Anyone else get nailed by the Crypto Crash?

[ArtemisSilver]

After three months of paper trading and simulation I just got back in only for the whole market to go tits up?

Did anyone else get hit?

Updates

+1 y

Not sure why this was placed in sexuality, I'm sure I choose a more pertinent category but whatever.

[Zenit93]

I took a lot of profits when the fed decided to pivot into their hawkish stance. Made a good call there. Just like any market, it's cyclical. There are peaks and troughs. I'd doubt the crypto market it collapsed the way it did with no correlation to the broader macro market. Everything crashed, and risk-on assets historically crash the hardest. They also out-pace everything else during a bull market. Don't get down on yourself though. This is just a part of the cycle. Accumulate as much crypto as you can right now. Profit in the next cycle.

[Redstang88]

I only had about a grand in crypto so not too bothered. Everything else that tanked hit me for sure

[ArtemisSilver]

Yea, I'd just gone in for 2k for the first time in several months and then the FTX crash caused by the FEDs doing what was essentially a bank run crashed the market again.

I'm thinking I'm going to be bag holding for at least a month or two.

Wish they'd just do away with stable coins and anchor the market to an actual central bank digital currency. Then we wouldn't see the crazy market shocks like this.

[DubiousIntentions]

That is why I never got involved with crypto currency. It's just something hanging in limbo and can go bust at any time. To me it is like a pyramid scheme, where only people at the top made money. The lower downs did mostly badly.

[ArtemisSilver]

That's how it usually goes although there are a number of legitimate projects. My own strategy was based on international remittance with a reliable oscillation pattern based on people's paydays.

Unfortunately it's still pretty wild west.

[DubiousIntentions]

Dicey and sketchy would be the words I would use.

[ArtemisSilver]

Sounds like you don't know enough to tell good projects from bad ones.

[ArtemisSilver]

In any case it's interesting because the us govt caused this particular crash.

[DubiousIntentions]

Does anyone really?

[ArtemisSilver]

Obviously yes.

[Zenit93]

The wealth distribution amongst people who won in crypto is actually quite amazing. If you look at the history of equities and securities, typically the rich are the only ones allowed in at the start. Looking at the on-chain distribution metrics, you actually see that Bitcoin did the opposite. Bitcoin and crypto turned average people into wealthy people. It also took a lot of money from the rich since they always seem to fuck up their entry and use irresponsible leverage. Blockchain technology isn't going anywhere, nor is bitcoin. That can't be said about the 1000s of defi projects out there with empty promises.

[menina]

I don't use crypto currency and I don't want to. It's too complicated and it doesn't sound like real money to me.

[ArtemisSilver]

Can you walk and chew bubble gum?

[menina]

Yes, why are you asking that?

[ArtemisSilver]

I'm being mean to you lol

[menina]

Oh wow...

[Aerissa_Jade]

Tits put it in sexuality, and no I am not in any of that but I know people who lost tens of thousands.

[annie6815]

I guy I dated got nailed

[KrakenAttackin]

Nope. Crypto is snake oil.

[ArtemisSilver]

LoL okay boomer.

[KrakenAttackin]

I'm not the one who bought crap and got his ass handed to him, spanky. Buy REAL assets with real companies.

[ArtemisSilver]

I've made thousands trading man. It's just one unfortunate trade.

You're just mad because you don't understand it and haven't made any money.

[KrakenAttackin]

Bro, I am a former Series 7 and Series 66 licensed broker. I buy quality companies with solid and rising dividends, and I reinvest the dividends.

[ArtemisSilver]

Ah well, if you're entrenched in the old system of course you'd be against crypto

My dividend portfolio is fucked too right now though. I dunno man, maybe I'll go back to sales, it's tough to make anything work with all this inflation and fuckery afoot.

[KrakenAttackin]

Crypto is backed by nothing, so it can't keep going up.

[ArtemisSilver]

It's backed by stable coins, it's user base and it's energy required to compute.

But we've seen the greenback lose 30% value in two years so other than gold and real estate what's backed soundly anymore?

Lockheed Martin maybe? lol