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Old February 4, 2018, 08:20 AM
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Unhappy Any future in HODLing now?

Pretty sure everyone has seen what's up with cryptocurrency nowadays (not just BTC, the whole lot). I'm almost afraid to touch the Coinbase app in my phone, lest I see a sub-8k level for BTC. Apprehensive in moving it elsewhere.

I am a fairly new entrant in this field, and wanted expert advice on what to do with my meagre funds. Should I HODL and hope for a reiteration of December 2017, or should I look for greener pastures? (which would be maybe BCH/ETH at this point? But even that's beginning to fall flat now).
What surprises me is that the Reddit Bitcoin community seems oddly calm about this, and most of them have much more at stake than I do. So am I worrying too much, or is this really >>the<< bubble that burst?
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Old February 4, 2018, 10:56 AM
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The only thing I can offer is that the stock market tumbled quite a bit this week too. I think people are rapidly moving funds between all their various investments, and the crypto market is merely a reflection of the stock market.

There is no right answer to holding vs selling, it's however much risk you're willing to take.
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Old February 4, 2018, 12:08 PM
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The only thing I can offer is that the stock market tumbled quite a bit this week too. I think people are rapidly moving funds between all their various investments, and the crypto market is merely a reflection of the stock market.
Is that so? I thought the crypto crash was because of a few recent and coincident events regarding crypto, for instance, the Indian government taking a strong stance against it and large numbers of people in that market starting to cash out their coins as a result (IIRC they were even sent tax notices)

If that is the case, then it's probably a nice sign, an indication that crypto works in tandem with fiat markets.
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Old February 4, 2018, 01:17 PM
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Originally Posted by Kugelblitz View Post
What surprises me is that the Reddit Bitcoin community seems oddly calm about this....
Part of the calm would be due to the fact that Bitcoin crashes every January.

Personally, I am hodling... even at current prices, my 1080 Ti is still quite profitable.
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Old February 4, 2018, 03:56 PM
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Is that so? I thought the crypto crash was because of a few recent and coincident events regarding crypto, for instance, the Indian government taking a strong stance against it and large numbers of people in that market starting to cash out their coins as a result (IIRC they were even sent tax notices)

If that is the case, then it's probably a nice sign, an indication that crypto works in tandem with fiat markets.
Sure, crypto specific news definitely plays a part, but I'm fairly sure large investment firms are in cryptos whether they announce it or not. If anything, I think the firms that come out heavily against cryptos are likely the ones who buy it when things tank. This market is extremely volatile and seems to fluctuate based on snippets of news from social media. One tweet seems enough to impact the market drastically.
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Old February 4, 2018, 04:59 PM
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Hold until the end of Feb. By then the markets should start to stabilize (as Chinese new year parties will completely be over by then... plus the current scares / hacks will have faded). Of course 'past performance is no indication of future results' etc etc etc
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Old February 4, 2018, 09:41 PM
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just hodl
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Old February 5, 2018, 11:04 AM
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Japan has adopted the blockchain completely, so there will always be legitimate access.

it is interested though...read that banks in the UK (I think) have said people can't use them to buy crypto currencies.

I'm not sure how they can do that...you can buy whatever you want with a credit card as long as the merchant has a valid account. and how can they stop people from taking cash advances?

also...has anyone heard of people losing their life savings or mortgages? i can see life savings being invested...one dude in Surrey did that with his wife and bought $100K worth of ASIC miners. but the headlines aren't showing any mass suicides like the 2008 recession.

edit - I was wrong about the banks being UK based...it's US banks:
https://www.engadget.com/2018/02/03/...pto-purchases/

Last edited by Mr. Friendly; February 5, 2018 at 12:06 PM.
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Old February 5, 2018, 12:58 PM
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Originally Posted by Mr. Friendly View Post
I'm not sure how they can do that...you can buy whatever you want with a credit card as long as the merchant has a valid account. and how can they stop people from taking cash advances?
Banks are halting credit card purchases yes: The reason they 'stopped' credit card purchases in general is for charge back reasons. Its impossible for the banks to get money back if something goes belly-up or is a scam.

Major Banks Ban Buying Bitcoin With Your Credit Card | Fortune

You're right that they cant stop you from cash advancing and you turning around with that cash to buy anything. But you're also gonna pay that nice 20-40% cash advance fee which probably doesnt make it very economically friendly.
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Old February 7, 2018, 08:30 AM
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Originally Posted by Prickly007 View Post
Part of the calm would be due to the fact that Bitcoin crashes every January.

Personally, I am hodling... even at current prices, my 1080 Ti is still quite profitable.
Quite a damning observation, indeed. Didn't know about this, thanks. Prices are already beginning to show signs of rising again.


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Originally Posted by JD View Post
...If anything, I think the firms that come out heavily against cryptos are likely the ones who buy it when things tank. This market is extremely volatile and seems to fluctuate based on snippets of news from social media. One tweet seems enough to impact the market drastically.
Those firms should stop spreading FUD in a market as volatile as this. Also, the media is majorly responsible for this momentary crash, since they failed to give an unbiased and unabridged account of recent happenings.

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Originally Posted by AkG View Post
Hold until the end of Feb. By then the markets should start to stabilize (as Chinese new year parties will completely be over by then... plus the current scares / hacks will have faded). Of course 'past performance is no indication of future results' etc etc etc
Sure will. I think I will hodl past Feb as well, unless I see a promising coin to dunk it in.

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Originally Posted by Mr. Friendly View Post
Japan has adopted the blockchain completely, so there will always be legitimate access.
...
also...has anyone heard of people losing their life savings or mortgages? i can see life savings being invested...one dude in Surrey did that with his wife and bought $100K worth of ASIC miners. but the headlines aren't showing any mass suicides like the 2008 recession.
Japan is the only country so far to do that, but given that such decisions are easily influenced by others, it could very well go back on their decision. Moreover, many countries have taken a strong stance against this. If I were an NWO conspiracist, I'd be very unsurprised by this xD.

I haven't yet heard of people losing their entire money over crypto, but I did hear about a teen who put all his savings in crypto and is now a millionaire. Also, one of my brother's acquaintances (who is unemployed) is a millionaire just doing this stuff. Maybe things like these are why governments the world over are concerned.
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