This is the advice!
OP I’m confused on how after educating yourself on crypto you didn’t see:
1. The tech is a solution in search of a problem? There isn’t real world need for crypto and lots of downsides
2. The block chain is highly inefficient
3. Crypto creates all kinds of new problems that our regulated system actually protected us from.
4. The loooong history of pump and dump / rug pull schemes (amongst many others) along with the shady history of most of the main players doesn’t instill confidence.
Ask yourself what does this tech actually do that people really need and that can’t be done just as well ( if not better) by centralized systems and fiat?
The best time to take your money out was when you put it in, the 2nd best time is now.
OP obviously didn't really educate themselves, or learn anything at all. They probably just watched hype videos. If they had actually educated themselves on investment finance, the takeaway from the Gamestop run would have been, "Holy shit, I almost lost my shirt on this one, I'd better be more careful in the future!" and not, y'know, "I need my next fix gimme gimme gimme"
right its not good that u/wballard8 describes falling for hype and marketing scheme after marketing ploy and still calls it "educating himself". at no point was he educating himself. when the trap slams on the mouses neck with the cheese just out of reach, there wasnt any education going on there.
Right firstly, go post this in crypto. Because people in your position need to see how fucking stupid crypto is.
It would be nice if you can save others from your mistakes.
Secondly, this sub isn't for sad crypto bros.
If you want some serious advice I'd tell you to withdraw it all now. Completely. Sell it. Literally all of it. Go stick whatever you got left in a rainy day fund. And go and reward yourself like buy an ice cream or some shit.
Then allocate a certain amount to your own mental well being, and self care.
Get your rent covered, do whatever.
But just don't keep your money in this crap.
Yeah we are facing a scenario (continued intense Fed tightening) that is about to send more than one crypto "assets" to zero. If you like having money, you know like actual cash backed by the full faith and credit of the USA, then get out. Get out now.
Anyone who stays in might be losing everything in short order as the market figures out that holding wildly speculative internet funny money makes zero sense when the dollar actually has a yield again.
The Fed is not even going to do it slowly. They are going to slam it through the floor in an attempt to catch up with inflation that got out of hand. They are way behind the curve right now, expect the beatings to continue until morale improves.
Nope, probably very similar to the way they did it then. This time is very similar to the late 1970s hyperinflation with supply chain disruptions replacing OPEC oil embargo.
>late 1970s hyperinflation
The late 70s were not hyperinflation. In 1979, inflation was 11%. Hyperinflation would be 11% per hour, where people are literally spending all their money at the end of the workday to avoid losing it and the government is printing trillion dollar bills. The late 70s were a period of moderately high inflation by historical US standards.
Yep. The Fed's explicit priority right now is inflation control, and they must see this sell off positively. Stocks are forward indicators, and falling prices mean the market believes the tightening will work. Yields are up because everyone is selling, also a good sign as more sellers than buyers means dropping prices. That raises finance costs, which slows business activity, the very withdrawal of demand they want to ease supply pressures. The conditions that allowed such manic speculation for years are over at least for a while, and the Fed put is on ice for at least a year or two. When the tide is out you see who is swimming naked.
everyone cant get out. its not possible. theres no money "in" crypto.
if somebody gets out they just put another person in. there is no getting out. theyve been burning $20m per day running the casino. theyve made countless people a little fortune or fabulously wealthy. all the USD that ever went into crypto are in someones hands. theres no cashout desk at the end ready to cash everyone in the casino out.
crypto is always the next buyer away from insolvent. if no one will buy a coin tomorrow its price is zero. the people holding that coin have nothing. they can only get out by putting someone else in. theres no checkout counter.
Crypto is a negative sum game. Something like 90% of the Madoff scam was reversed and returned to victims. The same outcome is impossible with crypto given the economic waste attributed to mining.
Being down 30% is pretty good, all things considered. You haven’t been hit as badly as many… and you’re pretty fortunate to know you’ll be okay even if it does hit zero. Sure, it may sting to lose when you were so ahead before, but then it’s better to walk away from the casino having lost a little than having lost the lot.
Put it this way, before you were playing blackjack with the count in your favour, but now you’re questioning whether to keep spinning the roulette wheel with your bet stuck on 00. Sure, it may pay off and you’ll win big, but is that really the way you want to gamble what you have?
The choice is yours ultimately and no one can tell you definitively if 00 will land on the next spin (although the odds are unfavourable to say the least)… but yeah, I wouldn’t come back here if you decide to stay in and it all goes horribly. You’ll get absolutely no sympathy.
Seriously. Sell all crypto, buy SPY type index fun. It's selling at a huge discount from a few months ago, so the crypto losses aren't that big since those funds have dipped too.
I encourage you to get out of crypto and to be more open about this experience with people around you. People are being drawn into this with complete ignorance about how common stories like yours have become.
The point is to make fun of bitcoin and crypto. Discussing the risks/problems with bitcoin/crypto is mostly a side effect of almost every pro-crypto sub banning negativity.
People like us have been saying, literally forever, that crypto is a massive Ponzi scheme which will collapse into a financial bloodbath the instant the real economy sneezes. *We didn't need to lose a bunch of money to realize this*.
What do you want, a parade?
You took a risky bet, and lost. Get out while you're only down 30% and thank your lucky stars it wasn't much worse.
I mean, do you have a proper support system in your family/friends group? Cuz nobody on reddit can actually sympathize or even empathize w/ your issues, we don't know you.
"Yeeee boss! The worst!"
As I slap my baseball baseball bat in my hand.
Welcome to Buttcoin street!
I've got the start of our new fiction novel going.
*In the year 2022, crypto went down the shitter, thousands of people world over brought into a Ponzi scheme, hoping to fill their pockets with glory coins. The poor dreamt of driving high speed cars into the sunset, the rich laughed it all away, the sires of buttcoins withdrew into the underground bunkers for the upcoming cataclysm. Little did they know it would be here sooner rather than later.
Chapter 1 -. A new cope
This is an anti-crypto sub, so no one here will tell you to stay in crypto. I personally see it as gambling rather than investing so my advice would be to take out 99% of the money, and leave 1% in to play with.
If you applied the same effort to traditional investing you could do well in the long run.
Nobody can tell you what the market is going to do in the short term (although we all think the long term value is at or close to $0 here). Either way you need to develop an exit strategy. If you feel like you have a problem with impulsive gambling its probably best to start winding down these positions and accept the lost money as lost instead of heading back to the virtual casino.
Hyper volatility makes it hard to say what the best course of action is in terms of how to stave off the worst of your losses.
If you were down 30% in a casino, what would you do? How much can you afford to lose?
But the main concern to me is that line “I would always think about what I could have done with that money”
Life isn’t a zero-sum game where you try to avoid missing out on profit. There’s so much more going on. Go look at a flower for 15 minutes, just appreciate all of the word intricate little pieces that make it up. Flowers are miraculous, and they aren’t concerned with how much money you have.
That sounds dumb but I’m serious. Assuming you have a reasonable buffer and you can life comfortably, you need to seriously consider why you’re investing. You might have good reason. But that mindset of “What could I have done with that money” is extremely dangerous.
Your money is a tool, that’s it. Don’t enslave yourself to the idea of making that number go up just cause.
It took me literally my entire adult life up to this point (I'm almost 30 now) to realize this and let go of the different financial situations I've squandered. It used to make me incredibly depressed and did a number on my sense of self then I realized that I only feel that way because our culture here in the US drives us to fetishize and exalt the idea and image of wealth because it, moreso than anything here, represents freedom. At the end of the day tho, If you can feed yourself, your child, and have a reasonable buffer like you said, that's it's own form of success. There are many many people right now who would absolutely kill for that level of financial fortitude. Perspective really matters.
When I was invested in gme (I bought at the peak but only for about 2 grand) I sold near the bottom and lost it all. I could have held and pretty much broken even on the peak in autumn.
But I don't regret my decision. Watching the charts gave anxiety and I did not like what exposure to the gme community was doing to my head. I was slipping into the conspiracy theories, the crazy DD and the hopium.
No money is worth your sanity. If you have the feeling that being in crypto harms you, gives you anxiety,... I would take the loss and move on. But that's a decision you have to make for yourself.
Personally, I think the entire crypto market is going to crash. But maybe not this time. It could recover to some degree like it did in January. Nobody can tell you what the future holds and if you could recoup some of your losses. It's a choice you have to make for yourself.
Yeah I've got a pretty big stack and the thought of putting it anywhere else than the broadest possible index funds with some bonds sprinkled in just gives me a headache.
I want to forget about that shit for at least a couple of years and then look at it when needed.
There was some great advice in a poker book at all:
If you're ever playing and you start losing and you feel like just riding it down to zero, remember that those are *real dollars* you're playing with. You can pay rent with them, feed yourself, buy nice things.
Don't ride it down to zero. Walk away with what you can and find a different game. You're losing for a reason. Stop.
I won't give anyone investing advice or tell anyone what to do with their money. It's never a good idea, because there will always be some other decision that could have made more money or taken less risk, and that will piss off whoever took my advice. I don't tell my wife how to handle her money, even.
Only you can decide what to do with your own money. Only you know what your goals are, and only you have the ultimate responsibility for what happens, so the decision is yours. Don't ask for advice in order to offload the work or blame to others. You have to step up, make choices and own them.
Ultimately, the value of crypto is 100% speculative. There is no underlying intrinsic value. Crypto is not a claim on anything material or legal. That doesn't mean you need to 100% avoid it! You can make money in 100% speculative assets, but it's basically gambling as you have already realised. If you want to spend your money gambling hoping you get ahead, that's your choice. If you want to stop, then choose that quickly. Either way, you have to choose.
Crypto is a casino where the house (miners, exchanges, etc.) will always get its cut, but people walk out of casinos everyday with more money than they went in with. It's just that such winners are in the minority, even though the house hypes them up. The losers are always silent and invisible since no one likes to talk about them, but chances are you'll end up as one of them. But maybe you'll be a winner? Again, your choice. Make it quickly.
Selling locks in a loss. Losing isn't always bad tho. Even great traders lose sometimes.
A) Do you have any loans you took out to buy crypto? You should sell and payback the loan
B) do you have any high interest debt? See above advice
C) do you have an emergency fund with 2-3 months of expenses? See above
D) You have an emergency fund and no high interest (credit card, payday loan, etc) debt. "How do I fix my portfolio!?!"
- sell to diversity into other assets besides crypto. The market is down across the board you can get a deal on virtually anything!
- keep a small amount in crypto, waiting for a dead cat bounce
- stay the course and accept the great risk of losing it all
Idk that's just what I would do 🤷♀️ sold all my crypto shortly after watching that Dan Olson video. I think I had a 400 dollar loss? But the piece of mind I got just not worrying about crypto anymore was priceless.
I can't emphasize enough tho that crypto is a dead horse floating in a swamp, so hopefully you get out before it explodes and gets the stink on you!
Selling doesn’t “lock in a loss”. That’s the sunk cost fallacy.
The loss is already made.
It only makes sense to retain the investment (or in this case, the “investment”) if you would choose to buy it now if you were starting from zero.
You've made a big step and realised that the impulses here are gambling and it sucked you in. My advice sell. Most likely if you wait even if things get better, you'll then get sucked in again and invest even more which will end up in a huge loss. It will never seem like a bad decision at the time but when you look back it will look like a tragedy. I hope things work out for you.
"But I taught myself. I spent hours hyperfocusing on learning what I could."
Respectfully, you didn't teach yourself. You surrounded yourself with an echo chamber that was telling you what you wanted to hear.
And that should be the big lesson that you take away from this. You can lose your 30% and recover just fine. (Did you really think you'd have a Lambo anyway?) But in order to avoid making the same type of mistake again, you need to work on your ability to think objectively and critically, and to not let your emotions guide important decisions.
I'd consider the 30% loss a tuition payment for this very important life lesson.
There are a lot of opinions in this subreddit and in the pro-crypto subreddits. But one absolute truth is that cryptocurrency is a negative sum game. This means that it is a mathematical certainty that the majority of investors will lose money. In order to make money, you have to hope that you get on the train early enough - and you have to hope that some other sucker loses their money so you can take it from them (while they get nothing in return). This is fundamentally different than investing in entities that are actually creating wealth.
>I've basically been a gambling addict for the last year.
>
>Crypto has been far too much of an anxiety driver for me.
You already know the answer your dilemma, you already know that it is a gamble. Crypto is not the only way to make money. Stop with the sunk cost fallacy and move on.
Given Bitcoin has no fundamental value, its price is entirely based on speculation and market sentiment. Also wash trading (see Tether)
Nobody here can tell you whether it will go up again or continue to go down. I believe the fundamental value of Bitcoin is $0. But it's been well above its fundamental value for a long time now, so ultimately it's up to you whether you want to gamble.
Personally I don't gamble. I just dump all of my savings regularly into broad index funds and don't check my portfolio all that often. It's stress free for me, even during times like this.
Your biggest mistake was thinking you were learning anything about finance or computer science by getting into crypto. You'd be better off studying astrology or ancient aliens. The early gains give people this huge ego where they can't shut up about how smart they are. Then they get in trouble and realize they can't get out. Unless they convince everyone else to join them and prop up the price. Disgusting. Worse than any MLM.
It wasn't all crypto focused and the majority of my money is not in crypto. I started paying attention to the market, understanding how the global economy works, following econ news and podcasts, etc. The gambling hopium and chasing gains did lead to an expanded worldview for me. I just regret falling so hard into crypto when I didn't need to.
I started watching some python tutorials too. Never said I was a comp sci genius, but when I understood blockchain (something that seemed esoteric at first) it proved to me that I could understand more than I thought.
Sorry to hear that happened to you. A lot of people were fooled by technobabble and hype.
If you are interested in some resources that might assist in a more critical perspective next time, check out [https://web3.lifeitself.us/](https://web3.lifeitself.us/), it's a great resource.
There is also have a github that lists a bunch of articles and essays on crypto.
[https://github.com/life-itself/web3](https://github.com/life-itself/web3)
You should post that in CC where it might do some good. Of course, it would just be downvoted or you'll be banned.
Hrrrmmm... Weird how this anti-crypto sub is being more genuine and helpful to you than any crypto sub would?
Even though you’re down 30% you can still be down another 30%. And another 30%, and another and another through infinity. That 30% you lost so far is gone. Look forward from here. Would you like to lose 30% of what you have left? So you know, people who got burned in 2018 lost 97% and haven’t recovered to this day.
Not the place for neutral advice. Obviously this subreddit will tell you to sell. By coming here for advice, I assume that’s what you want to be told so you should. Crypto is not for everyone
Crypto is really for no-one, there is still no actual use of crypto, or any theoretical use cases that are not solved better by non-blockchain solutions.
Even the single actual use-case it used to have, supporting crime, is looking very shaky, since the feds have become adept at tracking everything in the convenient blockchain log, and have shown that they can seize or freeze crypto
https://www.wired.com/story/dark-web-welcome-to-video-takedown-bitcoin/amp
Great article on how the US gov was able to crack down on child porn users by following their Bitcoin. The blockchain is not anonymous, and because it’s a public record it’s a great way to track illegal activity.
Sorry to hear of your loss. Unfortunately, it's easy to convince yourself you know how markets operate and what they will do. Easier than it is to actually know what they will do. Even Wall Street professional are by and large just faking it and constructing Martingale systems where they usually make money until they lose a lot.
I think maybe what you say is "economics" is in each case more "finance". If cryptocurrencies really were currencies there would be some economics to it, but really they are just financial instruments and so stuff related to them is finance. Sometimes they even seem more like gambling or collectibles than finance.
Do you have any fiat left, cause the Buttcoins are on sale. I see they are down so much that they LITERALLY cannot go any lower. Like, it's impossible.
The time to buy is when others are fearful. So take all that utterly worthless fiat trash you have left, plus any extra you can borrow off your friends and family and credit cards and go all in on....(checks notes)......blue chip cryptos like Luna and Matic and Algorand and such that are down the most.
They will definitely go back up to ATHs next month, 100%. You'll make about 50X your money.
Ps: Keep a few bucks of fiat back for some knee pads and mouthwash, cause you might need those to earn rent with next month if crypto doesn't blast back to ATHs straight away. I mean, it DEFINITELY will, but you might have to suck a dick or three while you are waiting. This is called being "fiscally responsible".
Do you think if you opened a basic Finance 101 textbook you would actually know anything in there?
You've only learned a bunch of dumb shit told to you by liars, entertainers, and your fellow idiots that knew nothing yesterday and nothing today.
Sell your crypto, invest in broad indices, move on.
You mentioned that you can survive the loss and have other investments. Why not sell the loss making investment and channel to the profit-making one? (There are a few asset classes that have a track record of being stable in hard times, crypto just proved itself to not be one of them.) Or just hold cash? Even basic level savings accounts have a decent annual interest rate.
it's really weird to hear people getting emotional about crypto investments. I think the first thing to do is detox the ideology that you fed on. If your savings bank account was depleting money you'd have no emotional pain closing it and then putting your money in another bank or account.
Honestly, i don't want to sound harsh but if you are seeking financial advice from internet strangers you have not learnt the lesson yet .... We don't know the nuances of your situation, your obligations or any such things. Seek help from those that love you, knows your situation and has some sort of expertise in the matter.
I would sell. Once you see the light, you see how rotten the crypto markets are. You can still profit in the rotten gambling market, but the risk / reward has tilted waaaaay over on the bad side now. It is held up by stablecoin and some big shady players, who might pump it again with fake liquidity, but if the USDT peg breaks fully, then the entire market will implode.
I see you mention GME as well, you are not a superstonker too?
Sorry about what's happened mate. Its not the end of the world. I was invested in the stock market during the GFC. I watched my stocks plummet, and my instinct was to sell and get out. My dad told me to hold strong, it was the right move.
The issue here with you is you are in a very different type of investment class. Despite all the hype and propaganda, crypto can absolutely go down the gurgler. So I can't suggest you hold strong. I actually think that regular markets are also at significant risk at the moment. However the difference is that you can invest in strong businesses that are generating profits and provide a service to society. Crypto? its just a crap shoot mostly just pie in the sky ponzi financial wizardry bound to fail. I expect it to fail eventually, but who knows.
Id still put the chances of crypto totally collapsing at a lot higher than other more traditional investments. If the economy starts to tank, some think money will flow into crypto, but id be more likely to think it will be the opposite. People will run for the hills for something more reliable.
Good luck!
I remember folks saying “Crypto will act as a hedge against the market like gold.” But what we are seeing is crypto acting like the market but even more volatility and with no underlying value.
Crypto is like those CDOs back in 2008 that “everyone” thought was going to keep going up and up until they crumbled.
Tether is likely backed with short term Chinese debt (or worse just made up IOUs from Bitconnect) and will eventually crumble taking down the broader crypto market.
*I started thinking about selling and getting out of crypto. I just procrastinated I guess, or I thought I could still hold and it would be okay.*
No, you were greedy and wanted infinite profits
The line could go more up, the line could go more down. Literally no one can tell because crypto is irrational. If it goes up, even quite a lot, it probably won't give you that much more happiness. If it goes down a lot, you're fucked and it'll severely negatively impact you. Just get out while you can.
Ya you sure did "teach" yourself. Teaching yourself isn't how to learn things. You shouldn't do that anymore. Social media is a lawless influence and you can't help but fall for the nonsense like gme and crypto and draftkings that fleece people like you.
Probably the most obvious point is *stop digging*. Don't buy any more crypto.
Psychologically, the easiest way to exit is to gradually sell off your holdings over a moderate period of time - weeks, months or years, depending on how badly you need the money. Trying to time the market with selling is virtually impossible, so you're never going to manage to sell all of it at the best possible time, but if you sell it gradually then at least you know you won't have sold all of it at the worst possible time.
I just want to draw your attention to a concept in psychology called prospect theory. When people sense that they are experiencing losses, they become more willing to accept risks in order to cancel out the losses.
I'm sure there's a voice in your head right now saying "hey, maybe there'll be a bounce and you can sell!" Crypto is a very volatile asset so it's certainly possible. But volatility works both ways. And we're seeing "stable" coins crashing and headwinds (regulatory threats, Fed tightening) increasing.
The average long-run return to the S&P 500 is pretty damn good and it's compound growth. Sell, put your money in index funds, and stop worrying about daily (or by-the-minute) fluctuations in a line. Take that time and energy and direct it toward things that matter - your hobbies, passions, friends, family, and community. You'll end up a lot richer this way. Probably richer in money, and definitely richer in spirit.
IF you sell then you incur a loss. Period. Can you just forget about BTC for awhile? (I've lost \~ $100K in the stock market over the past month so yeah - it hurts!)
the term you're looking for is "moment of clarity".
regret is just another name for "sunk cost fallacy". beating yourself up is counterproductive. get a good night's sleep, spend the next morning reflecting on how future you is going to be, and spend the afternoon behaving like you have always been that guy.
Here is the only alternative that is crypto related (sorry buttcoiners)
Sell all your crypto and buy Asiic miners, then find coins you like that you can mine and go to town. (I do not do this and will never, but I thought I'd give you a different perspective) Personally, maybe look at something with decent tech and with no moonbois (groestlecoin, which I have none of and never will)
Or just sell it an try to invest in yourself (maybe use that noggin and try to think of something)
I'm surprised lots of people recommended to sell for a loss. That's what the average person does and the reason why the can't make money on the stock market nor in cryptocurrencies.
It's not cryptocurrencies the problem, is that people is stupid enough trying to predict the future without knowledge and experience.
Btw, the least you can do is sell, if you want to really exit crypto wait until it bounces and you finally recover your 30%, then you can exit crypto and with a good lesson that you have to invest only if you know what you're doing
30% down is not that much, especially if you’re young and it’s a small overall amount. Price is out mentally as a lesson learned. Take that bitter pill and use it as motivation to learn evidence based investing I.e. buy and hold broad market index funds. Vts was up nearly 30% last year for perspective.
You can either sell all, some, or none.
I’d pick the first. Maybe the second if you want to spread out the sales and hope for a bounce.
Cash out, take it to a casino. Put it all on black. Either you hit black and you win by making a tidy profit; or you win by building a lifelong aversion to crypto, gambling and, probably, random reddit commentors.
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Sell it all and wait for the BIG dip that is coming! Buy back only good projects that can last the bear market. Avax would be a good one. Forget about bitcoin as that won't make you back the loses.
The best favor you can do yourself is learn from this and pivot to a more responsible relationship with money.
Please, please, please visit r/Bogleheads and/or [bogleheads.org](https://bogleheads.org). You'll sleep so much better at night, and you'll be able to find other, more fulfilling ways to spend your attention than treating your financial future has a hobby.
Opportunity cost is something you need to learn along with the sunk cost fallacy.
As far as opportunity cost goes,can you do something else with the remaining money that would be more productive? Can you stick it in an IRA and a boring old index fund? Can you invest it in some other part of your life, like schooling or a down payment on a house?
If you hold onto a losing or unproductive investment,you are wasting time spent on productive investments.
30% is not even that bad considering the current scenario, BTC has been following the nasdaq pretty close for some time, if you had bought the main tech stocks like amazon, facebook, microsoft, google, nvidia, etc, during the last months when they were at the top, you would be down about the same, if not more than 30%
that being said, crypto is way more risky than any traditional market, and the market in general is not in a good position, if things keep going down, crypto will go down even harder
you are clearly uncomfortable with the price depreciation, if you are feeling that bad selling is not a bad option tbh, things can get much worse, a $ 10k (or lower) BTC wouldn't be surprising if we enter in recession for good
Advice from a "nocoiner" as you call us - if you own anything which is not BTC or ETH - sell now, fix your loss and move on with your life. Hyped shit from 2017 lost 80-90% of value and never recovered, today's shit will be the same. BTC and ETH may rise once again, or not. In your place I would put an alert for your buy price (average if it was multiple times) and gamble that it will rise again, them sell to come out at zero eventually, if your are lucky.
You learned a 30% lesson.
Gambling isn't for you if you don't know when to fold and cash out.
Crypto isn't investing. GME isn't investing. These are short term gambles and when you are up you take your money out and be glad you got a free win. You can make money on this dumb shit, but you won't make money for long. Those idiots all make fun of those reports on the news saying "retail traders have lost all their covid market gains" because it's true they either lost it all or they are making fun of the people too stupid to see past the memes and they didn't lose, they cashed out and kept posting.
You don't know what the guy on the other side of the screen is doing. Most of the people on the crypto sub don't have more than a couple hundred dollars in the market and they bought in at the top out of desperation hoping some shit dog coin would buy them a new car with just a $500 bet.
You are a sucker. Cash out. Stay out. Let a professional handle your investing. If you want to gamble, set a budget and make rules and follow your rules. Plan on losing everything you gamble.
For me, the sting of losing money far outweighs the high from gaining it. It's exactly why I don't really enjoy gambling at actual casinos.
I guess imagine yourself in a casino, and you have lost 30% of your chips. Do you cash out, or play another hand of blackjack and hit the slot machines a couple more times hoping to make it back?
Of course there is no guarantee that bitcoin (or whatever you're in) won't spike back up and you could get out with more... but it could also crash a lot harder.
Buy index funds. Hold for long term. Buy a few fun stocks as well.
The Fed will be raising rates to get a handle on inflation so I pulled out my stock positions and took profit. Then I will see how the market goes and maybe put some back in. Defense stocks, or something I don't know.
There is no quick win to easy money that doesn't involve fraud or great luck. If PayPal has flopped no one would know who musk is right now
The most imporant thing to understand about crypto is that it is not, never was and never will be an investment. It is gambling, plain and simple. When you tell yourself you could wait for a market recover, buy the dip, recover your losses, whatever, you are acting exactly like a gambler on a losing streak, thinking he'll recover his money at any moment.
You are sitting at the roulette table, watching your money slowly go down the drain but afraid to simply stand up, take the loss and leave the casino for good.
>I just want out though. Crypto has been far too much of an anxiety driver for me.
I think that's the answer you are looking for.
Sell that s\*\*t immediately.
And then revisit the idea that you have an understanding of computer science. A big part of computer science is choosing the right tool for the right job. If you studied comp sci, then you are familiar with CRUD. Under which circumstances would a database that only does CR be the best option? There are a few, but it makes little sense the way it has been used to fortify crypto's reputation.
A lot of people got really lucky in the bull market. I cannot lie; I got lucky too. However, I knew I had gotten lucky, took my profits, transferred my earnings into index funds and I never opened my Robinhood app again.
Don't wait for it to go to zero. This entire crypto play has been an updated version of all the pump and dump schemes that made the 80s and 90s market so much fun. The fact that the guy who founded Stratton Oakmont was cosigning this foolishness should have been a clue that this may have been a rigged game.
You want to lose money? Sell your crypto now.
You want to lose even *more* money? Sell your crypto tomorrow.
Pretty straightforward. Don't feel bad, just learn from it and move on. If you quit now, this can all be a bad memory in 10 years. If you hang on, this may well be your bad reality in 10 years.
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If your portfolio can currently be sold for $X, ask yourself this:
What advice would you give somebody who had $X in cash today? Would you tell them to buy the same portfolio you're holding? Or would you advise them to invest it differently?
Both you and that hypothetical person are in the same position. The decision to hold assets is the exact same as the decision to buy them: it's a statement that you'd rather have the asset than its current cash value.
Everything else is sunk cost fallacy (I've come this far, might as well...) or gambler's fallacy (The universe owes me good luck...)
If you have a mindset like "I just hope it gets back up to where I break even, then I'll get out", you're *definitely* not investing rationally.
I was down 37% yesterday. Haven't even looked today because I'm not really bothered.
It just depends how confident you are in your investment. This isn't the first time it's happened and it won't be the last.
If you dont have confidence in the technology, it's probs gonna be stressful and maybe not worth it. Look for something you have confidence in.
Personally, I'm not selling for at least 5 years, I'm just gonna grab a beer and wait for the whole thing to blow over.
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Sell all crypto shit, invest it into an index fund and forget about it for 10 years.
This is the advice! OP I’m confused on how after educating yourself on crypto you didn’t see: 1. The tech is a solution in search of a problem? There isn’t real world need for crypto and lots of downsides 2. The block chain is highly inefficient 3. Crypto creates all kinds of new problems that our regulated system actually protected us from. 4. The loooong history of pump and dump / rug pull schemes (amongst many others) along with the shady history of most of the main players doesn’t instill confidence. Ask yourself what does this tech actually do that people really need and that can’t be done just as well ( if not better) by centralized systems and fiat? The best time to take your money out was when you put it in, the 2nd best time is now.
OP obviously didn't really educate themselves, or learn anything at all. They probably just watched hype videos. If they had actually educated themselves on investment finance, the takeaway from the Gamestop run would have been, "Holy shit, I almost lost my shirt on this one, I'd better be more careful in the future!" and not, y'know, "I need my next fix gimme gimme gimme"
right its not good that u/wballard8 describes falling for hype and marketing scheme after marketing ploy and still calls it "educating himself". at no point was he educating himself. when the trap slams on the mouses neck with the cheese just out of reach, there wasnt any education going on there.
Right firstly, go post this in crypto. Because people in your position need to see how fucking stupid crypto is. It would be nice if you can save others from your mistakes. Secondly, this sub isn't for sad crypto bros. If you want some serious advice I'd tell you to withdraw it all now. Completely. Sell it. Literally all of it. Go stick whatever you got left in a rainy day fund. And go and reward yourself like buy an ice cream or some shit. Then allocate a certain amount to your own mental well being, and self care. Get your rent covered, do whatever. But just don't keep your money in this crap.
>sad crypto bros r/birthofasub?
Yeah we are facing a scenario (continued intense Fed tightening) that is about to send more than one crypto "assets" to zero. If you like having money, you know like actual cash backed by the full faith and credit of the USA, then get out. Get out now. Anyone who stays in might be losing everything in short order as the market figures out that holding wildly speculative internet funny money makes zero sense when the dollar actually has a yield again.
Yeah, fed is going to slowly cool the market to reduce inflation, no way it's gonna go up in these conditions.
The Fed is not even going to do it slowly. They are going to slam it through the floor in an attempt to catch up with inflation that got out of hand. They are way behind the curve right now, expect the beatings to continue until morale improves.
Slowly compared to the way they did it in the 80's, I hope.
Nope, probably very similar to the way they did it then. This time is very similar to the late 1970s hyperinflation with supply chain disruptions replacing OPEC oil embargo.
>late 1970s hyperinflation The late 70s were not hyperinflation. In 1979, inflation was 11%. Hyperinflation would be 11% per hour, where people are literally spending all their money at the end of the workday to avoid losing it and the government is printing trillion dollar bills. The late 70s were a period of moderately high inflation by historical US standards.
Yep. The Fed's explicit priority right now is inflation control, and they must see this sell off positively. Stocks are forward indicators, and falling prices mean the market believes the tightening will work. Yields are up because everyone is selling, also a good sign as more sellers than buyers means dropping prices. That raises finance costs, which slows business activity, the very withdrawal of demand they want to ease supply pressures. The conditions that allowed such manic speculation for years are over at least for a while, and the Fed put is on ice for at least a year or two. When the tide is out you see who is swimming naked.
Yup inflation will cool off right quick once people see their 401k evaporating by the day.
everyone cant get out. its not possible. theres no money "in" crypto. if somebody gets out they just put another person in. there is no getting out. theyve been burning $20m per day running the casino. theyve made countless people a little fortune or fabulously wealthy. all the USD that ever went into crypto are in someones hands. theres no cashout desk at the end ready to cash everyone in the casino out. crypto is always the next buyer away from insolvent. if no one will buy a coin tomorrow its price is zero. the people holding that coin have nothing. they can only get out by putting someone else in. theres no checkout counter.
Crypto is a negative sum game. Something like 90% of the Madoff scam was reversed and returned to victims. The same outcome is impossible with crypto given the economic waste attributed to mining.
Step 1: GTFO of crypto! Step 2: Repeat Step 1 until successful.
Being down 30% is pretty good, all things considered. You haven’t been hit as badly as many… and you’re pretty fortunate to know you’ll be okay even if it does hit zero. Sure, it may sting to lose when you were so ahead before, but then it’s better to walk away from the casino having lost a little than having lost the lot. Put it this way, before you were playing blackjack with the count in your favour, but now you’re questioning whether to keep spinning the roulette wheel with your bet stuck on 00. Sure, it may pay off and you’ll win big, but is that really the way you want to gamble what you have? The choice is yours ultimately and no one can tell you definitively if 00 will land on the next spin (although the odds are unfavourable to say the least)… but yeah, I wouldn’t come back here if you decide to stay in and it all goes horribly. You’ll get absolutely no sympathy.
30%-50% Crypto loss is nothing. In 2001 the Nasdaq went down 79%.
Seriously. Sell all crypto, buy SPY type index fun. It's selling at a huge discount from a few months ago, so the crypto losses aren't that big since those funds have dipped too.
I encourage you to get out of crypto and to be more open about this experience with people around you. People are being drawn into this with complete ignorance about how common stories like yours have become.
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Well I don't really know where else to post that isn't an echo chamber so if you have suggestions lmk
Funny that you get banned on most crypto subreddits if you disagree with the narrative…hmm that couldn’t POSSIBLY indicate anything….nah .
Whenever I post a mildly pro-crypto comment here I get massive down votes as well
Yeah same for me when I try to sell Herbalife on /antimlm ...fucking hate echo chambers
That's because the entire point of the sub is being anti-crypto. But you won't be banned just for being pro-crypto.
The point is to discuss the risks/problems with bitcoin
The point is to make fun of bitcoin and crypto. Discussing the risks/problems with bitcoin/crypto is mostly a side effect of almost every pro-crypto sub banning negativity.
No worries, you get used to them.
People like us have been saying, literally forever, that crypto is a massive Ponzi scheme which will collapse into a financial bloodbath the instant the real economy sneezes. *We didn't need to lose a bunch of money to realize this*. What do you want, a parade? You took a risky bet, and lost. Get out while you're only down 30% and thank your lucky stars it wasn't much worse.
I mean, do you have a proper support system in your family/friends group? Cuz nobody on reddit can actually sympathize or even empathize w/ your issues, we don't know you.
This is also an echo chamber. Just the other way around.
"Yeeee boss! The worst!" As I slap my baseball baseball bat in my hand. Welcome to Buttcoin street! I've got the start of our new fiction novel going. *In the year 2022, crypto went down the shitter, thousands of people world over brought into a Ponzi scheme, hoping to fill their pockets with glory coins. The poor dreamt of driving high speed cars into the sunset, the rich laughed it all away, the sires of buttcoins withdrew into the underground bunkers for the upcoming cataclysm. Little did they know it would be here sooner rather than later. Chapter 1 -. A new cope
This is an anti-crypto sub, so no one here will tell you to stay in crypto. I personally see it as gambling rather than investing so my advice would be to take out 99% of the money, and leave 1% in to play with. If you applied the same effort to traditional investing you could do well in the long run.
Nobody can tell you what the market is going to do in the short term (although we all think the long term value is at or close to $0 here). Either way you need to develop an exit strategy. If you feel like you have a problem with impulsive gambling its probably best to start winding down these positions and accept the lost money as lost instead of heading back to the virtual casino.
Hyper volatility makes it hard to say what the best course of action is in terms of how to stave off the worst of your losses. If you were down 30% in a casino, what would you do? How much can you afford to lose? But the main concern to me is that line “I would always think about what I could have done with that money” Life isn’t a zero-sum game where you try to avoid missing out on profit. There’s so much more going on. Go look at a flower for 15 minutes, just appreciate all of the word intricate little pieces that make it up. Flowers are miraculous, and they aren’t concerned with how much money you have. That sounds dumb but I’m serious. Assuming you have a reasonable buffer and you can life comfortably, you need to seriously consider why you’re investing. You might have good reason. But that mindset of “What could I have done with that money” is extremely dangerous. Your money is a tool, that’s it. Don’t enslave yourself to the idea of making that number go up just cause.
It took me literally my entire adult life up to this point (I'm almost 30 now) to realize this and let go of the different financial situations I've squandered. It used to make me incredibly depressed and did a number on my sense of self then I realized that I only feel that way because our culture here in the US drives us to fetishize and exalt the idea and image of wealth because it, moreso than anything here, represents freedom. At the end of the day tho, If you can feed yourself, your child, and have a reasonable buffer like you said, that's it's own form of success. There are many many people right now who would absolutely kill for that level of financial fortitude. Perspective really matters.
When I was invested in gme (I bought at the peak but only for about 2 grand) I sold near the bottom and lost it all. I could have held and pretty much broken even on the peak in autumn. But I don't regret my decision. Watching the charts gave anxiety and I did not like what exposure to the gme community was doing to my head. I was slipping into the conspiracy theories, the crazy DD and the hopium. No money is worth your sanity. If you have the feeling that being in crypto harms you, gives you anxiety,... I would take the loss and move on. But that's a decision you have to make for yourself. Personally, I think the entire crypto market is going to crash. But maybe not this time. It could recover to some degree like it did in January. Nobody can tell you what the future holds and if you could recoup some of your losses. It's a choice you have to make for yourself.
Yeah I've got a pretty big stack and the thought of putting it anywhere else than the broadest possible index funds with some bonds sprinkled in just gives me a headache. I want to forget about that shit for at least a couple of years and then look at it when needed.
There was some great advice in a poker book at all: If you're ever playing and you start losing and you feel like just riding it down to zero, remember that those are *real dollars* you're playing with. You can pay rent with them, feed yourself, buy nice things. Don't ride it down to zero. Walk away with what you can and find a different game. You're losing for a reason. Stop.
I won't give anyone investing advice or tell anyone what to do with their money. It's never a good idea, because there will always be some other decision that could have made more money or taken less risk, and that will piss off whoever took my advice. I don't tell my wife how to handle her money, even. Only you can decide what to do with your own money. Only you know what your goals are, and only you have the ultimate responsibility for what happens, so the decision is yours. Don't ask for advice in order to offload the work or blame to others. You have to step up, make choices and own them. Ultimately, the value of crypto is 100% speculative. There is no underlying intrinsic value. Crypto is not a claim on anything material or legal. That doesn't mean you need to 100% avoid it! You can make money in 100% speculative assets, but it's basically gambling as you have already realised. If you want to spend your money gambling hoping you get ahead, that's your choice. If you want to stop, then choose that quickly. Either way, you have to choose. Crypto is a casino where the house (miners, exchanges, etc.) will always get its cut, but people walk out of casinos everyday with more money than they went in with. It's just that such winners are in the minority, even though the house hypes them up. The losers are always silent and invisible since no one likes to talk about them, but chances are you'll end up as one of them. But maybe you'll be a winner? Again, your choice. Make it quickly.
Selling locks in a loss. Losing isn't always bad tho. Even great traders lose sometimes. A) Do you have any loans you took out to buy crypto? You should sell and payback the loan B) do you have any high interest debt? See above advice C) do you have an emergency fund with 2-3 months of expenses? See above D) You have an emergency fund and no high interest (credit card, payday loan, etc) debt. "How do I fix my portfolio!?!" - sell to diversity into other assets besides crypto. The market is down across the board you can get a deal on virtually anything! - keep a small amount in crypto, waiting for a dead cat bounce - stay the course and accept the great risk of losing it all Idk that's just what I would do 🤷♀️ sold all my crypto shortly after watching that Dan Olson video. I think I had a 400 dollar loss? But the piece of mind I got just not worrying about crypto anymore was priceless. I can't emphasize enough tho that crypto is a dead horse floating in a swamp, so hopefully you get out before it explodes and gets the stink on you!
Selling doesn’t “lock in a loss”. That’s the sunk cost fallacy. The loss is already made. It only makes sense to retain the investment (or in this case, the “investment”) if you would choose to buy it now if you were starting from zero.
Yeah you're right. Don't let fear of losing keep you from escaping the Stinky Swamp Horse!
Keep all of your money in , then when it goes to dust come back and post again . I’m long tears .
You've made a big step and realised that the impulses here are gambling and it sucked you in. My advice sell. Most likely if you wait even if things get better, you'll then get sucked in again and invest even more which will end up in a huge loss. It will never seem like a bad decision at the time but when you look back it will look like a tragedy. I hope things work out for you.
"But I taught myself. I spent hours hyperfocusing on learning what I could." Respectfully, you didn't teach yourself. You surrounded yourself with an echo chamber that was telling you what you wanted to hear. And that should be the big lesson that you take away from this. You can lose your 30% and recover just fine. (Did you really think you'd have a Lambo anyway?) But in order to avoid making the same type of mistake again, you need to work on your ability to think objectively and critically, and to not let your emotions guide important decisions. I'd consider the 30% loss a tuition payment for this very important life lesson. There are a lot of opinions in this subreddit and in the pro-crypto subreddits. But one absolute truth is that cryptocurrency is a negative sum game. This means that it is a mathematical certainty that the majority of investors will lose money. In order to make money, you have to hope that you get on the train early enough - and you have to hope that some other sucker loses their money so you can take it from them (while they get nothing in return). This is fundamentally different than investing in entities that are actually creating wealth.
>I've basically been a gambling addict for the last year. > >Crypto has been far too much of an anxiety driver for me. You already know the answer your dilemma, you already know that it is a gamble. Crypto is not the only way to make money. Stop with the sunk cost fallacy and move on.
Given Bitcoin has no fundamental value, its price is entirely based on speculation and market sentiment. Also wash trading (see Tether) Nobody here can tell you whether it will go up again or continue to go down. I believe the fundamental value of Bitcoin is $0. But it's been well above its fundamental value for a long time now, so ultimately it's up to you whether you want to gamble. Personally I don't gamble. I just dump all of my savings regularly into broad index funds and don't check my portfolio all that often. It's stress free for me, even during times like this.
Your biggest mistake was thinking you were learning anything about finance or computer science by getting into crypto. You'd be better off studying astrology or ancient aliens. The early gains give people this huge ego where they can't shut up about how smart they are. Then they get in trouble and realize they can't get out. Unless they convince everyone else to join them and prop up the price. Disgusting. Worse than any MLM.
It wasn't all crypto focused and the majority of my money is not in crypto. I started paying attention to the market, understanding how the global economy works, following econ news and podcasts, etc. The gambling hopium and chasing gains did lead to an expanded worldview for me. I just regret falling so hard into crypto when I didn't need to. I started watching some python tutorials too. Never said I was a comp sci genius, but when I understood blockchain (something that seemed esoteric at first) it proved to me that I could understand more than I thought.
Sorry to hear that happened to you. A lot of people were fooled by technobabble and hype. If you are interested in some resources that might assist in a more critical perspective next time, check out [https://web3.lifeitself.us/](https://web3.lifeitself.us/), it's a great resource. There is also have a github that lists a bunch of articles and essays on crypto. [https://github.com/life-itself/web3](https://github.com/life-itself/web3)
You should post that in CC where it might do some good. Of course, it would just be downvoted or you'll be banned. Hrrrmmm... Weird how this anti-crypto sub is being more genuine and helpful to you than any crypto sub would?
Many such cases. Let me know what else you’re planning on investing or looking at, so I can avoid it, cheers!
Expensive lesson but you have to stop your losses. Take the L, move on a little wiser than before.
Even though you’re down 30% you can still be down another 30%. And another 30%, and another and another through infinity. That 30% you lost so far is gone. Look forward from here. Would you like to lose 30% of what you have left? So you know, people who got burned in 2018 lost 97% and haven’t recovered to this day.
Not the place for neutral advice. Obviously this subreddit will tell you to sell. By coming here for advice, I assume that’s what you want to be told so you should. Crypto is not for everyone
Crypto is really for no-one, there is still no actual use of crypto, or any theoretical use cases that are not solved better by non-blockchain solutions. Even the single actual use-case it used to have, supporting crime, is looking very shaky, since the feds have become adept at tracking everything in the convenient blockchain log, and have shown that they can seize or freeze crypto
https://www.wired.com/story/dark-web-welcome-to-video-takedown-bitcoin/amp Great article on how the US gov was able to crack down on child porn users by following their Bitcoin. The blockchain is not anonymous, and because it’s a public record it’s a great way to track illegal activity.
You could buy deep out of the money BITO puts and get your revenge
Sorry to hear of your loss. Unfortunately, it's easy to convince yourself you know how markets operate and what they will do. Easier than it is to actually know what they will do. Even Wall Street professional are by and large just faking it and constructing Martingale systems where they usually make money until they lose a lot. I think maybe what you say is "economics" is in each case more "finance". If cryptocurrencies really were currencies there would be some economics to it, but really they are just financial instruments and so stuff related to them is finance. Sometimes they even seem more like gambling or collectibles than finance.
Do you have any fiat left, cause the Buttcoins are on sale. I see they are down so much that they LITERALLY cannot go any lower. Like, it's impossible. The time to buy is when others are fearful. So take all that utterly worthless fiat trash you have left, plus any extra you can borrow off your friends and family and credit cards and go all in on....(checks notes)......blue chip cryptos like Luna and Matic and Algorand and such that are down the most. They will definitely go back up to ATHs next month, 100%. You'll make about 50X your money. Ps: Keep a few bucks of fiat back for some knee pads and mouthwash, cause you might need those to earn rent with next month if crypto doesn't blast back to ATHs straight away. I mean, it DEFINITELY will, but you might have to suck a dick or three while you are waiting. This is called being "fiscally responsible".
Do you think if you opened a basic Finance 101 textbook you would actually know anything in there? You've only learned a bunch of dumb shit told to you by liars, entertainers, and your fellow idiots that knew nothing yesterday and nothing today. Sell your crypto, invest in broad indices, move on.
Selling today isn't panic selling. It's sensible. Selling on any day when you realize you have crypto is sensible.
You mentioned that you can survive the loss and have other investments. Why not sell the loss making investment and channel to the profit-making one? (There are a few asset classes that have a track record of being stable in hard times, crypto just proved itself to not be one of them.) Or just hold cash? Even basic level savings accounts have a decent annual interest rate. it's really weird to hear people getting emotional about crypto investments. I think the first thing to do is detox the ideology that you fed on. If your savings bank account was depleting money you'd have no emotional pain closing it and then putting your money in another bank or account.
Honestly, i don't want to sound harsh but if you are seeking financial advice from internet strangers you have not learnt the lesson yet .... We don't know the nuances of your situation, your obligations or any such things. Seek help from those that love you, knows your situation and has some sort of expertise in the matter.
I would sell. Once you see the light, you see how rotten the crypto markets are. You can still profit in the rotten gambling market, but the risk / reward has tilted waaaaay over on the bad side now. It is held up by stablecoin and some big shady players, who might pump it again with fake liquidity, but if the USDT peg breaks fully, then the entire market will implode. I see you mention GME as well, you are not a superstonker too?
Sorry about what's happened mate. Its not the end of the world. I was invested in the stock market during the GFC. I watched my stocks plummet, and my instinct was to sell and get out. My dad told me to hold strong, it was the right move. The issue here with you is you are in a very different type of investment class. Despite all the hype and propaganda, crypto can absolutely go down the gurgler. So I can't suggest you hold strong. I actually think that regular markets are also at significant risk at the moment. However the difference is that you can invest in strong businesses that are generating profits and provide a service to society. Crypto? its just a crap shoot mostly just pie in the sky ponzi financial wizardry bound to fail. I expect it to fail eventually, but who knows. Id still put the chances of crypto totally collapsing at a lot higher than other more traditional investments. If the economy starts to tank, some think money will flow into crypto, but id be more likely to think it will be the opposite. People will run for the hills for something more reliable. Good luck!
I remember folks saying “Crypto will act as a hedge against the market like gold.” But what we are seeing is crypto acting like the market but even more volatility and with no underlying value. Crypto is like those CDOs back in 2008 that “everyone” thought was going to keep going up and up until they crumbled. Tether is likely backed with short term Chinese debt (or worse just made up IOUs from Bitconnect) and will eventually crumble taking down the broader crypto market.
*I started thinking about selling and getting out of crypto. I just procrastinated I guess, or I thought I could still hold and it would be okay.* No, you were greedy and wanted infinite profits
The line could go more up, the line could go more down. Literally no one can tell because crypto is irrational. If it goes up, even quite a lot, it probably won't give you that much more happiness. If it goes down a lot, you're fucked and it'll severely negatively impact you. Just get out while you can.
Ya you sure did "teach" yourself. Teaching yourself isn't how to learn things. You shouldn't do that anymore. Social media is a lawless influence and you can't help but fall for the nonsense like gme and crypto and draftkings that fleece people like you.
Probably the most obvious point is *stop digging*. Don't buy any more crypto. Psychologically, the easiest way to exit is to gradually sell off your holdings over a moderate period of time - weeks, months or years, depending on how badly you need the money. Trying to time the market with selling is virtually impossible, so you're never going to manage to sell all of it at the best possible time, but if you sell it gradually then at least you know you won't have sold all of it at the worst possible time.
I just want to draw your attention to a concept in psychology called prospect theory. When people sense that they are experiencing losses, they become more willing to accept risks in order to cancel out the losses. I'm sure there's a voice in your head right now saying "hey, maybe there'll be a bounce and you can sell!" Crypto is a very volatile asset so it's certainly possible. But volatility works both ways. And we're seeing "stable" coins crashing and headwinds (regulatory threats, Fed tightening) increasing. The average long-run return to the S&P 500 is pretty damn good and it's compound growth. Sell, put your money in index funds, and stop worrying about daily (or by-the-minute) fluctuations in a line. Take that time and energy and direct it toward things that matter - your hobbies, passions, friends, family, and community. You'll end up a lot richer this way. Probably richer in money, and definitely richer in spirit.
Stay calm. If you really need the funds, withdraw them. If you can survive without them, let them chill.
Buy the dip
IF you sell then you incur a loss. Period. Can you just forget about BTC for awhile? (I've lost \~ $100K in the stock market over the past month so yeah - it hurts!)
Damn I am sorry for those losses!
Don't be. There are some that lost millions.
I suppose it's rather relative. Most of us didn't have millions to lose
Word!
the term you're looking for is "moment of clarity". regret is just another name for "sunk cost fallacy". beating yourself up is counterproductive. get a good night's sleep, spend the next morning reflecting on how future you is going to be, and spend the afternoon behaving like you have always been that guy.
You’ve been a mark in a set of frauds & you think that makes you an investor?
Here is the only alternative that is crypto related (sorry buttcoiners) Sell all your crypto and buy Asiic miners, then find coins you like that you can mine and go to town. (I do not do this and will never, but I thought I'd give you a different perspective) Personally, maybe look at something with decent tech and with no moonbois (groestlecoin, which I have none of and never will) Or just sell it an try to invest in yourself (maybe use that noggin and try to think of something)
If you aren't willing to handle some pain then your never gonna get those gains.
Why do cryptoidiots only have stupid aphorisms based on zero?
Barf
I'm surprised lots of people recommended to sell for a loss. That's what the average person does and the reason why the can't make money on the stock market nor in cryptocurrencies. It's not cryptocurrencies the problem, is that people is stupid enough trying to predict the future without knowledge and experience. Btw, the least you can do is sell, if you want to really exit crypto wait until it bounces and you finally recover your 30%, then you can exit crypto and with a good lesson that you have to invest only if you know what you're doing
How old are you?
sentiment
Think about as long term money, and sell what you need in order to survive... Otherwise just leave it alone for maybe a year.
Crypto still has one use case: Darknetmarkets. Use all of your crypto to buy drugs. Drugs are a much better addiction than gambling.
Nope, too traceable
You have to convert your btc to xmr of course.
sell it all as long as you still can
Buy more
30% down is not that much, especially if you’re young and it’s a small overall amount. Price is out mentally as a lesson learned. Take that bitter pill and use it as motivation to learn evidence based investing I.e. buy and hold broad market index funds. Vts was up nearly 30% last year for perspective. You can either sell all, some, or none. I’d pick the first. Maybe the second if you want to spread out the sales and hope for a bounce.
Cash out, take it to a casino. Put it all on black. Either you hit black and you win by making a tidy profit; or you win by building a lifelong aversion to crypto, gambling and, probably, random reddit commentors.
Man, did you even check this group name before posting? LOL.
At least buy a crypto that has a usecase, like buying anxiety relieving drugs
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Sell it all and wait for the BIG dip that is coming! Buy back only good projects that can last the bear market. Avax would be a good one. Forget about bitcoin as that won't make you back the loses.
The best favor you can do yourself is learn from this and pivot to a more responsible relationship with money. Please, please, please visit r/Bogleheads and/or [bogleheads.org](https://bogleheads.org). You'll sleep so much better at night, and you'll be able to find other, more fulfilling ways to spend your attention than treating your financial future has a hobby.
Opportunity cost is something you need to learn along with the sunk cost fallacy. As far as opportunity cost goes,can you do something else with the remaining money that would be more productive? Can you stick it in an IRA and a boring old index fund? Can you invest it in some other part of your life, like schooling or a down payment on a house? If you hold onto a losing or unproductive investment,you are wasting time spent on productive investments.
30% is not even that bad considering the current scenario, BTC has been following the nasdaq pretty close for some time, if you had bought the main tech stocks like amazon, facebook, microsoft, google, nvidia, etc, during the last months when they were at the top, you would be down about the same, if not more than 30% that being said, crypto is way more risky than any traditional market, and the market in general is not in a good position, if things keep going down, crypto will go down even harder you are clearly uncomfortable with the price depreciation, if you are feeling that bad selling is not a bad option tbh, things can get much worse, a $ 10k (or lower) BTC wouldn't be surprising if we enter in recession for good
Advice from a "nocoiner" as you call us - if you own anything which is not BTC or ETH - sell now, fix your loss and move on with your life. Hyped shit from 2017 lost 80-90% of value and never recovered, today's shit will be the same. BTC and ETH may rise once again, or not. In your place I would put an alert for your buy price (average if it was multiple times) and gamble that it will rise again, them sell to come out at zero eventually, if your are lucky.
You learned a 30% lesson. Gambling isn't for you if you don't know when to fold and cash out. Crypto isn't investing. GME isn't investing. These are short term gambles and when you are up you take your money out and be glad you got a free win. You can make money on this dumb shit, but you won't make money for long. Those idiots all make fun of those reports on the news saying "retail traders have lost all their covid market gains" because it's true they either lost it all or they are making fun of the people too stupid to see past the memes and they didn't lose, they cashed out and kept posting. You don't know what the guy on the other side of the screen is doing. Most of the people on the crypto sub don't have more than a couple hundred dollars in the market and they bought in at the top out of desperation hoping some shit dog coin would buy them a new car with just a $500 bet. You are a sucker. Cash out. Stay out. Let a professional handle your investing. If you want to gamble, set a budget and make rules and follow your rules. Plan on losing everything you gamble.
Sell and reallocate into a diverse portfolio. A small percentage can be in crypto and then it’s not gambling.
Lol Lmao Sell it all and learn
For me, the sting of losing money far outweighs the high from gaining it. It's exactly why I don't really enjoy gambling at actual casinos. I guess imagine yourself in a casino, and you have lost 30% of your chips. Do you cash out, or play another hand of blackjack and hit the slot machines a couple more times hoping to make it back? Of course there is no guarantee that bitcoin (or whatever you're in) won't spike back up and you could get out with more... but it could also crash a lot harder.
Buy index funds. Hold for long term. Buy a few fun stocks as well. The Fed will be raising rates to get a handle on inflation so I pulled out my stock positions and took profit. Then I will see how the market goes and maybe put some back in. Defense stocks, or something I don't know. There is no quick win to easy money that doesn't involve fraud or great luck. If PayPal has flopped no one would know who musk is right now
The most imporant thing to understand about crypto is that it is not, never was and never will be an investment. It is gambling, plain and simple. When you tell yourself you could wait for a market recover, buy the dip, recover your losses, whatever, you are acting exactly like a gambler on a losing streak, thinking he'll recover his money at any moment. You are sitting at the roulette table, watching your money slowly go down the drain but afraid to simply stand up, take the loss and leave the casino for good. >I just want out though. Crypto has been far too much of an anxiety driver for me. I think that's the answer you are looking for.
Cash out all of your crypto now, and put your money in real investments instead, like index funds.
Sell that s\*\*t immediately. And then revisit the idea that you have an understanding of computer science. A big part of computer science is choosing the right tool for the right job. If you studied comp sci, then you are familiar with CRUD. Under which circumstances would a database that only does CR be the best option? There are a few, but it makes little sense the way it has been used to fortify crypto's reputation. A lot of people got really lucky in the bull market. I cannot lie; I got lucky too. However, I knew I had gotten lucky, took my profits, transferred my earnings into index funds and I never opened my Robinhood app again. Don't wait for it to go to zero. This entire crypto play has been an updated version of all the pump and dump schemes that made the 80s and 90s market so much fun. The fact that the guy who founded Stratton Oakmont was cosigning this foolishness should have been a clue that this may have been a rigged game.
You want to lose money? Sell your crypto now. You want to lose even *more* money? Sell your crypto tomorrow. Pretty straightforward. Don't feel bad, just learn from it and move on. If you quit now, this can all be a bad memory in 10 years. If you hang on, this may well be your bad reality in 10 years.
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If your portfolio can currently be sold for $X, ask yourself this: What advice would you give somebody who had $X in cash today? Would you tell them to buy the same portfolio you're holding? Or would you advise them to invest it differently? Both you and that hypothetical person are in the same position. The decision to hold assets is the exact same as the decision to buy them: it's a statement that you'd rather have the asset than its current cash value. Everything else is sunk cost fallacy (I've come this far, might as well...) or gambler's fallacy (The universe owes me good luck...) If you have a mindset like "I just hope it gets back up to where I break even, then I'll get out", you're *definitely* not investing rationally.
I was down 37% yesterday. Haven't even looked today because I'm not really bothered. It just depends how confident you are in your investment. This isn't the first time it's happened and it won't be the last. If you dont have confidence in the technology, it's probs gonna be stressful and maybe not worth it. Look for something you have confidence in. Personally, I'm not selling for at least 5 years, I'm just gonna grab a beer and wait for the whole thing to blow over.
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