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What happened to me! #millionaire

pesty4077

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I was just told by a friend that 3 exchanges are telling they are no longer accepting USA citizens. Not sure of exact ones, probably overseas. This guy work as a financial advisor at one time and told me we might see cryptos keep dropping. I am not liquidating anything, but will more then likely invest a little more. Not a bad time to invest with this big drop. I don't know how long it will last, but it will go up again. I plan to keep a close eye on things.
 

DOGGCRAPP

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This guy puts out a lot of good info

 

Pheedno

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I would suggest this channel .....


He breaks down historical trends better than I've seen anywhere and keeps reports to as much brevity as possible.

I've also noticed over the last few months that dips/selloffs start around 18th-25th of the month and then picks up. This is absent of geopolitical news such as the recent Chinese news that has seemingly kept the market low to this point.
 

DOGGCRAPP

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OuchThatHurts

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For those people with increasing stores of value and possibly assets in crypto, some of you already may have cold storage wallets (eg Nano S USB storage device). You can still keep trading online but store in your fireproof safe in your home or possibly a deposit box as a hedge against aggressive crypto hack-mining of your existing and spent hard drives, tablets, even printers. I had to do this myself (well, didn't have to but thought it would be wise). Even though extraordinary lengths have been undertaken by online wallets to create security, that data may still be on servers or your own app somewhere. It's dirt cheap piece of mind. You can still keep your wallet and preferred apps for transactions but what you plan to keep, I'd take offline for storage.

This is mostly for people new to crypto as many of you have probably already done this.
 

Bodyofwork365

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For those that are investing in crypto there seems to be a large drop coming. Could be wrong but don’t think I am. We could see ETH dropping below $1350 with a fast rebound back up. Might be a good time to buy if it does drop as anticipated. Personally I pulled everything out into stable coins (USD) and will go back all in at the drop. Just something to watch for my brothers who invest.
 

OuchThatHurts

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DON'T TRY TO CATCH FALLING KNIVES. You'll almost always get cut.

In other words, don't go all in on a falling security, commodity, or currency.

Wait for the item to find a bottom where it finds support and then starts to climb, then buy. You'll never be able to time it perfectly and you may miss the best low availabile (wait, scratch that) you always WILL miss the lowest low except by some miracle of timing. But if you keep averaging down until you've accumulated your desired investment, then that's your position and just hold on for dear life. For example: Let's say you want $20,000 of a security

You buy:
10 shares/coins at $1000ea ($10,000)
It falls. Oh no! What to do? Wait. Falls lower and you buy
10 more at $400ea ($4,000)

Now you have 20 shares/coins at $700 cost average ($14,000)

You're freaking out because you've lost money on paper and it's still falling. Now it's down to $300 and you still have $6,000 of your original amount left to buy in. So you buy 20 at $300 for $6,000

Now you own
10 @ $1,000
10 @ $400
20 @ $300
= 40 shares at total $20,000 ($500/share or coin)

20 at $500 is a LOT better position than 10 at $1,000 (if the value is there)

So the value is there, you've done your due diligence, then hopefully it's finds support and begins rising again (it could take a while). Still, getting back to $500/share break even will happen a lot sooner than getting back to the original price of $1,000/share. Now if the shares or coins were to return to your original purchase price, you've doubled your money due to cost averaging instead of just breaking even. 99% of people lose money. They lose it because they panic. Myself, I write it off in my mind as lost the moment I invest it, average down if needed, and the just forget about it.

If you're not able to do that, and that's mortgage or rent money, then you're in the wrong place and you should let someone else manage your money or wait until you can invest money you can afford to lose.
 

hawkmoon

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I was just told by a friend that 3 exchanges are telling they are no longer accepting USA citizens. Not sure of exact ones, probably overseas. This guy work as a financial advisor at one time and told me we might see cryptos keep dropping. I am not liquidating anything, but will more then likely invest a little more. Not a bad time to invest with this big drop. I don't know how long it will last, but it will go up again. I plan to keep a close eye on things.
I run into this problem in Japan.

I can't use US exchanges as I live overseas.
I can't use local exchanges as I'm a US citizen.

Well, I suppose it has kept me out of trouble :p
 

pesty4077

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For those that are investing in crypto there seems to be a large drop coming. Could be wrong but don’t think I am. We could see ETH dropping below $1350 with a fast rebound back up. Might be a good time to buy if it does drop as anticipated. Personally I pulled everything out into stable coins (USD) and will go back all in at the drop. Just something to watch for my brothers who invest.

Curious of how you came to this conclusion and the figure of 1350? You are talking about a 70% drop from it's ATH, which is more then a mere correction, more like a crash. Which would send lots of people in panic mode, and rebounding fast is not going to happen.
 

Pheedno

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Matsuo Munefusa

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Does anybody remember the 2017 bull run? Nobody could get a binance or trex account (we were already in position and set up on our trading taking short and long positions on margin). People were selling accounts for 4-5 BTC (this was before any KYC).

Crypto is a wild ride.
 

OuchThatHurts

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Does anybody remember the 2017 bull run? Nobody could get a binance or trex account (we were already in position and set up on our trading taking short and long positions on margin). People were selling accounts for 4-5 BTC (this was before any KYC).

Crypto is a wild ride.
Back in 2015, my computer guy was talking about blockchain and I called it "matrix money". Laughed him off. He was begging me to jump in. I didn't. Finally, he said, "What can you afford to just throw away and not lose sleep?" I said, "Okay, a thousand bucks." So I bought 4 bitcoin for $348 (2 coins for each of my daughters). Even then, that was up from pennies so I figured I just threw away 1400 bucks. I didn't see any utility upside, nothing. Truth is, I had forgotten about it. Then, a few months ago, it was news of this huge drop and it was BIG news. I had to reinstall apps that I'd forgotten about. I checked, and those 4 coins were $120k (even after the drop). I was high even on the "bad" news. So now, I'm at

4 BTC
4 ETH
500 ADA (Daedalus wallet)

Now it looks like this "matrix money" is going to put my girls through college. It's not a fortune bc my NVDA shares have outperformed crypto but sometimes (rarely) the seemingly dumbest, most risky investment translates into nice dollars. It's not hard to forsee a 100k BTC or a 10 dollar ADA. Still am skeptical, it's a risky store of value. Where is the value? Somebody believes it's there. And because they believe it, it is.

"The illusion has become real. And the more real it becomes, the more they want it." - Gordon Gecko, Wall Street
 

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