Cryptocurrency’s taking a swan dive

[SmallDaddy]

I am struggling as to how to fairly value them (other than Bitcoin. It has its own narrative)

I just cant believe that 10-15 coders can create something that is worth 30-60 billion dollars.
In like less than a year.
Cause if so. All the big tech will enter eventually, driving the price down.

Maybe I am wrong but I wanna value them like a regular company.

So if a coin is worth 100 billion, should it not produce profits of 5-10 billion???

Most of them help to make 0 in profits, let alone in the billions.

They are mostly coins on top of coins.

If I am wrong. Please let me know, would like to learn something new

 

[Ricboff]

I am struggling as to how to fairly value them (other than Bitcoin. It has its own narrative)

I just cant believe that 10-15 coders can create something that is worth 30-60 billion dollars.
In like less than a year.
Cause if so. All the big tech will enter eventually, driving the price down.

Maybe I am wrong but I wanna value them like a regular company.

So if a coin is worth 100 billion, should it not produce profits of 5-10 billion???

Most of them help to make 0 in profits, let alone in the billions.

They are mostly coins on top of coins.

If I am wrong. Please let me know, would like to learn something new

spit out my water, LMFAO

 

[SmallDaddy]

Ok good laugh all you want...

But then in return please tell me how I should value them.

As far as I am concerned, most if not all things will eventually trade at their intrinsic value.

If the coins dont help anyone make any money, then what should their worth be?

Something that has no value whatsoever, cant have a market cap of (insert any crazy number)

 

[SmallDaddy]

sort of like the 'Internet Company' coin (I think that is the name)

They valued themselves at some crazy number initially, like, 60 billion.... just so that the early investors can unload their shares to the FOMO crowd

and I think it lost like 80 percent of its initial value and still sinking

 

[sportsm60]

Looking just like 13 and 17
Probably bottoms out around 21 or 22k then in 2024 will make new highs around 175 to 180k.

I said this before the bear market started

I started seeing some signs early this morning that a crash is coming. After some more research I sold everything I have in the Crypto market. If BTC drops to 22k to 25K I will buy back in

 

[Ricboff]

I started seeing some signs early this morning that a crash is coming. After some more research I sold everything I have in the Crypto market. If BTC drops to 22k to 25K I will buy back in

what signs were those?

 

[sportsm60]

what signs were those?

First of all in SBD's rubber room thread he he mentioned that the Federal Reserves reverse repo facility just hit an all time high of 486 billion
today. I also checked in with some traders that I follow and found out that BTC just dropped into the Gaussian Channel, which in 2013 and
2017 meant at least a year long bear market. I have been holding a lot of my cryptos for over 3 years so I decided to take some profit and
see what happens.

 

[Ricboff]

gotcha, was just curious. I wonder people's reasoning for selling ( i have no dog in this fight) Different for everyone whne it comes to selling ; for some they hit a target, for others it may be news related or they follow someone, for others it may be pure technical from the chart, for others they have no plan and just wait and when shit hits the fan they panic and sell...etc etc. Cool dynamic

 

[Biggins]

I attribute it to the DOJ getting the ransom money back but that was me speculating. Tea leaves say some regulations coming bitcoins way. Again my speculations.

 

[sportsm60]

Some regulation would go a long way towards stabilizing the market.

 

[Illini]

Looking just like 13 and 17
Probably bottoms out around 21 or 22k then in 2024 will make new highs around 175 to 180k.

I said this before the bear market started

2013 there was a double bubble, and it wasn't anything like 2017.

 

[Illini]

This run went almost exactly like I thought besides the fact that a lot more shit coins made the cut then I thought .
But there were a bunch of shit coins that did not make new ATHs but I was kinda surprised how many did .
But very few of them from the 2017 era outperformed Bitcoin .

Some did such as ETH.

I think the next cycle is gonna really separate the winners from the losers .

The shit coin flush is going to be a lot more drastic next cycle and the next crypto bull run is going to be a lot more top heavy .

Bitcoins dominance won’t necessarily be less then it was this cycle but there will be much fewer coins sharing the overall crypto market cap.
The top 25 coins will be the vast majority of the crypto space .

Not saying there won’t be a few exceptions to the rule just speaking in general

I wouldn't be so quick to declare that we are in a bear market. I also wouldn't assume that any past cycles are still an indicator of what is to come. No past bull cycles ended without a complete blowoff top, so if we have indeed entered a bear market, it isn't like the others. Everything is on the table and nobody has a clue what is going to happen. We could be in a bull market with a larger correction than past bull markets. We could be in a forever bull supercycle with large corrections. We could have already gone bear, and just gonna consolidate for awhile. It's all semantics, really, because like I said, the old rules no longer apply. My guess is that we sit here and range for awhile before resuming the bull market and have a blowoff top above 100K. Unless.....ETH is the new bitcoin. LOL. Good luck trying to trade this market. HODL BTC and ETH.

I just don't think anyone can say that this run is over and it's going to be a 3 year bear market.

 

[Mr.Bojangles]

I wouldn't be so quick to declare that we are in a bear market. I also wouldn't assume that any past cycles are still an indicator of what is to come. No past bull cycles ended without a complete blowoff top, so if we have indeed entered a bear market, it isn't like the others. Everything is on the table and nobody has a clue what is going to happen. We could be in a bull market with a larger correction than past bull markets. We could be in a forever bull supercycle with large corrections. We could have already gone bear, and just gonna consolidate for awhile. It's all semantics, really, because like I said, the old rules no longer apply. My guess is that we sit here and range for awhile before resuming the bull market and have a blowoff top above 100K. Unless.....ETH is the new bitcoin. LOL. Good luck trying to trade this market. HODL BTC and ETH.

I just don't think anyone can say that this run is over and it's going to be a 3 year bear market.

would you recommend buying more BTC right now while its low?

 

[Illini]

would you recommend buying more BTC right now while its low?

I don't make recommendations but crypto is here to stay. Safest way to get involved is just to buy every time you get paid and dollar cost average. I personally am mostly in ETH. Solana is my long term grand slam holding. Of course, I have a little BTC that I will always hold onto forever.

 

[Illini]

ETH very well may flip BTC.

 

[sportsm60]

I don't make recommendations but crypto is here to stay. Safest way to get involved is just to buy every time you get paid and dollar cost average. I personally am mostly in ETH. Solana is my long term grand slam holding. Of course, I have a little BTC that I will always hold onto forever.

Although I just sold, I was mostly in ETH as well. I am hoping to buy back in at a lower price. I also had a lot of HBAR. Will be buying that
back as well.

 

[Illini]

Although I just sold, I was mostly in ETH as well. I am hoping to buy back in at a lower price. I also had a lot of HBAR. Will be buying that
back as well.

I think it's very tricky to try and trade this market. HODLing is the only way an average joe can make it. And there are many ex pros that got liquidated.

At what price do you hope to buy back in?

 

[sportsm60]

I think it's very tricky to try and trade this market. HODLing is the only way an average joe can make it. And there are many ex pros that got liquidated.

At what price do you hope to buy back in?

I am not trading, I am only buying and selling. I wont get liquidated. I am looking at below 25k BTC level. If it dont happen, no biggie.

 

[Illini]

I am not trading, I am only buying and selling. I wont get liquidated. I am looking at below 25k BTC level. If it dont happen, no biggie.

Buying and selling=trading

There was a major buy wall at 28-30K. I expect the large players to step in and support that level again, but like I've said, anyone's guess is as good as anyone else's.

 

[sportsm60]

Buying and selling=trading

You dont get liquidated for doing that. I am not shorting or longing, that is what could get you liquidated!