Crypto Currency - Believers Only

benson

Wally it’s not. It is just to point out that this is not a free ride. For somebody to make money, somebody else is losing it.

mono-stereo

It’s quite good fun watching the prices swing about once you have a few quid invested.

Wally

Watch this - this guy called out all the price dips three weeks ago - the whole boom / bust thing has been engineered by institutions from the start:

Wally

Ethereum one:

Old-Dutch

The fact that it is so vulnerable to manipulation makes the whole thing a massive risk. Whilst I’m going to hold on what I’ve already put into it I don’t think I’ll be putting much more if any in.

Wally

No different to stocks imo.

That Ethereum one is interesting. If he’ right, it’s gonna come down a bit more before blasting off into the sun for a bit.

Old-Dutch

Wally No different to stocks imo.

Agree

mono-stereo

Wally The kind of “technical” analysis is a load of bollocks. The pattern is nearly always matched and pointed out in retrospect.

You’re better off asking Russell Grant for a prediction.

C_J

I’ve seen you mention the phrase “cost average your way down” quite a few times Wally when these coins have fallen in value.

Just to make sure I understand you correctly here, what you are saying is “when the price goes down, put more money in” - right?

C_J

And just to clarify further, you can only reduce your average cost if you’re buying in at a price lower than your current weighted average entry price, which means you already have a net loss making position and you are advising putting more money in?

Wally

Nowt gets past you CJ.

I prefer to look at it slightly different terms - ’If your reason for investing hasn’t changed, a price drop shouldn’t concern you and you should take advantage of that’

In this specific case, I invested in Ethereum because I researched it and I believe in blockchain technology, the ethereum project and it’s future planned updates. Is it going to go bankrupt and cease to exist? Pretty unlikely I would say so being patient and buying the dip is a winner imo. ‘Time in the market beats timing the market’ as they say.

I’ve been investing for long enough that being in the red doesn’t phase me.

Millsy

mono-stereo or a blow job. The hamster-faced, sweaty gaylord chubster. Always preferred Justin Toper.

Wally

I dunno, I find it hard to discount the idea that institutional investors haven’t developed a system over the years to extract the maximum amount of cash from suckers and would use it for a relatively new asset class.

Having said that, I’m not sold on technical analysis as a way to trade either but then this chart comparison isn’t technical analysis.

Funky

Matic getting hit a little now but has been on a great run, it supports ETH so I think I will stick with it 5 dollars is possible by end of year.

Wally

And the whole market has just dropped 20% or so. Jeez.

C_J

Ok. Thanks for clarifying Wally.

I do agree with you to some extent; if you remain convinced of an investment case it’s better to buy more at a cheaper price rather than crystallise losses. The caveat to that of course being that it’s a pretty high conviction/ high risk strategy and you end up concentrating your position even further which hurts you from a diversification perspective.

you pays your money you takes your choice, as Mark Kermode is fond of saying…..

Old-Dutch

I am now the proud owner of 9.7m Shiba. When these hit £40k each I’m going to buy everyone a drink at Bedrock.

Wally

Inclined to agree with this.

Funky

Holy moly even s&p getting hit.

Wally

All going Pete Tong now - Coinbase is down.

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