Bitcoin "Freefall"
- Thread starter SunTrader
- Start date
I can have my own opinion, you cannot obstruct that.
Especially if the post is insinuating what people should do, and if applying that post in real trading/investing in many cases, sooner or later, leads to a wipe out. Especially in crypto's that in past already crashed hugely and are heavily manipulated.
Asking such a stupid question confirms that you have no clue at all what investing/trading is. You were probably lying too long in the sun and got severe brain damage.
Good point.
Perhaps gold is the closest comparison. That too has a bit of a cult following (gold bugs and stackers).
There goes 46K...
Down 23K in 6 weeks.
The poor people in Venezuela using BTC lost 33% in less than 6 weeks. 33% less to buy essential food.
Staying in their national currency would have been better as the loss was there less than 5% in the same period.
Of course BTC can go much higher in futur. Question is if these poor people will still be alive at that time. Or did they die already from hunger?
BTC is clearly "solving" all problems for them. At least they don't lose money because of inflation, as BTC solved that problem.LOL.
Down 23K in 6 weeks.
The poor people in Venezuela using BTC lost 33% in less than 6 weeks. 33% less to buy essential food.
Staying in their national currency would have been better as the loss was there less than 5% in the same period.
Of course BTC can go much higher in futur. Question is if these poor people will still be alive at that time. Or did they die already from hunger?
BTC is clearly "solving" all problems for them. At least they don't lose money because of inflation, as BTC solved that problem.LOL.
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For most asset classes, a 33% loss would be a big event but it's just run of the mill with BTC.
If I can find the time, I might calculate the average frequency of drawdown events (-20%, -30%, -50%, -70%) for BTC. I can get the daily data from here:
https://bitcoincharts.com/charts/bitstampUSD#tgCza1gSMAzm1g200zm2g25zl
If I can find the time, I might calculate the average frequency of drawdown events (-20%, -30%, -50%, -70%) for BTC. I can get the daily data from here:
https://bitcoincharts.com/charts/bitstampUSD#tgCza1gSMAzm1g200zm2g25zl
I only watch things from a capital management point of view.
If you lose 33%, you lose 33%, no matter in what asset class.
BTC hodlers have to learn to live with this because 30% drawdowns occur regularly.
Up to now, it's always recovered, even from 80% drawdowns.
"And you find that a great post?"
A question was asked (assuming a lot, beyond your pay grade), not opinion given.
As to the 2nd I expected you to do more assuming - your "great" strength. Come on you know the motives of all traders, what's a little price data.
+ + +
The people of Venezuela are suffering because of the Socialist Bus Driver running the country and the Bolivar into the ground.
Bitcoin has saved many and will continue to till the day Maduro gets the same treatment Saddam and Gaddafi got.
(The Daily Upside)
"It wasn’t the most pleasant year, but on its way out 2021 will put one debate to rest. People can stop wondering whether digital assets are for real — venture capital funds poured $30 billion into crypto investments this year, more than all previous years combined.
In 2022, there can be more important debates like which digital Rayban sunglasses look best on your metaverse avatar."
"It wasn’t the most pleasant year, but on its way out 2021 will put one debate to rest. People can stop wondering whether digital assets are for real — venture capital funds poured $30 billion into crypto investments this year, more than all previous years combined.
In 2022, there can be more important debates like which digital Rayban sunglasses look best on your metaverse avatar."
I live in Europe so surely not a ex floor trader. I daytrade since the mid 90's. First forex, and later futures. I was CTA and had my own fund with EU clients. AS long as there were no futures to trade BTC, ES was much more profitable and even now I make more money then I can make in BTC. So why change a winning strategy for a new unknown one. Especially as I see BTC as a scam. Each trader should choose for his own what to trade.
That fact that you thought I was an ex floortrader confirms that my english is not so bad as some people say.
I still don't understand why 52% of all BTC addresses have less than $50(0.001 BTC) of value. And another 25% are below $500. These two together represent over 76% of all addresses. These 76% will never invest a lot of money in BTC, so that is a problem for the growth of BTC as these 76% are needed to be manipulated so that they will buy more. These 76% just wanted to gamble with small money, that's very clear.
If trade/holding BTC is so good all these addresses should have a much higher value. Over 20 million addresses represent in total 0.02% of the total value of BTC. Or are these addresses a result of a safety measure from people who want to protect their money by splitting it on several addresses? Like 0.0001 BTC in every address? i would understandit for people who have a few hundred coins, but do this when ypour total investment is less than $50.
I gave you other metrics that are more indicative of BTC profitability. If you want to disregard their use and stick with something that you understand, ok. Your question now comes across as trolling and nothing will change your confirmation bias.
On a different note;
I can speak from my experience. I hold most of my btc via a custodian and periodically send to an external wallet due to withdrawal limits.
Depending on market environment, then these get sent to a variety of exchanges when I'm interested in getting into a position on a certain coin/token that they offer that might not be available on another exchange (depends on trading pair and whether something has the base I want. (BTC, ETH, BNB, SOL, USD, USDT, etc.)
Other times, I send to my various DeFi wallets and do stuff on different chains to understand how they work and the state-of-the-art. This includes being an LP, staking, harvesting yield, collecting NFT's, etc. I haven't gotten into lending or borrowing directly.
My BTC holdings are spread-out due to my particular trading style and I keep most of that capital deployed and moving. My needs are modest and I re-invest profits heavily.
Externally, someone just looking at my BTC wallet would see big fluctuations in balance and most times hardly any BTC held. Depending on when those transactions were made would show that particular wallet at a profit or loss. What it doesn't capture is the profit/loss I made with that particular chunk of BTC in other venues and on other chains. Sometimes, I flow that chunk back into a BTC wallet, most times it goes into other opportunities.
If you want to stay focused on the fact that a vast majority of traders fail, that is not exclusive of BTC trading.
Most of the BTC bears are enjoying themselves rn, good for you. My thesis includes new ATH's for BTC so my current outlook of opportunities are much more vast than the limited understanding of digital assets that most of legacy TradFi has on the space. The obfuscation that TradFi employs and is tolerated in markets is going the way of the dinosaur.
Decentralized, permission-less, trust-less, censorship-resistant networks are here and they are here to stay. This is simply due to the fact that the transparency benefits far outweigh the current bloat and corruption that is tolerated with the current financial infrastructure.