The Crypto Thread

[6ix]

right

[Fossilkid93]

@NotBruceZ

I’ve been thinking about the psychology of cryptocurrency. To what degree is crypto just a gambling product?

How many people got into crypto because of COVID but will move on now that traditional gambling venues such as casinos are more open for business (no masks in Vegas) after experiencing the most recent dip? Is there a boost in cryptocurrency trading volume when there are fewer good sports events to bet on because it’s an easy way to scratch that itch? Is there an increase in activity after the Super Bowl or March Madness because people are trying to roll over their profits into more gambling or trying to make up for losses?

Has anyone looked into any correlations between crypto trading and sports betting volume?

It’s a bit ridiculous. Price was 11k just last October and who wouldn’t have snap called the price being 30k less than a year later, but COVID really threw expectations out of wack.

[BillHaywood]

A thought. Multiple reports say governments will adopt fiat digital currency. This would significantly limit the potential for the bit coins. However, I’ve read that Monero is special – truly anonymous, untraceable transactions. This would preserve a place for Monero after fiat currency becomes common. The illegal markets will be a preserve for Monero. Hence, it might thrive as the rest are displaced by eDollars.

[6ix]

@6ix

Also I’m trading the bottom which could easily turn into selling off at the bottom, as a sacrifice to the crypto gods. Thank me later.

you’re welcome

[tabbaker]

[NotBruceZ]

Following this thread made me interested in the psychology of crypto investors.

I’m also a non-action junkie who primarily plays PLO with a nitty style that is completely at odds with the perception of the game as super gambly.

[anon12304106]

This the one cryptocurrency that actually will/should get banned.

[Riverman]

This guy is a straight up fucking moron.

“The true battle is between fiat & crypto. On balance, I support the latter,” Musk wrote Saturday morning.

[Formula72]

The general notion is the assumption that information technologies, communication services, real estate, healthcare, materials and other shit will continue to expand as it has the last 150 years.

The dow jones was about 2,700 30 years ago. If that trend continues, minus inflation, you’re at 425,000 for the dow at 2051 - so somewhere around 250K. That’s basically the selling point.

[Ikioi]

Protecting my hard-earned money from getting devalued away by inflation.

[Riverman]

Lol, investing in things that produce cash flow.

[tabbaker]

Like Tesla

[Canada]

Yep definitely a bear market with the nocoiners crawling out. For the record if you’ve known about this stuff for 10 years, own nothing, and continue to spread nonsense (btc is good for illegal stuffzzz!!) you’re never going to buy any. It’s never going to be “bad enough” for you to buy because you haven’t done enough research to understand why you should.

You’re like someone “waiting to see” how the vaccines play out. There’s never going to be an indicator that’s sufficient for you. You don’t even know what that would look like.

[CanadaMatt3004]

@Canada

you haven’t done enough research to understand why you should.

Which is…?

[6ix]

@CanadaMatt3004

@Canada

you haven’t done enough research to understand why you should.

Which is…?

turn your one dollar into two dollars

[6ix]

That’s why I asked the question about traditional investing earlier. Nobody here is a diehard cryptobro (BTC replace USD etc) so what are we really talking about here?

[6ix]

p.s. I mean, blockchain is amazing and elegant from a mathematical perspective, none other than the esteemed 3b1b made a video about it years back,

But how does bitcoin actually work?

but that’s separate.

[Ikioi]

Store of value?

[WichitaDM]

I am pretty much a buy and HODLer when it comes to crypto but there hasn’t ever been a crypto cycle where we saw a sharp 40-50% drop and then an immediate recovery have we? It’s normally the big drop and then an additional slow bleed out until the next bull cycle right? The last two I remember was of course 2017 where it hit 20kish, dipped to 12k within days and then bled out to 3xxx over the course of a year or two. Previously in late 2014 we saw it hit break 1k, a sharp drop to $400 and then bled out to below $100 over the course of a year and a half.

I guess I’m wondering if/why this time has any reason to be different? I own a reasonable amount of crypto and am wondering if I should avoid the bleed out phase this time.

[6ix]

@Ikioi

Store of value?

@6ix

turn your one dollar into two dollars

Same as it ever was.