I sold off all my (modest) crypto holdings this morning

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JonnyDVM
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I sold off all my (modest) crypto holdings this morning

Post by JonnyDVM »

I had invested 10k about a month ago, was up over 3k, and that was the mark I had told myself was my exit point. This was an across-the-board sell, Bitcoin, Etherium, and all Altcoins. My short time involved showed me there are relatively rapid climbs punctuated by frequent violent 20%+ swings downwards, so I am planning to wait out for the next significant dip. If Lumens moons in the meanwhile I'm going to be sad :oops:

FAQ

What were your holdings?
Bitcoin, Etherium, AAVE, Loopring, Cardano, Cosmos, Stellar Lumens, Litecoin

What about long-term hodling?

That was never really my bag. I'm just trying to profit off what I perceive as mania. Maybe my mind will change in the future. I've always found the arguments against crypto more powerful than the arguments pro.

What is your strategy going forward?

Strategy???? I was thinking of taking more small bets into coins I think might moon. Get rich quickly. I'm not sure bitcoin is a get-rich-quick scheme at this point. It's already too valuable. Etherium might qualify, since it went over 3k and was at an all-time high I felt like it was as good a time as any to get out. I could see that one flying upwards as many in the crypto community chatter put it on par (or better than) bitcoin.

Do you understand what you were buying with those Altcoins?

Nope.

What platform did you use?

Coinbase, and I'll tell you what, the fees are high and unsustainable IMO. I'll be using coinbase pro from now on.

Why did you post this?

Mostly so that I can be appropriately mocked if I'm badly mistiming the market. After years of mocking crypto, I just wanted to participate. The FOMO was really starting to bother me. By the way, this is just fun money for me. I realize by goofing around with $10,000 I have drifted to out-of-touch territory.
I’d trade it all for a little more | -C Montgomery Burns
iskey
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Re: I sold off all my (modest) cryto holdings this morning

Post by iskey »

I thought about selling my 0.69415 ethereum when it hit $2800 yesterday but I held off. Glad I did as it's now at $3146. Bought in when it was $1075. So my $750 investment is now worth $2181. I guess I'll hold in case it moons (has it already?), but I have no specific exit point. Just hoping for something ridiculous like ethereum at $25,000. We'll see.
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Re: I sold off all my (modest) cryto holdings this morning

Post by sabtastic »

I don't think the music is going to stop until the fed turns off the spigot. This can go on for a while. Too much money is chasing too few assets.

A friend of mine tries to convince me daily to buy altcoins. He can't stop talking about them. I am a bit of a geek and enjoy listening to Charles Hoskinson's visions of the future, so I could see investing in what you believe in to contribute to a project, but investment wise this reminds me so much of 1999-2000.
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Re: I sold off all my (modest) cryto holdings this morning

Post by Greentree »

You know it's getting bad when those of us who don't even think there is any value in this stuff still think about investing in it. It's hard not to feel fomo when it keeps going up and there is money to be made. I do feel it will blow up at some point.

Just as I was thinking maybe I'll get into this stuff a little, Charlie Munger railed on altcoins last weekend. And I should probably not go against Charlie Munger, so I'll stay with my vanilla investments.
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calmaniac
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Re: I sold off all my (modest) cryto holdings this morning

Post by calmaniac »

sabtastic wrote: Mon May 03, 2021 8:10 am ....but investment wise this reminds me so much of 1999-2000.
Ain't that the truth.

The fact that there are so many discussions of crypto EVERYWHERE is in itself one of the criteria for a bubble.

See The Delusions Of Crowds: Why People Go Mad in Groups, by William Bernstein


Above quote edited for brevity
63 yo,1y til go part-time. AA 70/30: 30% S&P, 16% value, 14% intl, 10% EM, 30% short/int govt bonds. My mil pension + DW's now ≈60% of expenses. Taking SS @age 70--> pension+SS ≈100% of expenses.
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Re: I sold off all my (modest) cryto holdings this morning

Post by Wannaretireearly »

My mom told me teenagers that work with her are buying crypto. Mostly first time foray into stocks for these youngsters. Quote that comes to mind: "Somebody gonna get hurt, real bad..."
This time next year, we'll be millionaires!
SlowMovingInvestor
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Re: I sold off all my (modest) cryto holdings this morning

Post by SlowMovingInvestor »

JonnyDVM wrote: Mon May 03, 2021 7:50 am
What were your holdings?
Bitcoin, Etherium, AAVE, Loopring, Cardano, Cosmos, Stellar Lumens, Litecoin
No DOGE ? That was your mistake !
Portfolio: 50% DOGE, 10% SPACs, 10% Frozen OJ futures, 10% MOON ETF, 10% NFTs , 5% FOMO ETF, 5% New Jersey Delis with $100M market cap :)
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Re: I sold off all my (modest) cryto holdings this morning

Post by bloom2708 »

HODL (Hold on for Dear Life)

I'm going with a LONG play. I put in $2,000 ~2 months ago. More to just dig in a little. I don't plan on adding any additional $$.

$3,000 in gains won't move the needle. Neither would losing the whole $2,000. It might go to -$0. That is OK. You can't win the lottery if you don't buy a ticket.

HODL! :D
Last edited by bloom2708 on Mon May 03, 2021 9:31 am, edited 2 times in total.
"We are here to provoke thoughtfulness, not agree with you." Unknown Boglehead
New Providence
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Re: I sold off all my (modest) cryto holdings this morning

Post by New Providence »

Last week Cramer said that he sold some of his crypto and it was enough to buy a house cash with it. I don't have crypto, but would had done same.

By the way, I bought shares of Coinbase.
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Re: I sold off all my (modest) cryto holdings this morning

Post by Money_Badger »

A buddy of mine, who is certainly not wealthy by any means and has very little market experience, told me he was going to start throwing some money at crypto.

When average Joe joins the party, it's a sure sign the [expletive removed by admin LadyGeek] is about to hit the fan.
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Re: I sold off all my (modest) cryto holdings this morning

Post by retired@50 »

JonnyDVM wrote: Mon May 03, 2021 7:50 am I had invested 10k about a month ago, was up over 3k, and that was the mark I had told myself was my exit point.
If I were you I'd be thankful for the profit.

I've placed exactly one $2 bet at a horse track, once in my life, many years ago. I got back $6.50 as I recall. I'm not the least bit jealous of other people who happen to win money at a horse track. I'm one for one. In my book, that means it's time to stop. Forever a winner.

Regards,
This is one person's opinion. Nothing more.
ensign_lee
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Re: I sold off all my (modest) cryto holdings this morning

Post by ensign_lee »

bloom2708 wrote: Mon May 03, 2021 9:14 am HODL (Hold on for Dear Life)

I'm going with a LONG play. I put in $2,000 ~2 months ago. More to just dig in a little. I don't plan on adding any additional $$.

$3,000 in gains won't move the needle. Neither would losing the whole $2,000. It might go to -$0. That is OK. You can't win the lottery if you don't buy a ticket.

HODL! :D
HODL is *not* hold on for dear life.

This is hodl - drunken ranting: [link containing language above our "family friendly" threshold removed by admin LadyGeek]

Just to be clear. :)
Jack Burton
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Re: I sold off all my (modest) cryto holdings this morning

Post by Jack Burton »

Gains are gains - never anything wrong with locking them in! In crypto the very top is often very short lived and the resulting crash is swift! There’s a chance crypto is here to stay and will continue to soar over this cycle and next. It’s hard not to think ‘what if I hadn’t sold’ as this happens, but the chance of most people actually holding all the way to the top without exiting is pretty slim (or at least that’s what I tell myself to make me feel better).
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Re: I sold off all my (modest) cryto holdings this morning

Post by bloom2708 »

ensign_lee wrote: Mon May 03, 2021 9:43 am
bloom2708 wrote: Mon May 03, 2021 9:14 am HODL (Hold on for Dear Life)

I'm going with a LONG play. I put in $2,000 ~2 months ago. More to just dig in a little. I don't plan on adding any additional $$.

$3,000 in gains won't move the needle. Neither would losing the whole $2,000. It might go to -$0. That is OK. You can't win the lottery if you don't buy a ticket.

HODL! :D
HODL is *not* hold on for dear life.

This is hodl - drunken ranting: [link containing language above our "family friendly" threshold removed by admin LadyGeek]

Just to be clear. :)
I know the history! I'm still hodling on! HODL! (like Hodor from Game of Thrones) Hodor, hodor, hodor!
"We are here to provoke thoughtfulness, not agree with you." Unknown Boglehead
TonyDAntonio
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Re: I sold off all my (modest) cryto holdings this morning

Post by TonyDAntonio »

bloom2708 wrote: Mon May 03, 2021 9:14 am HODL (Hold on for Dear Life)

I'm going with a LONG play. I put in $2,000 ~2 months ago. More to just dig in a little. I don't plan on adding any additional $$.

$3,000 in gains won't move the needle. Neither would losing the whole $2,000. It might go to -$0. That is OK. You can't win the lottery if you don't buy a ticket.

HODL! :D
I have no crypto investments but thanks for defining HODL for me. I always thought it became a rallying cry because someone had mistyped HOLD. :oops:
bloom2708
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Re: I sold off all my (modest) cryto holdings this morning

Post by bloom2708 »

TonyDAntonio wrote: Mon May 03, 2021 10:51 am
bloom2708 wrote: Mon May 03, 2021 9:14 am HODL (Hold on for Dear Life)

I'm going with a LONG play. I put in $2,000 ~2 months ago. More to just dig in a little. I don't plan on adding any additional $$.

$3,000 in gains won't move the needle. Neither would losing the whole $2,000. It might go to -$0. That is OK. You can't win the lottery if you don't buy a ticket.

HODL! :D
I have no crypto investments but thanks for defining HODL for me. I always thought it became a rallying cry because someone had mistyped HOLD. :oops:
It really was that, but someone transformed it into HODL. Just hodl on.
"We are here to provoke thoughtfulness, not agree with you." Unknown Boglehead
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JonnyDVM
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Re: I sold off all my (modest) cryto holdings this morning

Post by JonnyDVM »

SlowMovingInvestor wrote: Mon May 03, 2021 9:01 am
JonnyDVM wrote: Mon May 03, 2021 7:50 am
What were your holdings?
Bitcoin, Etherium, AAVE, Loopring, Cardano, Cosmos, Stellar Lumens, Litecoin
No DOGE ? That was your mistake !
Seriously, I missed that rocket. Why didn't I pick the dumbest one??? It's all so obvious in retrospect. Now I'm stuck trying to find another way to the moon.
I’d trade it all for a little more | -C Montgomery Burns
ensign_lee
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Re: I sold off all my (modest) cryto holdings this morning

Post by ensign_lee »

TonyDAntonio wrote: Mon May 03, 2021 10:51 am
bloom2708 wrote: Mon May 03, 2021 9:14 am HODL (Hold on for Dear Life)

I'm going with a LONG play. I put in $2,000 ~2 months ago. More to just dig in a little. I don't plan on adding any additional $$.

$3,000 in gains won't move the needle. Neither would losing the whole $2,000. It might go to -$0. That is OK. You can't win the lottery if you don't buy a ticket.

HODL! :D
I have no crypto investments but thanks for defining HODL for me. I always thought it became a rallying cry because someone had mistyped HOLD. :oops:
That is *exactly* what it is (see link above). :)
TonyDAntonio
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Re: I sold off all my (modest) cryto holdings this morning

Post by TonyDAntonio »

ensign_lee wrote: Mon May 03, 2021 11:13 am
TonyDAntonio wrote: Mon May 03, 2021 10:51 am
bloom2708 wrote: Mon May 03, 2021 9:14 am HODL (Hold on for Dear Life)

I'm going with a LONG play. I put in $2,000 ~2 months ago. More to just dig in a little. I don't plan on adding any additional $$.

$3,000 in gains won't move the needle. Neither would losing the whole $2,000. It might go to -$0. That is OK. You can't win the lottery if you don't buy a ticket.

HODL! :D
I have no crypto investments but thanks for defining HODL for me. I always thought it became a rallying cry because someone had mistyped HOLD. :oops:
That is *exactly* what it is (see link above). :)
:oops:
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JonnyDVM
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Re: I sold off all my (modest) cryto holdings this morning

Post by JonnyDVM »

ensign_lee wrote: Mon May 03, 2021 9:43 am
bloom2708 wrote: Mon May 03, 2021 9:14 am HODL (Hold on for Dear Life)

I'm going with a LONG play. I put in $2,000 ~2 months ago. More to just dig in a little. I don't plan on adding any additional $$.

$3,000 in gains won't move the needle. Neither would losing the whole $2,000. It might go to -$0. That is OK. You can't win the lottery if you don't buy a ticket.

HODL! :D
HODL is *not* hold on for dear life.

This is hodl - drunken ranting: [link containing language above our "family friendly" threshold removed by admin LadyGeek]

Just to be clear. :)
I don't disagree, 3k is hardly life-changing. At the same time, if I woke up tomorrow and it was gone, it would be a real gut punch. Especially when I told myself 3k was the exit point. Formulate a plan, execute the plan. Now I sit back and play the waiting game. The HODL crowd is missing out on a lot of unrealized gains on these wild price fluctuations. Taxes will be a bear, but I still have some March 20 harvested losses left to use.
I’d trade it all for a little more | -C Montgomery Burns
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Re: I sold off all my (modest) cryto holdings this morning

Post by surfstar »

Digital Horses Are the Talk of the Crypto World
https://dnyuz.com/2021/05/01/digital-ho ... pto-world/

If this isn't a bubble, I don't know how we go forward with stuff like this being the "new normal" - it seems insane.
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Re: I sold off all my (modest) cryto holdings this morning

Post by abuss368 »

JonnyDVM wrote: Mon May 03, 2021 7:50 am I had invested 10k about a month ago, was up over 3k, and that was the mark I had told myself was my exit point. This was an across-the-board sell, Bitcoin, Etherium, and all Altcoins. My short time involved showed me there are relatively rapid climbs punctuated by frequent violent 20%+ swings downwards, so I am planning to wait out for the next significant dip. If Lumens moons in the meanwhile I'm going to be sad :oops:

FAQ

What were your holdings?
Bitcoin, Etherium, AAVE, Loopring, Cardano, Cosmos, Stellar Lumens, Litecoin

What about long-term hodling?

That was never really my bag. I'm just trying to profit off what I perceive as mania. Maybe my mind will change in the future. I've always found the arguments against crypto more powerful than the arguments pro.

What is your strategy going forward?

Strategy???? I was thinking of taking more small bets into coins I think might moon. Get rich quickly. I'm not sure bitcoin is a get-rich-quick scheme at this point. It's already too valuable. Etherium might qualify, since it went over 3k and was at an all-time high I felt like it was as good a time as any to get out. I could see that one flying upwards as many in the crypto community chatter put it on par (or better than) bitcoin.

Do you understand what you were buying with those Altcoins?

Nope.

What platform did you use?

Coinbase, and I'll tell you what, the fees are high and unsustainable IMO. I'll be using coinbase pro from now on.

Why did you post this?

Mostly so that I can be appropriately mocked if I'm badly mistiming the market. After years of mocking crypto, I just wanted to participate. The FOMO was really starting to bother me. By the way, this is just fun money for me. I realize by goofing around with $10,000 I have drifted to out-of-touch territory.
Good for you and happy to read it. No more speculation and more investing. Intrinsic values. Over time you will be fine.

Tony
John C. Bogle: “Simplicity is the master key to financial success."
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Re: I sold off all my (modest) cryto holdings this morning

Post by JonnyDVM »

surfstar wrote: Mon May 03, 2021 11:19 am Digital Horses Are the Talk of the Crypto World
https://dnyuz.com/2021/05/01/digital-ho ... pto-world/

If this isn't a bubble, I don't know how we go forward with stuff like this being the "new normal" - it seems insane.
I feel dumber for having read that
I’d trade it all for a little more | -C Montgomery Burns
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Re: I sold off all my (modest) cryto holdings this morning

Post by surfstar »

JonnyDVM wrote: Mon May 03, 2021 11:34 am
surfstar wrote: Mon May 03, 2021 11:19 am Digital Horses Are the Talk of the Crypto World
https://dnyuz.com/2021/05/01/digital-ho ... pto-world/

If this isn't a bubble, I don't know how we go forward with stuff like this being the "new normal" - it seems insane.
I feel dumber for having read that
...and yet it is reality somehow. I don't understand.
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Re: I sold off all my (modest) cryto holdings this morning

Post by JoeRetire »

JonnyDVM wrote: Mon May 03, 2021 7:50 am I had invested 10k about a month ago, was up over 3k, and that was the mark I had told myself was my exit point.
It's smart to always have an exit plan. It's even smarter to follow the plan. Well done.
If Lumens moons in the meanwhile I'm going to be sad :oops:
No need to be sad. Congratulate yourself on following your plan rather than just drifting due to FOMO.
Mostly so that I can be appropriately mocked if I'm badly mistiming the market. After years of mocking crypto, I just wanted to participate. The FOMO was really starting to bother me. By the way, this is just fun money for me. I realize by goofing around with $10,000 I have drifted to out-of-touch territory.
Don't try to time the market. Don't let FOMO drive financial decisions.

Did you get this urge out of your system? Or are you going to repeat this sort of speculation once the next new thing comes around?
It's the end of the world as we know it. | It's the end of the world as we know it. | It's the end of the world as we know it. | And I feel fine.
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Re: I sold off all my (modest) cryto holdings this morning

Post by Polymorphic »

Whenever I begin to worry that perhaps I'm being too aggressive holding an 80/20 VT/BND portfolio in the early accumulation stage, I read about crypto, and come away feeling extremely conservative.
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Re: I sold off all my (modest) cryto holdings this morning

Post by Normchad »

You made 30% on your money in just one month! That’s awesome. And normally, that would be the story you’d tell your grand kids.

But with Crypto, somehow it feels “less than”. Like you *only* made 30%.

But I say, 3k is 3K. Enjoy the heck out of it!
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Re: I sold off all my (modest) cryto holdings this morning

Post by dylphil21-1997 »

iskey wrote: Mon May 03, 2021 8:08 am I thought about selling my 0.69415 ethereum when it hit $2800 yesterday but I held off. Glad I did as it's now at $3146. Bought in when it was $1075. So my $750 investment is now worth $2181. I guess I'll hold in case it moons (has it already?), but I have no specific exit point. Just hoping for something ridiculous like ethereum at $25,000. We'll see.
Give it time, ethereum is bitcoins stronger little brother....
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Re: I sold off all my (modest) cryto holdings this morning

Post by JonnyDVM »

JoeRetire wrote: Mon May 03, 2021 11:57 am
JonnyDVM wrote: Mon May 03, 2021 7:50 am I had invested 10k about a month ago, was up over 3k, and that was the mark I had told myself was my exit point.
It's smart to always have an exit plan. It's even smarter to follow the plan. Well done.
If Lumens moons in the meanwhile I'm going to be sad :oops:
No need to be sad. Congratulate yourself on following your plan rather than just drifting due to FOMO.
Mostly so that I can be appropriately mocked if I'm badly mistiming the market. After years of mocking crypto, I just wanted to participate. The FOMO was really starting to bother me. By the way, this is just fun money for me. I realize by goofing around with $10,000 I have drifted to out-of-touch territory.
Don't try to time the market. Don't let FOMO drive financial decisions.

Did you get this urge out of your system? Or are you going to repeat this sort of speculation once the next new thing comes around?
Ohhhhhh. I’m always looking for a new get rich quick scheme. I very much enjoy flipping a bit of money around in purely speculative plays. Except NFTs. I’ll be cold and dead before I buy any of that.
I’d trade it all for a little more | -C Montgomery Burns
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Re: I sold off all my (modest) cryto holdings this morning

Post by Cycle »

I buy eth and btc in equal amounts and my eth is currently at 16k and btc at 11k. I think I put 10k in each.

I love pyramids, which is why I like crypto.
Never look back unless you are planning to go that way
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Re: I sold off all my (modest) cryto holdings this morning

Post by JoeRetire »

JonnyDVM wrote: Mon May 03, 2021 12:32 pm Ohhhhhh. I’m always looking for a new get rich quick scheme. I very much enjoy flipping a bit of money around in purely speculative plays. Except NFTs. I’ll be cold and dead before I buy any of that.
(shrug)

We all find somewhere to draw the line.
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Re: I sold off all my (modest) cryto holdings this morning

Post by stoptothink »

Wannaretireearly wrote: Mon May 03, 2021 8:52 am My mom told me teenagers that work with her are buying crypto. Mostly first time foray into stocks for these youngsters. Quote that comes to mind: "Somebody gonna get hurt, real bad..."
My best friend is an investment banker. He recently was asked by a neighbor who teaches high school economics to come talk about investing to one of his classes; he told me the exact same thing. Multiple kids in the class said they were buying crypto and NFTs. Scared the heck out of him. He immediately went home and talked to his wife about a future gameplan to discuss investing with their kids (aged newborn to 9).
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Re: I sold off all my (modest) cryto holdings this morning

Post by Green Street »

stoptothink wrote: Mon May 03, 2021 1:37 pm
Wannaretireearly wrote: Mon May 03, 2021 8:52 am My mom told me teenagers that work with her are buying crypto. Mostly first time foray into stocks for these youngsters. Quote that comes to mind: "Somebody gonna get hurt, real bad..."
My best friend is an investment banker. He recently was asked by a neighbor who teaches high school economics to come talk about investing to one of his classes; he told me the exact same thing. Multiple kids in the class said they were buying crypto and NFTs. Scared the heck out of him. He immediately went home and talked to his wife about a future gameplan to discuss investing with their kids (aged newborn to 9).
Yeah because DeFi isn’t going to be the biggest proponent of wealth for the newest generation smh. I’ll keep saying it, people are going to be left behind.
Searching Through The FiRE
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Re: I sold off all my (modest) cryto holdings this morning

Post by Flannelbeard »

Green Street wrote: Mon May 03, 2021 1:52 pm
stoptothink wrote: Mon May 03, 2021 1:37 pm
Wannaretireearly wrote: Mon May 03, 2021 8:52 am My mom told me teenagers that work with her are buying crypto. Mostly first time foray into stocks for these youngsters. Quote that comes to mind: "Somebody gonna get hurt, real bad..."
My best friend is an investment banker. He recently was asked by a neighbor who teaches high school economics to come talk about investing to one of his classes; he told me the exact same thing. Multiple kids in the class said they were buying crypto and NFTs. Scared the heck out of him. He immediately went home and talked to his wife about a future gameplan to discuss investing with their kids (aged newborn to 9).
Yeah because DeFi isn’t going to be the biggest proponent of wealth for the newest generation smh. I’ll keep saying it, people are going to be left behind.
Reddit-tier substanceless FOMO comment.

How did investing in internet stocks work out for people who correctly predicted that the internet was the "next big thing"?
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Re: I sold off all my (modest) cryto holdings this morning

Post by Green Street »

Flannelbeard wrote: Mon May 03, 2021 1:56 pm
Green Street wrote: Mon May 03, 2021 1:52 pm
stoptothink wrote: Mon May 03, 2021 1:37 pm
Wannaretireearly wrote: Mon May 03, 2021 8:52 am My mom told me teenagers that work with her are buying crypto. Mostly first time foray into stocks for these youngsters. Quote that comes to mind: "Somebody gonna get hurt, real bad..."
My best friend is an investment banker. He recently was asked by a neighbor who teaches high school economics to come talk about investing to one of his classes; he told me the exact same thing. Multiple kids in the class said they were buying crypto and NFTs. Scared the heck out of him. He immediately went home and talked to his wife about a future gameplan to discuss investing with their kids (aged newborn to 9).
Yeah because DeFi isn’t going to be the biggest proponent of wealth for the newest generation smh. I’ll keep saying it, people are going to be left behind.
Reddit-tier substanceless FOMO comment.

How did investing in internet stocks work out for people who correctly predicted that the internet was the "next big thing"?
You tell me? How did Amazon turn out? How did the internet turn out general? This biggest thing of the last generation?
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Flannelbeard
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Re: I sold off all my (modest) cryto holdings this morning

Post by Flannelbeard »

Green Street wrote: Mon May 03, 2021 2:01 pm
Flannelbeard wrote: Mon May 03, 2021 1:56 pm
Green Street wrote: Mon May 03, 2021 1:52 pm
stoptothink wrote: Mon May 03, 2021 1:37 pm
Wannaretireearly wrote: Mon May 03, 2021 8:52 am My mom told me teenagers that work with her are buying crypto. Mostly first time foray into stocks for these youngsters. Quote that comes to mind: "Somebody gonna get hurt, real bad..."
My best friend is an investment banker. He recently was asked by a neighbor who teaches high school economics to come talk about investing to one of his classes; he told me the exact same thing. Multiple kids in the class said they were buying crypto and NFTs. Scared the heck out of him. He immediately went home and talked to his wife about a future gameplan to discuss investing with their kids (aged newborn to 9).
Yeah because DeFi isn’t going to be the biggest proponent of wealth for the newest generation smh. I’ll keep saying it, people are going to be left behind.
Reddit-tier substanceless FOMO comment.

How did investing in internet stocks work out for people who correctly predicted that the internet was the "next big thing"?
You tell me? How did Amazon turn out? How did the internet turn out general? This biggest thing of the last generation?
You have cherry-picked possibly the most successful stock from the Dotcom Era. Persuasive. Since the analogy seems to be lost on you, just like you couldn't directly invest in "the internet" as a technology, you can't do that with blockchain or DeFi either.
Green Street
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Re: I sold off all my (modest) cryto holdings this morning

Post by Green Street »

Flannelbeard wrote: Mon May 03, 2021 2:27 pm
Green Street wrote: Mon May 03, 2021 2:01 pm
Flannelbeard wrote: Mon May 03, 2021 1:56 pm
Green Street wrote: Mon May 03, 2021 1:52 pm
stoptothink wrote: Mon May 03, 2021 1:37 pm

My best friend is an investment banker. He recently was asked by a neighbor who teaches high school economics to come talk about investing to one of his classes; he told me the exact same thing. Multiple kids in the class said they were buying crypto and NFTs. Scared the heck out of him. He immediately went home and talked to his wife about a future gameplan to discuss investing with their kids (aged newborn to 9).
Yeah because DeFi isn’t going to be the biggest proponent of wealth for the newest generation smh. I’ll keep saying it, people are going to be left behind.
Reddit-tier substanceless FOMO comment.

How did investing in internet stocks work out for people who correctly predicted that the internet was the "next big thing"?
You tell me? How did Amazon turn out? How did the internet turn out general? This biggest thing of the last generation?
You have cherry-picked possibly the most successful stock from the Dotcom Era. Persuasive. Since the analogy seems to be lost on you, just like you couldn't directly invest in "the internet" as a technology, you can't do that with blockchain or DeFi either.
You did say how did investing internet stocks work right? I can “cherry pick” plenty more. Point is, ppl made out well and some ppl didn’t make out well during the dotcom bust, if you invested in the right things... you make out no? The fact that you say that I can’t invest in blockchain or DeFi tells me you don’t understand the space. If you want some courses to look up, I got you. You can enlighten yourself a little more old timer.
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hyperon
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Re: I sold off all my (modest) cryto holdings this morning

Post by hyperon »

OP,

I'm with you. I sold my ETH today that I bought when it was at $230. Last week I sold my BTC that I bought when it was at $9300. Neither wins are life changing money, not remotely. However, I just can't see anything but a giant bubble here and didn't want to be greedy. I made around $10k on a ~$1500 investment (really wish I'd bought more but it was outside my risk tolerance). My plan was to wait until after a year was up so that I wasn't subject to short-term capital gains, but I couldn't do it. I just don't see how this keeps going up.

I'm hodling my ADA (Cardano) since I really like what they've built and see it as a long-term ETH competitor. I'm comfortable with it going down; I'll just keep DCAing into it a little bit at a time.

I'll be waiting with you for the next dip. Let's hope it happens!
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JonnyDVM
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Re: I sold off all my (modest) cryto holdings this morning

Post by JonnyDVM »

Green Street wrote: Mon May 03, 2021 2:39 pm
Flannelbeard wrote: Mon May 03, 2021 2:27 pm
Green Street wrote: Mon May 03, 2021 2:01 pm
Flannelbeard wrote: Mon May 03, 2021 1:56 pm
Green Street wrote: Mon May 03, 2021 1:52 pm

Yeah because DeFi isn’t going to be the biggest proponent of wealth for the newest generation smh. I’ll keep saying it, people are going to be left behind.
Reddit-tier substanceless FOMO comment.

How did investing in internet stocks work out for people who correctly predicted that the internet was the "next big thing"?
You tell me? How did Amazon turn out? How did the internet turn out general? This biggest thing of the last generation?
You have cherry-picked possibly the most successful stock from the Dotcom Era. Persuasive. Since the analogy seems to be lost on you, just like you couldn't directly invest in "the internet" as a technology, you can't do that with blockchain or DeFi either.
You did say how did investing internet stocks work right? I can “cherry pick” plenty more. Point is, ppl made out well and some ppl didn’t make out well during the dotcom bust, if you invested in the right things... you make out no? The fact that you say that I can’t invest in blockchain or DeFi tells me you don’t understand the space. If you want some courses to look up, I got you. You can enlighten yourself a little more old timer.
Don't get my thread locked gentlemen. I'm good enough at doing that myself. The dotcom era saw some massive winners, but many pets.com losers as well. There were many who were rich on paper and lost it all. Today there are many who have already made immense wealth with crypto and I think odds are high many of them will lose it all too if they are too heavy into a coin that ends up in the "loser" category. diversification is never a bad thing.
I’d trade it all for a little more | -C Montgomery Burns
Flannelbeard
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Re: I sold off all my (modest) cryto holdings this morning

Post by Flannelbeard »

Green Street wrote: Mon May 03, 2021 2:39 pm
Flannelbeard wrote: Mon May 03, 2021 2:27 pm
Green Street wrote: Mon May 03, 2021 2:01 pm
Flannelbeard wrote: Mon May 03, 2021 1:56 pm
Green Street wrote: Mon May 03, 2021 1:52 pm

Yeah because DeFi isn’t going to be the biggest proponent of wealth for the newest generation smh. I’ll keep saying it, people are going to be left behind.
Reddit-tier substanceless FOMO comment.

How did investing in internet stocks work out for people who correctly predicted that the internet was the "next big thing"?
You tell me? How did Amazon turn out? How did the internet turn out general? This biggest thing of the last generation?
You have cherry-picked possibly the most successful stock from the Dotcom Era. Persuasive. Since the analogy seems to be lost on you, just like you couldn't directly invest in "the internet" as a technology, you can't do that with blockchain or DeFi either.
You did say how did investing internet stocks work right? I can “cherry pick” plenty more. Point is, ppl made out well and some ppl didn’t make out well during the dotcom bust, if you invested in the right things... you make out no? The fact that you say that I can’t invest in blockchain or DeFi tells me you don’t understand the space. If you want some courses to look up, I got you. You can enlighten yourself a little more old timer.
You crypto Redditors and your ad hominem attacks sure do get a chuckle! Didn't know I was an old timer... I'm only 27, but if I accept the moniker does that mean I can start collecting senior discounts when I go shopping?

I understand plenty about the space. I used Bitcoin back in 2013, before most modern day crypto bros had even heard of it. Investing in crypto right now is picking winners. You admit it yourself - you have to invest in the "right things," some will do well and some won't. Let me guess, your next reply was going to be something like "Network effect, blah blah buzzword soup." Every conversation with crypto evangelists goes the same way.
Flannelbeard
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Re: I sold off all my (modest) cryto holdings this morning

Post by Flannelbeard »

JonnyDVM wrote: Mon May 03, 2021 2:54 pm Don't get my thread locked gentlemen. I'm good enough at doing that myself. The dotcom era saw some massive winners, but many pets.com losers as well. There were many who were rich on paper and lost it all. Today there are many who have already made immense wealth with crypto and I think odds are high many of them will lose it all too if they are too heavy into a coin that ends up in the "loser" category. diversification is never a bad thing.
I'll bow out of the thread. I've been through the conversation above enough times to know where the script is going.

Old timer out.
Green Street
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Re: I sold off all my (modest) cryto holdings this morning

Post by Green Street »

Flannelbeard wrote: Mon May 03, 2021 2:58 pm
JonnyDVM wrote: Mon May 03, 2021 2:54 pm Don't get my thread locked gentlemen. I'm good enough at doing that myself. The dotcom era saw some massive winners, but many pets.com losers as well. There were many who were rich on paper and lost it all. Today there are many who have already made immense wealth with crypto and I think odds are high many of them will lose it all too if they are too heavy into a coin that ends up in the "loser" category. diversification is never a bad thing.
I'll bow out of the thread. I've been through the conversation above enough times to know where the script is going.

Old timer out.
Good, we’ll see where we land
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HomerJ
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Re: I sold off all my (modest) cryto holdings this morning

Post by HomerJ »

JonnyDVM wrote: Mon May 03, 2021 2:54 pm
Green Street wrote: Mon May 03, 2021 2:39 pm
Flannelbeard wrote: Mon May 03, 2021 2:27 pm
Green Street wrote: Mon May 03, 2021 2:01 pm
Flannelbeard wrote: Mon May 03, 2021 1:56 pm

Reddit-tier substanceless FOMO comment.

How did investing in internet stocks work out for people who correctly predicted that the internet was the "next big thing"?
You tell me? How did Amazon turn out? How did the internet turn out general? This biggest thing of the last generation?
You have cherry-picked possibly the most successful stock from the Dotcom Era. Persuasive. Since the analogy seems to be lost on you, just like you couldn't directly invest in "the internet" as a technology, you can't do that with blockchain or DeFi either.
You did say how did investing internet stocks work right? I can “cherry pick” plenty more. Point is, ppl made out well and some ppl didn’t make out well during the dotcom bust, if you invested in the right things... you make out no? The fact that you say that I can’t invest in blockchain or DeFi tells me you don’t understand the space. If you want some courses to look up, I got you. You can enlighten yourself a little more old timer.
Don't get my thread locked gentlemen. I'm good enough at doing that myself. The dotcom era saw some massive winners, but many pets.com losers as well. There were many who were rich on paper and lost it all. Today there are many who have already made immense wealth with crypto and I think odds are high many of them will lose it all too if they are too heavy into a coin that ends up in the "loser" category. diversification is never a bad thing.
It wasn't just dumb stocks like pets.com.

CISCO turned out to be a bad stock to own.

CISCO!! The company that built all the routers that most companies were using. That was an obvious slam-dunk pick for anyone in IT who "understood the internet", but then it turned out not to be very good at all.

That's the lesson to take. It's hard to pick the winners
A Goldman Sachs associate provided a variety of detailed explanations, but then offered a caveat, “If I’m being dead-### honest, though, nobody knows what’s really going on.”
ballons
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Re: I sold off all my (modest) cryto holdings this morning

Post by ballons »

Green Street wrote: Mon May 03, 2021 2:01 pm
Flannelbeard wrote: Mon May 03, 2021 1:56 pm
Green Street wrote: Mon May 03, 2021 1:52 pm
stoptothink wrote: Mon May 03, 2021 1:37 pm
Wannaretireearly wrote: Mon May 03, 2021 8:52 am My mom told me teenagers that work with her are buying crypto. Mostly first time foray into stocks for these youngsters. Quote that comes to mind: "Somebody gonna get hurt, real bad..."
My best friend is an investment banker. He recently was asked by a neighbor who teaches high school economics to come talk about investing to one of his classes; he told me the exact same thing. Multiple kids in the class said they were buying crypto and NFTs. Scared the heck out of him. He immediately went home and talked to his wife about a future gameplan to discuss investing with their kids (aged newborn to 9).
Yeah because DeFi isn’t going to be the biggest proponent of wealth for the newest generation smh. I’ll keep saying it, people are going to be left behind.
Reddit-tier substanceless FOMO comment.

How did investing in internet stocks work out for people who correctly predicted that the internet was the "next big thing"?
You tell me? How did Amazon turn out? How did the internet turn out general? This biggest thing of the last generation?
Telling people that 99% of cypto is going to go belly up from a speculative bubble isn't the best endorsement. "So what if pets.com went bust, we still have pets and pet stores!"
Last edited by ballons on Mon May 03, 2021 3:11 pm, edited 2 times in total.
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HomerJ
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Re: I sold off all my (modest) cryto holdings this morning

Post by HomerJ »

Flannelbeard wrote: Mon May 03, 2021 2:55 pmYou admit it yourself - you have to invest in the "right things," some will do well and some won't.
Yep, Green Street... People have been making fun of this for more than 100 years.

Will Rogers said way back in the 1920s...

"Just buy the stocks that go up. If they don't go up, don't buy them."

It's just that simple. :D

Every generation has to learn for themselves. You actually think you know more than the "old-timers", but it's the same old story over and over. Some crypto may do well, some will definitely fail. It's not easy to pick which.

Oh, Will Rogers also said...

There are three kinds of men.
The one that learns by reading.
The few who learn by observation.
The rest of them have to pee on the electric fence for themselves.


Note he said only "one" learns by reading.. so it's okay that you don't believe us.

I admit I had to get a shock myself. I didn't believe any of the old-timers back in the "dot-com" days either.

I was in IT, and I understood the internet, and they were just old and dumb. But it turned out they were right.
A Goldman Sachs associate provided a variety of detailed explanations, but then offered a caveat, “If I’m being dead-### honest, though, nobody knows what’s really going on.”
Green Street
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Re: I sold off all my (modest) cryto holdings this morning

Post by Green Street »

HomerJ wrote: Mon May 03, 2021 3:10 pm
Flannelbeard wrote: Mon May 03, 2021 2:55 pmYou admit it yourself - you have to invest in the "right things," some will do well and some won't.
Yep, Green Street... People have been making fun of this for more than 100 years.

Will Rogers said way back in the 1920s...

"Just buy the stocks that go up. If they don't go up, don't buy them."

It's just that simple. :D

Every generation has to learn for themselves. You actually think you know more than the "old-timers", but it's the same old story over and over. Some crypto may do well, some will definitely fail. It's not easy to pick which.

Oh, Will Rogers also said...

There are three kinds of men.
The one that learns by reading.
The few who learn by observation.
The rest of them have to pee on the electric fence for themselves.


Note he said only "one" learns by reading.. so it's okay that you don't believe us.

I admit I had to get a shock myself. I didn't believe any of the old-timers back in the "dot-com" days either.

I was in IT, and I understood the internet, and they were just old and dumb. But it turned out they were right.
To be honest, I think it is that easy to pick the ones going up with due diligence. I did so for a quite a while, the only reason I stopped and got into indexing many years ago was that due diligence takes a lot of time and I wanted to focus on other aspects of life. The problem here is that many older folk think that as whole, crypto will fail. I do my due diligence so I’m confident in my choices. It has nothing to do with knowing more than you guys, fact is, times change and things need to adapt and accept things that are new, even if they don’t understand them.
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stoptothink
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Re: I sold off all my (modest) cryto holdings this morning

Post by stoptothink »

Green Street wrote: Mon May 03, 2021 1:52 pm
stoptothink wrote: Mon May 03, 2021 1:37 pm
Wannaretireearly wrote: Mon May 03, 2021 8:52 am My mom told me teenagers that work with her are buying crypto. Mostly first time foray into stocks for these youngsters. Quote that comes to mind: "Somebody gonna get hurt, real bad..."
My best friend is an investment banker. He recently was asked by a neighbor who teaches high school economics to come talk about investing to one of his classes; he told me the exact same thing. Multiple kids in the class said they were buying crypto and NFTs. Scared the heck out of him. He immediately went home and talked to his wife about a future gameplan to discuss investing with their kids (aged newborn to 9).
Yeah because DeFi isn’t going to be the biggest proponent of wealth for the newest generation smh. I’ll keep saying it, people are going to be left behind.
My friend is heavily invested in crypto, but he invests for a living and has related education from two of the top universities in the world. Nobody is saying crypto (or NFTs) are not a big part of the future, but how much were you and your friends into "investing" at 15? When demographics who otherwise would have no interest in investing suddenly start playing with their life's savings, it's a pretty strong indicator of something. They are essentially treating it like a video game, with no understanding of the risk involved. Seemed like a pretty good sign that it might be time to consider bridging this topic with your kids, sorry you have a different viewpoint.
SlowMovingInvestor
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Re: I sold off all my (modest) cryto holdings this morning

Post by SlowMovingInvestor »

Speaking of Internet stocks in the dotcom era, here is what happened just yesterday to 2 of the 3 biggest pure dotcom era stocks, Yahoo and AOL. AOL predated the Internet, but was a huge beneficiary of the boom, even merging with Time Warner.

https://www.nytimes.com/2021/05/03/busi ... -sale.html

I'm personally agnostic on crypto an investment, but I understand the technology very well, having designed and built distributed systems for decades. The Internet boom was very different -- the promise of the technology was far clearer, the only question was whether those valuations were justified. Note too that the Internet was built for scaling out from it's early days, and it's scalability issues (such as routing and address limitations) had been worked out, and solutions were largely designed (and often implemented) before the Internet became mainstream. By contrast, the use cases for public blockchains (other than speculation) aren't so clear, and it's limitations have been obvious for years, but still haven't been fixed (although I know there are projects to do so).
Last edited by SlowMovingInvestor on Mon May 03, 2021 5:25 pm, edited 3 times in total.
Portfolio: 50% DOGE, 10% SPACs, 10% Frozen OJ futures, 10% MOON ETF, 10% NFTs , 5% FOMO ETF, 5% New Jersey Delis with $100M market cap :)
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vitaflo
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Re: I sold off all my (modest) cryto holdings this morning

Post by vitaflo »

Green Street wrote: Mon May 03, 2021 2:01 pm
Flannelbeard wrote: Mon May 03, 2021 1:56 pm
Green Street wrote: Mon May 03, 2021 1:52 pm
stoptothink wrote: Mon May 03, 2021 1:37 pm
Wannaretireearly wrote: Mon May 03, 2021 8:52 am My mom told me teenagers that work with her are buying crypto. Mostly first time foray into stocks for these youngsters. Quote that comes to mind: "Somebody gonna get hurt, real bad..."
My best friend is an investment banker. He recently was asked by a neighbor who teaches high school economics to come talk about investing to one of his classes; he told me the exact same thing. Multiple kids in the class said they were buying crypto and NFTs. Scared the heck out of him. He immediately went home and talked to his wife about a future gameplan to discuss investing with their kids (aged newborn to 9).
Yeah because DeFi isn’t going to be the biggest proponent of wealth for the newest generation smh. I’ll keep saying it, people are going to be left behind.
Reddit-tier substanceless FOMO comment.

How did investing in internet stocks work out for people who correctly predicted that the internet was the "next big thing"?
You tell me? How did Amazon turn out? How did the internet turn out general? This biggest thing of the last generation?
Amazon dropped 95% and took a decade to recover.
mikejuss
Posts: 636
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Re: I sold off all my (modest) cryto holdings this morning

Post by mikejuss »

Interesting. A question: how easy is it to convert cryptocurrency into cash? If you had, say, $1 million in cryptocurrency, could you sell it all at once--or is there a ceiling regarding how much can be sold at one time?
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