People's attitude is changing towards cryptos

Illini Trader said:
To me Cryptos are like the family jewels, to be held as a hedge when this fragile financial system of the world finally takes a dive and inflation reaches the hyper level.
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The financial system did not take a dive since the introduction of crypto's. So the "hedge" is already for a decade useless. So for the past decade your analysis is wrong.

I know many people who were/are in crypto's and not a single one was able to get better returns than I had over the last 10 years daytrading the ES. So my choice not to trade crypto's was the best choice, at least for me.
People dream of getting quickly rich with crypto's, but from the people that I know not a single one made even 100k profit. Some even lost money.
 
Illini Trader said:
Been thinking how and if I should reply to deaddog and virtusa but I will just repeat what I have said several times in past threads over the years and I have been severely criticized by ETers for this viewpoint. To me Cryptos are like the family jewels, to be held as a hedge when this fragile financial system of the world finally takes a dive and inflation reaches the hyper level.

What I don't get is why the majority of ET takes such an arrogant prideful viewpoint of bashing Crypto, like they are the smart ones and the ones that got rich off it are the dumb ones Now as a new opportunity may emerge for entry in the next 6 months ETers with puff out their chest about how smart they were instead of recognizing the new opportunity that is presented to them.
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That doesn't answer my question. How have you made out as a bitcoin owner? Have you taken advantage of the violent swings?
I suppose I have bashed crypto as I still haven't figured out how to put a value on it. When the main reason to buy something is because you'll reget not buying it when I goes to the moon, I have to be convinced that there is a reason it might go to the moon. So far I haven't been.

I'm not against speculating in risky assets. I've taken a couple small losses in BTC so far this year when it has threatened to break out.

My question to you is have you taken advantage of the wild swings or are you HODLing.
 
virtusa said:
The financial system did not take a dive since the introduction of crypto's. So the "hedge" is already for a decade useless.
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Totally depends on when you bought your hedge. Check the price of BTC a decade ago and see if you would still call a decade hold as a hedge "useless". As far as people you know not making more than 100K then I guess that means you don't know the same people I know.
 
deaddog said:
That doesn't answer my question. How have you made out as a bitcoin owner? Have you taken advantage of the violent swings?
I suppose I have bashed crypto as I still haven't figured out how to put a value on it. When the main reason to buy something is because you'll reget not buying it when I goes to the moon, I have to be convinced that there is a reason it might go to the moon. So far I haven't been.

I'm not against speculating in risky assets. I've taken a couple small losses in BTC so far this year when it has threatened to break out.

My question to you is have you taken advantage of the wild swings or are you HODLing.
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Deaddog my ole friend, read my post again. It answers you question very clearly.
 
Illini Trader said:
Totally depends on when you bought your hedge. Check the price of BTC a decade ago and see if you would still call a decade hold as a hedge "useless".
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99% of all BTC hodlers never made that move so that's irrelevant. If they would have, there would be hundreds of billionaires.

Are you a billionaire? Did you take the ride from a decade ago? I am sure you did not.
Past performance does not tell any thing at all about future performance. So the one decade move is irrelevant. You are living with hindsight deformation.
 
virtusa said:
99% of all BTC hodlers never made that move so that's irrelevant. If they would have, there would be hundreds of billionaires.

Are you a billionaire? Did you take the ride from a decade ago? I am sure you did not.
Past performance does not tell any thing at all about future performance. So the one decade move is irrelevant. You are living with hindsight deformation.
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No implications were made -- You were the one that said a decade hold in Bitcoin as a hedge was useless because we did not have a financial collapse
 
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