BITCOIN

jasonwatkins

Scottex99 said:

jasonwatkins said:

I was approved for Luno a couple of weeks ago and deposited a fair sum because I wanted to see how things went.   I admit I've made a few mistakes and moved money from Bitcoin to Ripple to Bitcoin Cash and back again a few times when i clearly shouldn't have.

I'm currently £250 down and watching everything nosedive and wondering if I should just take the hit and get out?

Less that 24 hours ago, Bitcoin cash was 460 gbp and now it's dipping below 400.   Does anyone think it'll recover?

I appreciate it's a how long is a piece of string question and that the very nature of this is volatile as hell, but I would appreciate some thoughts from those who have been doing it for a while.

I did buy Bitcoin cash reasonably low (ish) so if it recovers even to around 500-510, I could get out with a small amount of profit but I don't know.

If you need the money or dont fancy the volatility, you can get out and write it off as a loss.

Otherwise just leave it long term and you should do pretty well. Not many people can time the market regardless of if you're in for £50 or £50k. I personally wouldn't bother jumping from coin to coin trying to grab pumps or avoid dumps. Pick a few coins you like and take it from there. Almost everyone who is savvy will tell you to avoid BCH and XRP, with good reason. I hold easily 100+ different crypto assets and none of either of those two. For me the foundations of all good portfolios are BTC and ETH, then start doing some research on some others

Appreciate the response, thankyou.   I can certainly write off the money i'm down if I have to and it won't affect me at all.   I'd rather not because I hate losing money on anything , but if I have to, I will.

I suppose my worst trait at the moment is thinking that the second I pull out of one, or out of all of it, there'll be some big announcement about it from someone like Elon Musk again and it'll all go sky-high and I'll have missed out.

I might ride it out a few more days just to see if I can reduce that loss by some degree then I think I'll bail out or jump back to BTC and leave it there.

Scottex99

jasonwatkins said:

Scottex99 said:

jasonwatkins said:

I was approved for Luno a couple of weeks ago and deposited a fair sum because I wanted to see how things went.   I admit I've made a few mistakes and moved money from Bitcoin to Ripple to Bitcoin Cash and back again a few times when i clearly shouldn't have.

I'm currently £250 down and watching everything nosedive and wondering if I should just take the hit and get out?

Less that 24 hours ago, Bitcoin cash was 460 gbp and now it's dipping below 400.   Does anyone think it'll recover?

I appreciate it's a how long is a piece of string question and that the very nature of this is volatile as hell, but I would appreciate some thoughts from those who have been doing it for a while.

I did buy Bitcoin cash reasonably low (ish) so if it recovers even to around 500-510, I could get out with a small amount of profit but I don't know.

If you need the money or dont fancy the volatility, you can get out and write it off as a loss.

Otherwise just leave it long term and you should do pretty well. Not many people can time the market regardless of if you're in for £50 or £50k. I personally wouldn't bother jumping from coin to coin trying to grab pumps or avoid dumps. Pick a few coins you like and take it from there. Almost everyone who is savvy will tell you to avoid BCH and XRP, with good reason. I hold easily 100+ different crypto assets and none of either of those two. For me the foundations of all good portfolios are BTC and ETH, then start doing some research on some others

Appreciate the response, thankyou.   I can certainly write off the money i'm down if I have to and it won't affect me at all.   I'd rather not because I hate losing money on anything , but if I have to, I will.

I suppose my worst trait at the moment is thinking that the second I pull out of one, or out of all of it, there'll be some big announcement about it from someone like Elon Musk again and it'll all go sky-high and I'll have missed out.

I might ride it out a few more days just to see if I can reduce that loss by some degree then I think I'll bail out or jump back to BTC and leave it there.

Solid plan.

Classic fomo, it's quite a hard thing to get used to riding the waves of pure joy and then handling the inevitable pull backs, haha. You get hardened to it once you've survived a horrible bear market.

A pretty good tactic is just to invest a small affordable amount each week/month and you can more or less forget about it or just check it sporadically and see how you're doing. Still very very early so getting exposure to any decent crypto now, even on a small scale can only be a good thing imo

Zola.

jasonwatkins said:

I was approved for Luno a couple of weeks ago and deposited a fair sum because I wanted to see how things went.   I admit I've made a few mistakes and moved money from Bitcoin to Ripple to Bitcoin Cash and back again a few times when i clearly shouldn't have.

I'm currently £250 down and watching everything nosedive and wondering if I should just take the hit and get out?

Less that 24 hours ago, Bitcoin cash was 460 gbp and now it's dipping below 400.   Does anyone think it'll recover?

I appreciate it's a how long is a piece of string question and that the very nature of this is volatile as hell, but I would appreciate some thoughts from those who have been doing it for a while.

I did buy Bitcoin cash reasonably low (ish) so if it recovers even to around 500-510, I could get out with a small amount of profit but I don't know.

Bitcoin Cash is shitcoin, do not give them any money. Roget Ver is a crook. It is not Bitcoin.

powerful_Rogue

New to crypto after years of wanting to get involved.

In the short space of time i've invested, i've seen great gains and huge losses - the huge losses being now. I only invested £300 in a variety of coins, some old school and some new. It's money I can afford to lose, as to me that is the golden rule. I'll just ride the highs and lows and see how things go!

jasonwatkins

Zola. said:

jasonwatkins said:

I was approved for Luno a couple of weeks ago and deposited a fair sum because I wanted to see how things went.   I admit I've made a few mistakes and moved money from Bitcoin to Ripple to Bitcoin Cash and back again a few times when i clearly shouldn't have.

I'm currently £250 down and watching everything nosedive and wondering if I should just take the hit and get out?

Less that 24 hours ago, Bitcoin cash was 460 gbp and now it's dipping below 400.   Does anyone think it'll recover?

I appreciate it's a how long is a piece of string question and that the very nature of this is volatile as hell, but I would appreciate some thoughts from those who have been doing it for a while.

I did buy Bitcoin cash reasonably low (ish) so if it recovers even to around 500-510, I could get out with a small amount of profit but I don't know.

Bitcoin Cash is shitcoin, do not give them any money. Roget Ver is a crook. It is not Bitcoin.

Well I know this now !

As soon as I can get out of it at a level I'm content with, I will.   It's been climbing back up in the last hour or so so maybe it's a sign that I can get out with minimal losses and start again properly.

Grenage

What you are talking about is price anchoring.  The price at which something was bought is irrelevant; base your decision to buy or sell on why you think the price will go up (or down).

Zola.

https://www.axios.com/el-salvador-first-country-adopt-bitcoin-legal-tender-vote-2bdd819b-620b-4385-af6b-261676883628.html
It's probably nothing.

Adyinvestment

Zola. said:

https://www.axios.com/el-salvador-first-country-adopt-bitcoin-legal-tender-vote-2bdd819b-620b-4385-af6b-261676883628.html
It's probably nothing.

I wonder if in 20+ years if Bitcoin is some completely unbelievable price and El Salvador has topped Luxemburg people will remember this...

Scottex99

2010 - No one uses it.

2012 - Only computer nerds use it.

2013 - Only drug dealers use it.

2014 - Only money launderers use it.

2017 - Only gamblers use it.

2019 - Only a small percentage of the population uses it.

2020 - Only small companies use it.

2021 - Only small countries use it.

barnstar2077

Scottex99 said:

2010 - No one uses it.

2012 - Only computer nerds use it.

2013 - Only drug dealers use it.

2014 - Only money launderers use it.

2017 - Only gamblers use it.

2019 - Only a small percentage of the population uses it.

2020 - Only small companies use it.

2021 - Only small countries use it.

Fear of missing out is a powerful thing.