The Crypto Thread

[ChrisV]

This is a good post right here.

[6ix]

@Formula72

Somewhere around the low 80% of all bitcoin/crypto traders have lost money trading bitcoin since the genesis of it. One of the most lucrative products in this world’s history, something you dream about to have the opportunity to make a fortune on in your lifetime happened to clip 4 out of 5 traders for a loss to this point. This meme/crypto extravaganza that coincidently is happening when folks have the money and means to take part in it is fully formed by the rich seeing an opportunity to accelerate the bereavement of peoples’ disposible income. I’m not saying that bitcoin isn’t a product worth investing in, I"m saying that trading is the product that sharks want folks participating in instead of investing.

Am I going nuts or are all these veiled shots at me? I’m probably going nuts, it was bound to happen. Hope it’s temporary.

I hear these stats though and I while I agree, and in my gut think it’s actually higher than 80%, they’re defining ‘trader’ also as somebody who ‘invests’ high and pulls their ‘investment’ low. Which, yeah, I guess, you make two spot trades and technically you are a trader who has traded, but that doesn’t strike me as the most effective language. Most traders lose imo because they employ shitty momentum strategies, but buying something at an ATH and then selling when you realize a line doesn’t always go unbreakably up doesn’t even seem to qualify as a ‘strategy’.

[anon3530961]

You could replace bitcoin/crypto with stonks though and the same would be true. A large majority of people are not successful traders. I think the number for stocks is even higher than ‘low 80%’

[ChrisV]

@anon3530961

You could replace bitcoin/crypto with stonks though and the same would be true. A large majority of people are not successful traders. I think the number for stocks is even higher than ‘low 80%’

Well it is also true of stonks if you’re talking about “trading” meaning day trading. Day trading rather than buy-and-hold investing is also a bad idea for the vast majority of people. The stock market at least has the advantage of being a positive sum game. A better comparison to crypto trading is just forex trading, since that’s almost literally what it is. Amateur forex trading is such an obvious fleece-the-rubes operation that companies bought sponsorship on EPL football shirts.

Just like crypto trading, forex trading is a negative sum game (due to fees) that is difficult to beat in the long term. This has been obscured in crypto by the rising value of the entire market and by the preponderance of amateurs rather than institutional players.

[6ix]

These better be veiled shots at me otherwise this is boring.

[6ix]

lol nobody wins at online poker lol silly gooses

[Canada]

You’re going full Truman Show dude. Keep an eye out for a dented Beetle circling your block.

[mukdukaluk]

It’s the Crypto thread!

[6ix]

the rake is too damn high

[6ix]

all those fancy pants huds why dont they play real poker

[tabbaker]

You’re using a crypto hud? I lost all respect for you

[wheatrich]

a hud that says to dump it all and move on to something else

[6ix]

@wheatrich

a hud that says to dump it all and move on to something else

you all might think I lost my mind and you might be right, but @Canada is also telling you how to make sick money if you have any sort of USD or equivalent stablecoins lying around

[6ix]

@tabbaker

You’re using a crypto hud? I lost all respect for you

no i like to look a man in his eyes when i bluff him

[wheatrich]

why didn’t I take my own advice? sigh

[6ix]

sell now buy back in at 30k

[6ix]

or 24k

[Canada]

Def lower highs and lower lows. Risky biz compared to the 1 year bull market.

[6ix]

@Canada

Def lower highs and lower lows. Risky biz compared to the 1 year bull market.

Which part?

[6ix]

Because it’s not the 1 year bull market… And there are lower highs and lower lows… It’s risky biz to… {checks notes}… Sell at 32k and reenter at 30k or lower?

Gotcha.