Cryptos tanking

Bitcoin at 32k from 60k, Etherium at 1.9k from 4.3k. Doge at 29 cents from 70 cents. Annual charts showing huge downward projection. Wild ride coming.

@Azor Ahai, what’s the way forward, kindly?

I wish I knew I would be a billionaire right now :smiley:

Leads to one conclusion: these things can never be a substitute to fiat currency or even metals. This kind of volatility can never be used to store wealth. Who knows if they’ll plunge to 10k in the coming weeks? Hasara kwa bonobos

Na bado Tether scandal hasn’t unravelled

Relax guys. It’s just musical chairs. If the music stops and you can’t find a chair unasota unarudi ocha. Rinse and repeat. The music stopped at the 63k-65k range. Mtu hakutoka when I started an entire thread about it back then has been eating losses since. It’s nothing serious, just a game where 1 guy bankrupts the 9 guys he is playing against.

Buy when everyone panics and panic when everyone is buying… crypto is here to stay… just don’t put money you can’t afford to lose in it

Fiat currency has to die…maybe not in my life time tho…coz the powers that are will fight it to their death

I love the shake up. The cryptos will end up in few hands as everyone will sell to avoid losses. Afterward, the few owning them will hoard releasing into the market small quantities. Eventually forcing prices to go up

Watch this. It might help alleviate your FUD.

https://www.youtube.com/watch?v=0j_-Dv_SYh4

Cryptos will only succeed by receiving backing from central banks and governments or huge corporations. Expect China to give the world the first stable and widely accepted crypto. Facebook would have done it by now were it not for the restrictions they encountered.

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Just like stocks, DON’T sell hold and if you can buy some more all the way to the bottom, just don’t put your rent and
food money in crypto

Crypto is like a collectors item, has no real value. Muombe sana hii sio 1at wave ya kuenda chini if it is bitcoin at 5k is a realistic value

I used to have a similar opinion… Then I started digging into it and discovered decentralized finance and I’ve now put a tidy sum into a couple of cryptos that have real life use…
In 5-10 years time this period will be like computers in 1980 or the internet in 1990

Ponzi scheme, and to make matters worse there will be no one to ask when it hits zero!

Trading without an edge is gambling. 99% of bonobos in the markets don’t have a strategy with an edge that has been back-tested with enough data. Some are lucky and their gambles pay off. Most are unlucky and lose money. When the lucky ones continue playing (after mistaking luck for expertise), they eventually run out of luck and give back the money.

Markets operate exactly like a casino. In the short term, some gamblers get lucky and make alot of money but if they play long enough the house always wins because it has an edge over the gambler/customer. In the long run, the only people who profit in markets are professional traders because they have an edge - just like the house has an edge over gamblers.

Despite this information, bonobos keep coming back because some of them make a killing and their gambles pay off. They come back for the same reason they bet on sportpesa etc. They win sometimes based on luck, but they have zero clue that they are consistently bleeding money to the house.

:D:D:D
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I get diffusion of innovation, and on this one you can call me a laggard. My question is and has always been, what is the cryptocurrency based on? What backs it up? If I buy a share in a firm, I can see the assets, liabilities, patents and the profit and so the share is a percentage of the firm.

We endelea kuuliza when people are making millions, you aren’t interested enough to research for yourself so mtu akikushow utaskiza?