How's everybody doing?
I'm clinging on. The massive percentage drop was a shock, but I've been fortunate to have a low number in the numerator. Every time I log in, anxious and dopamine-ready, that 0 remains a 0. So it goes.
But that's not factually accurate. Crypto, by this point, has permeated enough of the financial fabric of the investment world that, similar to the embedded IP within S&P 500 institutions, it cannot be severed.
I know this is cryptic and makes no sense. My point is IDGAF. Rule of law is still the metric. As long as there is no upheaval and the dollar holds, it's a big whatevs.
Originally Posted by Sting
I only look at the lows to buy. Otherwise I have no clue how any of my stuff is doing, nor do I care. Might buy some things. Hoping it dips a little bit longer.
The Plan at the moment:
Draft: Trade a 3rd and 6th this year to a team to move up and get a 2nd next year (this will happen).
Players I want:
Jake Ferguson (Jake Butt) or Jelani Woods or Jeremy Ruckert or Cade Otten (owen daniels) at TE- All 4th rd or later.
Troy Anderson LB 3rd/4th rd (yay Timmy!)
Neil Farrell, JR DL- run stuffer- bye purcell
I've been a Crypto skeptic, but once big funds start putting significant money in, 401k managers allowing in 401ks, etc., I decide to put a percent in. As a late comer, I bought high, with I think Bitcoin/Eth about 30% off of their high (can't remember, might have been a bit lower) and then bought some more as it dipped, along with some alt coins (a couple I bought near the high -- Algo, etc), and like I said, bought more as they dipped until I tapped out the amount I was willing to put in.
So, I'm pretty heavily underwater, but we'll see where it goes from here. I figure one of two things will happen. They will be regulated out of existence or result in far LESS adoption than current, or they will keep growing prove a good long term investment. I think either extreme is a fairly high likelihood.
One of my homies who is a cryptic skeptic just spent some cashola on it. They have done fairly well with predicting the ups and downs of it.
Licking wounds or buying the sale?
Sup guys, how's it going?
I've resisted posting in here.
I sold all my bitcoin in December and January last year. I didn't catch the top, but I made some great gains. Most of my bitcoin was purchased between BTC @ $12,000 - $20,000 through the end of 2020.
I would have sold it quicker, (I sold the grayscale bitcoin trust shares I had in my IRA in Feb 2021. .. .too early), but I didn't want to incur short-term capital gains because I hadn't held it a year yet.
So.. . once the majority had been over a year to get LTCG tax treatment, I sold the bulk of it in December 2021 at just over $50k, and the balance in Jan. 2022 at around $41k. Had I not been waiting on hitting the one-year mark for long term capital gains treatment I would have sold it way too early (Feb 2021), so that worked out. Most of it I made gains of 200% - 300%.
I went the whole gamut, from crypto skeptical as my first bitcoin was just a means of withdrawing internet poker winnings, to a "true-believer", and then 180 degrees to thinking it is a ponzi scheme at least for the time being.
Eventually, we'll all use crypto, but by that time it will be completely co-opted by governments and central banks. It will be a means of controlling money vs being a means of liberated anonymous transactions. That's my 2 cents.
It was never going to be this mainstream, totally free from government oversight thing that the crypto bros have insisted it would be. That was always just complete stupidity. Until it has some sort of oversight and regulation, it was always going to just be gambling and not a stable thing to base your finances on. Fine as an investment in a diversified portfolio, but putting all your eggs in it was and is insanity.
As it turns out, it really wasn't an "investment". That intimates an asset that will generate a compounding return. Crypto ain't that.
This was just a trading vehicle. Some folks got lucky and made money. I'm afraid a lot of folks are going to really get hurt. I mean. .. some folks somewhere bought bitcoin at $70k. Ouch. A lot of folks were playing with leverage as well. I thought maybe most of the levered players were out by now. I was contemplating getting back in since it had levelled out at $20k for some time.
Turns out, there's still some bad guys and leverage at play. It will take a while longer to find the bottom.
When Microstrategy and their CEO Michael Saylor blow up we'll know we're getting closer.
He's not alone.
The whole "Crypto.com" superbowl commercial etc. were clanging bells that it was time to get out. When porn stars are hocking coins etc. on their tik tok and insta pages. . . .
I can't remember who said it, but back in the 1929 crash they said, "when I heard my shoe-shine guy talk about the stock market I knew it was time to get out".
Now, when you see porn stars and football players hocking these things you know it's time to get out.
LOL. Just thinking about how this will be handled in the divorce. .. . Will they mark-to-market based on the filing date, or when the divorce is official? He could be in severe trouble if her lawyers can get a mark-to-market at pre-crash levels.
Of course, I think she was part of that sponsorship as well. And she's got more money than he does, so probably doesn't matter.
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