I once hopped cryptocurrency was going to end capitalism, democratize the financial system and help redistributing wealth.
Instead it became yet another stock to gamble on.
I bought €10 bucks of dogecoin all the way back in 2013. Thats the only time i ever did annything remotely close to ”investing”
I still have them and while i initially dreamed of using them to buy a gaming pc, i am a working adult now and the novelty of the coin is worth more then that. Regardless no tech store accepts doge as currency.
I never cared about any other crypto, if the point is to sell them for classical money then what is the point of it.
The price has remained a stable price of 1 Doge = 1 Doge regardless of Elon trying to wreck the system so i remain very happy with my purchase.
All investments are gambles basically. For example, I chose to do the “safe thing” a few years back to “invest” some of my savings into an index fund (stock market diversification basically). This is commonly expected to yield about 5% return on investment over time, historically.
What actually happened is that my Gamble lost about 40% of its value over the past couple years. I’d have been far better off just putting those savings into a good savings account.
Wow, a volatile currency backed by nothing has large swings in value and if you pick the right date range you can tell any story you want? That’s pretty amazing.
Yeah it’s called a “dead cat bounce”. Zoom out by about 7 years.
Take it from a veteran. They get longer and longer with each iteration of boom/bust cycle. I’ve been into this shit since 2012. Long before the cryptobros all piled in.
That’s not my point. I was talking about the recent price rise.
Every boom/bust cycle so far (and there have been about 4 or 5 of them), you get an initial spike, followed by a second one, and then a long, drawn out “despair” period after a crash.
What you’re seeing is the second bounce of a spike that has been ongoing since about 2019/2020. The “despair” phase is probably not too far off now.
I know the past is no indicator of future results, but when it happens over and over and over again, well…
Anyway, bitcoin etf’s are a new thing and money is pouring in. Only time will tell, but with all the etf money and the impending halfing, the future looks bright.
As a former Bitcoin user and fan, I am also anti-Bitcoin. Until they can figure out how to run the network without drawing the energy equivalent of an entire developing country just to check if some numbers are correct in a database, I can’t morally justify myself using it any more.
Again, I’m not sure how much you know about bitcoin because the boom/bust cycles you’re talking about are reflections of the halving cycle, not dead cat bounces. The next halving is going to happen in April this year, and after that the price is going to go up even more. I’ve been through this before, I’m not worried about the despair phase but that’s not what’s coming next.
This is a loss for everyone. Fuck these clowns.
Trump judge.
Bitcoin is currently at $57,000 and it’s up 144% in the last year. Haters gonna hate
Make sure you keep your money in bitcoin so when it crashes we can all laugh at you. Again.
Sure, no problem, have been doing that since 2013.
Right now I’m up over 400% on my bitcoin, it’s by far my best performing investment. Come back to this comment in 6 months and see where it’s at.
I once hopped cryptocurrency was going to end capitalism, democratize the financial system and help redistributing wealth. Instead it became yet another stock to gamble on.
Yeah, and it’s easy to tell who are the bitter people who took a known gamble and lost. Gotta blame someone/something.
In case your referring to me, full disclosure.
I bought €10 bucks of dogecoin all the way back in 2013. Thats the only time i ever did annything remotely close to ”investing”
I still have them and while i initially dreamed of using them to buy a gaming pc, i am a working adult now and the novelty of the coin is worth more then that. Regardless no tech store accepts doge as currency.
I never cared about any other crypto, if the point is to sell them for classical money then what is the point of it.
The price has remained a stable price of 1 Doge = 1 Doge regardless of Elon trying to wreck the system so i remain very happy with my purchase.
deleted by creator
Oh I will.
popcorn.gif
@remindme@mstdn.social 545 days
Gonna try this out
@remindme@mstdn.social 180 days
There’s a RemindMe bot on Lemmy?! Now I’ve gotta try this out.
@remindme@mstdn.social 24 hours
@TheImpressiveX Ok, I will remind you on Wednesday Feb 28, 2024 at 1:39 PM PST.
@TheImpressiveX Here is your reminder!
Wow, it worked. Thanks, @atasfun@mastodon.gamedev.place!
@Gigan Ok, I will remind you on Sunday Aug 25, 2024 at 2:18 PM PDT.
@Gigan Here is your reminder!
@remindme@mstdn.social 180 days
If i recall correctly, the stock to flow model predicts that this cycle should peak in late 2025.
FTFY
All investments are gambles basically. For example, I chose to do the “safe thing” a few years back to “invest” some of my savings into an index fund (stock market diversification basically). This is commonly expected to yield about 5% return on investment over time, historically.
What actually happened is that my Gamble lost about 40% of its value over the past couple years. I’d have been far better off just putting those savings into a good savings account.
Wow, a volatile currency backed by nothing has large swings in value and if you pick the right date range you can tell any story you want? That’s pretty amazing.
Yeah it’s called a “dead cat bounce”. Zoom out by about 7 years.
Take it from a veteran. They get longer and longer with each iteration of boom/bust cycle. I’ve been into this shit since 2012. Long before the cryptobros all piled in.
I don’t know how much you know about bitcoin, but 7 years ago it was worth $1,100.
That’s not my point. I was talking about the recent price rise.
Every boom/bust cycle so far (and there have been about 4 or 5 of them), you get an initial spike, followed by a second one, and then a long, drawn out “despair” period after a crash.
What you’re seeing is the second bounce of a spike that has been ongoing since about 2019/2020. The “despair” phase is probably not too far off now.
I know the past is no indicator of future results, but when it happens over and over and over again, well…
I hadn’t realized Lemmy was so anti-bitcoin.
Anyway, bitcoin etf’s are a new thing and money is pouring in. Only time will tell, but with all the etf money and the impending halfing, the future looks bright.
Is bitcoin volatile? Undoubtedly.
Buy during the dispair period.
As a former Bitcoin user and fan, I am also anti-Bitcoin. Until they can figure out how to run the network without drawing the energy equivalent of an entire developing country just to check if some numbers are correct in a database, I can’t morally justify myself using it any more.
Bitcoin doesn’t need to figure anything out, alternatives that cost essentially 0 energy in comparison already exist on a massive scale.
Ooh, better go vegan then.
Who says they haven’t?
Again, I’m not sure how much you know about bitcoin because the boom/bust cycles you’re talking about are reflections of the halving cycle, not dead cat bounces. The next halving is going to happen in April this year, and after that the price is going to go up even more. I’ve been through this before, I’m not worried about the despair phase but that’s not what’s coming next.
True, but keep in mind that the effect of each halving on price is smaller.
That makes sense, since each halving reduces the supply by a smaller amount. But it will still have an upward pressure on the price.
They probably don’t know much about Bitcoin, seeing how they have only been using it for 12 fucking years…
/s
Spoken like a true moron with zero insight.
Surely this time it won’t crash and burn right?
Yeah, it always crashes. So what, then I’m only up 10000%, not 20000%.
Haha, you guys really live in an alternative universe, don’t you?
Not sure which point you’re trying to make.
The point I am trying to make is fully explained on this website:
https://www.web3isgoinggreat.com/
Yeah, you don’t even understand that Bitcoin isn’t web3.
You’re right
Ransoms gotta get paid