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Anyone else in this crypto madness?
Am i the only one that sees a monthly salary in crypto wallet vanishing in less than 30 minutes just to see it x2 within a month?
I honestly don't know how these traders do it to predict or get close to predicting if a coin/stock will rise.
I have my balance mostly in BTC standing still and it makes me nervous watching it go down in half just because Iran suddenly thought of bombing Israel.
Hosting & service providers, do you keep your crypto from the clients or your cash out the moment you get the chance?
What do you think, worth it long-term?
Comments
I'm not in that situation but of your not much of a trader and it makes you nervous i'd just cash out. There's no exact trick to speculation. It's something between plain old gambling and a full time job. Sure you could pretty much do the gambling part if that sounds like a wise idea to you but...
There's no value behind crypto currency, the time is ticking. We're all in IT and know that once a computer was developed that can compute the chain parts faster than current graphic cards and thus generate endless coins or whatever within a very short time, the coin is worth nothing pretty fast.
Forex trading always entailed the likelihood of eventually losing your shirt, unless it is someone who is a big expert on the markets.
Well, that's partly true. Not all coins use proof of work or have infinite supplies though. Even if they do nothings going to happen just tomorrow and as long as the algorithm adapts there's little to worry about in this regard. Pretty much every currency constantly inflates and isn't really backed by much of anything but as long as people are willing to exchange goods to get value X in return that doesn't really matter. Maybe the value X changes a little in this or that direction but that's it.
Obviously there is a metric fuckton of crypto coins where this isn't true as you can't do anything with them besides pointless speculation devoid of any real life connection. Asstoken5000 won't really buy you anything while a stack of Monero gives you interesting options
Pro tip: you can just use that $5 wrench instead: jail them all, it's easier
I'm pretty sure most hosts do cash out into fiat right away, yes. Everything else would probably would kind of dumb. I do enjoy myself a little crypto price gambling (investing), but in such low amounts that it's sustainable even if I loose some money.
What? I just invested my lifetime savings into Asstoken5000! Was that a bad thing? I sadly lost all my Monero in a boating accident.
The unspoken rule of trading is don't trade all of your money. As many users pointed out already, crypto is just speculation. Many people buy = price goes up. Many people sell = price goes down. It is not wise to gamble all of your salary, as you said, on the off chance of the coins going up.
If you want to have same anonbucks, just convert it to a stable coin like usdc. Only keep in moving assets half of what you are ready to lose
No reward without risk
At this point go on stake.com lol
Economy is a mess and people want to make living (desperately)...
Kind of confused, when they pay you in crypto do they not use the immediate exchange rate? Why would you want to take the risk? Feels like the ideal way to deal with this is to immediately convert it into fiat anyway. If you want to invest in crypto then invest your own money in crypto.
I don't think so. The difference is not how it's backed but that there's control about the amount of available coins of official currencies while there's no control for crypto currencies. If there's a new hardware (or maybe even just a new algorithm) which allows individuals to generate them a high amount of coins in reasonable time it devalues that crypo currency to zero more or less immediately. For official currencies, individuals do not have control about that and it doesn't depend on technical improvements so it's much more stable and reliable (as investment).
Those currencies that work by limited amounts rather than prove of work will deflate everytime a new user joins with whom the pool needs to be shared, so this will just work if the new user is willing to pay as much or more for a coin as the previous user who joined last.
That's why crypo is in my opinion not good for investment and just useable for short term transactions for anonymity.
everyone wanna make easy money.... I'm pretty sure that those spectators work on insider information and the richest get richer and the poor keep losing money but not faith ?
Well, that pretty much depends on the algorithm used. Some are very much controlled. Also how far the current and past control exercised by central banks leading to galloping inflation and astronomical debt bubbles really is something that's overly confidence inducing is a quite debatable topic at best. Staying inside the proof-of-work concept one could even say that those coins are at the very least backed by the energy used to produce them, while central bank money is actually really produced out of thin air.
Besides, like i said before, not every coin relying on proof-of-work algorithms can also adapt to raising hashrates (higher hashrates lead to higher difficulty, higher difficulty leads to reduced yield, countering the advantage of new technology), so usually there is not really any kind of long term advantage but rather a short period of centralization until the field evens out.
While i fully agree in regards to stability the reason for the massive fluctuations in crypto are rather due their highly speculative nature than due to control exercised by individual persons. I'm not even much of a crypto fan but the people behind the serious projects actually aren't that stupid. Quite to the contrary a lot of them are seriously smart.
Sure there is (i think not that much anymore due to tightening regulations but still) stuff like pump and dumps but those pretty much work like their real world equivalents. Nothing crypto specific about that beyond maybe the largely unregulated environment of the early years being quite advantageous for people wanting to pull something like this off.
Well, without getting into a lot of money theory (as in inflationary vs. deflationary vs. stable), that's not actually an overly practical view on the situation. Why would anyone (who's not a speculative investor) want some kind of share of a pool? Like i've said in the beginning, there's a lot of garbage coins/tokens that serve no real purpose but in a general sense you don't get a currency to have a share of the pool but rather to later on buy goods with it. As long as the amount of buyable goods matches the amount payed to acquire currency the exact price is irrelevant.
Well, i kind of agree as in that it's often times pretty risky but there are still people who seem to have enough insight to make profitable predictions, so for them crypto is obviously a worthwhile investment (of course naive people are going to see that, think if this guy can do it i certainly can too and lose everything but, well, if it wasn't for crypto those guys would have likely found another way to waste their money anyways).
Having said that, i'm really not much of a fan of the fact that a lot of crypto is basically just about speculative value. As far as i'm concerned all those coins/tokens that have literally no real life usage might as well die off. I wouldn't shed a single tear (the original idea behind crypto wasn't to create some speculative wild-west-asset but an actually usable currency) but then if i knew how to get filthy rich by trading my AS5 (AssToken5000) for LDC (LimpDickCoin) i suspect my view would be a little different
In general, would i recommend a normal person person to invest in crypto? 100% NO. The whole topic is seriously complicated and there is massive amounts of misinformation, greed and downright fraud counting on people's lack of understanding and naivety. I actually did some basic crypto development for some time (kind of as the replacement guy) and i understand at least a little bit about the technology behind it i'm but still very far from having a complete understanding and the technical part is just a tiny, tiny bit of the whole picture.
I'd argue for someone who hasn't spend an extended amount of time working with all the aspects of crypto it's practically impossible to make even semi-informed decisions, which is pretty much the basic recipe for disaster when serious amounts of money are involved. High chance they'll end up investing their life savings into DPN (DigitalPoopNugget) because it's going to the moooon just to lose everything when the inevitable dump comes around and the initiators abandon their virtual fly trap and make off with the investors (like people buying some random digital shit automatically become investors...) money to some beach for a couple cocktails.
I just immediately exchange whatever clients send me into USDT.
Makes sense! Do you "cash out" to a bank monthly or do you wait for a certain amount?
The latter happens here in India when the popo wants access to your accounts, lol. Warrant/paper work/documents come in later.
Tbh it all depends on the amount. If it is large, I'd move it to a separate wallet. If however, I need to pay bills, then i'd cash it out.
I see, that makes sense.