The futility of crypto diversification

[Pekelo]

Many people are hurt by this downturn in bitcoin and cryptos and I don't know why it gives you so much comfort, Pek

Valid question, so let me answer this. Over the year there were a bunch of "fundamentalist" reasons why one should embrace Bitcoin. Future of money, fast money transfer, etc. Then one by one those arguments all proved to be wrong. When the mem pool got full, we needed to wait a day for comfirmation. When the fees got to be $50, nobody used it anymore as money. Not to mention the bullshit arguments we had to put up with, those had no base in reality whatsoever. Oh yeah, have I mentioned the "have fun staying poor" teasing?

So the only argument left was PRICE. "Over the long run it always go up", that was the last mantra. The current crash puts this very last argument to test. Even when there was an ad on CNBC, they only implicated price going up, no other argument was stated.

Well, if price is your only argument, then so it is for me too now, and you guys are getting schooled by it. Not to mention I told you not to merry a position but trade it, meaning get the hell out when it is falling.

Was it a fairly logical answer?

P.S.: Should have a decent bounce from 32K, that is 50% from ATH.

 

[virtusa]

While it helped you with your sleep, others are losing sleep over this

Your sales before and during the crash, give also sleepless nights for others as BTC dropped again.
Did or do you care about that?

A good trader cannot care about others because the only way he can survive is by making profits. And for these profits someone else has to take losses.

 

[johnarb]

Valid question, so let me answer this. Over the year there were a bunch of "fundamentalist" reasons why one should embrace Bitcoin. Future of money, fast money transfer, etc. Then one by one those arguments all proved to be wrong. When the mem pool got full, we needed to wait a day for comfirmation. When the fees got to be $50, nobody used it anymore as money. Not to mention the bullshit arguments we had to put up with, those had no base in reality whatsoever. Oh yeah, have I mentioned the "have fun staying poor" teasing?

So the only argument left was PRICE. "Over the long run it always go up", that was the last mantra. The current crash puts this very last argument to test. Even when there was an ad on CNBC, they only implicated price going up, no other argument was stated.

Well, if price is your only argument, then so it is for me too now, and you guys are getting schooled by it. Not to mention I told you not to merry a position but trade it, meaning get the hell out when it is falling.

Was it a fairly logical answer?

P.S.: Should have a decent bounce from 32K, that is 50% from ATH.

Ok, Pek

You will continue to lose out on bitcoin and cryptos

Check the price of bitcoin, it's still 50% higher than the last bull market top in 2017 and here you are celebrating

No one who invested in bitcoin and held for 3 years have lost money. No one

#HaveFunStayingPoor Pekelo. You did not learn a thing in 10 years on this Cryptocurrencies forum

 

[Pekelo]

Check the price of bitcoin, it's still 50% higher than the last bull market top in 2017 and here you are celebrating

Maybe I am just celebrating my SECOND correct top call for Bitcoin, the FIRST being in 2017.(about 3 weeks before the top)

I posted on May 12th that cryptos will crash by the 4th of July and when someone asked what would be an official crash, I said 32K, being down 50% from ATH. A week later it happened. It is happening again today. Hell, I even gave logical reasons why this would happen.

You guys didn't listen to me, that is not my fault. So forgive me if I pat myself on my back.

You did not learn a thing in 10 years on this Cryptocurrencies forum

I did learn that it crashes in every 2-3 years. This was the 6th in 12 years. Make a note on your calendar...

 

[virtusa]

No one who invested in bitcoin and held for 3 years have lost money. No one

You can make the same statement for any stock, just pick the best period.

There are a huge amount of people that lost money in BTC.

All people that bought after 7 dec 2017, lost money for the next 3 years. Only then price went higher than the price on 7 dec 2017.
All people that bought after 2 feb 2021, lost money varying from 1% to over 50%.

 

[johnarb]

Your sales before and during the crash, give also sleepless nights for others as BTC dropped again.
Did or do you care about that?

A good trader cannot care about others because the only way he can survive is by making profits. And for these profits someone else has to take losses.

I de-risked and posted several times during the process, but I'm still hodling cryptos

I'm not an active trader

I do care about other crypto investors, we're all part of this community and work to support continued growth and success

This is a financial revolution and I'm very proud to be a part of it

 

[krugman25]

Pekelo, keep patting yourself on the back

https://twitter.com/x/status/1392635949662851072

And if you really are or were ever holding Bitcoin (I doubt it because you sound like a larp), the "fundamental" DeFi tokens (i.e. revenue generating DeFi protocols) are still outperforming yours by 10:1, even after this selloff.

I'm not going to retype everything I already said since nothing has changed.

I seriously wish you the best in your investing ventures.

 

[virtusa]

I do care about other crypto investors, we're all part of this community and work to support continued growth and success

So you sell to your dear friends believers, so that they can take the crash. That's really a huge support for them. It is clear you really want to take care of them by selling them coins just before they drop 20 to 50% or even more%.
ROFLMAO

You should become lawyer.

 

[johnarb]

So you sell to your dear friends believers, so that they can take the crash. That's really a huge support for them. It is clear you really want to take care of them by selling them coins just before they drop 20 to 50% or even more%.
ROFLMAO

You should become lawyer.

You're being disingenuous There was no way I could have known it was going to drop, it could have gone up massively

I was honest about my selling here on ET, which was to de-risk my 90%+ exposure to cryptos

You should stop being dishonest when you post, but perhaps you're just a dishonest person and cannot change

I do not think you're making money. I think you're a loser trader and jealous of people who made money on cryptos that's why you're always showing hate on this forum

You make up some excuse that you cannot share a screenshot of your account, blah blah blah, you're a liar

I wish that you continue to lose money and continue to be broke. You deserve all the bad stuff happening to you

As everyone knows, I'm a crypto permabull, but the last thing I want to do is to keep hodling even during a bear market cycle

Cut your positions, you can always put it back. In gambling, you cannot play if you run out of chips. Don't get dealt out

 

[virtusa]

You're being disingenuous There was no way I could have known it was going to drop, it could have gone up massively

I was honest about my selling here on ET, which was to de-risk my 90%+ exposure to cryptos

You should stop being dishonest when you post, but perhaps you're just a dishonest person and cannot change

You sold because you thought it would go down. If you would think it would go up you would buy. Logical and understandable. But if you sell, you can only sell to a believer as a non believer would never buy BTC. Same logic if you buy.
Don't pretend that you are supporting or helping other believers. It is fake sympathy.
Nothing disingenuous about what I posted. Just the hard reality that you don't want to hear.

I do not think you're making money. I think you're a loser trader and jealous of people who made money on cryptos that's why you're always showing hate on this forum

You make up some excuse that you cannot share a screenshot of your account, blah blah blah, you're a liar

I wish that you continue to lose money and continue to be broke. You deserve all the bad stuff happening to you

LOL. That's a childish reaction.
I daytrade since the 90's and still survive. You can think what you wish but have no clue about my trading. More wishful thinking from you than real proof.
I will never share screenshots of my account. Not sharing is not the same as losing money. 99% of all ET members never shared any screenshots ( which still can be manipulated). I have no profit in anyway by posting screenshots, on the contrary.