Cryptocurrency

[bandrus1 413]

So how many guys ruined their credit using cards?

How?

 

Like putting in money they didn't have?

 

That's just dumb

[tanatastic 2,061]

So how many guys ruined their credit using cards?

Its only ruined if you dont pay the bill. Who would run up charges without a manageable monthly payment?

[WhiteWonder 2,171]

Its only ruined if you dont pay the bill. Who would run up charges without a manageable monthly payment?

 

wait, really? so, like, no one in the history of ever has ever had bad credit? not saying anyone here but I am 1000% sure people out there have credit card bills they can't pay because they loaded up on cryptos at the peak.

 

no different than buying a bunch of you can't really afford.

[Saint Elistan 106]

 

wait, really? so, like, no one in the history of ever has ever had bad credit? not saying anyone here but I am 1000% sure people out there have credit card bills they can't pay because they loaded up on cryptos at the peak.

 

no different than buying a bunch of ###### you can't really afford.

 

I know a bunch of kiddos used their Student Loan Money...not the best strategies when the real money is in the long-term hold. Some people have to learn the hard way...

[Alias Detective 1,179]

I know a bunch of kiddos used their Student Loan Money...not the best strategies when the real money is in the long-term hold. Some people have to learn the hard way...

Wait what? Hard way? Heck, you want free college. What pisses me off is these idiots who used their student loan money will and moan they have loans to begin with.

[Alias Detective 1,179]

Also ethereum right almost where I would buy for my "play the bouncing ball".

Buy 5 ether under 1k, sell as it approaches 1200. Make 1k a pop. Not bad.

On the bright side I woke up this morning and added more ETH below 800.

wait, really? so, like, no one in the history of ever has ever had bad credit? not saying anyone here but I am 1000% sure people out there have credit card bills they can't pay because they loaded up on cryptos at the peak.

 

no different than buying a bunch of ###### you can't really afford.

 

How much did you rack up?

[vuduchile 1,940]

So whats the geek play here now?

 

Are we riding this all the way down to zero?

[MTSkiBum 1,593]

So whats the geek play here now?

 

Are we riding this all the way down to zero?

 

 

Depends what the stock market does, if the stock market stabilizes and this continues to crash then i plan on buying some bitcoin at 1-2k and ethereum at 1-2 hundred and then see what happens.

[Reality 2,710]

Crypto is cute an all but, I'll be paying more attention to my actual money today. Hopefully things ease up today but, futures aren't looking great right now for the DOW though.

[WhiteWonder 2,171]

 

How much did you rack up?

In credit card debt? The two ethereum purchases I have made (one long ago) and the most recent one were direct transfers from a linked bank account.

 

Also I known you are aware the peaks are not close the the numbers i mentioned but good try

[tubby_mcgee 686]

 

 

Depends what the stock market does, if the stock market stabilizes and this continues to crash then i plan on buying some bitcoin at 1-2k and ethereum at 1-2 hundred and then see what happens.

 

 

Why are you thinking the stock market has anything to do with cryptos?

[tubby_mcgee 686]

Crypto is cute an all but, I'll be paying more attention to my actual money today. Hopefully things ease up today but, futures aren't looking great right now for the DOW though.

 

 

Meh. Relax. Let it fall. Did you think it was going to go up forever without a correction/dip/fallback/crash? It pulled back in 2008 and 2009 also. Seems to have recovered pretty well from that---6500.

 

Unless you were needing that money now, it shouldn't bother you, unless you were thinking it was just going to keep going up forever. Then I don't know what to tell you.

[IMMensaMind 459]

So whats the geek play here now?

Are we riding this all the way down to zero?

Not me; I don't want to take (potentially) forever to recover. One thing we've learned: this market is volatile - but that volatility swings both directions.

 

The following requires underlying belief in the staying power of the specific CC you're 'riding':

 

I used a formula - and it works playing blackjack as well (unless you run out of chips):

 

Calculated on my basis, I have been dollar cost averaging my way down on IOTA in specific by increasing my reinvestments as the price slides. Just for a hypothetical example:

 

Own 10,000 @ 4; see price drop to 3:

 

1. Buy 5,000. See price drop to 2:

 

2. Buy 10,000. See price drop to 1.5:

 

3. Buy 20,000.

 

This is (loosely) what I have done with IOTA - and I've done it with (at least initially) profits I pulled from selling ETH and LTC when they were much higher than present.

 

Now, instead of holding 10,000 @ average 4 - and waiting until it returns to 4 to 'break even', I hold 45,000 @ average ~$2.30

 

My target is to pull out a large portion of my investment @ my recovery point: $2.30 - or possibly not, based upon various factors at that time. I am prepared to double again if IOTA hits ~$1.00.

 

One can screw with this strategy based upon available resources/risk tolerance/belief in investment/market factors, and move that 'break-even' point accordingly.

 

It all goes to sht if it never recovers, but I'm not seeing indications of that based upon what they're up to.

[MTSkiBum 1,593]

 

 

Why are you thinking the stock market has anything to do with cryptos?

 

 

My wife and I talked about what options we have and we are happy with the money we have now. We have 1 years worth of salary in a Vanguard mutual fund index. If the stock market stabilizes today then we are bailing and selling everything.

 

If we do this route then we will have a small amount of money to put into risky investments, and in this case we will probably buy some bitcoin and Eth. Although probably not more than a few thousand.

 

 

If the stock market continues to crash today, then we will turn our short term savings into long term savings and wait for the rebound however long that takes, 5-10 years down the road, etc. In this scenario we will not have extra money to invest in cryptos.

[IMMensaMind 459]

Why are you thinking the stock market has anything to do with cryptos?

Probably only as part of a larger decision regarding comfort/resources available to invest in more volatile things like CCs.

 

ETA: oops. I should have just read to the end.

[edjr 5,547]

 

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The Russians

[tubby_mcgee 686]

 

 

My wife and I talked about what options we have and we are happy with the money we have now. We have 1 years worth of salary in a Vanguard mutual fund index. If the stock market stabilizes today then we are bailing and selling everything.

 

If we do this route then we will have a small amount of money to put into risky investments, and in this case we will probably buy some bitcoin and Eth. Although probably not more than a few thousand.

 

 

If the stock market continues to crash today, then we will turn our short term savings into long term savings and wait for the rebound however long that takes, 5-10 years down the road, etc. In this scenario we will not have extra money to invest in cryptos.

 

 

I'm far from an expert...but if the market does what it has done since it's inception, 40 year olds (or less) now...will see the Dow at 100,000 in their lifetime.

 

Also, why would you pull from stock market completely? What's different today vs a week ago? A week ago, you knew this could happen....and it happened.. so what. Are you near retirement?

 

Just wondering...not criticizing.

[tubby_mcgee 686]

Geez....up 4800% in last week. Why?

 

20 E-coin ECN $1,441,263,332 $289.34 4,981,227 $37,034 253.58% 4,880.21%

4,060.03%

[Kim Jong Il 3]

Geez....up 4800% in last week. Why?

 

20 E-coin ECN $1,441,263,332 $289.34 4,981,227 $37,034 253.58% 4,880.21%

4,060.03%

 

 

Week? looks like couple hours

[IMMensaMind 459]

Geez....up 4800% in last week. Why?

 

20 E-coin ECN $1,441,263,332 $289.34 4,981,227 $37,034 253.58% 4,880.21%

4,060.03%

Whoa.

[tubby_mcgee 686]

 

 

Week? looks like couple hours

 

 

well now its floating back to earth

[MTSkiBum 1,593]

 

 

I'm far from an expert...but if the market does what it has done since it's inception, 40 year olds (or less) now...will see the Dow at 100,000 in their lifetime.

 

Also, why would you pull from stock market completely? What's different today vs a week ago? A week ago, you knew this could happen....and it happened.. so what. Are you near retirement?

 

Just wondering...not criticizing.

 

 

We were going to remove the money a week ago, but did not get around to it. My wife felt bad last night because of this issue. This is not our retirement account it is our short term money. Some of it we will use to replace one of our crappy cars in the next month, etc.

 

I am with you. I think the stock market will be much higher in the long term, but this is money we want to have around right now.

[patweisers44 697]

Not me; I don't want to take (potentially) forever to recover. One thing we've learned: this market is volatile - but that volatility swings both directions.

 

The following requires underlying belief in the staying power of the specific CC you're 'riding':

 

I used a formula - and it works playing blackjack as well (unless you run out of chips):

 

Calculated on my basis, I have been dollar cost averaging my way down on IOTA in specific by increasing my reinvestments as the price slides. Just for a hypothetical example:

 

Own 10,000 @ 4; see price drop to 3:

 

1. Buy 5,000. See price drop to 2:

 

2. Buy 10,000. See price drop to 1.5:

 

3. Buy 20,000.

 

This is (loosely) what I have done with IOTA - and I've done it with (at least initially) profits I pulled from selling ETH and LTC when they were much higher than present.

 

Now, instead of holding 10,000 @ average 4 - and waiting until it returns to 4 to 'break even', I hold 45,000 @ average ~$2.30

 

My target is to pull out a large portion of my investment @ my recovery point: $2.30 - or possibly not, based upon various factors at that time. I am prepared to double again if IOTA hits ~$1.00.

 

One can screw with this strategy based upon available resources/risk tolerance/belief in investment/market factors, and move that 'break-even' point accordingly.

 

It all goes to sht if it never recovers, but I'm not seeing indications of that based upon what they're up to.

So your using what amounts to a martingale system (for the most part) to invest in cryptocurrency.

[IMMensaMind 459]

So your using what amounts to a martingale system (for the most part) to invest in cryptocurrency.

Yup. You cannot play 'double or nothing' on a coin flip for very long and not eventually break even.

[kutulu 1,542]

Pulled about 75 Grand out of an s&p 500 fund yesterday. May look to time some end of year run but will probably just start dollar cost averaging back in next year(401k $)

Haven't started dollar cost averaging just yet... May wait a little.

[tanatastic 2,061]

So whats the geek play here now?

Are we riding this all the way down to zero?

Yes, selling is pointless unless its an emergency. Just hold, pray, add to positions when it crashes and pray some more.

[IMMensaMind 459]

Haven't started dollar cost averaging just yet... May wait a little.

Humble opinion: I think now. The economic fundamentals are simply too strong; I think this resumes upwards more quickly than you can react by waiting to average back in. I think I would feel differently if you had pulled that 75K TWO days ago.

[Strike 3,948]

Yes, selling is pointless unless its an emergency. Just hold, pray, add to positions when it crashes and pray some more.

 

I don't know about anyone else, but I know I always base my investment decisions on lots of prayer!!!

[patweisers44 697]

Yup. You cannot play 'double or nothing' on a coin flip for very long and not eventually break even.

Or go broke.

 

But this assumes that investing is a coin flip.

[tanatastic 2,061]

So your using what amounts to a martingale system (for the most part) to invest in cryptocurrency.

When I was younger I used martingale at the blackjack table. I thought how many hands in a row could I possibly lose? I found out.

[edjr 5,547]

When I was younger I used martingale at the blackjack table. I thought how many hands in a row could I possibly lose? I found out.

 

I did similar with a bookie. I was 17 and had no job

 

Keep doing double or nothib, you'll break even, I told myself

 

Then I go crying to dad I need $465 to pay off the bookie

 

Worked well. I call it the edingale system

[Hardcore troubadour 12,588]

So, now that the martingale was introduced here, does that mean that this thread is no longer serious and is open to some trolling? Asking for a friend.

[Frozenbeernuts 1,652]

Can't remember if I mentioned this, but I bought Lend a few times. I put purchase orders in for every drop of 50 sats, 10k Lend at a time. I bought at 1000, 950, 900. Looking like a nice buy right now, but a month ago I would have put it all on Lend at 900. Trying to hedge a bit. I'm a believer in the technology, so it's amazing how fast people go from Crypto is the future, to, Crypto is dead

[WhiteWonder 2,171]

, so it's amazing how fast people go from Crypto is the future, to, Crypto is dead

Couldn't disagree more. The stuff was so pumped up it was bound to lose its flavor of the month (year) status.

 

Not to say it won't rebound but I seriously think the days of nonstop gains are over which is what was fueling the hype. This has been around for a long time and never acted like it did since this summer.

 

Maybe that's easy for me to say because I've never believed CCs are the future of anything. I long ago said that governments and banks won't allow it. Which is what you're starting to see with certain places not allowing credit card purchases for CC.

 

I view them as an investment just like weed stocks

[IMMensaMind 459]

Or go broke.

 

But this assumes that investing is a coin flip.

That's why I'm engaging this; it's not a coin flip for me. It's a strategy, not a guarantee, though.

 

But I'd rather have 4.5x holdings in something in which I believe at half the price than 22% as much at double.

[vuduchile 1,940]

Somewhat encouraging news

 

https://www.yahoo.com/tech/senate-cryptocurrency-hearing-strikes-cautiously-224033235.html

[IGotWorms 3,300]

 

 

My wife and I talked about what options we have and we are happy with the money we have now. We have 1 years worth of salary in a Vanguard mutual fund index. If the stock market stabilizes today then we are bailing and selling everything.

 

If we do this route then we will have a small amount of money to put into risky investments, and in this case we will probably buy some bitcoin and Eth. Although probably not more than a few thousand.

 

 

If the stock market continues to crash today, then we will turn our short term savings into long term savings and wait for the rebound however long that takes, 5-10 years down the road, etc. In this scenario we will not have extra money to invest in cryptos.

Leave it in the index fund.

[MTSkiBum 1,593]

Leave it in the index fund.

It was sold.

 

We plan on using the profits to replace my wife's 10 year old MDX with a new Toyota Highlander.

 

She was the one that chose the specific fund and is excited for a new vehicle.

 

I created a thread on this site about purchasing my wife's current vehicle 3 years ago, it was a semi-decent choice. Overall it has been reliable and cheap to run, but now it needs brakes, windshield, tires, transmission fluid, differential fluid, a front alignment, and the a/c is intermittent. This is over 2k in maintenance that it needs.

 

This coupled with the fact that I put 10k+ miles on it towing near the limit of it's tow capacity means that the smart move would be to sell now.

 

While it is a decade old, it has low miles and should sell quick even given the money that needs put into it.

 

I drive an older, crappier, vehicle that I am still hoping to replace. This will not happen until my wife gets a new vehicle.

 

 

I hope to have gone from never purchasing a newer vehicle ever to having 2 new Toyotas in the driveway. This will let us plan our money without worrying about vehicle expenses for the next 10 years.

[Strike 3,948]

https://www.bloomberg.com/news/articles/2018-02-07/get-ready-for-most-cryptocurrencies-to-hit-zero-goldman-says

 

[bandrus1 413]

https://www.bloomberg.com/news/articles/2018-02-07/get-ready-for-most-cryptocurrencies-to-hit-zero-goldman-says

 

Didn't most of us know they wouldn't all survive and we were trying to pick winners