Crypto Selloff

[masterfins]

Aside from the NFT discussion, last week there was a major selloff of Crypto currencies on the stock market.  It was estimated that $1.35 TRILLION in global value was lost last week, that's 50% of the crypto market.  Even the two biggest players, Bitcoin and Ethereum, lost about half their value.  It's regained some value this week, but this shows what volatile investment this can be; it reminds me of the late 90's when any stock related to the internet had astronomical gains that were based on exuberance.  I'm not an investor in Crypto currencies, and never will be, but I can see this wiping out most of the small crypto currencies that really are nothing more than a "story stock".  I imagine Bitcoin will survive and carry on they are actually based on something.  I don't really know anything about Ethereum so I won't comment on them.  The one positive thing I found out about Bitcoin a few years ago was that they actually have ATM machines where you can go withdraw Bitcoin in the form of US Currency; to me that is valuable.

Anyways, a $1.35 Trillion selloff means a lot of average investors lost a lot of money during the run up of these currencies' values of the past two years.

[Tenshot13]

Aside from the NFT discussion, last week there was a major selloff of Crypto currencies on the stock market.  It was estimated that $1.35 TRILLION in global value was lost last week, that's 50% of the crypto market.  Even the two biggest players, Bitcoin and Ethereum, lost about half their value.  It's regained some value this week, but this shows what volatile investment this can be; it reminds me of the late 90's when any stock related to the internet had astronomical gains that were based on exuberance.  I'm not an investor in Crypto currencies, and never will be, but I can see this wiping out most of the small crypto currencies that really are nothing more than a "story stock".  I imagine Bitcoin will survive and carry on they are actually based on something.  I don't really know anything about Ethereum so I won't comment on them.  The one positive thing I found out about Bitcoin a few years ago was that they actually have ATM machines where you can go withdraw Bitcoin in the form of US Currency; to me that is valuable.

Anyways, a $1.35 Trillion selloff means a lot of average investors lost a lot of money during the run up of these currencies' values of the past two years.

The "First time?" meme comes to mind.  I've seen this happen plenty of times already, it'll be back soon enough.

[ArtieChokePhin]

Some small cryptos may disappear, but the Musk backed ones like Dogecoin and Shiba Inu will survive.  Especially because he is encouraging retailers to accept them as payment.

[masterfins]

I think of the huge Tech stock sell-offs of the early 2000's.  Every Tech company that said they had anything to do with the internet soared to astronomical prices with no basis in actual earnings or profitability.  Most went bankrupt, but some survived.  I still don't know how Amazon survived; they were basically just a book seller back then and recorded huge losses every year for years.  But somehow their investors stuck with them and they survived to become the behemoth they are today. So some of these cryptos will survive and grow, but the current sell-off will eliminate the smaller ones.
 

[pondwater]

Everything is selling off right now. Between stocks and mutual funds I've lost $75-80k in the past 6-8 weeks. It will all go back up eventually so no real need to worry. Hell, I'm thinking of buying in another $15-20k while it's down.

[Dave Gray]

Everything is selling off right now. Between stocks and mutual funds I've lost $75-80k in the past 6-8 weeks. It will all go back up eventually so no real need to worry. Hell, I'm thinking of buying in another $15-20k while it's down.

This is where I'm at, as well.

I haven't invested anything in crypto at all, but I do think it's viable and think now might be a good time to buy in a little bit.  I'm just not sure which one is best.

[Tenshot13]

This is where I'm at, as well.

I haven't invested anything in crypto at all, but I do think it's viable and think now might be a good time to buy in a little bit.  I'm just not sure which one is best.

I'm investing in Tezos which you can get on coinbase right now.  There are TA analysis that say it could get into the $40 range ($2.98 right now).  Plus by just holding it on coinbase it stakes is and you get a 5% APY.

Safe bets are going to be Bitcoin, Ethereum even Doge because Elon is trying to get everyone to accept it as payment right now.  My biggest holding in Chainlink, but I got into that a long time ago.

[pondwater]

This is where I'm at, as well.

I haven't invested anything in crypto at all, but I do think it's viable and think now might be a good time to buy in a little bit.  I'm just not sure which one is best.

Crypto makes me uncomfortable if we're talking about investing more than a couple hundred dollars. I'm probably going to stick with the stuff my Dad had or look at some other things that have dropped a lot lately.

VWUAX was my best performer up until a couple months ago, now it's the biggest loser. On Dec. 15 I had almost 40K in distributions that I didn't initiate or receive but is taxable. From what I'm told that's normal with mutual funds. Anyhow it was all automatically reinvested halfway through this market drop so it should lower my per share position.

I'm investing in Tezos which you can get on coinbase right now.  There are TA analysis that say it could get into the $40 range ($2.98 right now).  Plus by just holding it on coinbase it stakes is and you get a 5% APY.

I could see dropping a few hundred into something like that and see what happens over a certain period.

[Tenshot13]

Crypto makes me uncomfortable if we're talking about investing more than a couple hundred dollars. I'm probably going to stick with the stuff my Dad had or look at some other things that have dropped a lot lately.

VWUAX was my best performer up until a couple months ago, now it's the biggest loser. On Dec. 15 I had almost 40K in distributions that I didn't initiate or receive but is taxable. From what I'm told that's normal with mutual funds. Anyhow it was all automatically reinvested halfway through this market drop so it should lower my per share position.
I could see dropping a few hundred into something like that and see what happens over a certain period.

If you're only dropping a few hundred, yeah either that or Doge coin would probably be a good bet.

[Dave Gray]

Crypto makes me uncomfortable if we're talking about investing more than a couple hundred dollars.

I wasn't going to do anything more than "play" in it.  Maybe $1000 bucks total.

I'm not trying to make a portfolio out of it.

[masterfins]

I wasn't going to do anything more than "play" in it.  Maybe $1000 bucks total.

I'm not trying to make a portfolio out of it.

This is what I was thinking of doing with this big selloff, maybe invest a couple thousand in one of the better options and maybe double my money, or at worst lose 50%.

[ArtieChokePhin]

I wasn't going to do anything more than "play" in it.  Maybe $1000 bucks total.

I'm not trying to make a portfolio out of it.

It's like gambling.   Don't invest more than you're willing to lose.

[Spider-Dan]

It's not even "like" gambling.
It's literally gambling.

[Tenshot13]

It's gambling like penny stocks in the stock market is gambling. 

[Spider-Dan]

The stock market, as a whole, is itself gambling.

There is functionally no difference between "I think Tesla stock will rise" and "I think the Chiefs will win on Sunday."