Cryptocurrency - help me understand please.

Someone online claimed to "buy the dip." Spent something like a million or two. By that evening, it was worth like $2,000.

 

So many things of value are intertwined with other things.

You'd think something like plutonium would be most valuable. I mean you can remove entire cities right?

Well maybe. Could I interest you in the technology to make that explode? The parts to go with it?

Ok. Now what are you going to do? Set it off in your yard?

Could I also interest you in a delivery system?

So which is the most valuable?

And at the end of the day, all the money in the world won't buy your health. And once that goes, everything else is meaningless.

Things are very intertwined. Unfortunately at the moment, there have been people that can't even tie their own F shoes voted into office.

 

The thing with Luna was it was supposed to work in conjuction with the UST token. UST was supposed to be pegged to match the US dollar. So to keep that peg, Luna was used to back UST. The algorithm was designed to mint/burn tokens to keep 1 UST equal to $1 USD.

Not sure on the following but it kind of sounds like something happened that caused UST to lose its peg with the US dollar. When that happened, the algorithm went nuts and minted enough LUNA to cause the supply to hyperinflate. That tanked the price.

 

$XRP and $XLM to the moon!

 

... I doubt it...

 

Well, anyone here on suicide watch?

hoping your doing ok @supergreatguy (not implying you’re struggling btw, just know you play in these sandboxes)

 

i don’t hold any positions in crypto. I TRADE in and out, most I’ll do is a week. Crypto is like the bond/general market relationship. Stocks go down, bonds go up. But the hype with crypto is in decay. The ONLY thing that moves crypto is hype. There’s no actual value to it. Was out of it months ago!

if anyone has been playing options on the market for the past month, PUT ( betting market goes DOWN) options have been paying big. Saw a guy flip $1.1k into $32k in two days buying against the market.

if you’re into biotech stocks, my suggestion is to buy into companies that are going to produce synthesized psilocybin (mushrooms for therapeutic work). I believe “compass” is the name of one. This move is long term.

 

How are you doing though? Hopefully making a killing. It seems like most that speak of stock stuff end up being like many owner ops. After long enough they are never to be heard from again.

I’m down around 50% on my crypto but only around 10k “invested”. It’s more for fun then anything. Sure glad I didn’t bet the house on it!

 

I tried posting some photos of gains but the mods moved it to some social thread. I’m up 163k after tax since Jan 2022. Mainly betting options against the market. Took a 21.3k hit last month, and would be up 211k but some small wounds ate the bit.

Your eth got smoked, along with all the cryptos. You could average down, but even that is super risky in this market right now.


Been in the truck maybe 1-2 days a week for the last 3 months.