want to miss out i.e. FOMO (fear of missing out)

Because of these things people end up buying high (last ath near 20k for BTC) and end up selling low (most recent crash) - what we call weak hands.

On paper you would think this is stupid and people wouldn't get suckered into it...but they do.

As Warren Buffett Says - The stock market is a wonderfully efficient mechanism for transferring wealth from the impatient to the patient.

Here are some things to ask yourself
- Are the people giving you advice (your friends) professional traders or investors? If the answer is no, don't take their advice
- Do you know how the stock market / crypto markets work? If the answer is no, don't invest. Go get educated.
- Do you know what Bitcoin is and how it works? If the answer is no, go get educated.
- Do you know what value investing is? If no, go get educated.
- Do you know how technical analysis works? If no, go get educated.
- Are you emotionally attached to the money you are potentially investing? If yes, just stop and do not pass go.
- Are you investing money you are willing to lose and see go to 0?

These kinds of questions should be automatic to you and be answered easily. If they are not, then it would be best to go learn more.

Where do you learn? That's up to you. You'll need to go on a journey to discern the wheat from the chaff.


So back to my original point - if everyone knows that you 'buy low and sell high'...

...why aren't you doing it?

Investing and trading is a profession. If you don't learn the skills you are just gambling.

If you want to gamble, there is nothing wrong with that. Just be prepared to also lose to the house from time to time.


Hope that helps.