Is investing in Crypto just a get rich quick scheme?

[Leo Gura]

10 minutes ago, 7thLetter said:

Me coming back to this thread proves my analysis was right honestly, if it hits my target.

No it doesn't.

Please learn some basic science.

[7thLetter]

1 minute ago, Leo Gura said:

Apparently you've never read the fine print disclaimer on any trading website: Past performance is no indicator of future performance.

They just say that for legal purposes. Similar to how you would write a disclaimer in your Psychedelic videos.

[tsuki]

Ahem

[Leo Gura]

32 minutes ago, 7thLetter said:

They just say that for legal purposes.

They say it because fools using your logic have lost millions doing what you're doing.

[7thLetter]

Just now, Leo Gura said:

They say it because fools using your logic have lost millions doing what you're doing.

Fools lost millions because they didn't know what they were doing.

Anyone can come put money into the markets in hopes of realizing a profit. Your mom, your sister, your brother, your aunt, your cat, your dog. That's where the money that is lost is coming from, from the people who don't know anything.

My 65 year old aunt puts money into crypto, does she know anything about trading or what a Dogecoin is? Hell no. If she loses all her money that's all on her for not understanding how to trade or understand market cycles.

You write a disclaimer in your Psychedelics videos because of how dangerous Psychedelics can be, but we all know its only dangerous for the ones who don't know anything.

Lose all your money in the market = Ignorance.

Die from plugging LSD in your butt = Ignorance.

[Leo Gura]

12 minutes ago, 7thLetter said:

Fools lost millions because they didn't know what they were doing.

Haha

Everyone else is the fool.

Exactly how a fool thinks.

[7thLetter]

4 minutes ago, Leo Gura said:

Haha

Everyone else is the fool.

Sounds exactly what a fool would think.

I guess I'm a fool then if I take the time to do my own research and watch your Psychedelic videos to educate myself on how to properly dose & trip.

Compared to the people who do psychedelics for fun at parties without any prior education on what Psychedelics are? Yeah I'm definitely the fool.

[Guest SirVladimir]

@7thLetter While I agree that the parabolic move is unsustainable, the chart you have shown us is a bunch of fancy drawings.  It isn't grounded in reality, and betting on it as a trader would send you to the gates of hell right away. Have you ever wondered why 90% of supposed traders lose money? Everyone keeps this statistic in the back of their mind, hoping they are the outliers, yet virtually everyone draws the same conclusion from the same fancy paintings they have seen others draw. Ironic, isn't it? Why is it that the supposed golden standards of trading do not work?

Trading is about minimizing risk and not maximizing profit. The best way is to apply mathematics and physics, statistics and probability. These are dreamed up fields in the great scheme of cosmos, but they hold up relatively. You may think of trading volume as force and data distribution as mass. 

To quote your post: "It's more of a 50-70% chance of being right based on your skill/analysis."

Well, look. You could be right about 99% of your calls, and yet it would mean nothing if the remaining 1% wiped out your green numbers. On the contrary, you could be right 10% of the time and be pulling it off quite well. So these numberd are skewed. Not obvious at all.

But that's just something to think about. The best investment is a life purpose, and I can't wait to see everyone's come true. Imagine where we would be in 20 years. :-)

[7thLetter]

1 hour ago, SirVladimir said:

@7thLetter It isn't grounded in reality, and betting on it as a trader would send you to the gates of hell right away.

Not if you're using it as an indicator to exit your positions. I'm just saying based on what I've seen, this is the time to take some profits.

If I exit my positions right now, I don't lose money. If I'm wrong and Bitcoin continues to go up I don't lose money either, only potential profits. I'm just being extra cautious at this point in time.

1 hour ago, SirVladimir said:

@7thLetter Have you ever wondered why 90% of supposed traders lose money? Everyone keeps this statistic in the back of their mind, hoping they are the outliers, yet virtually everyone draws the same conclusion from the same fancy paintings they have seen others draw. Ironic, isn't it? Why is it that the supposed golden standards of trading do not work?

Are 90% of those "traders" actually real traders? Ask yourself that question. Your dog could put $1 into the market and be considered one of those "90% of traders."

And of course even the real traders lose money, that's just part of the game. It says "90% of traders lose money" not "90% of traders lose all their money." I could lose $3 and just like your dog who put in $1, I will be added as a statistic to one of those "90% of traders."

And no not everyone draws the same conclusion, people have different perspectives. There's bulls & bears. Democrats & Republicans.

1 hour ago, SirVladimir said:

Trading is about minimizing risk and not maximizing profit. The best way is to apply mathematics and physics, statistics and probability.

Which is what I'm doing.

1 hour ago, SirVladimir said:

 

To quote your post: "It's more of a 50-70% chance of being right based on your skill/analysis."

Well, look. You could be right about 99% of your calls, and yet it would mean nothing if the remaining 1% wiped out your green numbers. On the contrary, you could be right 10% of the time and be pulling it off quite well. So these numberd are skewed. Not obvious at all.

That number was just thrown out there.

I'd love to be the trader who's right 99% of the time and wrong 1% of the time. That means nothing? That would mean a great trader in my opinion.

Edited January 17, 2021 by 7thLetter

[Guest SirVladimir]

13 minutes ago, 7thLetter said:

I'd love to be the trader who's right 99% of the time and wrong 1% of the time. That means nothing? That would mean a great trader in my opinion.

No. It means absolutely nothing on its own. Zero. Nadda. I'm talking small win, small win, and then BIG loss. If you are right 99% of the time but you gain 0.1% from each trade, then one trip and you're done for good. Wiped out. There is literally nothing mathematical in the chart you have shown us. It is just a bunch of fancy lines you have been sold as "trend lines". This is pure delusion, and I am telling you as a somewhat experienced trader myself for your own good. Have you actually acted upon your paintings from day to day, week to week, year to year? And I emphasize the word traded; as in betted on intraday or intraweek changes; as in your trades lasted anywhere from hours to weeks and consistently brought you results. Have you? At least load up the logarithmic chart, which doesn't skew the data as much, and delete all of those lines. They are completely useless and mean nothing. Although I shall fold my cards now, put out the cigar, and leave the last word up to you, my fellow gentleman, feel free to end this discussion by showing us how good and true trader you are.  I'm packing my bags and kissing this thread goodbye. Please, do not project aggression upon my words, for I can sincerely and most genuinely assure you that I'm writing them with compassion and love. 

[7thLetter]

3 minutes ago, SirVladimir said:

No. It means absolutely nothing on its own. Zero. Nadda. I'm talking small win, small win, and then BIG loss. If you are right 99% of the time but you gain 0.1% from each trade, then one trip and you're done for good. Wiped out.

Who risks to gain 0.1% from all their previous trades then suddenly decides "oh I'm going to risk more than half my trading capital."

That's an unusual, rare case scenario. What do people call it, they say it came out of left field? Yeah I think that's what the saying is.

21 minutes ago, SirVladimir said:

There is literally nothing mathematical in the chart you have shown us. It is just a bunch of fancy lines you have been sold as "trend lines". This is pure delusion, and I am telling you as a somewhat experienced trader myself for your own good. Have you actually acted upon your paintings from day to day, week to week, year to year? And I emphasize the word traded; as in betted on intraday or intraweek changes; as in your trades lasted anywhere from hours to weeks and consistently brought you results. Have you? At least load up the logarithmic chart, which doesn't skew the data as much, and delete all of those lines. They are completely useless and mean nothing. Although I shall fold my cards now, put out the cigar, and leave the last word up to you, my fellow gentleman, feel free to end this discussion by showing us how good and true trader you are.  I'm packing my bags and kissing this thread goodbye. Please, do not project aggression upon my words, for I can sincerely and most genuinely assure you that I'm writing them with compassion and love. 

If you're an experienced trader then how do you trade?

Yes I have acted on my "paintings" and they played out well at least half the time. Obviously I've been wrong many times in the past, that's just part of the game. To call them "paintings" yeah great way to downplay the idea of TA.

I don't admit to being a great trader, never said I was. All I did was share my opinion then you and Leo came in and started bashing my analysis.

Have I gotten consistent results? No I still consider myself beginner/intermediate. In the beginning stages its difficult. I would expect the results to come in with 5-10 years of experience.

End of discussion.

[vinc3nc]

@7thLetter I've been investing in crpyto since 2017 and I've listened to many TA experts, fundamental experts etc. Many of them say we'll never see 20k BTC again. 10k BTC can only be caused by a black swan event at this point. Do you know how many people are waiting to buy the dip? What the hell makes you think it could go down to 10k and that the buyers wouldn't step in way higher?

You're definitely right about taking profits, but you don't have a clue about TA.

Edited January 17, 2021 by vinc3nc

[7thLetter]

@vinc3nc Lol so cringe.

"Yeah I listened to some random experts on youtube and they're always right and I invested since 2017 im an expert too."

If you've been in the market since 2017 then you would be smart enough to realize what happened in 2017-2018. Everyone was calling $100K BTC in 2017, even all the "experts" that you probably heard of. It's all hype. This market is heavily manipulated.

I didn't even apply TA. TA isn't effective in manipulated markets.

Your tone sounds a bit angry, perhaps you're in denial?

[LfcCharlie4]

@7thLetter Random experts like Raoul Paul & the Winklevoss twins? 

Nobody really knows with certainty, hence the word Prediction. Let's just come back to this thread when BTC peaks this bull run & then when it bottoms out again. Wherever it peaks (if it was 40k, which I doubt personally) historically it falls at least 40% from this place. However if it does reach 100k, 40% drop is only $60k. 

[7thLetter]

@LfcCharlie4 I'm talking a short-term prediction. Sure its still possible we reach $100K this year but from now on moving forward its also possible we can see it slowing down for the next couple months, in my opinion. We're still in January, experts claim $100K-$300K in December 2021. Is it possible? Maybe, but its definitely not going to get up there in a straight line. This recent 30% drop created some fear around the market so now we're slowing down, we've been stuck under $40K for the past week now and IMO price could drop further. I could be wrong of course.

Do I think BTC will reach $500K one day, yes. But that's a long-term price prediction that could happen within' a decade. None of these experts are talking about a short-term price prediction (next couple of months) and potential pullbacks.

Also, we can't just blindly trust all these gurus or experts. There's also a possibility that they're not on our side. They're here to make money, just like everyone else. In order for them to win, a good chunk of people also have to lose. That's how a pump & dump works. Its possible they're selling the false hope of $100K in 2021 just to dump their tokens at $40K.

Lol Raoul Pal sold his Bitcoin in 2017 when it reached $2K and called it a bubble. old video but who cares:

If he didn't know it was going to $20K back then then he certainly doesn't know where its going this time. No one really knows with bubbles.

 

[integral]

@7thLetter Bitcoin is a arbitrary number that goes up and down 6-10%+ a day. Milk that cow. 

Edited January 18, 2021 by integral

[LfcCharlie4]

@7thLetter Yeah, if it drops short term I'm all for it as just means we can buy more, I'm only interested in HODLing BTC & ETH long term, Alt coins are different ofc. 

 

[Lyubov]

If the telecommunication companies were creating 5g and selling future stock options on this technology but the iphone had yet to be invented (or even projected/imagined how it would be) with years away from anything resembling an iphone being invented, would you be dumping cash into 5g? This is basically the quality of logic behind people justifying their bitcoin investments as future tech investments. 

Edited January 19, 2021 by Lyubov

[integral]

@Lyubov People are buying because they want to get rich. 99% of investors have no understanding of the technology.

Smart investors focus on why prices go up and down, not on there own ideology. Smart investors just make money when the sun is shining. 

The alt coins are exploding 40% a day randomly, the entire market is a copy of 2017 behavior. I know because i lived through both of them. It will of course crash in the same way. 

Edited January 19, 2021 by integral

[Lyubov]

31 minutes ago, integral said:

@Lyubov People are buying because they want to get rich. 99% of investors have no understanding of the technology.

Smart investors focus on why prices go up and down, not on there own ideology. Smart investors just make money when the sun is shining. 

The alt coins are exploding 40% a day randomly, the entire market is a copy of 2017 behavior. I know because i lived through both of them. It will of course crash in the same way. 

I'm waiting for the twitter freakout from 2017

 

Edited January 19, 2021 by Lyubov