Crypto thread

I agree with you 100% but while I can not argue with anyone investing 1% or 2% of their net worth in crypto currencies, why not invest in the technology (blockchain) as well? I don't have a penny in any crypto currency, but I did make a post somewhere on this site about IBM. They are heavily invested in blockchain and they have software and hardware to support blockchain in a multitude of uses (not just as a store of value, which is what cryptos are right now). IBM was around $151 when I made that post two or three months ago. Now it's $164. That's worth about 5K in profits to me right now on a 60K position in IBM and I surely would not feel comfortable with that much money in any crypto currency. I just think the risk in crypto at the current time is to the down side...just my opinion of course.

XRP back to a buck....crazy!

People are not used to any down moves in these things, this drop today has been pretty frantic and across everything. In the past these dips are always bought, but the way this is dropping so hard it feels more heavy than before, like big money selling..not the little guy on a light trading day with no buyers around.

And then back up it goes...the smart man would have bought @.92...could sell that position quite handsomely right now and still be in it for the long hold.

I lost a bunch on my traditional investments today, too...Happens.

The gains in all of these crypto currencies remain parabolic. The current decine is virtually meaningless when you look at where they all started with gains still at 5000% for bitcoin based on its JAN 2015 low. Crypto has created mulit millionaires all over the world. The moves you are seeing now has been created by the mulit millionaires cashing out. 

The bottom line is that the old money is moving out and being converted to US dollars or other stable currencies. Thus, it will take MASSIVE amounts of FRESH CASH FLOW to recreate the parabolic move upward. IMO, that's simply a pipe dream for anyone chasing these currencies. Where is that money going to come from now that the WHALES are taking massive profits? Your neighbor, the guy in accounting and your dog groomer are not going to move the needle.

Putting fresh money into any of these currencies is no different, and probably much worse than gambling on the NFL games this weekend.

I predicted this would end badly. For most, it has not ended badly yet. 

Detox. Excellent point! The one think the cryptos and bitcoin do very well is make it very difficult for anyone to know where the buying or selling is coming from. However, just like any asset, huge moves like this generally don't occur from selling by "friends in the neighborhood". The selling we are seeing in crypo almost certainly due to something more than "mom and pops" selling. 

But you are correct....I can't prove my statements. To me that makes investing in these cryptos even more sketchy. At least in the stock markets, when a big buy or sell occurs (by institutions, Buffett, etc) there is a logical explanation. With crypto, you are left to wonder what the heck is going on. It's just not for me. I have made a good mark for myself and don't need to chase these dreams.

I do wish you good luck though! 

Crazy moves today in both directions...which points to the futures expiry as being the culprit. It also says that any bottom cannot be called as in because the move back was way too quick, this is like futures on futures on futures.

Until there is a safe and efficient way to get in and out of these I dont see how I can even consider getting involved unfortunately.

If you watch it enough, you can almost feel the daily bottom...at which point, there is value.

Today was a great example: just don't think Ripple/XRP sheds 50% without a bounce back...so if you bought near bottom, say $.90 or so, you'd be sitting with a nice number right now and could sell off, at profit.

Granted, it takes a steel pair to sit through the gyrations...But if you were trading futures/options, you already own 'em.

The market is currently dysfunctional in the crypto space...there is no clear and clean way to conduct a transaction...I cant swim with razors even if it looks fun.

I don't know about thanking you later, but I do lean your way in this...

C'mon Capper, jump in...shark bites only hurt the first or second time around.

I already said why I am hesitant and cannot jump in. This market is not functioning properly, there is no efficient way to transfer funds, buy and sell and get the money out...funds are not safe and the markets are not established at all. I love risk, in fact I like risk too much but this is not risk...this is risk and also jumping through 1000 hoops and waiting for clearance and wondering if you can transfer money if that money is safe, where you can find a market that you can buy what you want, sell what you want and have confidence. 

I do not have confidence in the way this functions and I cannot risk money that way. I am not talking about 500 bucks, if I am interested in this I would want 10k plus, and I cant wonder if my money is going to land safely if my holdings are safe and if I can actually buy what I want with reasonable spreads and execution.

WallStreet: all the makes absolute perfect sense to me. It's definitely a bit of the Wild West out there.