Who here invests in Monero?

[Night_Owl]

Just curious.
I bought a good amount of Monero at $190 so I made some profit already.
Would love to hear your stories.

Thanks guys.

 

[Night_Owl]

But fuck what happened today though...

 

[Perrin Aybara]

Pretty much everything moves with Bitcoin.

 

[MFAAS]

I don't invest in any crypto, I treat it like a trade, not an investment vehicle.

Currently we are in yet another crypto bubble and I would say the entire financial market from stocks to real estate to crypto is ALL in a giant bubble.

We have had investors put more money into stocks in the last 5 months than in the previous 12 years combined!!! (published April 9th, 2021)

Not to mention real estate, which everyone knows prices are sky high almost everywhere, despite the fact that home ownership rates really haven't risen that much, (they've gone from 63.7 in 2016 to 65.8 in 2020. This is due to the MASSIVE influx of investors trying to make their fast money and massive returns in real estate.

Same goes for crypto, everyone is trying to make a quick buck. There are a few different types of people playing crypto:
1. Those that are treating it like the lottery, putting up money they really can't afford to lose in the hopes that it will blow up in value and they're take 10 years off their retirement timeline...but then as soon as it goes down in value their weak hands give out and they sell out of fear.
2. Massive investors (whales) and institutions that are pouring large amounts of money, also in the hopes of creating massive returns for themselves or their investors. Most of them are treating this like they should, a risky asset class that could go bye-bye, but if they do well then that's gonna be great for them.
3. Regular people who are just putting up normal amounts of money in the hopes that they get lucky, but if they lose it it's really no big deal.

I traded crypto from 2015 to 2018, then sold almost all of it during the 2018 bubble.

The problems I see with crypto are:
1. Really, why? People go on these tirades about decentralization and sticking it to the banks and whatnot, but honestly, 99.99% of them are buying crypto with their bank account in a non-anonymous fashion and (hopefully) reporting their returns to the IRS. In the end the banks and large corporations run the world, and bitcoin or anything else isn't gonna change that. The MAIN beneficial use case I see is for immigrants and international peoples to send money back to their families in a MUCH, MUCH cheaper way. Crypto fees can be high (cough BTC sucks), but international bank wires are usually even higher. And obviously the other use case is buying drugs and illegal stuff.
People can buy a tesla now with their bitcoin? Who the fuck cares. It's a luxury car built by an overvalued company with an asshole-narcissist-billionaire CEO who pumps crypto (and almost certainly benefits on the backend). Oh, you can buy your pizza or furniture with bitcoins? Honestly, all you are doing is racking up extra fees by having to convert from fiat to crypto, withdraw from exchange, then send the money. If you just write a damn check instead you can avoid literally thousands of dollars of fees (if you're buying a tesla, although a model 3 might be under $1,000 in fees, idk).
99% of crypto tx's are not anonymous. Bitcoin is traceable. Litecoin, Ether, Cardano, you name it (not Bytecoin or Monero, maybe not Dash or ZCASH, but I am not really sure).
2. Electricity/carbon footprint. Bitcoin alone has a carbon footprint equal to New Zealand. It's estimated that a single bitcoin transaction uses the same amount of electricity as Visa deploys in processing as many as 735,000 credit and debit card purchases. It's only going to get worse as mining rewards halve and mining difficulty increases and more people use it.
3. Bitcoin sucks, the tech is old and slow and expensive, there are so many WAY better coins out there, but Bitcoin has the name recognition. That to me is some measure of proof that this is a huge bubble. The coin isn't valued based off its utility or its efficiency or anything, it's valued based off speculation. People think it's worth something, so it's worth something. Litecoin, Ether, XRP, even Bitcoin Cash is faster and more efficient. But Bitcoin is king because that's the way it is and it's what people think of when they think of crypto.
4. Regulation. First off, reporting crypto on your taxes in the US is a huge pain in the fucking asshole. It sucks balls. The IRS's fucking stupid rules that you have to report on every single swap, not just when you cash in/cash out, is stupid as all hell. Then you have China which just released their own cryptocurrency and will likely move to ban all other cryptos at some point in the future. Meanwhile, as US GOP senators move to ban all encryption (fuck the GOP god dammit), would that then make cryptocurrencies illegal? What would the impacts be there? Now that the financial institutions and billionaire-class are into it, I highly doubt they would move so drastically, but who knows what will happen.

So yeah, IMO crypto isn't a real long term investment. I would never buy a significant amount (more than a few thousand dollars is what I would consider a significant amount) of any crypto and plan to HODL it until it hits the moon.

Like literally anything where people can make money nowadays, crypto is oversaturated, overinflated, and VERY bubbly/frothy. Whether it is youtube channels, onlyfans/pornhub amateurs, MLM schemes, being a DNM drug dealer, investing in real estate, scalping PC parts, trying to find a GOOD entry level job in most fields, mining or investing in crypto has just gotten to be too saturated. The entry price has become a barrier for the exact types of people crypto could have served best. The god damn ultra wealthy and big corporations got their hands on it and now it costs over $50k, which is almost twice the real median salary for a year of work in the United States...honestly at this point I hope the regular Joe's sell off and let this stupid flaming pile of shit crash miserably so the banks and billionaires can watch their money dwindle away.

I would much rather buy a property, which has actual tangible value. Yes, real estate markets are volatile to some degree as well, but as long as you buy right and don't overleverage/overextend yourself, you should have a cash flowing property that you can hold on to and coast with for years until you want to sell and capture your gains. Yes, real estate is highly saturated, but you have control over the asset and it isn't valued based off speculation like crypto is. IMO real estate in the form of rental properties with a value-add component are the ultimate investment vehicle. That said, I made a killing off crypto in 2018 and I still do hold some that I just kept as part of "playing with house money." I also trade penny stocks and invest is long term, "stable" assets with my IRA and 401k.

Diversify your investments. TAKE GAINS WHEN YOU CAN. Cover your fucking ass/initial position. if you put $3000 into XMR and it doubled, sell half of it and get your initial money back. Then you're playing with house money and don't have to be concerned if you lose it (although it still sucks watching the money go bye-bye).

 

[Perrin Aybara]

Here's the charts for Bitcoin, Ethereum, BNB, XRP, and Monero during that dip last night. Reminds me of that old 90's rap song I dip, you dip, we dip lol.

 

[Night_Owl]

@Perrin Aybara Thanks for sharing man, I was sleeping when all of this happened, its crazy.
I remember that song lol!

 

[egonormical1010]

What are your guys thoughts on this dip ? I just started buying coins around 3 weeks ago. Still hodl but just wondering when we’re going to find the bottom of this pit

 

[Night_Owl]

@egonormical1010

Well let me start of by saying: nobody knows what is going to happen.
Everyone has speculations and literally anyone could be wrong or right.

That said, to answer your question, here are my thoughts (which could be just as wrong).

I think Bitcoin is becoming a HODL currency. And that's really good for investing. And that's the reason why it keeps bouncing back after every dip.

What I'm trying to say is, back in the day, when Bitcoin dipped, it took months or even years to bounce back to where it was.

But here's what happens these days:

1. Bitcoin dips
2. People start buying the dip ASAP (as in within the hour).
3. Bitcoin rises again.

A few days ago Bitcoin dipped to $50,000 and it only took a couple hours to bounce back to $55,000. This would have never happened back in the day.

So if you lost your some money don't worry, it's going to bounce back.

You should HODL for years. Whatever you do, don't sell what you have.

I strongly believe Bitcoin can reach $100,000 and maybe even more within the next 1-2 years.

Anyway, this is just my 2 cents. Like I said before, I could be absolutely wrong. And so can anyone else who speculates.


P.S. The same goes for Monero

 

[MFAAS]

What are your guys thoughts on this dip ? I just started buying coins around 3 weeks ago. Still hodl but just wondering when we’re going to find the bottom of this pit

Nobody knows AT ALL.

My guess is that institutions will buy the dip as well as individuals.

As I do for all who invest in risky asset classes. You should read at least a little bit into the psychology of these sorts of investments:



Seeing big gains in your financial accounts, especially over a short period of time, causes almost the same activity in your brain as when you do cocaine.

You will feel euphoria, I have felt it many times. It's incredible. You sit there and deliberate, should I sell? I have made X thousand dollars or percent gains! But what if it continues to go up? I could make another 50 or 100 grand or I could break a million in gains and retire!

SO MANY PEOPLE. Seriously, SO MANY FUCKING PEOPLE just say "omg this has gone up so much, it will continue to go up, I am going to HODL and sell when it hits a million dollars" (or whatever). Then the price goes down and they fucking lost out on thousands upon thousands of dollars in gains, all because they got greedy at the top.

Let me tell you right now, if you ever see you are holding an asset that's gone up 5 or 10x, take some gains. Leave some in your portfolio, but don't get greedy. Everybody wants to hit the home run, but the people who truly get rich are the ones who just consistently hit singles, doubles, or triples. They might get a home run on occasion, but when we're talking about putting up large amounts of money on crypto or penny stocks, constantly swinging for the homer will make you lose your home.

This is why you MUST. MUST. MUST!!! set PRICE TARGETS to sell at.

 

[egonormical1010]

@MFAAS @iamnightowl thanks fellas !

 

[Night_Owl]

Today:

 

[Night_Owl]

 

[Aftermath9716]

Very unfortunate news for an upcoming Joe Biden capital gains tax that has shaken up the market especially in the crytpo market, pass or not markets really don't want to hear it

 

[Night_Owl]

 

[Night_Owl]

Here we go!

4/26/21

 

[mr_meanor]

Crypto is GAMBLING/speculating not investing.

Re-read this statment 6-9 months and it will make more sense.

I'm a huge advocate for xmr, btc and a few others but that does not change the facts.

 

[mr_meanor]

Nobody knows AT ALL.

My guess is that institutions will buy the dip as well as individuals.

As I do for all who invest in risky asset classes. You should read at least a little bit into the psychology of these sorts of investments:

View attachment 145759

Seeing big gains in your financial accounts, especially over a short period of time, causes almost the same activity in your brain as when you do cocaine.

You will feel euphoria, I have felt it many times. It's incredible. You sit there and deliberate, should I sell? I have made X thousand dollars or percent gains! But what if it continues to go up? I could make another 50 or 100 grand or I could break a million in gains and retire!

SO MANY PEOPLE. Seriously, SO MANY FUCKING PEOPLE just say "omg this has gone up so much, it will continue to go up, I am going to HODL and sell when it hits a million dollars" (or whatever). Then the price goes down and they fucking lost out on thousands upon thousands of dollars in gains, all because they got greedy at the top.

Let me tell you right now, if you ever see you are holding an asset that's gone up 5 or 10x, take some gains. Leave some in your portfolio, but don't get greedy. Everybody wants to hit the home run, but the people who truly get rich are the ones who just consistently hit singles, doubles, or triples. They might get a home run on occasion, but when we're talking about putting up large amounts of money on crypto or penny stocks, constantly swinging for the homer will make you lose your home.

This is why you MUST. MUST. MUST!!! set PRICE TARGETS to sell at.

"Stop losses" are also very important when trading

 

[MFAAS]

"Stop losses" are also very important when trading

Yeah, but for highly volatile assets like crypto or penny stocks they can kill everything you gained. When an asset can drop 50% in a day then be back up 200% the next, stop losses can get triggered "accidentally" and really fuck you over.

 

[mr_meanor]

Yeah, but for highly volatile assets like crypto or penny stocks they can kill everything you gained. When an asset can drop 50% in a day then be back up 200% the next, stop losses can get triggered "accidentally" and really fuck you over.

It can also do exactly the opposite and leave you with nothing. That's why your stop losses are static and closely monitored.