Is investing in Crypto just a get rich quick scheme?

[LfcCharlie4]

@7thLetter Hoping you're right as I want to pick up more BTC, ETH, ADA, DOT, LINK, VET, ZIL & a couple other more speculative coins.  

I personally think we will see BTC stabilize, and see a small Alt rally as BTC dominance keeps dropping, once it goes below 60% then the Alts will really come alive! 

I like this guys video about cashing out profits along the way, especially with ALT coins, as the market drops heavy & the cycles last several years-

 

Seems like we've had a small rebound since the 29k bottom last night, missed out on ETH close to $1k as well  

Edited January 22, 2021 by LfcCharlie4
Checked prices

[7thLetter]

3 minutes ago, LfcCharlie4 said:

@7thLetter Hoping you're right as I want to pick up more BTC, ETH, ADA, DOT, LINK, VET, ZIL & a couple other more speculative coins.  

I hope so too, just don't take my word on it lol

And oh, just watched a part of the video you linked and he's sort of saying the same thing

6 minutes ago, LfcCharlie4 said:

 

I personally think we will see BTC stabilize, and see a small Alt rally as BTC dominance keeps dropping, once it goes below 60% then the Alts will really come alive! 

That's possible too. We've already seen alts rally quite a bit over the past week or so but it wasn't anything too too special. Also ETH already touched its 2017 all-time high, could it go higher? Who knows we'll see.

But if we're saying BTC will come crashing down then I would assume alts will go down along with it, we've already seen this happen in the past. The only thing though is that we haven't seen the alt coin market cap reach the 2017 market cap high at around 473B. We've barely reached 400B.

[vinc3nc]

53 minutes ago, 7thLetter said:

Why is it a "problem" when I'm literally saying my opinion is short-term? All I'm saying is $10K-$20K is possible, its not like I'm saying BTC will go to $0.

Here's my final opinion, I'm neutral about where price could go from here. IF we see the break of $30K support then I'm bearish, price could go to $20K or $10K. We've already seen price make a new lower low for the week and touch $29K recently but it hasn't broken the $30K support level.

10-20k is a bit different than what you were saying a few posts ago (8-10k) when even Leo said you had no clue and you were just guessing. But anyway, I still think that even 10-20k is ridiculous. Now, near 20k might be possible, but below it would be a big, big surprise.

You have to understand that when it comes to TA, nothing is certain. Everything can happen in theory. BTC can go to 0 tomorrow. So basically TA is about triyng to figure out how likely it is for a certian thing to happen. If someone told me BTC would go to 0k this year, I would tell him that he has no clue about crypto. If another person said BTC would go to 3k after this correction, I would tell him the same thing. If someone said that BTC can drop below 10k in a few months, I would tell him the same thing. That's the reason why I said that to you, too.

53 minutes ago, 7thLetter said:

Why is it a "problem" when I'm literally saying my opinion is short-term? All I'm saying is $10K-$20K is possible, its not like I'm saying BTC will go to $0.

It is a "problem" because you don't see the big picture (like in that graph I posted) and because of that you don't see how BTC tends to behave - why going to back to 10k doesn't make much sense, especially in today's environment.

53 minutes ago, 7thLetter said:

IF we break above $40K and make new all-time highs then I'm bullish.

At this point, becoming bullish at 40k is late already. It doesn't need to go that high to know that it will break ATH.

53 minutes ago, 7thLetter said:

I only follow two crypto Youtube channels (Datadash & Chico Crypto), and I think they're bullish from here for the most part.

John McAfee back then said he'll eat his dick on national TV if BTC doesn't hit $500K-$1M by 2020. That language is so manipulative and that's way too optimistic. Obviously we didn't hit $500K or $1M, and he didn't eat his dick. He probably just said that to get people to push the price up.

I used to listen to Datadash 3 years ago. He has no clue about TA. He's too young & inexperienced. I don't listen to these kinds of people anymore. I've learned my lesson.

I know what McAfee was saying. What he says is irrelevant.

I listen to what people like Peter Brandt, Willy Woo, Tone Vays, etc. have to say. These kinds of people have a lot of experience with TA & some of them know a lot about fundamentals.

 

So, what are you going to say in a few months (or weeks) if BTC reverses at around 25k and then breaks ATH and goes to 60k? It seems to me that you're saying "100k is possible" just so that in case you were wrong with your 10k prediction, you can say "I was right about 100k".

Edited January 22, 2021 by vinc3nc

[7thLetter]

20 minutes ago, vinc3nc said:

10-20k is a bit different than what you were saying a few posts ago (8-10k) when even Leo said you had no clue and you were just guessing.

It still could wick to $8K, that's why I said 8-10K. But overall, around the 10K level is where the uptrend line is.

23 minutes ago, vinc3nc said:

You have to understand that when it comes to TA, nothing is certain.

Uh, I never said it was. That's sort of what you're saying though if you think price will shoot up in a straight line to touch $100K in the graph you showed me.

24 minutes ago, vinc3nc said:

It is a "problem" because you don't see the big picture (like in that graph I posted) and because of that you don't see how BTC tends to behave

Yes we've seen how BTC behaves, in 2017 we saw $20K and a crash to $3.5K.

26 minutes ago, vinc3nc said:

At this point, becoming bullish at 40k is late already. It doesn't need to go that high to know that it will break ATH.

That's what I'm personally looking for to confirm where price will go. Anyone who says otherwise is just gambling in my opinion.

We're either going to break ATH or the bubble has popped.

29 minutes ago, vinc3nc said:

I used to listen to Datadash 3 years ago. He has no clue about TA. He's too young & inexperienced. I don't listen to these kinds of people anymore. I've learned my lesson.

He's bigger on the fundamentals of crypto. I don't follow his TA as much. My TA is my own analysis, outside of crypto I trade Forex and been learning from Forex traders. Crypto is definitely a harder market to analyze though I'll say that.

31 minutes ago, vinc3nc said:

So, what are you going to say in a few months (or weeks) if BTC reverses at around 25k and then breaks ATH and goes to 60k? It seems to me that you're saying "100k is possible" just so that in case you were wrong with your 10k prediction, you can say "I was right about 100k".

Uh.. what? Stop projecting your cringeness onto me.

I say $100K is possible because everyone predicts $100K in 2021, even all the experts & gurus. I'm just a random guy, and I don't want to claim I know more than them. Plus if everyone believes it and is all in it together then that would act as a self-fulfilling prophecy.

Everything to me is just a POSSIBILITY. I'm NOT claiming anything about where price will CERTAINLY go.

[vinc3nc]

1 hour ago, 7thLetter said:

Uh, I never said it was. That's sort of what you're saying though if you think price will shoot up in a straight line to touch $100K in the graph you showed me.

Haha, you've got be kidding me. Are you aware that the graph is from 2018 and that line towards 100k is already less steep than what we're seeing now in cpryto? And on top of that it doesn't seem straight at all (you can clearly see curves).

1 hour ago, 7thLetter said:

Yes we've seen how BTC behaves, in 2017 we saw $20K and a crash to $3.5K.

it's just hard to tell you anything because you don't understand that 40k BTC in 2021 doesnt equal 20k in 2017, no matter how many times I try to tell you that. You dont understand market cycles. I can't put it otherwise. BTC doesn't crash 80% every year, sorry.

1 hour ago, 7thLetter said:

That's what I'm personally looking for to confirm where price will go. Anyone who says otherwise is just gambling in my opinion.

You can "confirm", but everyone else is "gambling". Haha, nice.

1 hour ago, 7thLetter said:

Uh.. what? Stop projecting your cringeness onto me.

I say $100K is possible because everyone predicts $100K in 2021, even all the experts & gurus. I'm just a random guy, and I don't want to claim I know more than them. Plus if everyone believes it and is all in it together then that would act as a self-fulfilling prophecy.

Everything to me is just a POSSIBILITY. I'm NOT claiming anything about where price will CERTAINLY go.

What cringiness lmao? Do you even understand what that word means?

Yes, you're a random guy. You're just guessing, as Leo said. Everyone can see that from miles away. You don't understand that TA is about probability.

If I tell you that BTC has about 50% chance of hitting 25k, and about 30% to hit 20k, and less than 5% of hitting 10k, and less than 1% of hitting 1k, then you can clearly see that that odds are against you if you bet on 10k here.

You will believe experts & gurus when they say it can hit 100k, but you won't believe them when they say that 10k is almost impossible, and that 23 or 25k makes much more sense. You'll just rather believe your own amateurish TA. That's weird.

[7thLetter]

@vinc3nc lol I'm done talking to you. Apparently you don't think for yourself and only parrot information "experts" tell you and you believe it like its a religion, ok.

You're in denial and afraid my predictions might be correct lmao

I really don't care who's right or wrong honestly, why do you have to try to convince me so hard that the "experts" are right?

Conversation over, stop bumping this thread

[vinc3nc]

@7thLetter yeah, it's better we stop talking here. I tried to make you better understand how market cycles work. But you're too stubborn to listen to me.

I'll reply to you here in a couple of weeks when the price is much higher, so that you will see how stupid your 10k prediction was.

Edited January 22, 2021 by vinc3nc

[Aurelius]

The interesting thing is that breaking the old top was a confirmation of a higher fair value of btc. If we hadn’t overcome the old top it would’ve been an invalidation point of a higher fair value of btc.

This is interesting because now we know for sure the price is an indicator of btcs value estimation. Because of that we saw corporation interest.

Regardless of short time price action - breaking the old ath set the new fair value up. 
my opinion is that the new fair value has increased from 10k to about 50k.

Notice also that we could see short time prices of 10k and 150k.

[Intraplanetary]

it was amazing to read this thread. 

As I'm tapping into the stage Orange, I'm focusing on making money and creating financial independence. Investing is the second thing I'm planning to do, following my career pursuits and hitting high commission targets.

I've started to learn about property investment and no-money-down solutions; and I was also thinking about gaining knowledge about crypto. However, I've decided to focus entirely on the property and don't get involved with crypto for now.

I strongly believe that property investing is the single most powerful way to create cash flow, hence financial independece. it won't be easy or quick but it's a sure thing.

[Consept]

How are peoples investments in crypto going, did you get out in time? Did you lose money, what happened? Whats the plans going forward?

 

[Vision]

On 1/07/2021 at 5:02 AM, Consept said:

How are peoples investments in crypto going, did you get out in time? Did you lose money, what happened? Whats the plans going forward?

@Consept Do you invest in it?

[Consept]

7 hours ago, Vision said:

@Consept Do you invest in it?

Nope 

[Vision]

@Consept Why and why not?

[Consept]

23 hours ago, Vision said:

@Consept Why and why not?

I mean it depends on what your goal is, for me its long term investment, putting it into things that can hold and grow value . Crypto, apart from being highly volatile is not really tied to anything of value, for example a property or a company, in my personal opinion its not far off a ponzi scheme, although i accept that some form of it might become currency. So yes you can make money from it but that completely dependent on someone else losing money, at the moment anyway. Its just my opinion but i see it as a gamble and im not really much of a gambler, at most id put in 5% of my capital but really just out of fomo and in all honesty i dont even think i would do it. 

[Wizardking]

I’m a bit split whether it is morally wrong to invest in crypto or not. Yes, winning money means someone else loses it. But if you’re investing in crypto because you believe it is the future and brings more value than the current centralised financial system does then why should you feel bad when someone who is just in it to win money buys high and sells low? People should only invest in things they believe will bring value to the world and if they don’t and instead they do it out of greed then they have no one to blame but themselves. I might be wrong tho. Might have missed something. Want to hear others take on this