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Old Yesterday, 23:25   #161
hotspur
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Was talking to a friend earlier (guy who got me into cryptos) and he took out his phone and showed me the crypto price charts of January of each of the last four years on one screen. Graphs looked identical.
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Old Yesterday, 23:27   #162
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Originally Posted by hotspur View Post
Was talking to a friend earlier (guy who got me into cryptos) and he took out his phone and showed me the crypto price charts of January of each of the last four years on one screen. Graphs looked identical.


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Old Yesterday, 23:31   #163
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100% agree with you on this, I can see how hard it is for non-poker players to jump into cryptos and not be result-oriented based on short term swings.

One of the big causes of this correction in my opinion is that many new investors are not used to big swings and are just selling based on emotions (panic?) without looking at the big picture. I can also guess that many probably invested much more than they should have on such a volatile market which makes it harder for them to completely detach emotions from their decisions.
What big picture?

If you really want to know why there is big pump and dumps I'd encourage you to read https://www.reddit.com/r/Tether/comm...ncy_of_tether/
TLDR version is since the beginning of Jan '17 there is an exchange called Bitfinex that has been creating Tethers (think USD) out of thin air. This is similar to the federal reserve and quantitative easing apart from they can get away with it as they are the government. Have a look at https://coinmarketcap.com/currencies/tether/ since Jan '17. Their market cap was 15 million now its currently 1.5 billion. It's not a coincidence that cryptos have gotten out of control in the past year. They have flooded all crypto markets and brought the general public with them.

You come across as sanctimonious about non-poker players but at least they'll have something to hang their hats on when this all go tits up. You can HODL all you want but there comes a time when you need to cash out. TBH I'm surprised poker players don't see this as a scam as we've seen it all before - UB and their superbots, Full tilt and their pros helping themselves to player funds etc. Anywhere money is to be made the fraudsters will follow. The crypto space is full of scammers and the big whales are manipulating the market. Sure you look like a Gordon Gekko 2.0 when its on an upward trajectory but lets see what happens when their is a run on all these exchanges. There will be no Brian Lenihan stepping in to gtd the deposits.

Like one of the main voices the cryto fanboys talk about as a voice of reason is Litecoin founder Charlie Lee, read about him here https://medium.com/@bitfinexed/coinb...n-be64ead3facc
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Old Yesterday, 23:43   #164
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just bought some xrp, no weak hands lads.
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Old Yesterday, 23:48   #165
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just bought some xrp, no weak hands lads.
Ripple, really. You should be ashamed. I hope you wash your hands

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Old Today, 08:31   #166
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Further crashaments overnight I see...11k now
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Old Today, 08:46   #167
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Further crashaments overnight I see...11k now
It's funny, as soon as I saw you were posting in this thread I knew there must have been a crash.

The schadenfreude is strong. (yes I did Google the spelling).
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Old Today, 09:13   #168
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It's still at an ATH from one month ago lol, all the new money
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Old Today, 09:28   #169
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Further crashaments overnight I see...11k now
But but but its the Asians cashing out to by presents for the lunar new year.....riggghht???
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Old Today, 09:41   #170
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Pretty much all the subreddits for crypto are absolute cancer,full of shilling and circle jerks. I swear if bitcoin ever reaches $1 the front pages will be full of Im holding ,whos with me dont listen to the FUD Bitcoin is on sale and bitcoin was at 1$ before on X date and climbed to X so obv it will happen again as past performance is an indicator of future performance threads. And anyone who expresses any doubt is dismissed as some kind of stereotypical jewish banker.
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Old Today, 10:36   #171
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Originally Posted by Slice Of Life View Post
non-poker players but at least they'll have something to hang their hats on when this all go tits up. You can HODL all you want but there comes a time when you need to cash out. TBH I'm surprised poker players don't see this as a scam as we've seen it all before
What I meant is that the average recreational poker player theoretically has a much better bankroll management than the average non-poker player and would know not to invest more than 5%-10% max in such a volatile market and therefore short term (or even long term) swings shouldn't affect him much, whether a lot of non-poker player look at this as a quick way to get rich and would end up losing much more money that they could afford (I have heard of people borrowing money to invest in cryptos, which is totally stupid).

When/if this goes tits up (which according to the Bitcoin haters this should have happen already 20 times in the past 9 years since Bitcoin started but instead is still holding strong) nobody with a well balanced portfolio where cryptos are only a small part of it will be affected too much. The downside is that you lose 100% of what you invested, to upside has a potentially huge return, it is up to the individual to size the risk/reward based on his circumstances and trust he has in the future of cryptos and blockchain 10 years from now.

I personally only have 3% of my money in cryptos, and I am still very much optimistic for the future. If I am wrong I won't lose sleep over it though, just move onto the next one.
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