No doubt. I haven’t bought any nfts in quite a while, hold very few and hold very little crypto. If we ever get another better environment for that kind of thing will I be jumping back in? Of course. If the next “big thing” comes along will i learn as much as i can and jump in. Of course.
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I don’t see anyone predicting the top.
Literally no crypto bear ever said you couldn’t make a lot of money while the mania was in full swing. That’s a worse strawman than “why don’t you short it hurr durr?”
You’ll notice no one replied, because there was nothing to argue with there. But that didn’t stop you guys from getting big mad anytime we pointed out the insanity of it all while it was in full swing.
Lots of people have been shorting crypto and making lots of money this year. Is shorting crypto risky? I mean ya of course. You have to have some kind of bankroll management I suppose. But acting like it’s any riskier than buying slave ship stonks in the middle of a pandemic is kind of silly.
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Weird “lots of people” and “the discord” have been making perfectly timed completely unverified short trades while also being true believers.
This describes literally nobody on the discord though, can you internalize just that point as a sign of good faith? No one on the discord is a true believer, no one.
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I mean they are true believers to your extent which seems to be owning crypto/finding it interesting? I think defining anyone on UP as true believers is a bit questionable. Then again … this is a librul website and a tenet of that is black/white-ism
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the qanon-esque social media bubble for crypto haters has him thinking if he shorted bitcoin futures through td ameritrade, crypto hackers would target him, steal his identity, and completely ruin his life
or maybe td ameritrade would confiscate the bitcoin futures short position from him in full, and say, “that was illegal. you are under arrest now”
it’s a messy business, crypto
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Not to mention anyone can walk into a TMobile store and drain all of his life savings if he even so much as buys 1 coin of anything.
that’s obviously true
The image that always sticks in my mind is Ben McKenize (I think) touring a crypto mining facility and noting the absurdity of a factory that produces nothing tangible. Just the whirr of machines and the electric meter going a mile a minute.
Also
https://twitter.com/ben_mckenzie/status/1597352842872119298?s=61&t=Ecl4Q7UDekLoxts2WgVTAA
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Holy shit, 50 new posts. Everyone, this is the Crapto thread. We post stupid stuff about Crypto, or stuff about stupid Crypto, depending on what side you are on. It doesn’t matter if it’s right or not, it’s what we choose to believe. Everyone chillax.
did i post this before? probably. is it still the best fans song in soccer? absolutely.
I think you massively overrate the risk tolerance of the average young person. Women never really got into the space either.
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Shorting anything is fucking ridiculous IMO. Infinite risk is infinite.
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Nobody gets mad when people point out all the risk and scams and insanity. I think a lot of people get pretty frustrated when you or Riverman come swooping in and do so like the rest of us haven’t been saying the exact same things all along.
Hell, RM just made another post as I was typing this talking about ‘true believers’ when he has been repeatedly told over and over again by many different people that they aren’t true believers. I can’t help getting the very clear impression that neither you nor especially him read or care at all about what anybody else actually says or believes. That’s insulting, and that’s why people get mad.
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There are ways to short crypto without having infinite risk. The fact you all keep repeating that and haven’t realized that is very very odd. In fact I’m not actually aware of any way to short crypto with infinite risk?
Infinite is obviously hyperbole, but my comment wasn’t limited to crypto. I think shorting stocks is fucking insanity too. What if it moons? If an asset that you own can go to zero you know what your potential exposure is. There’s no cap in the other direction. I’m sure there are all kinds of complex bets you can make that are effectively capped, but usually when I hear “short” I assume you’re talking about pure shorting. You borrow an asset, sell it, and then have to repay it back at whatever the price is later.
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In the crypto world they simply liquidate your position. There isn’t some random margin call guy from Kucoin who calls you up and demands you send them money.
Shorting crypto does not have infinite risk. The fact you guys continue to show you know literally nothing about the space but post like this (you are not close to the worst offender) is wild.
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