Reminder: trading crypto is as addictive as gambling

There have been many cases of people becoming addicted to investing. They’ve lost huge amounts of money in this way.Trading in stockmarket or crypto is very similar to gambling on sports or sitting at a blackjacktable or behind the slots.Volatile swings make crypto even more dangerous.Everytime you buy some new coins, your brain releases a shot of dopamine.Everytime you see green candles: dopamine.Everytime you check your portfolio: dopamine.Everytime you read cryptorelated words: dopamine.But after a while, your brain needs more intense experiences before releasing the same dose of dopamine.You continue visiting the reddit sub.You continue checking your portfolio 50 times a day.You invest more than you can afford to lose.Your mood fluctuates.Your behavior towards others changes.Before you know, you change.If you are experiencing problems, please take a step back, talk to someone you love or reach out for help if needed.

Submitted February 24, 2021 at 02:05AM

Seven months ago, I left everything I knew for Bitcoin. I saw an opportunity to redefine my life path and work on something that would matter. Today, with a live product of my own and the industry hitting all type of records, I felt it was good time to re-share my story.

https://ift.tt/3r0LdGs

Submitted February 24, 2021 at 06:00AM

Daily Discussion - February 24, 2021 (GMT+0)

Welcome to the Daily Discussion. Please read the disclaimer, guidelines, and rules before participating.Disclaimer:Though karma rules still apply, moderation is less stringent on this thread than on the rest of the sub. Therefore, consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could be an attempt to manipulate new readers by known "pump and dump (PnD) groups" for their own profit. BEWARE of such practices and exercise utmost caution before acting on any trade tip mentioned here.Please be careful about what information you share and the actions you take. Do not share the amounts of your portfolios (why not just share percentage?). Do not share your private keys or wallet seed. Use strong, non-SMS 2FA if possible. Beware of scammers and be smart. Do not invest more than you can afford to lose, and do not fall for pyramid schemes, promises of unrealistic returns (get-rich-quick schemes), and other common scams.Rules:All sub rules apply in this thread. The prior exemption for karma and age requirements is no longer in effect.Discussion topics must be related to cryptocurrency.Behave with civility and politeness. Do not use offensive, racist or homophobic language.Comments will be sorted by newest first.Useful Links:Beginner ResourcesIntro to r/Cryptocurrency MOONs 🌔rCryptoCurrency DiscordPrior Daily DiscussionsMonthly Skeptics Discussion thread

Submitted February 24, 2021 at 07:00AM

SQUARE Buys $170 Million Worth of Bitcoin

Square, Inc. Announces Fourth Quarter and Full Year 2020 Results Square also announced a $170 million purchase in bitcoin as part of its ongoing commitment to the cryptocurrencyFebruary 23, 2021 04:00 PM Eastern Standard Time SAN FRANCISCO--(BUSINESS WIRE)--Square, Inc. (NYSE: SQ) has posted its results for the fourth quarter and full year of 2020 on the Financials section of its Investor Relations website at investors.squareup.com and filed these results with the Securities and Exchange Commission.Square will host a conference call and earnings webcast at 2:00 p.m. Pacific time/5:00 p.m. Eastern time today to discuss these financial results. To register to participate in the conference call, or to listen to the live audio webcast, please visit the Events & Presentations section of Square’s Investor Relations website at investors.squareup.com. A replay will be available on the same website following the call.Square also announced today that it has purchased approximately 3,318 bitcoins at an aggregate purchase price of $170 million. Combined with Square’s previous purchase of $50 million in bitcoin, this represents approximately five percent of Square’s total cash, cash equivalents and marketable securities as of December 31, 2020.Aligned with the company’s purpose, Square believes that cryptocurrency is an instrument of economic empowerment, providing a way for individuals to participate in a global monetary system and secure their own financial future. The investment is part of Square’s ongoing commitment to bitcoin, and the company plans to assess its aggregate investment in bitcoin relative to its other investments on an ongoing basis.

Submitted February 24, 2021 at 04:12AM

Y’all need a hobby

I’m not trying to be mean but y’all are stressing tf out. I know you all wanna go to the Maldives if not the moon but got damn. Why not take a moment to download duolingo? Go the fuck outside, put a seed in the ground, watch it grow, then eat it or smoke it or whatever when it’s done. Find out what kind of free learning programs your library offers.I get that crypto is the future but a lot of other things are the future too. Like urban farming, global infrastructure, and decentralized learning. Don’t just diversify your money investments, think about your time the same way. Before you give yourself a strokeEdit: why am I getting awards? Spend that money on a pack of seeds, or a dollar bin record that you think might have cool samples on it, or a cheap thrift store electronic piano, or a fruit from the Asian store you haven’t tried before instead 🙏Also, some of y’all are looking real salty. I ain’t telling anyone to buy or sell or hodl or anything, do you. Just be healthy. If you stress a lot when you’re young, it’s gonna snowball when you get old. They have charts for that too. Do you wanna spend your moon money on healthcare or a party boat?

Submitted February 23, 2021 at 10:10PM

Cryptocurrency 101: If it can go up 500%, it can also go down 80%

This post is a gentle introduction to new cryptocurrency users about cryptocurrency price swings. Many of you may have brought Bitcoin when it went up above 20000$ or higher. At the time of writing this post, 1 Bitcoin = 46200$.You may have seen your cryptocurrency balance go up 20%, 30% or even 100%. This may have made you interested in buying even more Bitcoin. "It keeps going up and up, I should buy even more to maximize my profits", this is the thought I had when I entered the cryptocurrency market in 2017. You may get similar greedy thoughts in your head.This is a perfectly expected behavior considering all the positive news you have heard recently about Bitcoin. You have heard Elon Musk talk about Bitcoin. You have seen his tweets promoting Bitcoin. You trust him and think that other large billionaires will probably buy more Bitcoin, which will send it to 100k by July!!!You may have seen BitBoy and other youtubers say Ethereum is going to 2500$, Bitcoin to 75K or 80K or even 250K!!! To be honest, I was exactly like you on January 2018. I was really hyped about this, though I was smart enough to sell my Ethereum at 1200$ which was my largest holding. I than brought some stupid useless altcoins and you may have done the same recently after selling some of your Bitcoin to buy other smallar coins.But you need to understand that something that can go up 40% a day can also dump 40% a day. Let me give you and example with the price of petrol or gasoline. You may have observed that the price of gasoline doesn't always stay the same. Sometimes it goes up, sometimes it goes down. But the price generally doesn't fluctuate too much.Here, cryptocurrencies also work exactly in a similar way. Though the price swing is much higher because crypto trades 24 hours a day, 7 days a week. Because it can be transferred instantly, it has a higher price volatility.So, if you think it can only go up, you are naïve. Higher price volatility means that when it goes up, it goes up really high, but when it goes down, it goes down really high as well.One strategy to protect yourself against such price movements is to average your costs. That is instead of buying crypto at once, you split that into 12 (for example) chunks and buy every month. If you check the price of Bitcoin for the last 12 months, you will realize that if you brought BTC this way, your average price per Bitcoin would be around 15000$ - 20000$ (I didn't do the exact math).Hence, now that BTC is 46k, you are up over 240%. This is a much safer strategy for new investors. Also, Bitcoin in 2018, went up to 19k and then went down to around 4k, which is about a dump of 80%.So, it wouldn't be impossible for it to go down back to 10k by going down 80%. I am writing this because I don't want you to make the same mistakes I made though you will still make some mistakes and loss money xD, I know it. After losing a lot of money did I learn to manage my risks. I hope you have a much better experience with your crypto journey.And enjoy the memes and the fun community around here.

Submitted February 23, 2021 at 08:01PM

20% dip? 🤷‍♂️ Looks pretty normal to me.

It's April 2011, I am mining on some number of Radeon 5850s making around 1.1 BTC each day. The price is crossing $2.It's May 2011, I am mining on some number of Radeon 5850s, doubled. Mining difficulty is climbing quickly, and so is the price. We're almost at $10 by the end of the month and I'm still making around 1 BTC per day, somehow managing to stay on par with the difficulty as I buy more graphics cards.It's early June, and as I am powering on even more GPUs, the price hits roughly $32 before halving over that weekend.November 2011, we reach $2 after several months of everyone declaring it dead. I am on something like 8 5850s now, probably still making around 1BTC, maybe a bit less, it's difficult to remember after 10 years. After the monstrous crash of about $30, things begin to pick up by the end of the year and we enter 2012 at about $5.We crash from $7 to $4 between January and February, then from $13 to $8 over one weekend in August. It's dead, each time.It's 2013 and things are batshit insane. We have some minor 10% drops through the year but everyone is buying. Everyone is mining. I heat my new rental property with Radeon 7990s and only heat the house with graphics cards during the entire winter from 2012-2013. About 11 steps up the stairs, you go from freezing cold to being blasted with heat, like when you exit the plane into Spain.By April we all lose our shit and people are buying bitcoin for $100. By the 9th they are paying $200 and within a week decide that $70 is more reasonable - a 66% drop in a week. Of course, people can't make up their minds whether Bitcoin is a scam or if it's the future of humanity, so the price goes haywire and we see regular gains and drops of 10/20/30%.It's November 2013. Bitcoin is not a scam. Clearly, because it's now worth $200. Or is it worth $650? No, it's worth $550. Now it's $700. Nope, $1,100. Now it's $950.Now it's December and it's $1,100 again. But what the hell is going on, MtGox won't let me log in despite me not sleeping and spending the last 15 hours through the night trying. Now I'm late for work and I've lost 20% of my money, even though I've actually gained 1000% this year, I'm only bothered about losing 20% of what I had a day ago, just like literally everyone else.It's 2014. It's also most of 2015. The entirety of both years. Bitcoin is dead. Never coming back. We're down to $200. Mining still makes me the same $2-3/day that it ever has, even though the 1BTC/day from 2011 is now worth $200+/day. I give up. Everyone else gives up after buying these new things called shitcoins. I forget, not bothering to sell what I had left as it's barely enough to buy a small used car.It's 2016 and apparently Bitcoin has tripled since I last looked at it. What. You what. What. Everyone now wants Ethereums. It's like Bitcoin, but it'll fit on my hard drive. Everyone's shitcoins have disappeared. The however many thousands of Doggo coins I mined before I quit have disappeared along with the exchange. Ethereums are bringing out these new shitcoins that actually do something, like Golem, which is like Seti@home but will eventually literally do everything and generate an income for you. Great! Ethereum shitcoins are not called shitcoins. The world of cryptocurrency is very different to how i remember it. I swap half my BTC for ETH and then 80% of that for various tokens.It's 2017. Nothing bad is happening. Everyone is investing in ICOs for non-shitcoins. Everyone's making $2k/day just trading. Everyone's also making $500-2k/day just holding. Everyone has bitcoin and ether, as well as a tonne of ERC-20 tokens. Some people also have Bitconnect which seems very much like the HYIPs I used to join during my PTC/PTS days as a teenager. Seems like a scam, no good. Ethereum has several 20-30% drops throughout the year. Seems normal, I'm no longer phased after 2013. Everyone in my office is interested. They all discuss it at $10, but ask me about investing $15k when the price hits $300. Finally, they enter at $600 and no one does any work for the rest of the year. We just talk crypto.It's the second half of 2017. I make more on crypto in one day than at my day job in a month. Literally everything is going up. No one considers that it'll ever drop again. I'm like: "🤷‍♂️ Looks pretty normal to me, but I better sell some soon else.."...Actually, it's January to April 2018. New York bonuses or Chinese New year or some seemingly random event makes everyone sell literally everything. Everyone had put all their bitcoin into ether, and then all their ether into ICOs. What was once 25BTC was now 400,000,000 various ERC-20 tokens, or kittens, worth around $200. Not only did everyone sell their tokens, causing them to crash, but everyone sold everything else, making everything else crash. Crashception. Every second word on reddit is "crash".Ether went from $1,200 to $75 in a year or so. Declared dead by everyone.It's 2018-2020. I'm like, well, not sure. Probably will repeat the cycle of dips, moons and crashes, but probably should have sold. How many Deloreans could I have bought? Better not check my "How many Deloreans I can afford if I traded all of my cryptos for deloreans.xlsx" spreadsheet. My heart and soul must be dead. I have felt no emotion or regret during the crash. 2013 had used up all of that. All of my colleagues are bored and stop talking about crypto. Despite what they said, they weren't interested in the tech, only the money. One buys a folding phone for $1,500 with what was once $10k of Galaxy Ripple chocolate bars, I think. I buy more Ether, deciding to not exchange any for other tokens. From now on, only BTC and ETH for me. I buy some occasionally, but not as much as I should. I pretty much leave crypto will the expectation that we'll just repeat it all again in a few years.It's 2021, things are batshit insane again. Already?Woopdedoo. Everyone's talking to me about crypto. Fgs. I just decided to try the real stock market where people cry over a 3% crash. Everyone is jumping back in. What is defi and nft? Are cryptokitties nft? Is my kitty still alive? Who knows. Give it 5 years and there'll be a yet another new equivalent to shitcoins.Bitcoin drops by $10k in January, I'm like, meh. I play with Coinbase Earn and shortly make a mint.It's the present: Bitcoin drops another 10k in February, even though it's still higher than the last drop. I'm like, meh. Everyone panics. For some reason I decide to write a 20 word reddit post and it turns into whatever the hell I'm writing now for whatever point I'm trying to make. Something about not declaring it dead over a $10k drop when we're still up by $20k this year.It's mid 2021. Bitconnect is back and they want your doge. Bitcoin hits $80k but crashes by 20% down to $64k. The world is on fire and shit is hitting the CPU fan. It crashes by another $5k before hitting $85k. Ether was $4k but now deemed dead because it's only $2k. Soon it'll be $5k. Elon tweeted about doge being the national currency of Mars. It's a joke, but now doge is $42 and I remember that old exchange that vanished with probably $420,000,000 worth of my doge, and 50 LTC. Twelve seconds later it's back to $0.10. Everyone is mad because it is now only worth double of what it was worth yesterday, even though it is down from ,12 seconds ago.It's every other year from now until the end of eternity.. Everything crashed by 50% overnight. Now it costs me 250 satoshis or less for my latte. Ether is $126 or something and no one knows what is happening anymore. The price went so high because 10 billion people on Earth use it daily, either directly or because their car automatically pays for tolls on the Ethereum network with that project from Oaken Innovations that hasn't been updated in years, that now no exchange can display it correctly or something. Everyone is now an NZT or NFT or POS or some other acronym. While I'm working, my phone earns me 0.2 GLM, my fridge earns me 4 MYST, my washing machine earns me a few E-DOGE, all while I process medical simulations and allow some family in China to access wikipedia without their government seeing. My family on Mars send me some DOGE to keep me afloat. Ripple is still being investigated by the SEC while their owners siphon another $100m each year. The price of all cryptos goes 10x every other year but it's all dead when it drops 10-20%.It's the end of this post. I've no idea what's going on. Has the crash reverted in the time that I've written this? How many Deloreans worth of crypto have I lost today? How many Deloreans worth of crypto have I gained since the start of the year? I look at the price of literally every crypto and see a 10% drop after an unlimited % gain since inception and several hundred percent just this year or so.Its the end of the end of this post. I consider how to end it, but instead have two endings. Things don't make sense. I consider changing the title to reflect my original intention of pointing out how a 10-20% drop is pretty much to be expected with crypto and that by looking at the bigger picture, you won't even see this dip on a chart next year. Instead, I do whatever I am doing now. I give up and decide to post this so I can use the reddit app to check if anyone has posted anything meaningful about NuCypher, even though I expect the usual pump posts.

Submitted February 24, 2021 at 02:10AM