SELLING TO FIAT IS GOOD.period


#41

In the long run - HODLing isn’t that bad sure as you can’t really lose if the tech succeeds. But the amount of money you can make in terms of crypto in a bear market so much. There’s really 0 reason to ignore bear markets as that’s where you make the real money for the next bull run.

A lot of people that disagree with selling have never experienced a crash before and so don’t know the feeling of your portfolio going from 100 to 10.


#42

Just curious as to your prediction that the token swap and mobile wallet won’t be released soon? what’s your evidence…or is it just a gut feeling?


#43

Becuase of the blue whale dapp. The Buewhale presale opens on April the 1st and they don’t accept native icx, they will only be accepting erc-20 icx tokens, which makes me believe icon will not be performing the token swap on schedule, which is why i think there will be a dump from unhappy investors.


#44

If it’s a several months long process to convert, what’s to prevent the BlueWhale group from doing the conversion themselves after they’ve collected their funds? Who’s to say there isn’t an internal agreement with the ICON foundation to ensure continuity?


#45

Pretty much anyone who thinks crypto is a short term investment is a noob. If you’re about to HODL, I hope you’re planning on HODLing for years, because that’s the timeline that it will take to actually see crypto being used in day-to-day life. I wouldn’t be surprised if BTC never sees 20k again, in fact I HOPE IT DOESN’T. BTC is a garbage currency compared to cryptos like VTC or even LTC, in regards to fees, speed, and mining specifications; if you don’t understand that, quit now and liquidate into USD. BTC is only worth what it is today because it has a minor amount of infrastructure in some select countries. In the US it’s more or less useless to 99% of end users.

The huge spike to 20k was nothing but the media pumping it so institutions could cash out. If you bought in at 20K or even 12K take a lesson learned: Don’t buy at all time highs. Wait for consolidation.

For the rest of the people who are in it for short term swings: You should be sitting on FIAT the majority of the time (while you wait for consolidation after up swings).

The proest of tips:
Trading is not a 2 step process (buy low; sell high), it is a 4-step process: WAIT; buy low; WAIT; sell high.

Those waiting periods are longer than the hodling periods significantly (in most circumstances). If you are making money swing trading, you know that already, or you’re just a lucky fool.


#46

Well i cannot say 100% yes or no if tehey have some sort of internal agreement, but i just cannot see this swap happening before April starts, very bad news :frowning:

and oh yes, BTC still dropping fast.


#47

I agree with most of your points, particularly related to trading vs investing.

But, one thing I beg to differ is your point on Bitcoin. Bitcoin is still superior over any other cryptos out there because:

  1. First market mover (novelty of blockchain)
  2. Longest track record (9 years)
  3. Most transactions to date
  4. Most decentralized, if not complete

Point #2:
It is often overlooked how many beatings Bitcoin has endured. Some of the early Bitcoin “clones” (or shall I say clown coins), aren’t even here today anymore. In fact, most coins we are seeing these days were developed no more than 2 years ago. Over 60% of the top 20 coins have actually survived no more than 18 months! Whether they can survive a few more years is anyone’s guess!

Point #3:
Most of the complaints we hear in the news is really because of how many bitcoin transactions out there. One simply doesn’t enter the $500 billion market cap without being challenged with scalability. If any cryptos enter that market cap territory, they will be severely tested for scalability as well. The saving grace is that they aren’t in that territory, so they haven’t needed to face a rigorous test.
In addition, sure, we hear about many cryptos with seemingly faster and lower transaction cost, but the alleged transaction speed has never been tested in real-use application. For example, NEO claims ~1000 txs/sec, but that’s just a theoretical number. This is coming from someone who is bullish on NEO and attended the recent NEO DevCon.
Once lightning network is fully implemented, then most transactions will be near instantaneous with minimal fees (yes, much lower than even LTC).

Point #4:
The biggest strength of Bitcoin is actually its decentralization. No other coins come close in this segment. You may think that this is not important, until you see why Bitcoin was invented in the first place. The ability to TRUST NO INTERMEDIARY is the real reason Bitcoin is the king. Sure, many cryptos claim the same thing, but most of them are still in essence a centralized cryptocurrencies. Take Da Hongfei out and NEO tanks. Take Vitalik out and ETH dumps. Take Charles Hoskinson out Cardano (ADA) vaporizes. Take Min Kim out and so would ICX.
Satoshi Nakamoto is the only person/entity/team that has the courage to invent something, get the wheels going, and then leave it entirely to the development team without disclosing his identity. Hence, every market movement has been independent of the inventor’s influence.

Here’s my overall take:

  1. Bitcoin will SURELY rise over $20,000. In fact, $20,000 will be just another milestone in BTC’s journey to greater price points.
  2. Bitcoin will remain king until Satoshi reveals himself.
  3. Bitcoin price volatility will continue to be strong until it reaches the $2 trillion dollar market cap.
  4. The “extended” bear market is healthy to shake off weak hands, particularly those ill-informed and uninformed who are here just for quick gains.

Having said all these, people may think that I only hold Bitcoin. That’s not true. Bitcoin is always the king in my portfolio, but I also hold coins with respectable and viable projects.


Why Bitcoin is Different
#48

Isn’t bitcoin controlled mostly by the large miners such as Jihan Wu? I wouldn’t call that decentralization but whatever. I’m actually bearish on Bitcoin and bullish on alt coins. The only reason bitcoin is relevant still is because most pairings are BTC. Once there are more fiat on ramps I can see this changing. I’m rooting for bitcoin to be overthrown.

DOWN WITH THE KING or something like that.


#49

Actually the trend before bitcoin went parabolic was btc went down alts went up. Now BTC pulls everything down which is odd. I’m going to assume once the market settles down the inverse relationship between BTC and alts will resume.


#50

Is this really bad to sell during a bear market, even at a loss, if you are pretty confident it’s going to keep going down?
Let’s say you are down 20% on your initial investment in BTC, but you are pretty confident that BTC is going to keep going down, let’s say 10% more. Sell at a loss, buy back ~10% more BTC near the bottom, you now have 10% more BTC than before AND you can claim the $ loss on the initial BTC sold on your taxes (unless the IRS make a statement regarding wash sales applying to cryptos). Or am I missing something?


#51

You can’t predict the bottom. Its almost impossible. No Technical Analysis fancy chart can predict the bottom either. But when the bottom does come you’ll know, but by the time you try to re enter it’ll be late. You are better off just buying a little more of BTC every week or so or just hold your current position.

You can’t time the market.


#52

What is your reason for selling at 14k? and how did you come up with this number? Just curious.


#53

There is really no “one way” to play in the crypto game. No one player has to follow what another player is doing. It’s an open world. Go play in it as you see fit. But at least do yourself one small favor : Set a Goal and Set a Exit Strategy if your goal is to convert back to fiat.

I think BTC, ETH, and LTC will become Legacy Coins. Does this mean they will “moon” and you’ll be rich, perhaps. But then again they can end up as the black & white tv or transistor radio and give way to something more valuable, in tech, value or both. Again, what is your goal? If you do not have one, then I suggest creating one. This thread may be great advice for some “selling to fiat is good” and it is bad advice for players with different beliefs and/or goals. The best thing you can do for yourself is to learn to play the game on your own with a goal.

Most coins WILL fail. Period.


#54

So judging from your post your still holding? Isn’t this kind of ironic? haha wtf.


#55

who are you asking this too?


#56

sorry I meant the OP


#57


#58

Why you hold: You want those 10 days. If you do not hold on the 10 days, you will get rekt.


#59

Great article and advice. And its for free. Haven’t been into crypto more than a couple of months. Already burnt twice. You make a whole lotta sense and whoever argues to the contrary is probably too proud to admit hodling in most circumstances is dumb.


#60

Internet nonsense nickels are real dagummit.