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wankawonk · 01-03-2018, 02:55 AM

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.

01-03-2018, 02:55 AM
wankawonk Confirmed User Industry Role: Join Date: Aug 2015 Posts: 1,017	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.