Cashed out of crypto today
 

Today I finished cashing out of crypto-currencies.

As much as I believe in their future potential (especially utility tokens, like ether and sia), I see a dot-com style bubble forming where we've seen 1000% gains in 2 months, with a ton of incredibly dumb money going in. I follow some crypto investing facebook groups; you wouldn't believe how uninformed and inexperienced these people are. No understanding of the technology or even investing, really. These people think ripple is "cheap" because it's 2.50 or whatever and have never heard of the term "market cap". They don't understand transaction fees, they're not technically qualified to store their own private keys, they leave their shit in exchanges with no plans to take it out, they can't figure out how to spend out of a paper wallet. They buy in at ATH because FOMO and panic sell on the way down. They buy 10 dollars of bitcoin and feel fleeced when they find out that it costs 15 bucks to *do* anything with it. They're throwing money into it without knowing what they're throwing their money at! And a lot of them are doing it with money they can't really afford to lose.

So I cashed out. I'm prepared to feel like an idiot in two months. And maybe still in six months. And maybe it'll never crash and I'll forever feel like I just made the worst mistake of my life. But the people getting in right now, they don't understand what they're getting into or why, other than that other people made lots of money. I fear that as soon as we're out of new suckers who want in, the profits will dry up, people will start taking their money and leaving, the market will dip, and the mass panic selling will start. And for that reason, I took my 15x gains and ran.

And, when(/if?) it crashes? I'm buying back in at the bottom.

you are an idiot, who cares what others do/know/etc?

Good for you. If it crashes you can buy in again. Or not. Yes, lots of dumb money but that's the game.

mmm unless you don't think it's a bubble (https://coinmarketcap.com/charts/) I kinda think it matters a LOT what others do/know. If the money's going in because of FOMO (not fundamentals), all it takes is a bit of panic and it all comes right back out.

But maybe it's not a bubble and I'm an idiot.

taking 15x profits is not bad at all ! :2 cents: :thumbsup

I would use a simple possibility vs probability theory to answer that.

Possibly a bubble, probably an idiot.

Wall Street is betting on futures now. More will follow...maybe.

If you had 15X gains, why not leave some in? You could cash out 95% of your holdings and still be in profit.

OP there is never a shortage of idiots trying to get in. LOL A fool and his money.....Also, no one ever went broke underestimating the intelligence of average people. I would've cashed out too at 15x but left a little in for long-term. Either way, congrats on the 15x!

fiat, Facebook, stocks etc. seems bubble. Whats your next step (sitting in fiat and wait the dip)? I have 15x gain too, I will buy robo etf-s maybe and gold, but main investment still crypto. the most alt coins are going to produce their products in this year. lightning network will be a huge story too
http://variance.hu/wp-content/upload...plus_debts.png

You sound like a smart guy. There's going to be people jumping front of trains after this crash...and the crash will come.

Indeed a bubble but at some point the prices will stable, it's not going to disappear.

You can never go broke taking a profit.

very true :2 cents: :thumbsup

I actually still do have about 6% in, sitting in BTC, monero, and BCH/BCG (haven't cashed in from the hard forks yet).

But I don't know how to diversify it anymore. I had about 20 altcoins, but they're all too damn high now!

I'm gonna buy a house, rent it out, and put up a granny unit on the property for myself. I'm more or less a professional slacker with an extremely modest lifestyle, so I'm trying to get myself set up for life such that I never have to work for anyone else ever again if I don't want. When your goal is mostly to never set foot in an office, vs getting filthy rich, simpler/safer investments are very attractive compared to something like crypto.

But yes, I also do plan to throw money back into crypto after the next major correction.

I'm very interested in what happens with lightning network, too. I fear it might not work out the way the core devs hope...but if it does, I expect bitcoin to regain dominance.

Facebook/amazon/google don't seem like a bubble to me, btw. I don't doubt that there's a correction coming for the stock market, but the growth of these tech stocks has been a very consistently straight line for years.

Will the prices stabilize, or will they correct? I'm not sure if I can think of any historical bubbles where the prices stabilized without significant correction...but I'm not a particularly educated person when it comes to financial market history.

oh yeah, Crypto is a bubble for sure but I'm gonna ride it until I get nervous.

Good luck! I had the same logic--it's a bubble and I want to ride it, but I'm getting out once I get nervous.

December's gains were more than enough for me to start feeling nervous!

bitcoin´s done the same as last year, it went down before Christmas, back up, then down for new year, now it´s on the rise :thumbsup

The problem is that everybody is in it for the quick gains...nervous money...if Bitcoin keeps up this sideways shit and not start making serious money soon it will crash...it's like a fat lady now that is too heavy to move and everything else is pegged to the fat lady when she falls...

I'm the kind of guy when I go to the casino and win $10.00, I cash out.

Hah! When I go to the casino, I put 1 dollar in the penny slots and make it last a few hours while tipping the waitress handsomely for all the free drinks she's bringing! Works best if you bring a friend or three :1orglaugh

Buy low and sell high. Oh yeah. It's a game.

today I will sell some alts and buy btc. 60% market cap dominance was a joke but 33% too. I smell easy 50% profit minimum

Honestly man, I can't say I recommend that. Bitcoin is starting to look like a tech demo compared to some of the cool shit these alt-coins are coming up with. Coupled with the TX fees and lightning network being a complete uncertainty, there's a damn good chance BTC has peaked. I would keep most of my money in alts--indeed, with the bit of crypto that I have left, I'm planning to re-diversify into alts and avoid BTC altogether.

Consider that the TX fee correlates strongly with price--if you see 50% price increase, you can expect a similar increase with TX fees. The insane TX fees are already pushing people away...what's gonna happen if they double?

It seems to me that TX fees are placing an unintended natural cap on what the price can be.

Not just the fees, but the time it takes to make transfers.

I mean, you can still get into the first available block by including an appropriate fee.

But yeah, if you fuck that up, your TX can sit in the mempool for weeks.

I haven't invested in any Crypto currency. I did sell an $8 .com domain I've held for 10 years so about $84.70 into it for high $1x,xxx last month.

That sums it up really well ...

When I go to the casino, they simply dont let me in. They think I'm a homeless guy trying to get out of the cold lol

A bird in the hand is worth two in the bush :)

Etherium looks like it's at an all time high. Figures I cashed a bunch out a couple days earlier. Lol. Still almost doubled my money so can't complain.

Going to just keep buying on the dips and selling on the peaks.

Still plenty of $$$ to be made in crypto. Don't sell in panic and don't buy just due to fear of missing out. Be as informed as you can and invest what you can afford. :2cents

Ummm.... of course it is a bubble. BTC makes zero sense as a currency. It makes not much sense as a store of value. And once of the big block holders tries to hit the door, it will drop 50% in a day.

It's a bubble, but it still has its uses. Mostly for criminals, sure, but it's here to stay. Just probably not at the current price.