Investing

"I lost money on cryptocurrency" thread

  • Last Updated:
  • Oct 1st, 2019 6:01 am
Deal Fanatic
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May 2, 2006
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GTA
My last buy in this sector (stock, not actual currency) was late last week, same sp as today's close. Lots of buying and short covering today, hence the positive price action.
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Apr 21, 2004
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samin62 wrote:
Feb 6th, 2018 8:35 pm
nah, biggest daily volume buys in 2 years happened last daily candle across exchanges. They bought the panic
How do you know those who got in early were the ones who bought? Did you consult the blockchain ledger and verify?
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Mar 2, 2011
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alanbrenton wrote:
Feb 6th, 2018 8:42 pm
How do you know those who got in early were the ones who bought? Did you consult the blockchain ledger and verify?
what do you mean got in early?
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samin62 wrote:
Feb 6th, 2018 8:50 pm
what do you mean got in early?
The ones who bought early, they are pumping but I doubt they are buying coins at these levels.

If they have an average of below $1k, why be a hero and waste $7k USD trying to lift the price? Everyone is out for him/herself.
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alanbrenton wrote:
Feb 6th, 2018 8:55 pm
The ones who bought early, they are pumping but I doubt they are buying coins at these levels.

If they have an average of below $1k, why be a hero and waste $7k USD trying to lift the price? Everyone is out for him/herself.
no, the people that are buying now are new money waiting for entry or money that exited 10k+. It has been happening for years. Thats how all these cycles play.
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samin62 wrote:
Feb 6th, 2018 8:59 pm
no, the people that are buying now are new money waiting for entry or money that exited 10k+. It has been happening for years. Thats how all these cycles play.
Okay, thanks for explaining.
Deal Addict
May 31, 2007
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1/5 people bought crypto on credit card and you can't claim the interest as tax deductible. Also apparently you can't claim capital losses, as per Garth blog, is this true?
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I didn't know it is like any commodity where we can elect to claim as capital or investment.

For people who lost big money, maybe it makes sense to elect for investment losses but then going forward, it will always be investment income/losses for digital currencies:
https://www.canada.ca/en/revenue-agency ... rency.html
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Aug 2, 2010
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Here 'n There
Syne wrote:
Feb 6th, 2018 4:54 pm
I love how salty the nocoiners still are. Just ready to pounce when bitcoin takes a 50% loss after a 300% gain.

Even though bitcoin has bounced to new highs 1000 times, they are certain 1001 is the time when it will fail for good. Keep dreaming guys. Let me know how your 4% mutual funds are doing next year.
Investing in mutual funds is investing.

Buy crytpo is gambling. Learn the difference.
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Jan 27, 2016
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I do agree with you mutual funds are BS but decent for ppl that know nothing about the markets, so good entry point for beginners.

But you can’t simply compare the two, risk vs reward. Most people simply can’t stomack 5% drops, imagine seeing your account drop 50% in a week.
Syne wrote:
Feb 6th, 2018 4:54 pm
I love how salty the nocoiners still are. Just ready to pounce when bitcoin takes a 50% loss after a 300% gain.

Even though bitcoin has bounced to new highs 1000 times, they are certain 1001 is the time when it will fail for good. Keep dreaming guys. Let me know how your 4% mutual funds are doing next year.
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May 31, 2007
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A lot of people dont like bitcoin for various reasons, investors see otherwise. A ton of speculation has only brought it into mainstream attention. Some have been rewarded, some have lost. Some have been stolen??

Some people say bitcoin will go to zero, but this is a legitimate concern. When the market crashes, the liquidity and fluidity of getting out seems majorly flawed. And there is a real danger with bitcoin, because there is no asset backing it. No regulation or law supporting it. No real gov acceptance either.

A very risky play into the future of something that seems unlikely to to be used as intended.
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I think it's akin to a penny stock that meet listing requirements time and time again but is used by insiders or institution investors to make money through some pumping and dumping schemes and once that is done, it's back to accumulation.

No assets tied to the stock, just the stock price being moved around to earn really money.
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Oct 17, 2004
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alanbrenton wrote:
Feb 6th, 2018 8:55 pm
The ones who bought early, they are pumping but I doubt they are buying coins at these levels.

If they have an average of below $1k, why be a hero and waste $7k USD trying to lift the price? Everyone is out for him/herself.
There was a peer reviewed study of the early price increases in bitcoin that found the rise to 1000$ was due to manipulation of a single person. Similarly there was an article last year about a single person manipulating the price at that time.
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Apr 8, 2013
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Jungle wrote:
Feb 11th, 2018 1:41 pm
A lot of people dont like bitcoin for various reasons, investors see otherwise. A ton of speculation has only brought it into mainstream attention. Some have been rewarded, some have lost. Some have been stolen??

Some people say bitcoin will go to zero, but this is a legitimate concern. When the market crashes, the liquidity and fluidity of getting out seems majorly flawed. And there is a real danger with bitcoin, because there is no asset backing it. No regulation or law supporting it. No real gov acceptance either.

A very risky play into the future of something that seems unlikely to to be used as intended.
Stocks is a very speculative market too. People dont like bitcoin because of its potential to disrupt the system ran by banks/governments.

Most people who seem to hate bitcoin seem to have a lack of understanding why it exist.

Bitcoin can go to zero but the reason why it could go to zero is because its going to be replaced by another crypto or multiple different crypto's.

For every dollar that goes into crypto is a dollar being taken away from traditional markets. That is why millenials have been so involved in this because we want an alternative to the stock market.

To us, traditional stocks is a racket, controlled by a select few. I own some stocks but I dont want to own it but im forced to in order to pursue wealth.
And there is a real danger with bitcoin, because there is no asset backing it. No regulation or law supporting it. No real gov acceptance either.


That is actually the strength of bitcoin. It can function without any regulation. Person A can move a massive amount of value to Person B without having to interact with a government body.

The asset is the blockchain.

People that hate bitcoin will soon realize that the cat is out of the bag. That is why no one knows who/what satoshi nakamoto is. Whoever is behind this knew what they had.

Crypto is relentless and it evolves quick. It almost touched 1trillion in market cap. When it touches that again, bitcoin haters is in trouble. As time goes on it will only get refined. You cant force technology to go backwards.

Only way this can be stopped is if they shut down all the internet worldwide.
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Mar 1, 2011
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Jungle wrote:
Feb 11th, 2018 1:41 pm
A lot of people dont like bitcoin for various reasons, investors see otherwise. A ton of speculation has only brought it into mainstream attention. Some have been rewarded, some have lost. Some have been stolen??

Some people say bitcoin will go to zero, but this is a legitimate concern. When the market crashes, the liquidity and fluidity of getting out seems majorly flawed. And there is a real danger with bitcoin, because there is no asset backing it. No regulation or law supporting it. No real gov acceptance either.

A very risky play into the future of something that seems unlikely to to be used as intended.
It wasn't intended to be a "store of value"?

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